VANCOUVER, British Columbia, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to announce final assay results from its recently completed 11 hole Reverse Circulation (“RC”) drill program at its Tonopah Gold Project, located near Tonopah, Nevada.
Drill Result Highlights
TG 1814: 29 meters averaging 1.32 g/t including 1.5 meters at 4.76 g/t and 4.5 meters averaging 4.05 g/t
TG 1813: 10.7 meters averaging 0.45 g/t
TG 1811: 6.1 meters averaging 0.49 g/t and 15.2 meters averaging 0.41 g/t
TG 1809: 10.7 meters averaging 2.57 grams per tonne (“g/t”) gold including 1.5 meters at 12.9 g/t
TG 1814 was an infill hole drilled between the Dauntless and 63-77 zones. TG1813 was drilled as an infill hole between the Potluck and NERP zones in eastern end of the known mineralized trend. TG 1811 was drilled as an infill hole in a poorly drilled area in the north end of the Potluck zone. TG 1809 was drilled at the north end of the Dauntless zone as an infill hole between the Dauntless and Discovery zones. Hole locations are shown in Figure 1 below.
“We are extremely pleased with the overall results from this 11-hole program. The program confirmed the overall high-grade nature of the Tonopah gold system and the continuity of open zones of contact related mineralization located between the identified structurally controlled zones in the trend. The system remains open for extension in all dimensions including to depth, along trend and laterally. This program has added to mineralization through strong intercepts over good lengths in both step-out and infill drill holes with a number of the holes terminating in good grade. The results exceeded expectations,” states James Hesketh, President & CEO.
As announced on April 26th, 2018, Viva Gold plans to drill 28 holes in its currently approved program, with the remaining 17 holes in the program to be drilled later this year. This new drilling will focus primarily on proving extensions to known high-angle structures and to conduct additional in-fill and step-out drilling on low-angle contact related mineralization between structures.
| 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 1814 | 32 | 61 | 29 | 1.32 | 1.32 | |
| including | 47.2 | 48.8 | 1.5 | 4.76 | 4.76 | |
| Including | 53.3 | 57.9 | 4.6 | 4.05 | 4.05 | |
| TG 1813 | 129.5 | 140.2 | 10.7 | 0.45 | 0.45 | |
| TG 1811 | 77.7 | 83.8 | 6.1 | 0.49 | 0.49 | |
| and | 103.6 | 118.9 | 15.2 | 0.41 | 0.41 | |
| TG 1809 | 51.8 | 56.4 | 4.6 | 0.28 | 0.28 | |
| and | 68.6 | 76.2 | 7.6 | 0.87 | 0.87 | |
| and | 86.9 | 97.5 | 10.7 | 2.57 | 2.57 | |
| Including | 89.9 | 91.4 | 1.5 | 12.90 | 12.90 | |
| Drillholes previously announced on July 23, 2018 | ||||||
| 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 | |
| Drillholes 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 | ||||||
Figure 1
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. The interaction between high angle and low angle mineralization geometries is difficult to decode for individual drillholes. However, the holes drilled in this program were 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.
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
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Valerie Kimball, Director Investor Relations
(720) 933-1150
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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.
