Viva Gold Announces Further Drill Results With Step Out Holes Confirming Extension of Gold Mineralization at Its Tonopah Project, Nevada

Rhea-AI Summary

Viva Gold Corp. (TSXV:VAU)(OTCQB:VAUCF) announced positive results from its ongoing drilling program at the Tonopah Gold Project in Nevada. The latest assays from four reverse circulation drill holes show significant gold intercepts, including 4.9 meters at 1.0 gram per tonne and 29.5 meters at 0.7 grams per tonne in hole TG2004, possibly extending known mineralization. Holes TG2007 and TG2006 confirmed upgrades and limits of mineralization in the South Pit zone. The company plans to mobilize a core rig for further drilling, with additional assay results expected in November 2020.

Positive

• TG2004 intercepted 4.9 meters at 1.0 gram per tonne and 29.5 meters at 0.7 grams per tonne, indicating possible extension of mineralization.
• Successful confirmation and likely upgrade of shallow gold mineralization in hole TG2007.
• Overall drilling program supports thesis of a potentially larger gold resource at the Tonopah project.

Negative

• Assay results have been backlogged due to increased drilling activity and COVID-19 slowdowns.

VANCOUVER, BC / ACCESSWIRE / October 14, 2020 / Viva Gold Corp. (TSXV:VAU)(OTCQB:VAUCF) (the "Company" or "Viva") is pleased to announce assay results for four additional reverse circulation ("RC") drill holes from its previously announced 19-hole RC and core drilling program at the Tonopah Gold Project located near Tonopah, Nevada.

Hole TG2004 was drilled as a ~50-meter step-out at the southeastern extent on the principal northwest-southeast trend of mineralization. This hole intercepted two-mineralized zones including 4.9 meters at 1.0 gram per tonne and 29.5 meters at 0.7 grams per tonne, which included 4.9 meters at 1.22 grams/tonne and 3.3 meters at 2.0 grams per tonne marking a possible extension of known mineralization and remains open along trend. Furthermore, TG2004 infills an area at the southeast end of the North Pit zone that had previously been carried primarily as waste in the resource model.

Hole TG2007 intercepted 10.7 meters at 0.9 grams per tonne and was drilled as a shallow step-out hole in the South Pit zone. This hole successfully confirmed and likely upgraded a large area of shallow gold mineralization that had been carried as inferred in the resource model.

Hole TG2006 was drilled at the eastern extent of the South Pit zone and confirmed the limit of mineralization to the east along that east-west trend.

"We are very pleased by the results of this drill program. Hole TG2004 in the southeast and previously announced holes TG2001 and TG2002 in the northwest were drilled as step-outs at each end of the principal northwest-southeast oriented mineral trend on the project. These holes are likely to have extended the mineralized zone by as much as 50-meters in each direction and the trend remains open at both ends for additional extension. Our drill results in the south resource area are confirming and likely upgrading what was primarily a shallow inferred resource in that area. Overall, this program appears to confirm and supports our thesis of a potentially larger gold resource at the Tonopah project," stated Mr. James Hesketh, President & CEO.

A total of 11-RC drill holes has now been completed in this program and the RC rig has been demobilized. The originally announced drill program included 14-RC drill holes and 5-core holes. We anticipate mobilizing a core rig to the site later this month when the remaining three undrilled RC holes will be drilled utilizing HQ sized (65mm) core in order to capture additional geotechnical as well as assay data. The remaining five-core holes will be drilled utilizing PQ (85mm) core to capture samples for assay, metallurgical and environmental characterization testwork to use in feasibility study and permitting.

Assay results for seven-holes have now been announced and samples from the remaining four RC drill-holes have been submitted for assay, the results of which should be available in November 2020. Assay results have generally been backlogged due to the recent gold price and an uptick in drilling activity in the western US, as well as the impact of COVID-19 related slowdowns.

Tonopah Project
Drill Results for 2020 RC Drill Program
Hole	Azimuth	Dip	From	To	Length	Gold Grade
			Meter	Meter	Meter	Gram/Tonne
TG 2004	170	-70	0	171
			100	107	6.6	1.0
			116	146	29.5	0.7
	including		120	125	4.9	1.2
	including		141	144	3.3	2.0
TG 2007	250	-80	0	61
			40	50	10.7	0.9
	including		40	43	3.0	2.2
TG 2005	90	-75	0	115	NSI
TG 2006	70	-80	0	180	NSI
First Announced September 9, 2020
TG 2001	225	-85	0	249
			125	136	11.5	0.4
			146	148	1.5	0.8
			200	203	3.3	0.6
TG 2002	295	-80	0	262
			143	146	3.3	0.3
			197	198	1.6	0.8
			202	203	1.6	0.3
			213	216	3.3	2.4
			233	241	8.2	2.7
	including		233	235	1.6	7.1
	including		235	236	1.6	4.0
TG 2003	115	-85	0	230	NSI
			156	157	1.6	0.5
0.25 gram/tonne cutoff grade used throughout
NSI - no significant intercepts above cutoff grade

To view an enhanced version of the image, please click the following link: https://storage.googleapis.com/accesswire/media/610384/VIVAPHOTO-101420.jpg

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 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 OTCQB 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.

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FAQ

What are the latest assay results from Viva Gold Corp. at the Tonopah Gold Project?

The latest assay results from Viva Gold Corp. show significant intercepts, including 4.9 meters at 1.0 gram per tonne and 29.5 meters at 0.7 grams per tonne in hole TG2004.

When can we expect more assay results from Viva Gold Corp.'s drilling program?

Additional assay results from the remaining four RC drill holes are expected to be available in November 2020.

What is the significance of hole TG2004 for Viva Gold Corp.?

Hole TG2004 is significant as it potentially extends the known mineralization by 50 meters and confirms previously unclassified resources.

What is the stock symbol for Viva Gold Corp.?

The stock symbol for Viva Gold Corp. is VAUCF on the OTCQB.

What does the drilling program at the Tonopah Gold Project aim to achieve?

The drilling program aims to confirm and expand the existing gold resource at the Tonopah Gold Project.