Viva Gold Commences Core Drilling; Provides Drill Results and Status of Work at its Tonopah Gold Project in Nevada

Rhea-AI Summary

Viva Gold Corp. announces final assay results from its 11-hole reverse circulation drill program and the start of core drilling at the Tonopah Gold Project in Nevada. The program confirmed high-grade mineralization and extends potential resources. Core drilling aims to support feasibility studies and permitting. Key findings include significant mineralization intercepts of up to 36.1 meters at 0.75 g/t gold. Technical studies on hydrology and geotechnical aspects are underway, with a commitment to advancing the project towards gold production.

Positive

• Confirmed high-grade mineralization with intercepts of up to 36.1 meters at 0.75 g/t.
• Successful 11-hole RC drilling program demonstrating potential resource extension.
• Commencement of core drilling to support metallurgical and environmental studies.

Negative

• South Pit area shows lower-grade mineralization compared to North Pit.
• Gold mineralization in South Pit is more complex and structurally constrained.

VANCOUVER, BC / ACCESSWIRE / November 17, 2020 / Viva Gold Corp. (TSXV:VAU)(OTCQB:VAUCF) (the "Company" or "Viva") is pleased to announce final assay results from its recently completed 11-hole reverse circulation ("RC") drill program, and the initiation of core drilling and technical study activities to support a feasibility study and mine permitting at the Tonopah Gold Project located near Tonopah, Nevada.

"With the rise in gold price, we believe now is the time to move the Tonopah project towards gold production. Our 2020 work program was designed to not only increase our resource base, but to prepare the project for initiating a feasibility study and final mine permitting", stated James Hesketh, President and CEO.

"Our recently completed RC drilling program was successful in demonstrating that the primary mineral trend at the Tonopah project remains open for resource extension along strike in both of its primary northwest and southeast dimensions. The program also confirmed high-grade mineralization in the bottom of the northwest resource pit zone, while also upgrading areas of inferred mineralization. We are following up on this program with a core drilling program designed to capture samples for additional metallurgical and environmental testwork and to add to our database of geotechnical data. In addition, we are moving forward on a series of other technical studies required to support our feasibility study and permitting efforts", he added.

Core Drilling

A core rig has been mobilized to the site and has commenced a 5-hole PQ size (85mm) core drilling program. Core samples from this program will be utilized, after assay, for metallurgical optimization and environmental characterization testwork, as well as for geotechnical analysis. This program is targeted for completion before year end 2020.

11-Hole RC Program Results

This program focused on testing the northwest and southeast extents of the primary North Pit area. Additional goals included testing the east-west extents of the South Pit area, confirmation of inferred mineralization and the testing of high-grade zones near resource pit bottoms. Initial results from this program were previously released on September 9 and October 14, 2020. Overall results and the context of those results are summarized here.

North Pit Results

The North Pit encompasses a broad zone of northwest-southeast trending gold mineralization that is controlled by faults, splays, brecciation and a major break in the underlaying Ordovician Palmetto formation (Opa). Gold mineralization occurs in both the Opa and overlaying Tertiary Volcanics (TV) formation.

Drillhole TG2004 was drilled from inside the southeast end of the resource open pit design. This hole intercepted cumulative mineralization totaling 36.1 meters at an average grade of 0.75 grams per tonne (g/t) commencing at 100 meters depth in an area outside of the current resource model. The intercept was in TV material and clearly demonstrates the potential to further extend mineralization in this zone to the southeast and to the east of the Rye Patch fault, which had previously been considered a bounding fault at the eastern end of the North pit trend. TG 2005 was drilled on the south flank of the southeast end of the pit and defined a limit to mineralization in that dimension.

Drillholes TG2001 and TG2002, both drilled at the northwestern extent of the resource pit, respectively intercepted cumulative values of 13 meters at 0.62 g/t in the TV and 18 meters at 1.81 g/t in the Opa behind the pit wall.

Drillhole TG 2011 was drilled to test the pit bottom in the western section of the North pit and intercepted 4.6 meters averaging 1.9 gpt, including 1.5 meters at 3.2 g/t near the pit floor. This drillhole confirms the south side of a zone of high-grade mineralization found at the pit bottom.

South Pit Results

Mineralization in the South Pit area is area defined by complex structural controls including the primary Rye Patch, Discovery and Dauntless faults as well as by numerous splays and potential east-west cross-faulting, both pre and post mineral in movement. The Opa in this area has been uplifted and lays under 10 to 30 meters of alluvial cover. The TV formation is missing. Gold mineralization in this zone occurs in three fault confined pods; the east, middle and west. The South Pit is generally lower grade than the North Pit area, but is shallow and near surface.

TG2006 and TG2009 were drilled at the eastern and western extents of this zone and confirmed the limits of mineralization in those dimensions, intercepting sporadic low-grade gold mineralization. TG2007, drilled at the west end of the eastern pod, intercepted 16.8 meters averaging 0.588 g/t starting 39.6 meters from surface, confirming and possibly upgrading a large zone of inferred mineralization.

TG2008 and TG2010 were both drilled from the same pad, located between the middle and western pods of mineralization in the South Pit. These holes tested a gap in mineralization between the pods and confirmed that this gap does exist, intercepting limited mineralization in the area including 3-meters averaging 0.39 g/t at 35 meters depth in TG2010.

Technical Studies Update

Piteau Associates of Reno, Nevada have been retained to conduct hydrologic, geochemical and baseline water study analysis. They have completed an initial data consolidation and review of historical hydrologic and geochemical information and have made recommendations for additional work. Baseline water sampling is being initiated and a study has been designed for geochemical characterization of waste and mineralized rock using fresh samples from core drilling.

Call and Nicholas (CNI) of Tucson Arizona is preparing a preliminary geotechnical study with initial pit slope angle recommendations after review of 135 core holes from the project database, 90 of which have complete geotechnical data. CNI has recommended that four additional geotechnical holes be drilled and logged in order to advance the study to feasibility study level.

Great Basin Consulting Group of Carson City, Nevada has been retained to update the prior cultural resource and archaeology study completed for the Tonopah project by Newmont Gold in 2003. This study will focus on three sections of land covering the primary mineralized areas of the projects, plus potential facility locations. The goal of the study is to more clearly locate, identify and log any potential cultural sites in the immediate project area. Information generated by these studies will be utilized to support feasibility study and permitting activities at the site.

Tonopah Project
Drill Results for 2020 RC Drill Program
Hole	Azimuth	Dip	From	To	Length	Gold Grade	Location
			Meter	Meter	Meter	Gram/Tonne
TG2011	n/a	-90	0	268			North Pit
			197	203	6.1	1.5
	including		200	201	1.5	3.2
TG2010	n/a	-90	0	150			South Pit
			34	37	3.1	0.4
TG2009	50.0	-75	0	150			South Pit
			139	140	1.5	0.4
TG2008	45.0	-70	0	180		NSI	South Pit
First Announced on October 14, 2020
TG 2004	170	-70	0	171			North Pit
			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
TG2007	250	-80	0	61			South Pit
			40	56	16.8	0.6
	including		40	43	3.0	2.2
TG 2005	90	-75	0	115	NSI		North Pit
TG 2006	70	-80	0	180	NSI		South Pit
First Announced on September 9, 2020
TG 2001	225	-85	0	249			North Pit
			123	134	11.5	0.5
			146	148	1.5	0.8
			200	203	3.3	0.8
TG2002	295	-80	0	262			North Pit
			143	146	3.3	0.3
			197	198	1.6	0.8
			202	203	1.6	0.3
			212	216	4.9	2.4
			231	241	9.8	2.7
	including		233	235	1.6	7.1
	including		235	236	1.6	4.0
TG 2003	115	-85	0	230			North Pit
			156	157	1.6	0.5
0.25 gram/tonne cutoff grade used throughout
NSI - no significant intercepts above cutoff grade

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 recent assay results for VAUCF from the Tonopah Gold Project?

The recent assay results show significant high-grade mineralization with intercepts up to 36.1 meters at 0.75 grams per tonne gold.

What drilling programs are currently underway for VAUCF?

Viva Gold Corp. has completed an 11-hole reverse circulation drill program and initiated core drilling to support feasibility studies.

When will the core drilling program for VAUCF be completed?

The core drilling program is targeted for completion before the end of 2020.

What are the plans for feasibility studies involving VAUCF?

Viva Gold Corp. is conducting hydrological, geochemical, and geotechnical studies to support the feasibility study and mine permitting.

What challenges does VAUCF face in the South Pit area?

The South Pit area is characterized by lower-grade mineralization and complex structural controls.