Viva Gold Receives Approval for 19-Hole Drill Program at Its Tonopah Gold Project in Nevada
VANCOUVER, July 2, 2020 - Viva Gold Corp. (TSXV:VAU)(OTC PINK:VAUCF) (the "Company" or "Viva") is pleased to announce that the Bureau of Land Management, Tonopah Field Office has approved Viva's Work Plan to complete 19 additional drill holes at its Tonopah gold project located on the prolific Walker Lane gold trend ("Tonopah") in Western Nevada. The approved Work Plan, the 37th at Tonopah, includes 14 reverse circulation ("RC") drill holes and 5-core holes. The 14-RC holes are designed to target large blocks of inferred mineralization identified in the recently completed Preliminary Economic Analysis, where additional drill density is required to convert inferred mineralization to indicated category, to fill gaps in the existing drilled areas, and to extend mineralization along trend to the north-west. Five additional holes will be drilled utilizing core drilling in the centers of the known mineralized zones to capture samples for additional metallurgical and environmental test work.
James Hesketh, President & CEO, remarked: "The goal of the Work Plan is to further increase the size and confidence level of the known gold resources at Tonopah and to obtain metallurgical and environmental samples to further de-risk and advance the project towards feasibility study. This program will also target known open extensions to the northwest, where we believe that a high potential for additional discovery could exist. We anticipate commencing drilling operations at Tonopah on July 6, 2020."
James Hesketh, MMSA-QP, has approved the scientific and technical disclosure contained in this press release. Mr. Hesketh is not independent of the Company, he is an Officer and Director.
Stock Option Issuance
The Company has issued a total of 1,065,000 equity stock option to officers, directors and contractors at a price of $0.285/Option for a period of three years.
About Viva Gold Corp:
Viva Gold is a gold exploration and project development company with a focus on Nevada. Viva holds 100% of the advanced Tonopah Gold Project, a large land position of approximately 8,800 acres with demonstrated high-grade measured, indicated and inferred gold resources, located on the prolific Walker Lane gold trend in Nevada, about 30 kilometers south-east of the Round Mountain mine of Kinross Gold and 20 kilometers north from the Town of Tonopah. Viva's management team has extensive experience in mining exploration, development and production and are supported by a Board of Directors and advisors who are proven mine finders, deal makers and financiers. Viva trades on the TSX-V as "VAU", on the OTCBB in the US as "VAUCF" and on the Frankfurt exchange under "7PB". For additional information on Viva Gold and the Tonopah Gold Project, please visit our website: www.vivagoldcorp.com.
For further information please contact:
James Hesketh, President & CEO
(720) 291-1775
jhesketh@vivagoldcorp.com
Valerie Kimball, Director Investor Relations
(720) 933-1150
vkimball@vivagoldcorp.com
Forward-Looking Information:
This news release contains certain information that may constitute forward-looking information or forward-looking statements under applicable Canadian securities legislation (collectively, "forward-looking information"), including but not limited to drilling operations and estimates of gold mineral resource at the Tonopah Gold Project. This forward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy; the price of gold; operational, funding and liquidity risks; the potential for achieving targeted drill results, the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with drilling and mining operations; and the ability of Viva to fund its capital requirements. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada available at www.sedar.com. Readers are urged to read these materials. Viva assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law.
Cautionary Note to U.S. Investors --- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this report, such as "measured," "indicated," "inferred," and "resources," that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Viva Gold Corp.