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Viva Gold Announces Material Increase in Tonopah Gold Resource
VANCOUVER, British Columbia--(BUSINESS WIRE)--Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to provide an updated minera
About this update from Viva Gold Corp
[{"type":"text","content":"VANCOUVER, British Columbia--(BUSINESS WIRE)--Viva Gold Corp. (TSX-Venture: VAU; OTCBB: VAUCF) (the “Company” or “Viva”) is pleased to provide an updated mineral resource estimate for the Tonopah gold project (“Tonopah”), located near Tonopah, Nevada, on the prolific Walker Lane gold trend. This estimate was prepared as part of an initial Preliminary Economic Assessment (PEA) for the project, the economic results of which will be announced in the next several weeks. “The updated mineral resource estimate increased pit-constrained Measured and Indicated gold resource by 29% and Inferred resource by 47%. This increase was a result of additional drill-hole information provided from the 2019 drill programs, rigorous validation of the entire drill-hole database, and refinements to metallurgical and pit design parameters, as discussed below. The study was conducted using a $1,600 gold price pit shell, which contributed to the overall increase. The new resource expands the potential open pit in a northwesterly direction, where it remains open. We believe that these positive results can be improved with further exploration on the property, where substantial exploration potential exists along trend to both the northwest and southeast”, states James Hesketh, President & CEO. The updated pit-constrained mineral resource estimate for the Tonopah Project follows: Pit-Constrained Mineral Resource Classification Tonnes (x1000) Gold Grade grams/tonnes Contained Ounces Measured 3,930 1.14 141,000 Indicated 8,900 0.65 185,000 Measured and Indicated 12,830 0.79 326,000 Inferred 8,400 0.67 181,000 Thomas C. Matthews, MMSA-QP, Principal Resource Geologist for Gustavson Associates of Lakewood, Colorado, is the independent Qualified Person responsible for the preparation of the resource estimate. Resources are not reserves, and do not include modifying factors which need to be considered to determine whether they are economically viable. Mineral resources are tabulated at a cutoff grade of 0.20 g/t gold for argillite and 0.25 g/t for volcanic hosted mineralization, which constitutes a reasonable prospect for economic extraction based on a comparison with similar gold deposits in Nevada, and constrained within a US$1,600 pit shell using a 45 degree average pit slope in all rock types and a 35 degree pit slope for gravels overburden. Pit-Constrained...