Viva Gold to Commence Drilling at the Tonopah Gold Project, Nevada
NR 24-01
Viva Gold to Commence Drilling at the Tonopah Gold Project, Nevada
VANCOUVER, BC – January 25, 2024 – Viva Gold Corp. ( TSX-Venture: VAU; OTCQB: VAUCF ) (the
“Company” or “ Viva”) is pleased to advise that it plans to commence rever se circulation drilling
operations at its Tonopah Gold Project (“Tonopah”) by mid -February 2024. All drilling contracts are
signed, and the Company has been granted approval by the US Bureau of Land Management for its Work
Plan #42, allowing up to 23 new drill locations . We anticipate drilling approximately 12 to 15 holes to an
average planned depth of 150 meters in this program. Archaeologic clearance and construction of drill
pads is planned to commence February 5. Tonopah is located on the prolific Walker Lane mineral trend in
western Nevada, about 20 minutes’ drive from the town of Tonopah.
The focus of this program is to further delineate the new, near-surface, high-grade (>1.0 gram per tonne)
gold zones discovered in our 2022/23 drill program s. These discoveries were typically related to
approximate north-south splay fractures. A majority of the drillholes planned for the 2024 program are
designed to offset the splay zones defined in the 2022/23 program to better determine the width extents
and continuity of those zones. Other holes are designed to test undrilled gaps between known mineralized
zones.
“As part of our recent resource modelling efforts at Tonopah, we determined that additional drilling was
required to better define the width dimension of the newly discovered splay zones as well as to further
infill along the strike length of those zones . All of these new drill-holes are planned in the eastern half of
the main pit zone as defined in our 2022 PEA(1), an area that had historically been sparsely drilled, leaving
room for new discovery. We believe that this additional drilling will help to further grow the shallow high-
grade zones for early mining, while also helping to convert material previously carried as waste in our pit
designs into mineralized resource . Either or both outcomes, if successful, will work to further improve
already robust project economics”, James Hesketh, President & CEO. “During 2024, Viva further plans to
complete a new resource estimate and to advance Tonopah towards permitting and pre-Feasibility Study
status. The gold market is supportive of new mine development opportunities and the Tonopah project
presents a unique opportunity for investment in the heart of gold mining country”.
Qualified Person
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.
About Viva Gold
The Tonopah project sits in the middle of gold mining country and controls a major land position
on the prolific Walker Lane Trend in Western Nevada. Viva has consistently grown its resources
since 2017 and will be embarking on a new , fully funded drill program in early 2024 to further
define and grow the current resource base. The Company plans to update the resource model and
initiate Pre-Feasibility Study in 2024, both of which are major catalysts and value creation events
for shareholders.
Viva Gold is led by CEO Jim Hesketh, a 40-year veteran in the mining space who has led the development
and construction of eight other mines around the world throughout his career. Jim has surrounded
himself with equally experienced mining professionals both on the management team and the board.
The Tonopah Gold Project has all the hallmarks of a successful mining development project as key
infrastructure is in place and is supported by compelling economic studies.
Please reach out and get to know us as 2024 is shaping up to be a transformational year.
Viva Gold trades on the TSX Venture exchange “VAU”, on the OTCQB "VAUCF" and on the Frankfurt
exchange "7PB". Viva currently has ~118.4 million shares outstanding and boasts a best-in-class
management team and board with decades of both gold exploration and production experience. The
Company is advancing its high-grade Tonopah Gold Project in mining friendly Nevada with the support
of several institutional shareholders. More information can be found on https://www.Sedar.Com.
Viva is committed to developing the Tonopah Gold Project in an environmentally and socially
responsible fashion. These values are aligned with management’s core values and permeate throughout
our decision-making process.
For further information please contact:
James Hesketh, President & CEO
(720) 291-1775
Graham Farrell, Harbor Access
(416) 842-9003
1) 2022 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
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 drilli ng operations and estimates of gold mineral
resource 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, 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 conve rted 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 tonnages and grades will be a chieved 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.