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Viva Gold Intersects 33.5 meters at 2.6 grams/tonne Gold at Tonopah Project, Nevada

VANCOUVER, British Columbia, Feb. 25, 2019 (GLOBE NEWSWIRE) -- Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to announce the final four drill-hole results in its 2018-2019 winter reverse circulation (“RC”) drill program at its Tonopah Gold Project located near Tonopah, Nevada. All four of the final drill-holes intersected gold mineralization above resource cutoff grade with the best hole (TG 1903) intersecting 33.5 meters of 2.6 grams per tonne (“g/t”). Importantly, mineralization remains open to expansion to the northwest and southeast, and also at depth.

Tonopah Gold Project
Drill Hole Locations 2018-2019 Program


Drill Result Highlights

TG 1903: Drilled to infill the south end of the Dauntless zone and was pushed 20 meters deeper than planned, ending in mineralization.

  • 3 meters at 8.0 g/t from 45.7 to 48.8 meters depth;
  • 4.6 meters at 26.9 g/t from 70.1 to 74.4 meters depth;
  • 33.5 meters at 2.6 g/t from 82.3 meters to 115.8 meters depth, including:
            1.5 meters at 14.1 g/t from 82.3 to 83.8 meters depth and 
            1.5 meters at 22.7 g/t from 94.5 to 96 meters depth.
  • 7.6 meters at 0.8 g/t from 132.6 to 140.2 meters depth.    

TG 1904: Drilled as a test step-out hole approximately 800 meters to the SE of the main Discovery zone. The hole intersected two zones, the lower one is speculated to be part of a feeder system.

  • 4.6 meters at 0.7 g/t from 36.6 to 41.1 meters depth, and
  • 4.6 meters at 2.42 g/t from 126.5 to 131.1 meters depth including:
            1.5 meters at 6.65 g/t from 128 to 129.5 meters depth.

TG 1905: Drilled as a step-out hole on the far eastern extent of the principal mineral trend approximately 500 meters east of the main Discovery Zone that demonstrated continued mineralization associated with the argillite-volcanic contact zone.

  • 21.3 meters at 0.60 g/t from 32 to 53.3 meters depth

TG1906: Drilled to test the northern extent of the Dauntless zone.

  • 18.3 meters at 0.44 g/t from 25.9 to 44.2 meters depth.     

“TG1904 to TG1906 were drilled at the northern, eastern and southeastern extents of the mineral system demonstrating continued step-out potential in those dimensions. Drill density in the eastern and north-western extents of the system remains broadly spaced and in need of additional drilling. TG1903 was drilled to further infill the south end of the Dauntless zone and bottomed in ore grade mineralization. 

Our 2018-2019 winter drill program has been very successful. The program produced positive results in virtually every drill-hole, spread over a distance of more than 1.0 kilometer along the extent of the northwest to southeast trend of the system. These results confirm our model of blanket like mineralization associated with the argillite-volcanic contact zone and favorable rock types in the volcanics, and high-grade mineralization associated with high-angle structural controls in the volcanics and feeder systems at depth in the argillite. Some drill-holes demonstrate both types of mineralization, while other drill-holes reflect only the blanket type mineralization. The program also demonstrated the relatively shallow nature of the mineralization and the excellent potential for additional resource expansion towards our 1.0 million ounce goal,” states James Hesketh, President & CEO.

Tonopah Project
Drill Results for 2018-2019 Winter RC Drill Program
             
Hole Azimuth Dip From To Length Gold Grade
      Meter Meter Meter Gram/Tonne
             
TG1906 200 -90 0 134.0    
             
      25.91 44.20 18.3 0.4
             
             
TG1905 210 -69 0 146.3    
      32.0 53.3 21.3 0.6
             
TG1904 270 -60 0 134.0    
      36.6 41.1 4.6 0.7
      126.5 131.1 4.6 2.4
  including   128.0 129.5 1.5 6.7
             
             
TG1903 275 -75 0 140.2    
      45.7 48.8 3.0 8.0
  including   47.2 48.8 1.5 15.4
             
      70.1 74.7 4.6 26.9
  including   70.1 71.6 1.5 50.3
             
      82.3 115.8 33.5 2.6
  including   82.3 83.8 1.5 14.1
  including   94.5 96.0 1.5 22.7
             
      118.9 128.0 9.1 0.6
             
      132.6 140.2 7.6 0.8
             
TG1902 to TG1820 Reported February 2019      
TG1902 0 -70 0 146.3    
      10.7 111.3 100.6 1.3
  including   41.15 47.24 6.10 3.3
  including   60.96 64.01 3.05 4.8
  including   83.82 91.44 7.62 4.1
             
TG1901 50 -70 0 65.5    
      38.1 53.3 15.2 0.4
             
             
TG1820 200 -60 0 119    
      35.1 41.1 6.1 0.3
             
             
TG 1816 to TG1819 Reported January 29,2019      
TG 1819 200 -69 0 201    
      53.3 57.9 4.6 0.4
      62.5 65.5 3.0 1.9
      89.9 100.6 10.7 0.6
             
TG1818 100 -65 0 110    
      21.3 33.5 12.2 0.9
      71.63 74.68 3.0 46.1
  including   73.15 74.68 1.5 84.9
             
TG1817 58 -80 0 122    
      112.8 118.9 6.1 1.0
      143.3 189.0 45.7 2.2
  Including   163.1 176.8 13.7 5.1
  Including   172.21 173.74 1.5 13.4
             
             
TG1816 105 -60 0 164    
      88.4 96.0 7.6 0.3
      108.2 112.8 4.6 6.1
  Including   108.2 109.7 1.5 16.4
             

0.25 g/t cutoff grade utilized in determining grade intercepts

The Tonopah property contains a near-surface low-sulfidation epithermal gold system which includes near vertical structurally controlled quartz-adularia-gold veins and breccias in Tertiary volcanics within a low-angle zone of mineralization which includes and often parallels an erosion surface discontinuity at the top of the Palmetto argillite. Mineralization has been identified in a series of north-striking extensional structural zones within an overall mineralized trend along the regional north-northwest Walker Lane trend, covering an area over 2,000 meters long and 300 meters wide. Downhole lengths are believed to be representative of true thickness for the low-angle zones.

All technical information which is included in this statement has been reviewed and approved by Thomas C. Matthews of Gustavson Associates LLC. Mr. Matthews is independent of the Company and a qualified person, pursuant to the meaning of such terms in National Instrument 43-101 Standards of Disclosure for Mineral Projects. The basis for the 0.25 g/t cutoff grade utilized for this release are based on technical analysis documented in the March 27, 2018 NI43-101 Technical Report on Mineral Resources, Tonopah Project, Nye County, Nevada. 

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, 36 kilometers south-east of the Round Mountain mine of Kinross Gold and 30 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.

/EIN News/ -- 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 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.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c1136803-c2af-477c-b4e3-b56c28f9726c

vivagold.jpg

Distribution channels: Mining Industry


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