VANCOUVER, British Columbia, Dec. 10, 2018 (GLOBE NEWSWIRE) -- Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to announce that it has commenced a 1,500 meter reverse circulation drill program at its Tonopah gold project. The high-grade, advanced stage Tonopah gold project is located on the prolific Walker Lane trend of western Nevada near the town of Tonopah.
“The focus of this drill program is to infill gaps in drilling between known mineralized structural zones and to further test extensions to known mineralized structures. This work is expected to further grow the resource base towards our goal of one million ounces and to improve the continuity of mineralization in and around the previously defined open pit constrained resources areas of the project,” states James Hesketh, President and CEO.
A goal of this program is to expand the northern and western extents of the Discovery zone. New drill holes will be drilled from the pad locations of previous drill hole TG1810 (15.3 meters at 1.21 g/t including 1.5 meters at 5.68 g/t) and hole TG1807 (39.6 meters at 2.0 g/t) but at different azimuths and dips to focus on prospective gaps identified in the earlier drilling. Additional holes are laid out to infill a wide gap in drilling to the east of the Dauntless zone and other holes are laid out to test extensions to known, high-grade gold bearing structures in the southern extensions of the Dauntless and Potluck zones. The average depth of drilling will be approximately 175 meters.
In addition, the Company is commencing a program of 20 bottle roll metallurgical tests utilizing samples collected from the summer 2018 drill program. The goal of this program is to develop a stronger understanding of cyanide leach gold recovery characteristics by rock type, zone and depth.
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 all 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.
Viva Gold is a gold exploration and development company with a focus on Nevada. Viva holds 100% of the Tonopah Gold Project, a large land position with demonstrated high-grade measured, indicated and inferred gold resources, located on the prolific Walker Lane Trend in Nevada, 30 kilometers south-east of the Round Mountain mine of Kinross Gold and 20 kilometers from the Town of Tonopah. Viva’s management team has extensive experience in mining exploration, 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 OTCBB 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
(720) 291-1775
jhesketh@vivagoldcorp.com
Valerie Kimball, Director Investor Relations
(720) 933-1150
vkimball@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 and metallurgical testwork 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 mineral resources can be increased in size; 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.