Viva Gold Provides Update on Metallurgical Test Work and Ongoing RC Step-Out Drilling at its Tonopah Gold Project in Nevada

Rhea-AI Summary

Viva Gold Corp. (OTCQB:VAUCF) has retained Kappes, Cassiday & Associates to optimize heap leach gold recovery at its Tonopah project in Nevada. The metallurgical test program, expected to last 3-4 months, aims to improve on the previous gold recovery estimate of 71%. Preliminary assays show an average gold recovery potential of 78% and silver at 42%. Additionally, the company has completed three holes in its 2021 RC drilling program, indicating geologically positive results. However, assay results could take up to 8 weeks due to lab backlogs.

Positive

• Retention of Kappes, Cassiday & Associates for metallurgical testwork may enhance gold recovery.
• Potential gold recovery increase from 71% to 78% could improve project economics.
• Geologically positive results reported from recent drilling program.

Negative

• Assay results backlog of up to 8 weeks could delay project evaluation.

VANCOUVER, BC / ACCESSWIRE / August 17, 2021 / Viva Gold Corp. (TSXV:VAU)(OTCQB:VAUCF) (the "Company" or "Viva") is pleased to inform investors that it has retained Kappes, Cassiday & Associates of Reno, Nevada to commence a program of metallurgical testwork. This program is designed to optimize heap leach gold recovery at Viva's Tonopah gold project in western Nevada. A series of tests designed to demonstrate gold and silver recovery by heap leaching, including crushing, bottle roll and column leach tests, will be conducted over the next three to four months. This program will provide valuable information required to support pre-feasibility/feasibility study of the project.

"We are excited to commence work on this program. On the basis of cyanide soluble and total gold assays, average theoretical gold and silver recovery from the samples to be tested is 78% for gold and 42% for silver. A gold recovery of 71% was utilized in Viva's 2020 Preliminary Economic Assessment for Tonopah, indicating the potential to substantially improve project economics if this test program supports theoretical gold recoveries. Silver may also prove to be a valuable by-product. Crushing tests are planned as improved gold liberation enhances gold recovery. These crushing tests will be performed using laboratory scale high-pressure grinding rolls. This technology has proven successful in helping to improve heap leach metal recovery at other precious metal mines in the western US", states James Hesketh, President & CEO.

In early 2021, Viva completed drilling a total of five (PQ-85 mm size) core holes at Tonopah, from which approximately 1.8 tonnes of samples have been separated for testing. These five core holes, the assay results of which were announced on March 16, 2021, were drilled along the primary northwest to southeast trend of the Tonopah gold resource and were designed to produce samples representative of all grades and rock types found in the deposit. A total of 10 sample composites have been collected with three sample composites representing palmetto argillite and five being tertiary volcanics, plus one master composite of all rock types. Gold assays for individual samples range from 0.22 to 3.35 grammes per tonne ("g/t") with an average grade of 1.68 g/t. Silver assays ranged from 0.72 to 14.8 g/t with an average grade of 6.23 g/t.

Reverse Circulation ("RC") Drilling Program
Viva has now completed three holes of approximately 200 meters each in its 2021 RC drilling program, first announced on July 12, 2021. An additional three to six holes are planned depending on continued availability of the drill and its crew. Hole TG2101 was drilled at an angle of -60 degrees and an azimuth of 110 degrees directly along strike on the principal trend of the mineral system at Tonopah. The collar location and orientation represent a step-out of up to 150 meters to the east, away from the easternmost extent of known gold resource. The geologic evaluation of TG2101 reveals that alteration, oxidation and potential mineralization, are strongly suggestive of gold content. Hole TG2102 and TG2103 were drilled to support and confirm TG2101 with similar results. While results of the program have so far been very geologically positive, actual gold content can only be determined through assay. Viva has been advised by its assay labs that the backlog for assay results is currently up to 8 weeks from receipt of samples.

Other work in Progress
Work has commenced on upgrading the project resource model to include sixteen drillholes completed in 2020 and 2021 and includes updated geologic information not currently included in project resource estimates. A seasonal wildlife review of the project area is currently being performed along with bi-monthly water sampling. Samples of both mineralized and unmineralized waste have been collected from rock cores drilled in the potential open pit area for geochemical characterization. Test work on these samples will be ongoing for the remainder of 2021. Data captured from these studies will be utilized as a basis for future project permitting and engineering design.

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 10,500 acres with demonstrated high-grade measured, indicated and inferred gold resources, located on the prolific Walker Lane gold trend in Nevada, about 30-minutes' drive south-east of the Round Mountain mine of Kinross Gold and 20-minutes' drive from the Town of Tonopah. Viva's management team has extensive experience in mineral exploration, mine 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 is the significance of the metallurgical testwork conducted by Viva Gold Corp?

The metallurgical testwork aims to optimize heap leach gold recovery, potentially increasing the gold recovery estimate from 71% to 78%, which could significantly enhance the project's economics.

How is the drilling program at Tonopah progressing for Viva Gold Corp?

Viva Gold Corp has completed three holes in its 2021 RC drilling program, showing geologically positive results, but assay results are delayed due to backlog issues.

What are the average grades of gold and silver found in the recent assays by Viva Gold Corp?

The recent assays show an average gold grade of 1.68 g/t and an average silver grade of 6.23 g/t.

What is the expected timeline for the metallurgical testwork at the Tonopah project?

The metallurgical testwork is expected to last 3-4 months, focusing on heap leach gold recovery optimizations.

What challenges is Viva Gold Corp facing regarding assay results?

Viva Gold Corp is experiencing a backlog for assay results, which may take up to 8 weeks from receipt of samples.