VANCOUVER, BC / ACCESSWIRE / September 15, 2021 / Viva Gold Corp. (TSX-V:VAU)(OTCQB:VAUCF) (the "Company" or "Viva") is pleased to announce strongly positive results on the first hole of its 2021 reverse circulation ("RC") drill program announced on July 12, 2021.
Hole TG 2101 was drilled as a 90-meters step-out to extend a new zone of mineralization intercepted in drill hole TG 2004 (announced on October 14, 2020). TG 2004 was collared on the east side of the regional Rye Patch fault, and cumulatively intercepted 36.1 meters at 0.76 grams per ton. Previously, it was thought that mineralization did not occur on the east side of the Rye Patch fault, but these two recent holes prove that mineralization may extend significantly further east, opening up very fertile untested potential. Both TG 2101 and TG 2004 fall on the centerline strike of a mineral trend originating in the Midway Hills section of the property in the west and extending three-kilometers through the declared resource pit area to the east. Gold mineralization encountered in TG 2101 was found in lower Tertiary volcanics, and unmineralized Palmetto argillite was intercepted at a shallower depth than anticipated.
Review of existing drilling in light of the results of holes TG 2101 and TG 2004 highlights drill-hole MW 305, which also falls on the same trend line, a reconnaissance hole drilled by Newmont in 2004. MW 305, was collared 355-meters further to the east-south-east from TG 2101 and encountered 7.6 meters at an average of 0.47 g/t gold in Tertiary volcanics. The combination of results from existing resource trends, TG 2004, TG 2101 and MW 305, plausibly points to the potential for up to 500-meters of additional mineralization along this trend.
"We are extremely pleased with these results as they represent the confirmation of a major open extension to the Tonopah resource. The high-grade results seen in TG 2101 clearly point to the potential for additional high-grade zones at Tonopah and, when analyzed in relation to prior drilling, this results and also points to the potential to add significant gold ounces along the major linear trend of the deposit from Midway Hills to MW 305. The high-grade mineralized zone encountered in TG 2101 was intercepted at a relatively shallow true-depth of 62-meters indicating the potential to further extend potentially open-pit minable mineralization in an east-south-east direction. Mineralization in this direction also appears to be carrying higher silver grades. Viva is developing plans for additional step-out and in-fill drilling to further prove this extension as drill rigs and crews become available." states James Hesketh, President & CEO.
As a result of these findings, Viva has commenced additional geostatistical and geologic model review of the Tonopah deposit with Gustavson Associates LLC, a member of WSP, in Lakewood, Colorado. Assays for hole TG 2101 were expedited and Viva is still waiting on additional assays for two infill holes drilled in this short program.
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
Valerie Kimball, Director Investor Relations
Renmark Financial Communications Inc.
Daniel Gordon: [email protected]
Tel: (416) 644-2020 or (212) 812-7680
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.