VANCOUVER, British Columbia, July 09, 2018 (GLOBE NEWSWIRE) -- Viva Gold Corp. (TSX-V:VAU) (OTCBB:VAUCF) (the “Company” or “Viva”) is pleased to announce initial assay results from the recently completed 11hole Reverse Circulation (“RC”) drill program at its Tonopah Gold Project.
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Drill Result Highlights
TG1808 - 1.5 meters at 138 grams per tonne (“g/t”) and 1.5 meters at 8.9 g/t within a zone of 9.1 meters containing an average uncapped grade of 25.4 g/t or a capped grade of 5.8 g/t using a 20 g/t ton grade cap. A second zone of 4.6 meters at 5.5 g/t was intercepted that included, 1.5 meters at 14.9 g/t. TG1808 terminated in a 0.6 g/t intercept indicating potential for further depth extent. Average grade for all intercepts over a length of 70.1 meters using a 0.25 g/t cutoff grade totaled 3.9 g/t uncapped or 1.4 g/t capped.
TG1807 – 9.1 meters @ 4.5 g/t within a zone grading 2.0 g/t over 39.6 meters. Hole was terminated in a 0.4 g/t intercept. Average grade for all intercepts over 83.8 meters of 1.0 g/t using a 0.25 g/t cutoff grade.
TG 1808 was drilled in the south end of the Dauntless zone and produced grades and intercepts that significantly exceed modelled expectations for this location. The hole was extended 20 meters below target depth with good results ending in strong mineralization further demonstrating potential for additional mineralization at depth. TG 1807 was drilled at the intersection of the Discovery and Dauntless zones and confirmed modelled results for this area. TG 1806 was designed to target the southern extension of the Discovery fault. This hole did not achieve target depth due to drilling difficulties, but the hole was completed in strong grade also indicating the potential for additional mineralization at depth. TG 1805 was targeted to intercept the southern extension to the Discovery zone, but intercepted limited mineralization above cutoff grade.
“These initial results provide solid confirmation of the high grade nature of the Tonopah project and further validation for the database of historical information acquired with the project. This work confirms our geologic model which encompasses high-grade vein systems associated with a series of extensional fault zones overprinting a lower-grade zone of blanket type mineralization. The long runs of grade and numerous zones of mineralization intercepted at relatively shallow depths also supports the open pit potential of this project. The holes all terminated in grade, further demonstrating additional depth potential for the system. We believe that our project goal of over 1.0 million contained ounces of gold resource for this project is achievable,” states James Hesketh, President & CEO.
| Tonopah Project | ||||||
| Initial 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 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 | ||||||
An additional seven drill holes have been completed in this drilling program. These holes were targeted to demonstrate extensions to known structures or were targeted to infill between known zones of mineralization. The Company expects assay results for these additional holes in early August. As announced on April 26th, 2018 Viva Gold plans to drill 28 holes in total for the project, the latter half and second phase of 17 holes should commence later this year.
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 high-grade cap of 20 g/t and 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.
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.