VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to present an updated exploration model for the Tonopah project, located near Tonopah, Nevada. As discussed in Viva’s press release of May 21, 2019, current resource modelling work, combined with new information received in regards to historic drilling in the Midway Hills (“MH”) area of the Tonopah project, has helped to refine the geologic model at Tonopah and define potentially significant exploration upside potential for the project.
The MH area of the Tonopah project was the subject of exploration work by a number of reputable Companies including Coeur Mining, Rio Algom and Kennecott who dilled approximately 55 reconnaissance drillholes in the MH area between 1988 and 2002. The 2019 resource model for the Tonopah project was extended for the first time to incorporate the MH area. This work developed blocks of mineralized material containing approximately 30,000 gold ounces. No pit shell was developed in this area, so this material is not currently considered part of the mineral resource. Additional detail on the estimation methodology will be incorporated in the updated Technical Report on Mineral Resources for the Tonopah Project, which is expected to be filed during July, 2019.
“Drilled mineralization in the MH area provides a demonstrable anchor point at one end of an almost one to 1.5 kilometer linear extension from the northwest trending primary resource area at the Tonopah project. Historic drilling exists along this trend, but at a broad spacing of approximately 200 to 250 meters, which is insufficient density to develop resource. Very similar to lithologic and structural controls in the Tonopah project area, gold intercepts grading above 0.25 grams per tonne (“g/t”) can be seen in this zone where drillholes penetrated the Palmetto Argillite (“Opa”)/Tertiary Volcanic (“Tv”) contact zone and higher grades can be seen where the trend has been cut by cross-faulting. We believe that this under-drilled trend represents significant upside potential for the project,” states James Hesketh, President & CEO.
Deposition of gold mineralization at Tonopah is believed to be associated with a large break in the complex Rye Patch fault system, creating extensional splays and allowing gold mineralization to be deposited by ascending fluids in high angle faults and structural splays, in favorable lithologic horizons and along a discontinuity at the top of the Opa and bottom of overlaying Tv.
Gold mineralization in the MH area, besides being directly on trend from the Tonopah project area, follows the same general structural and lithologic model as seen at the Tonopah project. Lower-grade intercepts are seen associated with the Opa/Tv contact zone. In addition, some high angle structures appear to offset the Palmetto argillite in the MH area resulting in high-grade intercepts as seen in drillholes MW-M17: 4.8 meters at 10.1 g/t, MW-M23: 6.4 meters at 2.1 g/t, and MW-M24: 16 meters at 0.9 g/t including 4.5 meters @ 4.5 g/t. Virtually all of the drill holes completed in the MH area were vertical reverse circulation holes, so only limited verification of high angle structure exists.
Thomas C. Matthews, MMSA-QP, Principal Resource Geologist for Gustavson Associates of Lakewood, Colorado, is the Qualified Person responsible for review of technical information in this release and for the 2018 NI43-101 Technical Report and Mineral Resource Estimate for the Tonopah Gold Project. Resources are not reserves, and do not include modifying factors which need to be considered to determine whether they are economically viable.
About Viva Gold Corp:
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
Valerie Kimball, Director Investor Relations
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.
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