VANCOUVER, British Columbia, Feb. 11, 2019 (GLOBE NEWSWIRE) — Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to announce assay results for an additional three drill-holes in its 2018-2019 winter reverse circulation (“RC”) drill program at its Tonopah Gold Project located near Tonopah, Nevada.
Drill Result Highlights
TG 1902: 100.6 meters from 10.7 meters to 111.3 meters depth at 1.33 grams per tonne (“g/t”) including 6.1 meters from 41.1 to 47.2 meters at 3.29 g/t, 3 meters from 61 to 64 meters at 4.82 g/t, and 7.6 meters from 83.8 to 91.4 meters depth at 4.13 g/t. TG 1902 was drilled to infill a gap in the north Discovery zone.
TG 1901: 15.2 meters from 38.1 to 53.3 meters depth at 0.39 g/t. TG1901 was drilled to fill a gap east of the 63-77 structural zone. This infill hole was terminated at 65.5 meters depth, short of its planned depth of 120 meters, due to poor drilling conditions. As a result, its planned target was not intercepted.
TG 1820: 6.1 meters from 31.1 to 41.1 meters depth at 0.35 g/t. TG 1820 was also drilled to fill a gap east of the 63-77 structural zone.
Viva has now completed 11 drill-holes in its current RC drill program. Samples for the remaining three holes have been submitted for assaying, and TG1903 is delayed for additional metallic screen assay.
“Mineralization in TG 1902 commenced at 10 meters below surface and produced an impressive column of over 100 meters of mineralization. This drill-hole infills an area of the north Discovery structural zone that was previously carried in the resource model as low-grade inferred material. We anticipate that this result will add confidence and upgrade the near surface “starter pit” area of the project. TG 1901, TG 1820 and the previously announced TG 1819 were all drilled in a large gap of low-grade inferred mineralization and uncharacterized material between two pods of indicated resource east of the Dauntless zone. We believe that these results will help to infill and connect those two existing pods,” states James Hesketh, President & CEO.
| Drill Results for 2018-2019 Winter RC Drill Program | ||||||
| Hole | Azimuth | Dip | From | To | Length | Gold Grade |
| Meter | Meter | Meter | Gram/Tonne | |||
| TG1902 | 0 | -70 | 0 | 146.3 | ||
| 10.7 | 111.3 | 100.6 | 1.33 | |||
| including | 41.1 | 47.2 | 6.1 | 3.29 | ||
| including | 61.0 | 64.0 | 3.0 | 4.82 | ||
| including | 83.8 | 91.4 | 7.6 | 4.13 | ||
| TG1901 | 50 | -70 | 0 | 65.5 | ||
| 38.1 | 53.3 | 15.2 | 0.39 | |||
| TG1820 | 200 | -60 | 0 | 119 | ||
| 35.1 | 41.1 | 6.1 | 0.35 | |||
| TG 1816 to TG1819 Reported January 29,2019 | ||||||
| TG 1819 | 200 | -69 | 0 | 201 | ||
| 53.3 | 57.9 | 4.6 | 0.36 | |||
| 62.5 | 65.5 | 3.0 | 1.94 | |||
| 89.9 | 100.6 | 10.7 | 0.61 | |||
| TG1818 | 100 | -65 | 0 | 110 | ||
| 21.3 | 33.5 | 12.2 | 0.86 | |||
| 71.6 | 74.7 | 3.0 | 46.06 | |||
| including | 73.2 | 74.7 | 1.5 | 84.90 | ||
| TG1817 | 58 | -80 | 0 | 122 | ||
| 112.8 | 118.9 | 6.1 | 0.96 | |||
| 143.3 | 189.0 | 45.7 | 2.21 | |||
| Including | 163.1 | 176.8 | 13.7 | 5.14 | ||
| Including | 172.21 | 173.74 | 1.5 | 13.35 | ||
| TG1816 | 105 | -60 | 0 | 164 | ||
| 88.4 | 96.0 | 7.6 | 0.28 | |||
| 108.2 | 112.8 | 4.6 | 6.05 | |||
| Including | 108.2 | 109.7 | 1.5 | 16.40 | ||
| 0.25 gram/tonne cutoff grade used throughout | ||||||
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e9d5833e-e5b9-4962-81fe-54b410634394
The Tonopah property contains a near-surface low-sulfidation epithermal gold system which includes near vertical structurally controlled quartz-adularia-gold veins and breccias in Tertiary volcanics within a low-angle zone of mineralization which includes and often parallels an erosion surface discontinuity at the top of the Palmetto argillite. Mineralization has been identified in a series of north-striking extensional structural zones within an overall mineralized trend along the regional north-northwest Walker Lane trend, covering an area over 2,000 meters long and 300 meters wide. 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. 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.
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 gold resources 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.
CONTACT: 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