VANCOUVER, British Columbia, July 23, 2018 (GLOBE NEWSWIRE) -- Viva Gold Corp. (TSX-Venture:VAU) (OTCBB:VAUCF) (the “Company” or “Viva”) is pleased to announce additional assay results from the recently completed 11 hole Reverse Circulation (“RC”) drill program at its Tonopah Gold Project, located near Tonopah, Nevada.
Drill Result Highlights
TG 1810 - 1.5 meters at 5.68 grams/tonne (“g/t”) included in 15.3 meters averaging 1.21 g/t.
TG 1812 – 1.5 meters at 19.2 g/t included in 10.7 meters averaging 3.07 g/t.
TG 1815 – 1.5 meters at 8.79 g/t included in 13.7 meters averaging 1.64 g/t.
TG 1810 was drilled from the west at -65 degrees into the Discovery zone and represented a 15 to 20 meter step-out from the nearest drill holes. This hole successfully extended the western limits of that zone. TG 1812 was drilled at an angle of -75 degree as a 30 to 35 meter step-out to the north end of the potluck zone into an area of limited drilling. This hole was a successful infill hole between known zones. TG 1815 was drilled at an angle of -70 degrees as a 15 to 20 meter step-out on the north end of the 63-77 zone and was successful in further extending that zone. The interaction between high angle and low angle mineralization geometries is difficult to decode for individual drill holes. However, these holes are targeted to crosscut the low-angle mineralized zones while remaining as perpendicular as possible to high-angle extensional zones. Downhole lengths are believed to be representative of true thickness for the low-angle zones.
“These drill holes represent judicious step-outs from known zones and into areas that require further in-fill drilling to either connect or extend various mineralized zones. In addition, these results further demonstrate the inherently high-grade nature of the system and that zones of low grade mineralization surround the higher-grade zones highlighted above. We have further clarity and confidence that our goal of increasing the contained gold resource to over 1.0 million ounces is achievable,” states James Hesketh, President & CEO.
Viva expects to receive assay results for drill holes TG 1809, TG 1811, TG 1813 and TG 1814 over the next few weeks. As announced on April 26th, 2018 Viva Gold plans to drill 28 holes in total for the project, with the remaining 17 holes in the program to be drilled later this year.
| Tonopah Project | ||||||||||||||||||||||||||||||||||||||||||||||||
| Drill Results for 2018 RC Drill Program | ||||||||||||||||||||||||||||||||||||||||||||||||
| Depth | Uncapped | Capped* | ||||||||||||||||||||||||||||||||||||||||||||||
| Hole | From | To | Length | Gold Grade | Gold Grade | |||||||||||||||||||||||||||||||||||||||||||
| Meter | Meter | Meter | Gram/Tonne | Gram/Tonne | ||||||||||||||||||||||||||||||||||||||||||||
| TG 1815 | 68.6 | 82.3 | 13.7 | 1.64 | 1.64 | |||||||||||||||||||||||||||||||||||||||||||
| including | 77.7 | 79.2 | 1.52 | 8.79 | 8.79 | |||||||||||||||||||||||||||||||||||||||||||
| TG 1812 | 89.9 | 100.6 | 10.7 | 3.07 | 3.07 | |||||||||||||||||||||||||||||||||||||||||||
| including | 89.9 | 91.4 | 1.5 | 19.2 | 19.20 | |||||||||||||||||||||||||||||||||||||||||||
| and | 112.8 | 120.4 | 7.6 | 0.37 | 0.37 | |||||||||||||||||||||||||||||||||||||||||||
| TG 1810 | 91.4 | 106.7 | 15.3 | 1.21 | 1.21 | |||||||||||||||||||||||||||||||||||||||||||
| including | 96 | 97.5 | 1.5 | 5.68 | 5.68 | |||||||||||||||||||||||||||||||||||||||||||
| and | 121.9 | 125 | 3.1 | 0.35 | 0.35 | |||||||||||||||||||||||||||||||||||||||||||
| and | 129.5 | 132.6 | 3.1 | 0.57 | 0.57 | |||||||||||||||||||||||||||||||||||||||||||
| Drill holes previously announced on July 9, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
| TG 1808 | 54.9 | 57.9 | 3.0 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||
| and | 64.0 | 73.2 | 9.1 | 25.4 | 5.8 | |||||||||||||||||||||||||||||||||||||||||||
| including | 65.5 | 67.1 | 1.5 | 138.0 | 20.0 | |||||||||||||||||||||||||||||||||||||||||||
| including | 70.1 | 71.6 | 1.5 | 8.9 | 8.9 | |||||||||||||||||||||||||||||||||||||||||||
| and | 83.8 | 89.9 | 6.1 | 0.4 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||
| and | 97.5 | 102.1 | 4.6 | 5.5 | 5.5 | |||||||||||||||||||||||||||||||||||||||||||
| Including | 99.1 | 100.6 | 1.5 | 14.9 | 14.9 | |||||||||||||||||||||||||||||||||||||||||||
| and | 108.2 | 120.4 | 12.2 | 1.2 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||
| and | ||||||||||||||||||||||||||||||||||||||||||||||||
| and | TD | 123.4 | 125.0 | 1.5 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||
| All zones | 54.9 | 125.0 | 70.1 | 3.9 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||
| TG 1807 | 10.7 | 19.8 | 9.1 | 0.3 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||
| and | 35.1 | 74.7 | 39.6 | 2.0 | 2.0 | |||||||||||||||||||||||||||||||||||||||||||
| Including | 59.4 | 68.6 | 9.1 | 4.5 | 4.5 | |||||||||||||||||||||||||||||||||||||||||||
| and | 80.8 | 83.8 | 3.0 | 0.4 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||
| and | TD | 93.0 | 94.5 | 1.5 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||
| All zones | 10.7 | 94.5 | 83.8 | 1.0 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||
| TG 1806 | 21.3 | 29.0 | 7.6 | 0.3 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||
| and | TD | 71.6 | 74.7 | 3.0 | 0.7 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||
| TG 1805 | 38.1 | 39.6 | 1.5 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||
| * Capped at 20 grams/tonne | ||||||||||||||||||||||||||||||||||||||||||||||||
| 0.25 gram/tonne used throughout | ||||||||||||||||||||||||||||||||||||||||||||||||
The Tonopah property contains a near-surface low-sulfidation epithermal gold system which includes near vertical quartz-adularia-gold veins hosted by the Palmetto Formation argillite and the overlying Tertiary rhyolitic volcanics within a low-angle zone of mineralization which includes and often parallels an erosion surface discontinuity at the top of the Palmetto. 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, covering an area over 2,000 meters long and 300 meters wide.
All technical information which is included in this statement has been reviewed and approved by Thomas C. Matthews of Gustavson Associates LLC. Mr. Matthews is independent of the Company and a qualified person, pursuant to the meaning of such terms in National Instrument 43-101 Standards of Disclosure for Mineral Projects. The basis for the 0.25 g/t cutoff grade utilized for this release are based on technical analysis documented in the March 27, 2018 NI43-101 Technical Report on Mineral Resources, Tonopah Project, Nye County, Nevada.
Viva Gold is a gold exploration and development company with a focus on Nevada. 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 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.