Viva Gold Files NI 43-101 Technical Report, Increasing Gold Resources at Tonopah Gold Project in Nevada

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VANCOUVER, BC /ACCESSWIRE/February 28, 2022/ Viva Gold Corp. (TSXV:VAU)(OTCQB:VAUCF) (the “Company” Where “Long live“) is pleased to report that it has filed a report entitled “NI43-101 Technical Report on Mineral Resources, Tonopah Project” with an effective date of January 1, 2022 and a report date of February 25, 2022 on SEDAR for the Tonopah Gold Project (“Tonopah”). The report was prepared by Gustavson Associates, a subsidiary of WSP, of Lakewood Colorado. The results of the technical report, previously announced on January 25, 2022, increased the Measured Indicated Resource by 21% and provide strong justification for ongoing work at Tonopah, located on the world-class gold trend of Walker Lane in western Nevada.

“This report documents a significant further increase in mineral resources across all categories at Tonopah, demonstrating our ability to add ounces of new gold resources to Tonopah at very low cost. More importantly, our growing understanding of the geology and of the structure at Tonopah helps us to clearly identify and target open extensions for resource addition.Our short-term objective will be to test the open extensions of the deposit to further increase gold resources, while continuing to reduce project risks through baseline engineering and environmental studies,” said James Hesketh, President and CEO.

The updated in-pit confined mineral resource estimate announced on January 25, 2022 for the Tonopah project is as follows:

Donald E. Hulse, PE, SME-RM, Principal Mining Consultant for WSP USA of Lakewood, Colorado, is the independent qualified person responsible for preparing the resource estimate. Resources are not reserves and do not include modifying factors that must be considered to determine if they are economically viable.

Mineral Resources are tabulated at a cut-off grade of 0.15 g/t gold for argillite and 0.20 g/t for hosted volcanic mineralization, which provides a reasonable outlook for eventual economic extraction based on on a comparison with similar gold deposits in Nevada, and limited in a pit shell US$1,650 gold price using an average pit slope of 45 degrees in all rock types and a 35 degree pit slope for overburden gravels.

The work plan recommended by Gustavson, including the completion of the current drilling, the basic metallurgical and environmental study and the pre-feasibility study, will cost approximately US$2.4 million.

  • It is recommended that a proposed drill program be completed in two programs of approximately 2,500 meters each of reverse circulation drilling. Exploration will focus on the eastern and western extent of the Main Zone, the southern extent of the Dauntless Zone and the western extent of the South Pit Trend.
  • Metallurgical test work should be performed to provide information on cost and recovery assumptions to be incorporated into future studies, as well as to refine process design criteria.
  • Part of the specific work plan includes long-term baseline work for environmental monitoring and biological studies, in support of development efforts.
  • Complete a Pre-Feasibility Study (PFS) with the goal of clarifying the economic potential of the project and potentially declaring mineral reserves, while developing a plan of operations for use in licensing efforts.

Recommended project budget











Category

estimated cost

Remarks

Exploration

$1,600,000

RC Drilling – Phase 1 $800,000 12 – 14 holes, 2,500 meters of drilling, work plan submitted, drilling contract in place
RC Drilling – Phase 2

$800,000

2,500 meters of drilling
Metallurgical

$115,000

Environment

$255,500

Engineering studies

$400,000

Pre-feasibility study and operations plan
Total

$2,370,500

The Technical Report incorporates by reference the Preliminary Economic Assessment of the NI43-101 Technical Report dated June 12, 2020 for the Tonopah Project. Please note that a Preliminary Economic Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too geologically speculative to be given the economic consideration that would allow them to be classified as Mineral Reserves, and that ‘there is no certainty that the preliminary assessment an economic assessment will be carried out.

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 Corp owns 100% of the Tonopah Gold Project, a sprawling land position of approximately 10,500 acres located on the global trend of Walker Lane in western Nevada, a 30-minute drive southeast of the Kinross Round mine Mountain and a 20 minute drive to the town of Tonopah. The project has a measured and indicated contained gold mineral resource of 394,000 ounces at a gold grade of 0.78 grams/tonne and 206,000 ounces of inferred resources at 0.87 grams/tonne. Viva is advancing the project towards feasibility and permitting.

Viva is committed to the environmental, social and responsible (“ESG”) governance of its business and strives to operate in a manner that supports environmental and social initiatives and responsible corporate governance. Viva has made significant progress in 2021 working with its regulators to advance the environmental and social baseline study efforts needed to support future review of the mining plan under the National Environmental Policy Act for the project, and other Nevada State environmental permitting requirements. These efforts demonstrate our focus and commitment to reducing risk and adding value to the Tonopah project, as detailed in our December 7, 2021 press release.

Viva Gold trades on the TSX Venture Exchange “VAU”, the OTCQB “VAUCF” and the Frankfurt Stock Exchange “7PB”. Viva has a tight capital structure with 55.6 million shares outstanding and a strong management team and board of directors with experience in both gold exploration and production. Viva builds market awareness as company advances high-grade Tonopah gold project. For more information on Viva Gold and the Tonopah Gold Project, please visit our website: www.vivagoldcorp.com.

For more information, please contact:

James Hesketh, President and CEO
(720) 291-1775
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Valerie Kimball, Director of Investor Relations
(720) 933-1150
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Renmark Financial Communications Inc.

Daniel Gordon: This email address is protected from spam. You need JavaScript enabled to view it.
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com

Forward-looking information

This press release contains certain information that may constitute forward-looking information or forward-looking statements under applicable Canadian securities laws (collectively, “forward-looking information”), including, but not limited to, drilling and gold mineral resource estimates at the Tonopah Gold Mine Project. This forward-looking information involves various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in this information. These uncertainties and risks include, but are not limited to, the strength of the global economy, inflationary pressures, pandemics, and issues and delays in licensing activities; the price of gold; operational, funding and liquidity risks; the possibility of obtaining targeted drill results, the extent to which mineral resource estimates reflect actual mineral resources; the extent to which the factors which would make a mineral deposit commercially viable are present; risks and hazards associated with drilling and mining operations; and Viva’s ability to fund its capital requirements. The risks and uncertainties regarding the Company’s business are further discussed in the Company’s disclosure documents filed with the securities regulatory authorities in Canada available at www.sedar.com. Readers are urged to read these documents. Viva undertakes no obligation to update any forward-looking information or to update why actual results may differ from such information, except as required by law.

Cautionary Note to InvestorsInvestors are cautioned not to assume that any “Measured Mineral Resources”, “Indicated Mineral Resources” or “Inferred Mineral Resources” reported by the Company in this press release are or will be economically or legally mineable.. US investors are cautioned that while the SEC now recognizes “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, investors should not assume that any part or all of the mineral deposits in these categories will eventually be converted to a higher category of mineral resources or mineral reserves. These terms involve great uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral resources cannot form the basis of feasibility or pre-feasibility studies, except in limited circumstances. In addition, “inferred mineral resources” involve great uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or part of an inferred mineral resource will ever be upgraded to a higher category. The mineral reserve and mineral resource data presented in this press release are estimates and there can be no assurance that the expected tonnages and grades will be achieved or that the level of recovery indicated will be achieved.

Neither the 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.

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