Viva Gold Begins 2,000 Meter Core Drilling Program at the Tonopah Gold Project, Nevada
VANCOUVER, May 10, 2022 - Viva Gold Corp. (TSXV:VAU); (OTCQB:VAUCF) (the "Company" or "Viva") is pleased to announce that it has commenced core drilling operations at its Tonopah Gold Project ("Tonopah") located on the prolific Walker Lane gold trend in western Nevada. The program will include 1,500 to 2,000 meters of HQ (63 mm) size core drilled in 8 to 10 holes, with drilling focused primarily in the western and eastern extents of the main deposit. The core holes are designed to penetrate through the pit wall of the $1,650 resource pit shell to capture information and core sample to address the following:
- Infill undrilled areas inside the resource pit shell to potentially add additional gold mineralization and to target areas of inferred mineralization for upgrade to measured and indicated categories;
- Provide detailed structural and rock core information to allow completion of a geotechnical study initiated by Viva in 2020 to support pit slope angle determination for feasibility level mine design study; and
- Provide additional core sample for metallurgical optimization and environmental testwork.
"We are very excited to commence this work program. Viva was presented with the opportunity to contract a core rig for immediate mobilization which has allowed us to rapidly start work at Tonopah. We have authorization from the Bureau of Land Management for 12 new drillhole locations and we will also re-occupy four previously approved locations. Tonopah already has a well drilled core of measured and indicated gold resource and our goal is to add value for our shareholders by increasing the gold resource, while simultaneously de-risking the project by completing technical and environmental baseline studies. With that focus, we have commenced a survey to document baseline biological conditions at Tonopah. Our ultimate goal is to rapidly move Tonopah into feasibility study. These programs are a major step in that direction," states James Hesketh, President & CEO.
A second reverse circulation ("RC") drill has been contracted for work to commence in the late summer period. The lower cost RC program will be targeted to further infill between existing widely spaced holes on open extensions along the main ESE-WNW trend of the deposit.
Baseline Biologic Survey
Viva has commenced baseline biologic surveys at Tonopah in a measure to identify and document baseline biological conditions, both animal and plant based. This is a critical and seasonally sensitive step in further de-risking the project to create a solid underpinning for future feasibility study and permitting efforts.
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.
About Viva Gold Corp:
Viva Gold Corp. holds 100% of the Tonopah Gold Project, a large land position consisting of approximately 10,500 acres located on the world class Walker Lane Trend in western Nevada, 30 minutes' drive south-east of the Kinross Round Mountain mine and 20 minutes' drive from the Town of Tonopah. The project has a pit confined measured and indicated gold mineral resource of 394,000 ounces at a gold grade of 0.78 grams/tonne and 206,000 ounces of Inferred resource at 0.87 grams/tonne. Viva is advancing the project towards feasibility study and permitting.
Viva is committed to Environmental, Social and Responsible Governance ("ESG") of its business and strives to operate in a manner that supports environmental and social initiatives and responsible corporate governance. Viva made significant progress in 2021 in working with its regulators to advance the environmental and social baseline study efforts required to support future Mining Plan of Operations review under the National Environmental Policy Act for the Project, and other Nevada State environmental permitting requirements. These efforts demonstrate our focus and commitment to de-risk and add value to the Tonopah project as detailed in our December 7, 2021 press release.
Viva Gold trades on the TSX Venture exchange "VAU", on the OTCQB "VAUCF" and on the Frankfurt exchange "7PB". Viva has 91.6 million shares outstanding and a strong management team and board with both gold exploration and production experience. Viva is building market awareness as the Company advances the high-grade Tonopah Gold Project. 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
Renmark Financial Communications Inc.
Steve Hosein
416-644-2020
shosein@renmarkfinancial.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, inflationary pressures, pandemics, and issues and delays related to permitting activities; 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 Investors --- Investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable. United States investors are cautioned that while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category. The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized.
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.