VANCOUVER, British Columbia, March 28, 2018 (GLOBE NEWSWIRE) -- Viva Gold Corp. (TSX-Venture:VAU) (the “Company” or “Viva”) is pleased to provide an update on the Tonopah Gold Project and the filing of a NI43-101 Technical Report and Mineral Resource estimate for the project, located on the prolific Walker Lane Trend of Western Nevada, about 20 miles north and east of the town of Tonopah, Nevada.
Metallurgical Test Work
A series of initial metallurgical tests were conducted at Resource Development Inc.’s lab in Lakewood, Colorado, an independent metallurgical testing laboratory. The results of this work demonstrate that good gold recoveries can be achieved through leaching, potentially providing a much larger tonnage potential for the project. Additional testing will be required to optimize crush/grind size versus recovery. Testing was conducted on two mineralized composite samples representing the major argillite (“OPA”) and tertiary volcanic (“TV’) rock types at the Tonopah project. These rock-type samples represent the lower grade halo around the higher grade mineralized zones.
“These results are very positive, demonstrate leachability and provides a solid direction for future analysis. Cost-benefit studies will be required to analyze the best economic process options for the project by looking at the trade-off between an increased gold recovery at a faster recovery rate as a revenue driver versus reducing capital and operating costs by accepting a lower gold recovery over a longer period of time as a result of using a larger particle crush/grind size. The presence of free gold at Tonopah, which has been shown to be amenable to gravity recovery methods in past test work, will also need to be considered in the analysis”, stated James Hesketh, President & CEO.
The samples tested were assembled from a number of core intercepts from the Company’s core inventory, averaging between 0.5 and 1.0 gram per tonne (“g/t”) grade. Assayed head grade for the TV sample was 0.88 g/t gold and 0.72 g/t for the OPA sample. The samples were subject to static bucket leach tests for a nominal 1-inch crush material size and bottle roll tests for material ground to nominal 6-mesh and 200-mesh sizes. Results from this work are shown in the following table:
| Composite | Particle Size | Leach Time | Gold Extraction (%) | Silver Extraction (%) |
| TV | 1" | 20 days | 18.4 | 9.0 |
| 6 mesh | 120 hours | 29.7 | 24.9 | |
| 200 mesh | 48 hours | 91.9 | 41.6 | |
| OPA | 1" | 20 days | 55.5 | 7.7 |
| 6 mesh | 120 hours | 51.0 | 17.9 | |
| 200 mesh | 48 hours | 93.5 | 41.9 |
NI43-101 Technical Report
The NI43-101 Technical Report and Mineral Resource estimate for the Tonopah project has been completed and filed on SEDAR (www.sedar.com). The mineral resource estimate for the Tonopah Project, first announced on March 1, 2018, follows:
In-Pit Constrained Mineral Resource
| Classification | Tonnes (x1000) | Gold Grade grams/tonnes | Contained Ounces |
| Measured | 1,500 | 1.15 | 56,000 |
| Indicated | 5,200 | 0.78 | 130,000 |
| Measured and Indicated | 6,700 | 0.95 | 186,000 |
| Inferred | 9,600 | 0.77 | 238,000 |
Resources are reported at a cutoff grade of 0.25 g/t gold, which constitutes a reasonable prospect for economic extraction based on a comparison with similar gold deposits in Nevada, and within a US$1,250 pit shell using a 42 degree average pit slope.
Thomas C. Matthews, MMSA-QP, Principal Resource Geologist for Gustavson Associates of Lakewood, Colorado, is the Qualified Person responsible for review of technical information in this release and for the NI43-101 Technical Report and Mineral Resource Estimate for the Tonopah Gold Project. Resources are not reserves, and do not include modifying factors which need to be considered to determine whether they are economically viable.
Drill Program
Viva completed its initial drilling program consisting of four diamond core holes totaling 574 meters, adding to our existing drillhole database of 637 reverse circulation and diamond drill holes. This drilling was not included in the NI43-101 resource estimate.
“Where drilling intercepted the resource block model, we were able to confirm and validate block grades and structural contacts. Confirmation that the lower grade zones are well modeled in our NI 43-101 resource estimate, combined with our metallurgical results, validates our approach to evaluating the Tonopah project on a consolidated high-grade/low-grade total resource basis. These drilling results will also aid us in better targeting both lower-grade/higher-tonnage zones as well as higher-grade zones in future drill programs,” states James Hesketh.
These holes were targeted to test: 1) the lower grade inferred material in the northern and western part of the resource pit shell; and 2) the locations of the OPA/TV contact to aid in geologic modelling of the resource. Results of these four shallow drill holes are as follows:
| TG18001: | Confirmed the location of the OPA/TV contact at its predicted location and intercepted 4.6 meters grading 0.35 g/t gold and 2.2 g/t silver from 24 to 29 meters depth within the northern back-slope of the $1,250 resource pit shell. |
| TG18002: | Tested a low-grade area of the western lobe of the $1,250 resource pit shell bisecting a gap of roughly 100 meters between existing drill holes. Intercepted 13.7 meters grading 0.66 g/t gold and 3.23 g/t silver, including 3 meters at 1.25 g/t gold, from 110 to 123 meters of depth and 3 meters at 0.35 g/t from 135 to 138 meters, consistent with the resource model. |
| TG18003: | Terminated due to difficult drilling as the hole intersected the regional Walker Lane fault. |
| TG18004: | Tested the low-grade area of the north-central zone of the $1,250 resource pit shell. Intercepted 9 meters at 0.25 g/t gold and 2.56 g/t silver from 110 to 119 meters depth and 3 meters of 0.27 g/t gold and 1.0 g/t silver, from 125 to 128 meters of depth, consistent with the resource model. |
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 results at the Tonopah Gold Project, estimated mineral resources, and metallurgical process route, expected gold recoveries. 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 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 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.