VANCOUVER, British Columbia--(BUSINESS WIRE)--Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to announce that it has received approval to drill 20 holes at its Tonopah gold project. A reverse circulation drill rig has been mobilized to the site to commence drilling on or about September 8th. The Tonopah gold project is located on the prolific Walker Lane trend of western Nevada.
“Viva’s goal at the Tonopah project, aided by a reduced royalty structure, is to expand its core zone of pit-constrained mineral resource by testing open extensions to the gold mineralization in areas suggested by historic reconnaissance drilling and extensive geophysical survey. The principal focus of the current drill program will be to confirm and extend gold mineralization in the Midway Hills area of the Tonopah project and on the highly prospective trend of over one kilometer in length between the Midway Hills and the core Tonopah resource area. The second focus of the program will be to test further extensions to the south and east of the current Tonopah resource area along the eastern flank of the undelaying Palmetto argillite formation. We have strong evidence that leads us to believe that the Tonopah project has the potential to be significantly increased in size”, states James Hesketh, President & CEO.
As discussed in Viva’s July 16, 2019 press release, the Tonopah project, includes a strong zone of near surface, pit-constrained gold resource containing 253,000 ounces of measured and indicated (M&I) gold resource at an average grade of 0.89 grams per tonne (gpt) with an additional inferred resource containing 123,000 ounces at an average grade of 0.54 gpt. This resource was well drilled by a prior operator who had the original goal of developing a small, near-surface underground mine. In developing Viva’s resource estimate, the 2019 block model for the Tonopah project was extended over 1.0 kilometer along trend to the northwest to incorporate historic drilling in the Midway Hills area. This extension developed new blocks of mineralized material containing approximately 25-30 thousand gold ounces, which is not currently included in the pit-constrained mineral resource estimate.
Drilling has demonstrated that gold mineralization at Tonopah has a strong correlation to the faulted perimeter of the Palmetto argillite formation. The flank of the basement Palmetto argillite formation, which has limited surface exposure, has been identified in gravity survey as having a gradational gravity high signature. Known gold mineralization superimposed on the gravity high surface, as shown in Figure 1, clearly demonstrates this correlation. Drillhole locations for this current program are designed to test undrilled or poorly drilled areas along this flank.
The Tonopah property contains a near-surface low-sulfidation epithermal gold system which includes near vertical quartz-adularia-gold veins hosted by Ordovician age Palmetto argillite and the overlying Tertiary rhyolitic volcanics all within a low-angle zone of gold mineralization which includes and often parallels an erosion surface discontinuity at the top of the Palmetto argillite. Mineralization has been identified in a series of north-striking extensional structural zones within an overall mineralized trend along the north-northwest Walker Lane trend.
James Hesketh, MMSA-QP, is a qualified person as defined by NI 43-101 and is the Qualified Person responsible for review of technical information in this news release. Mr. Hesketh is not independent of the Company, as he is an officer.
Viva Gold is a gold exploration and development company with a focus on Nevada. Viva holds 100% of the Tonopah Gold Project, a large land position with demonstrated high-grade measured, indicated and inferred gold resources, located on the prolific Walker Lane Trend in Nevada, 50 kilometers south-east of the Round Mountain mine of Kinross Gold and 30 kilometers 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 OTCBB 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.
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 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 mineral resources can be increased in size; 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.