Viva Gold Provides Strong Drill Results from its Tonopah Gold Project, Walker Lane Gold Trend, Nevada

Rhea-AI Summary

Viva Gold Corp. (TSXV:VAU, OTCQB:VAUCF) announced strong assay results from five large diameter core holes at its Tonopah Gold Project in Nevada. Key findings include TGM2001 intercepting 59.1 meters at 1.31 g/t gold and 5.56 g/t silver, and TGM2002 achieving 37.7 meters at 3.35 g/t gold and 14.85 g/t silver. These results confirm high-grade mineralization continuity and will aid upcoming metallurgical and environmental tests. The company is also involved in a planned acquisition by Golden Predator (TSXV:GPY, OTCQX:NTGSF), subject to shareholder and regulatory approval.

Positive

• Strong assay results from five core holes confirm high-grade mineralization.
• TGM2001 and TGM2002 show impressive gold and silver grades, beneficial for project viability.
• Core samples will assist in future metallurgical and environmental testwork.

Negative

• TGM2003 drilling halted 100 meters short of the targeted mineralization due to difficult conditions.
• TGM2004 showed lower grade mineralization across five zones, averaging only 0.53 g/t gold.

VANCOUVER, BC / ACCESSWIRE / March 16, 2021 / Viva Gold Corp. (TSXV:VAU)(OTCQB:VAUCF) (the "Company" or "Viva") is pleased to announce assay results for five-large diameter (PQ 85 mm size) core holes from its previously announced reverse circulation and core drilling program at the Tonopah Gold Project located near Tonopah, Nevada. The PQ core program targeted measured and indicated category resource blocks containing varying grades and rock types along the main northwest-southeast trend of the project to capture samples for metallurgical and environmental testwork, as well as to further confirm the project resource model.

"We are very pleased with the impressive results of this program. These results confirm the high-grade areas and continuity of mineralization found in the most recent Tonopah resource model. This drilling program achieved its targeted goals of confirming the resource model, while also capturing a full spectrum of samples at varying grades and rock types for upcoming metallurgical and environmental testwork", stated Mr. James Hesketh, President & CEO.

TGM2001 intercepted 59.1 meters averaging 1.31 grams per tonne ("g/t") gold and 5.56 g/t silver in a steady sequence of Tertiary Volcanics ("TV") and Ordovician Palmetto Argillite ("OPA") to depth in the original Discovery zone, which is located in the phase one Starter Pit area.

TGM2002 intercepted 37.7 meters averaging 3.35 g/t gold and 14.85 g/t silver, including 8.2 meters at 6.3 g/t gold and 34 g/t silver, entirely in OPA in the original Dauntless zone of the Central Pit area of the project.

TGM2003 intercepted sporadic zones of lower grade gold and silver in TV. Drilling on this hole was stopped approximately 100 meters short of its planned depth due to difficult drilling conditions and the hole did not reach a large targeted zone of mineralization at the TV/OPA contact area. This hole is located in the West Pit.

TGM2004 intercepted five zones of lower grade mineralization with a cumulative thickness of 39.4 meters averaging 0.53 g/t gold and 1.0 g/t silver in TV in the East Pit area.

TGM2005 intercepted 26 meters at 2.83 g/t gold and 6.8 g/t silver, including 4.9 meters at 8.81 g/t gold and 16.03 g/t silver, in TV and 13.1 meters at 1.94 g/t gold and 4.39 g/t silver, including 4.9 meters at 4.13 g/t gold and 5.47 g/t silver, in OPA in the Starter Pit area.

TGM 2001 - 85mm dia PQ core- Intensely silicified and oxidized tertiary volcanic with quartz veining

TGM 2003 Silicified and brecciated tertiary volcanic

Core sample captured in this program is intended to be utilized to conduct additional bottle roll and column leach gold and silver recovery testwork, as well as to perform crushing and stacking stability tests in preparation for Feasibility Study. Crushing tests utilizing high pressure grinding rolls are planned to determine if gold and silver recovery may be further optimized. Additional sample will also be used to perform environmental rock characterization testwork required for project permitting activities.

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 announced on March 3^rd, 2021 that it entered into a definitive arrangement agreement (the "Agreement") with Golden Predator (TSXV:GPY)(OTCQX:NTGSF) whereby Golden Predator will acquire all of the outstanding securities of Viva Gold by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the "Transaction"). The Transaction is subject to approval by Viva Gold shareholders and the TSX Venture Exchange.

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.

View source version on accesswire.com:
https://www.accesswire.com/635682/Viva-Gold-Provides-Strong-Drill-Results-from-its-Tonopah-Gold-Project-Walker-Lane-Gold-Trend-Nevada

FAQ

What are the recent assay results from the Tonopah Gold Project?

Viva Gold reported significant assay results from five core holes, with TGM2001 averaging 1.31 g/t gold and TGM2002 averaging 3.35 g/t gold.

How will the assay results impact Viva Gold's stock?

The confirmation of high-grade areas can positively influence investor confidence and potentially enhance stock performance.

When will the results of the metallurgical and environmental testwork be available?

The results are expected after the core samples are analyzed, though specific timelines were not provided.

What is the significance of the acquisition by Golden Predator for Viva Gold?

The acquisition, pending approval, could provide additional resources and support for the development of the Tonopah Gold Project.

What are the drilling challenges faced by Viva Gold?

Drilling for TGM2003 encountered difficult conditions, preventing it from reaching its targeted depth.