Drilling At The Tonopah Gold Project

VANCOUVER - Viva Gold Corp. reported excellent results for its 2021 reverse circulation (RC) drill program. The holes drilled in the program successfully confirmed that the mineral system remains open and strong laterally to the east, while also extending mineralization to depth.

Hole TG 2103 was drilled southwest across the principal east-west trend of mineralization at the eastern end of the PEA design pit. The hole successfully intercepted a cumulative 47.3 meters at an average grade of 2.5 grams per tonne (g/t) in four zones: one inside the pit shell, and three zones over 66 meters at depth below the previously modeled pit bottom. The fourth zone in this sequence encountered 22.9 meters at 2.0 g/t at the tertiary volcanic (Tv)/Palmetto argillite (Opa) contact, indicating the presence of a new high-grade mineral zone or feeder system at a relatively shallow depth. Gold mineralization had not previously been encountered in the Opa at the eastern quadrant of the main PEA pit.

Hole TG 2102 was drilled to the south from the northern side of the PEA pit and intercepted several zones of gold mineralization in Tv. This hole was designed to test the northern extent of the bedded zones of mineralization in the Tv and did not extend sufficiently south to fully intercept the centerline plane of the principal trend. It confirmed the potential northern limit of several lenses of mineralization in this area.

Hole TG 2101 was drilled along the centerline strike of the main trend to the east and intercepted 23 meters at 1.53 g/t in Tv in a major step-out.

Viva has used the results of its last two drill programs, combined with data driven geostatistical analysis and variography, to re-interpret its previous geologic model of the Tonopah Project. Gold mineralization in the older Opa formation tends to be structurally controlled, high angle, and oriented along a predominant northwest-southeast trend; mineralization in the younger tertiary volcanics is controlled by bedding structure and/or lithology, is flatter laying, and trends in an approximate east-west direction. Prior resource models did not differentiate orientation by rock type. This new model will be used as a basis for an updated resource estimate which will include data from 22 additional drillholes completed in 2020 and 2021.

James Hesketh, President & CEO, said, "Beside producing spectacular results, this drill program, was very successful in demonstrating that the mineral system at Tonopah remains wide open for extension both laterally and to depth at its eastern extent. The new high-grade zone of mineralization intercepted in TG 2103 at the Tv/Opa contact is intriguing, while the easterly extension along the Tv trend demonstrated in TG 2101 clearly shows the potential to further extend mineralization in that direction. Both results demand follow-up. We believe that we have clearly identified upside potential at Tonopah and are excited to start drilling operations as drill rigs and crews become available. We have commenced a new resource study using our re-interpreted geologic model, which we believe will add to the declared resource when complete. Our goal is to continue to add to our resource base to make the project economics even more attractive for project financing, while continuing to de-risk the project by completing metallurgical and technical studies as well as baseline environmental and cultural studies".