Published: November 20, 2019 |

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Viva Gold Corp. will initiate a preliminary economic assessment (PEA) of its Tonopah gold project based on receipt of positive preliminary metallurgical column test work and results from its fall 2019 drilling program. The Tonopah project is located on the prolific Walker Lane mineral trend in western Nevada, near the town of Tonopah.

“Viva is pleased to advise that it intends to retain Gustavson Associates of Lakewood, Colorado to initiate a PEA of the Tonopah gold project. A strong gold price outlook, positive metallurgical test results, and completion of the recent exploration step-out drilling program is driving this decision,” said James Hesketh, president and CEO.

“The Tonopah project includes a robust core of pit-constrained measured and indicated, plus inferred gold resource, sufficient in size to contemplate an open-pit heap leach recovery operation to produce up to 50,000 ounces of gold per year, which we believe will be supplemented with additional self-funded discovery of additional gold resources over time. The PEA will help Viva to put a solid valuation under its share price and will open potential strategic options for the Tonopah project,” added Hesketh.

MINERAL RESOURCE

Viva has filed a NI43-101 Technical Report on mineral resources at Tonopah supporting a pit-constrained measured and indicated gold resource estimate containing 253,000 ounces, plus an additional 123,000 ounces of inferred resource. This estimate was completed utilizing a gold price of $1,250 per ounce and an average gold recovery of 70 percent.

DRILLHOLE RESULTS

Viva completed a total of 10 reverse circulation (RC) drill holes totaling approximately 1,520 meters. Drillhole locations for this step-out exploration program were designed to test undrilled areas along the northwest trending flank of Palmetto Argillite formation at the Tertiary volcanic contact over a distance of about two kilometers around and between the Midway Hills and the Mineral Resource area. Geophysical survey data combined with historic drilling was utilized to predict the locations of structural junctions and splays for drillhole targeting. The Midway Hills area was last drilled in the 1990’s. Significant intercepts within those holes are shown in the attached table.

“All of the drillholes in this program penetrated the Palmetto argillite/Tertiary volcanic contact zone and encountered hydrothermal alteration, silicification, quartz veining and sub-grade gold mineralization. This program was geologically encouraging in that it confirmed the presence of gold bearing mineralization over a large area, demonstrating the significant size potential of the project. The cross cutting structural features that are often associated with high-grade mineralization at the Tonopah project were not encountered in this program. Additional analysis is required to determine the magnitude and direction of structural movements to improve drill targeting in future drill programs,” said Ed Bryant, project geologist.

About Viva Gold
Viva Gold is a gold exploration and development company with a focus on Nevada. Viva holds 100 percent 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, 70 kilometers south-east of the Round Mountain mine of Kinross Gold and 30 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.

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