Viva Gold to Commence Drill Program at its Tonopah Gold Project in Nevada

Rhea-AI Summary

Viva Gold Corp. (TSX-V: VAU, OTCQB: VAUCF) announced a new drilling program at its Tonopah gold project in Nevada, consisting of four to six reverse circulation drill holes. This initiative follows the discovery of a new gold mineralization zone in drill-hole TG2004, which reported significant gold intercepts, including 4.9 meters at 1.0 g/t. The program aims to further explore the area's resource potential and includes ongoing technical studies to de-risk the project for future feasibility and permitting. The project is located on the prolific Walker Lane gold trend.

Positive

• Commencement of a drilling program aimed at a new gold mineralization zone at the Tonopah project.
• Drill-hole TG2004 reported significant intercepts, including 4.9 meters at 1.0 g/t gold.
• Potential for new resource discovery, which could enhance the project's viability.

Negative

• Limited drill rig availability may restrict the scope of the drilling program.

VANCOUVER, BC / ACCESSWIRE / July 12, 2021 / Viva Gold Corp. (TSX-Venture:VAU)(OTCQB:VAUCF) (the "Company" or "Viva") is pleased to announce that it will be commencing a reverse circulation drilling program of four to six holes at its Tonopah gold project located on the Walker Lane trend in western Nevada. The size of the program is driven by limited drill rig availability. This program will focus on a new zone of gold mineralization discovered in drill-hole TG2004 first announced on October 14, 2020.

TG2004 intercepted a number of lenses of gold mineralization in Tertiary volcanics at the eastern extent of the principal northwest-southeast trend of gold mineralization on the property. Intercepts included 4.9 meters at 1.0 grams per tonne gold (g/t), and 29.5 meters at 0.7 g/t, which included 4.9 meters at 1.22 g/t and 3.3 meters at 2.0 g/t. These intercepts were generally within an area characterized as waste in the design pit shell for the Tonopah project 2020 Preliminary Economic Analysis study. The zone is located to the east of the regional Rye Patch Fault, which was previously considered a bounding feature to additional gold mineralization. Mineralization in this area appears to be flat lying and lenticular in nature and may represent a mineralized sedimentary package associated with caldera infill versus being associated with faults, splays and lithologic contacts as is typical in the known gold resources at the project. This is a portion of the deposit that has been subject to only widely spaced reconnaissance drilling and is believed to remain open for extension.

"We are excited to commence work on this new mineral zone at Tonopah. It represents a potentially new type of gold mineralization and may have significant resource potential if confirmed", states James Hesketh, President & CEO.

Ongoing technical work at Tonopah includes bi-monthly baseline water sampling, geochemical testing of both mineralized and non-mineralized core and RC chips, archaeological and biologic studies. Metallurgical testwork to optimize heap leach gold recovery is scheduled to commence shortly. These studies are designed to further de-risk the project and to prepare it for feasibility study and 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 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 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.

View source version on accesswire.com:
https://www.accesswire.com/654928/Viva-Gold-to-Commence-Drill-Program-at-its-Tonopah-Gold-Project-in-Nevada

FAQ

What is the drilling program announced by Viva Gold Corp on July 12, 2021?

Viva Gold Corp announced a drilling program of four to six holes at its Tonopah gold project, focused on a newly discovered gold mineralization zone.

What were the gold intercepts reported in drill-hole TG2004?

Drill-hole TG2004 reported intercepts including 4.9 meters at 1.0 grams per tonne gold and 29.5 meters at 0.7 g/t gold.

Where is the Tonopah gold project located?

The Tonopah gold project is located on the Walker Lane trend in western Nevada.

Who is the President and CEO of Viva Gold Corp?

James Hesketh is the President and CEO of Viva Gold Corp.

What is the stock symbol for Viva Gold Corp?

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