Results Confirm the Continuation of Previously Drilled High Grade Structures

Vancouver, BC - TheNewswire - June 6, 2023 - Viva Gold Corp. (TSX-V:VAU) (OTC:VAUCF) (the “Company” or “Viva”) is pleased to provide initial assay results from the first seven holes of its 2023 reverse circulation (“RC”) drilling program at its 100%-owned Tonopah gold project (“Tonopah”). A total of fourteen holes have now been drilled in the program and we are waiting on assays for the remainder. Tonopah is located on the prolific Walker Lane mineral trend in western Nevada, about 20 minutes’ drive from the town of Tonopah.

2023 RC Program Highlights

• TG 2307 intercepted two long zones of mineralization including 11 meters (“m”) of 0.5 grams per tonne gold (“gpt Au”) commencing at 79m, and a second zone of 50m averaging 1.0 gpt Au commencing at 93m, which included 3.0m at 2.8 gpt Au, 4.6m at 3.2 gpt Au and 3.0m at 3.1 gpt Au. TG2307 was collared as a 47m step-out to the south of TG2209 which intercepted 86.9 meters at 1.3 gpt Au starting at 87m depth (see January 2023 release).  

• TG2302 intercepted two long zones of gold mineralization including 14m at 0.6 gpt Au commencing at 46m and a second zone of 34m averaging 1.4 gpt Au commencing at 72 meters, including 9.1 meters at 3.9 gpt starting at 85m. TG2302 was drilled from a collar located 40 meters to the south and in a parallel orientation to TG2211 (57.9 m at 5.0 gpt Au from 40m depth), confirming an extensive zone of high-grade mineralization in this area.  

• TG2306 was drilled as a vertical hole from the same collar as TG2307 and intercepted two zones of lower-grade mineralization commencing at 35m depth, totaling 15 meters at 0.5 gpt Au.    

• TG2301 tested a zone to the east of TG2211 with limited results, while TG2203, also designed to offset TG2211, was terminated at 53 meters depth due to poor drilling conditions.  

• TG2205 tested the southern extension of a north-south splay zone located to the west of the TG2211 zone, intercepting four of zones lower-grade gold mineralization, indicating the potential limit to mineralization on that splay.        

• TG2204 tested the southern extent of a poorly developed north-south structural splay zone in the eastern end of the main resource pit area with limited results.    

 

“We are very pleased with the initial results of this program. TG2307 and TG2302 both confirmed the southerly continuation of the two high-grade fault splay zones found in our 2022 drilling program. Additional drilling is scheduled on these trends during the 2023 drilling program. Our 2023 drilling program is focused on upgrading zones of inferred mineralization to measured and indicated; to in-fill large gaps in drilling within the $1,650 Au resource pit area; as well to determine the true orientation and extent of the shallow, high-grade, fault splay zones discovered in our 2022 drilling program,” stated James Hesketh, President & CEO.  

   

Click Image To View Full Size

 

Qualified Person

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’s (TSX-V: VAU; OTCQB: VAUCF; Frankfurt :7PB) principal asset is its 100% ownership in the Tonopah Gold Project (Tonopah), a large land position on the world class Walker Lane Mineral Trend in western Nevada, located about 30 minutes’ drive southeast of the Kinross Round Mountain gold mine. The project is well advanced with a positive Preliminary Economic Assessment (PEA1) describing a potential open pit, heap leach gold recovery operation and a pit confined measured and indicated gold mineral resources containing 394,000 ounces at 0.78 grams/tonne and 206,000 ounces of Inferred resource at 0.87 grams/tonne. Viva has announced its commenced a second PEA study to include results from approximately 40 additional drillholes completed in 2022 and 2023, the results of additional metallurgical gold recovery studies, and substantial information gained from its ESG focus of completing and advancing environmental and technical baseline study for the project.  

 

Viva has 106.7 million shares outstanding and a strong management team and board who can claim both gold exploration and production experience. 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

Graham Farrell, Harbor Access

(416) 842-9003

graham.farrell@harbor-access.com

1. 1)2022 PEA: NI43-101 Technical Report, Preliminary Economic Assessment of the Tonopah Project (amended April 12, 2022) authored by Gustavson Associates including Donald E. Hulse, P.E., SME-RM; Christopher Emanuel, SME-RM; Deepak Malhotra, Ph.D., SME-RM; and Edward Bryant, AIPG, CPG 

 

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.