Viva Gold Intersects 58 meters at 5.0 g/t Gold, Including 11 meters at 24.0 g/t Gold at Its Tonopah Gold Project, Nevada
NR 22-14
Viva Gold Intersects 58 meters at 5.0 g/t Gold, Including 11 meters at 24.0 g/t
Gold at Its Tonopah Gold Project, Nevada
VANCOUVER, BC – November 28, 2022 – Viva Gold Corp. ( TSX-Venture: VAU; OTCQB: VAUCF) (the
“Company” or “ Viva”) is pleased to provide initial assay results from a Reverse Circulation (“RC”) drill
program at its Tonopah gold project (“Tonopah”) located on the prolific Walker Lane mineral trend in
western Nevada. A total of 16 drillholes have been completed in the program and submitted for assay.
This release details results from the first six holes.
• Drillhole TG2211 intercepted 58.0 meters (“m”) grading 5.0 grams per tonne gold (“g/t Au”)
starting at a depth of 40 meters. Included in this wide high -grade intercept was an 11-m zone at
24.0 g/t Au from 50m depth, that also included a 3.0 m interval at 53.6 g/t Au and 87.9 g/t silver
(“Ag”). TG2211 intercepted exceptional grades in a sparsely drilled zone previously carried as low
grade inferred mineralization in the resource model. The hole targeted the southern extension of
a north-south structural feature in the central area of the PEA1 resource pit. The hole ex tended
mineralization to the south and is likely to add tonnes, increase grade, and convert a number of
resource blocks from inferred to indicated category.
• TG2209 intercepted a zone of 86.9m at 1.3 g/t Au starting at 87m depth, including 3.0m at 13.5
g/t Au, and 1.5m at 9.2 g/t Au . This hole targeted the southern extent of a north-south splay
structure on the eastern end of the PEA pit. Results from this hole are projected to convert a large
block of weakly drilled low-grade inferred resource to indicated status, increase grade, and extend
mineralization to the south, while also added both shallow and deep intercepts, below prior
drilling. Hole TG2219 was drilled to the south of TG2209 to further extend mineralization on this
structural zone to the south. Assays are pending on TG2219.
• TG 2010 intercepted three separate zones cumulatively totaling 38m averaging 0.8 g/t Au starting
at 18m depth. Total north-south width of mineralization between holes TG2010 and TG211 ,
drilled at the north and south ends of the same structure, has been increased through the center
of the PEA pit to approximately 200-meters. A third hole , TG2222, was drilled in this section to
further confirm the resource in this area. Assays are pending on TG2222.
“These initial drill results are exceeding the stated goals of this program. Our program was designed to
infill and extend mineralization to the north and south along the strike of the resource pit, and to convert
inferred resources in the pit to measured and indicated. Actual results have thus far exceeded these goals
by increasing grade with long, unexpected zones of high -grade gold intercepts. Even within the pit shell
limits we are still being surprised to the upside with new areas of high-grade mineralization. Results from
holes drilled along strike on the north and south margins of the PEA design pit also confirm that the deposit
remains open in those dimensions. We believe that continued success in increasing the width of the mineral
zone will help to reduce project str ip ratio and increase gold resources while also improving project
economics. We anxiously await the results from the remainder of our program ,” states James Hesketh,
President & CEO.
• TG 2208 was drilled as a major step-out approximately 200 meters east of the PEA pit to test the
potential eastern extent of the main mineral trend in this area. Results indicate that the hole
crossed on the eastern side of a fault where only anomalous gold grades were encountered.
Additional work will be req uired to determine if this fault is offsetting or terminating
mineralization in that direction.
• TG2207 targeted an area of potential inferred mineralization on the eastern limit of the resource
model and encountered a wide zone of low-grade mineralization. This hole is likely to upgrade
sparsely drilled inferred mineralization to the east of the PEA pit.
• TG2213 target ed a potential northern extension to the Discovery zone structural splay in the
central PEA pit area. Results indicate what may be a northern limit to mineralization on that
structure.
Hole Azimuth Dip From To Length Gold Grade Silver Grade Rock Type Comment
Meter Meter Meter Gram/Tonne Gram/Tonne
TG2211 340 -65 152
40 98 58 5.0 13.1
including 40 50 11 0.8 7.2 Tvl
including 50 61 11 24.0 54.6 Tvl South Side
which includes 53 56 3 53.3 87.9 Tvl Center PEA Pit
including 61 98 37 0.7 2.7 Opa
TG2210 335 -70 115
18 34 13.7 0.8 3.4 Tvl
38 46 7.6 0.8 11.8 Tvl North Side
61 78 16.8 0.8 3.2 Tvl Center PEA Pit
TG 2209 25 -70 200
87 174 86.9 1.3 2.3 Tvl
including 105 108 3.0 13.5 6.7 Tvl South Side
including 126 128 1.5 9.2 1.9 Tvl East PEA Pit
including 160 165 4.6 2.7 4.3 Tvl
TG2208 225 -60 200
200+ Meter
NSS Tvu Step-Out to
Tvl East of PEA Pit
TG2207 0 -90 185
32 49 16.8 0.2 6.5 Tvl
81 87 6.1 0.3 1.1 Tvl East End
96 101 4.6 0.4 0.8 Tvl East PEA Pit
TG2213 180 -65 152
61 66 4.6 0.3 2.7 North Step-out
West PEA pit
Discovery Zone
Tvu = Upper Tertiary Volcanic Cutoff Grade: 0.25 Au Eq g/t
Tvl = Lower Tertiary Volcanic
Opa = Ordovician Palmetto Argillite
NSS = No significant sample
Initial Drill Results 2022 Reverse Circulation Drilling Program
James Hesketh, MMSA -QP, has approved the scientific and technical disclosure contained in this press
release. Mr. Hesketh is not independent of the Company; he is an Officer and Director.
1) PEA: NI43-101 Technical Report, Preliminary Economic Assessment of the Tonopah Project
(amended April 12, 2022) authored by Gustavson Associates including Donald E. Hulse, P.E., SME-
RM; Christopher Emanuel, SME-RM; Deepak Malhotra, Ph.D., SME-RM; and Edward Bryant, AIPG,
CPG.
About Viva Gold Corp:
Viva Gold Corp’s (TSX-V: VAU; OTCQB: VAUCF; Frankfurt :7PB) principal asset is its 100% ownership in the
Tonopah Gold Project (Tonopah), a large land position on the world class Walker Lane Mineral Trend in
western Nevada, located about 30 minutes’ drive southeast of the Kinross Round Mountain gold mine.
The project is well advanced with a positive Preliminary Economic Assessment (PEA) describing a potential
open pit, heap leach gold recovery operation and a pit confined measured and indicated gold mineral
resources containing 394,000 ounces at 0.78 grams/tonne and 206,000 ounces of Inferred resource at
0.87 grams/tonne. The principal mine ral trends on the property remain open for extension and the
company has a track record of steadily increasing gold resource over the last four years. Viva is building
market awareness as it advances Tonopah towards feasibility study and permitting and has made a
significant commitment to ESG and de -risking the project through open community disclosure and near
completion of a number of baseline environmental and technical studies.
Viva has a solid capital structure with 91.6 million shares outstanding and a strong management team and
board who can claim both gold exploration and production experience. 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
Anne Hite, Director Investor Relations
(303) 519-5149
Forward-Looking Information:
This news release contains certain information that may constitute forward -looking information or
forward-looking state ments under applicable Canadian securities legislation (collectively, “forward -
looking information”), including but not limited to drilling operations and estimates of gold mineral
resource at the Tonopah Gold Project. This forward -looking information enta ils 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 , inflationary pressures, pandemics, and issues and delays related to permitting
activities; 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 Investors --- Investors are cautioned not to assume that any "measured mineral
resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in this
news release are or will be economically or legally mineable. United States investors are cautioned that
while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and "inferred
mineral resources", investors should not assume that any part or all of the mineral deposits in these
categories will ever be converted into a higher category of mineral resources or into mineral
reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under
Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-
feasibility studies, except in limited circumstances. Further, "inferred mineral resources" have a great
amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be
assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category.
The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance
can be given that the anticipated tonnage s and grades will be achieved or that the indicated level of
recovery will be realized.
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.