Viva Gold Initiates Technical Studies in Preparation for Feasibility Study at Its Tonopah Gold Project in Nevada; Provides Drilling Update
VANCOUVER, BC / ACCESSWIRE / August 20, 2020 / Viva Gold Corp. (TSXV:VAU)(OTCQB:VAUCF) (the “Company” or “Viva“) is pleased to advise that it has retained a number of industry leading consultants to initiate technical studies at its Tonopah gold project (“Tonopah”) in Nevada, in the areas of groundwater hydrology, geotechnical slope study, metallurgical testwork and to update existing archeological studies with the intent to advance toward a carefully prepared feasibility study and to build on the foundation of the robust PEA economics announced May 12, 2020 .
“These technical studies are expected to further de-risk and generate data that will be used as the basis for future permitting and feasibility studies for the potential open pit mine, heap leach gold recovery operation at Tonopah. This work will provide greater insight into gold recovery and mine design and assist management in determining the most effective ways to improve upon a strong PEA, it is our intention to unlock the full value of the project for our shareholders,” remarked James Hesketh, President & CEO. “In addition, Viva is currently drilling hole number seven of its 14-hole reverse circulation drill program at Tonopah, previously announced on July 2nd, 2020. Assay results will be released as they become available and we expect to report on initial results soon. We anticipate mobilizing a core drilling rig to the site in early September for a five-hole program to capture core samples for geologic review, assay, metallurgical, geotechnical and environmental testwork,” he added.
The groundwater hydrology study is initially focused on analyzing the extensive database of information generated by prior operators on the site, including Kennecott, Newmont, and Midway Gold, as well as a large volume of publicly available data. This analysis will be used to determine if any additional study, monitoring, or testwork is required. Geotechnical studies will commence with analysis of existing data that includes over 20 oriented core holes completed by Newmont and Midway, prior structural and geotechnical studies and available geologic and hydrologic data. This study will provide initial slope angle recommendations for open pit design with recommendations for further optimization study. A metallurgical testwork program is currently being designed to include crushing testwork including the use of high-pressure grinding rolls, bottle roll, column leach recovery tests and rock characterization studies. It is anticipated that this program will provide information for initial heap leach and plant design. The archeological study will update a prior study completed by Newmont in 2003 and is designed to meet all current regulatory guidelines.
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 Corp:
Viva Gold is a gold exploration and project development company with a focus on Nevada. Viva holds 100% of the advanced Tonopah Gold Project, a large land position of approximately 8,800 acres with demonstrated high-grade measured, indicated and inferred gold resources, located on the prolific Walker Lane gold trend in Nevada, about 30 kilometers south-east of the Round Mountain mine of Kinross Gold and 20 kilometers north 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 OTCQB 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
(720) 291-1775
jhesketh@vivagoldcorp.com
Valerie Kimball
Director, Investor Relations
(720) 933-1150
vkimball@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 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; 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.
SOURCE: Viva Gold Corp.
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