Viva Gold consultant recommends Midway Hills drilling
2019-07-16 09:58 ET – News Release
Mr. James Hesketh reports
VIVA GOLD PROVIDES UPDATE ON TONOPAH GOLD PROJECT AND FILES NI43-101 TECHNICAL REPORT
Viva Gold Corp. has provided an update on the Tonopah gold project and has filed on SEDAR an NI 43-101 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 Classification Tonnes (x1000) Gold Grade grams/tonnes Contained Ounces Measured 2,500 1.38 112,000 Indicated 6,300 0.69 141,000 Measured and Indicated 8,800 0.89 253,000 Inferred 6,000 0.54 123,000
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
Classification Cutoff Grade Tonnes (x 1,000) Au Grade Grams/Tonne Contained Ounces
Measured 0.15 2,700 1.19 114,000
0.25 2,500 1.32 112,000
1.00 1,400 2.13 92,000
Indicated 0.15 7,000 0.55 145,000
0.25 6,300 0.62 141,000
1.00 1,000 1.62 51,000
Inferred 0.15 6,500 0.47 127,000
0.25 6,000 0.54 123,000
1.00 700 1.28 30,000
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.
We seek Safe Harbor.
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