Viva Gold Provides Update on Tonopah Gold Project and Files NI43-101 Technical Report
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jul 16, 2019--
Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “ Company ” or “ Viva ”) is pleased to provide an update on the Tonopah Gold Project and the filing on SEDAR ( www.sedar.com ) of an NI43-101 Technical Report and mineral resource estimate for the Tonopah project. The Tonopah project is located near Tonopah, Nevada on the prolific Walker Lane mineral trend.
“The updated resource estimate for the Tonopah project highlights a strong core of high-quality gold mineralization in the main deposit and we strongly believe that the project has significant additional resource potential. The 2019 block model for the Tonopah project was extended over 1.0 kilometer along trend to incorporate historic drilling in the Midway Hills area. This extension developed new blocks of mineralized material containing approximately 25-30 thousand gold ounces, which is not currently included in the pit-constrained mineral resource estimate. Wide spaced historic drilling along this trend clearly indicates the potential to add to gold mineralization, which will be Viva’s exploration focus in 2019”, states James Hesketh, President & CEO.
The mineral resource estimate for the Tonopah Project, first announced on May 21, 2019, follows:
Pit-Constrained Mineral Resource
Measured and Indicated
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 2019 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.
Gustavson recommends a drilling program for the Midway Hills area to further test the tertiary volcanic/argillite contact zone, with the objective of extending mineralization up-dip to the south to shallower elevations, and east along strike from the Midway Hills area of the project, to determine whether mineralization of significant grades connects to the mineralization in the main Tonopah resource area. Existing geophysical data should be re-evaluated utilizing modern mathematical techniques to provide additional support for this work effort. The Midway Hills trend is targeted for exploration work by Viva in 2019.
Pit-constrained resources are reported at a cutoff grade of 0.25 g/t gold, which constitutes a reasonable prospect for economic extraction based on a comparison with similar gold deposits in Nevada, and constrained within a US$1,250 pit shell using a 42 degree average pit slope.
Pit-Constrained Resource Sensitivity to Cutoff Grade
The Base Case resource is estimated at a cutoff grade of 0.25 grams per tonne. This table shows limited sensitivity to changes in cutoff grade in the low grade ranges. The 1.0 gpt cutoff grade range outlines the high-grade core of the mineralization. Two distinct populations of high and low grade gold mineralization exist at the Tonopah Gold Project, which are seen in this analysis.
Update on Geophysics
Wright Geophysics of Elko, Nevada has recently re-evaluated the geophysical data for the Tonopah project and has translated that data into current digital format. The geophysical database is extensive with uniformly high quality data. It contains data from eight different geophysical techniques that are typically applied to gold exploration. All the data were generated by either Kennecott Corporation in the early 1990’s and/or Newmont Mining Corporation in the early 2000’s. Initial examination suggests that anomaly high resistivity and chargeability correlate with known mineralization.
The company is currently in the process of importing this data into LEAPFROG™, a geologic modelling tool, for analysis, in combination with the latest geologic model for the project. Viva believes that this compilation of data will be helpful in targeting the limits on existing, as well as yet undrilled gold targets at the site.
Update on Metallurgy
Viva submitted reverse circulation drill chip samples from the 2018 drilling program to McClelland Laboratories of Reno, Nevada for cyanide bottle roll testing. Samples were combined into 19 separate composites, segregated by drill hole, representing three different tertiary volcanic lithologies and the Palmetto argillite. Composites were uniformly sized to 80% passing 1.7mm size (10 mesh) and bottle roll leached for 96 hours. Gold recovery for the individual tests ranged from 43% in a silicified tertiary volcanic composite to 85% in an argillite composite. A number of the individual tests were still gaining recovery as the tests were terminated at 96 hours indicating the possible presence of slow leaching free gold. Cyanide consumption (NaCN) averaged a low 0.11 kg/tonne of ore and lime consumption averaged 3.8 kg/tonne ore.
Remaining material from the previously tested 19 composites are being further composited to develop samples representing the argillite, and three tertiary volcanic rock types. These composite samples will be tested for density, gravity gold recovery, and column leach gold recovery.
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.
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 atwww.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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190716005336/en/
CONTACT: James Hesketh, President & CEO
email@example.comValerie Kimball, Director Investor Relations
KEYWORD: NEVADA UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES
SOURCE: Viva Gold Corp.
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PUB: 07/16/2019 08:00 AM/DISC: 07/16/2019 08:01 AM