Viva Gold Releases Promising Final Assay Results from 2023 Drill Program at Tonopah Gold Project

Viva Gold Corp. (TSX-Venture: VAU; OTCQB: VAUCF) provided the final assay results from the 18-hole, 2,167-meter 2023 reverse circulation (“RC”) drilling program at its 100%-owned Tonopah gold project (“Tonopah”). Assay results from the first seven holes of the program were announced on June 6, 2023. Tonopah is located on the prolific Walker Lane mineral trend in western Nevada, about 20 minutes’ drive from the town of Tonopah.

Key Takeaways:

• Results likely to increase size of the previously identified high-grade starter pit, which would potentially decrease initial operating costs and contained ounces
• These results will help drive an updated PEA and mineral resource estimate
• Imminent PEA update will enable a pre-feasability study to follow, a key catalyst for the company.

2023 RC Program Highlights

• TG2318 intercepted 55 meters (“m”) at 1.0 grams per tonnes gold (“gpt Au”) starting at 38m, including 14m at 1.6 gpt Au and 4.6m at 4.2 gpt Au. TG2318 was drilled perpendicular, in a near westerly direction, from the collar of drillhole TG2211, which intercepted 57.9m at 5.0 g/t Au from 40m (see January 2023 release), demonstrating the potential width of this shallow, highgrade zone of gold mineralization. This zone remains largely open in the western dimension where the next hole on the south side of the main deposit is over 180 meters to the west.

• TG2311 intercepted three zones of shallow, high-grade gold mineralization starting at 24m with a cumulative total of 59m at 1.9 gpt Au. The zones included 9m at 2.4 gpt Au; 9m at 3.0 gpt Au; and 41m at 1.5 gpt Au. TG2311 was dilled as an infill hole in a 50-to-100m waste gap in the original Discovery Zone structure.

• TG2310 intercepted four zones of gold mineralization starting at 72m with a cumulative total of 48m at 1.9 g/t Au, including 23m at 3.5 gpt Au. TG2310 tested the northern extent of the same structural splay where TG2211 intercepted 57.9m at 5.0 g/t Au from 40m.

• TG2309 intercepted 46 meters at 1.2 gpt Au in three zones starting at 58m. TG2309 tested the northern extent of a same structural splay where TG2209 intercepted 86.9 meters at 1.3 gpt Au starting at 87m depth (see January 2023 release).
Better definition of deposit boundaries was gained in the following drill holes:

• TG2308 tested a poorly drilled zone to the west of the TG2209 structural splay resulting in several low-grade intercepts and one vein of 1.5m at 4.2 gpt Au.

• TG2316 & TG2317 confirmed the southern limit of the TG2211 structural splay. Approximately 100 meters of strike length containing near-surface high-grade gold mineralization was added to this zone as a result of the 2022 and 2023 drilling programs.

• TG2315 tested the southern limits of the TG2209 structural splay with one 4.6m intersection grading 2.5 gpt Au starting at 85m, indicating the possible southern limit of that structural splay.

• TG2314 tested the southern extent of a north-south structural splay in the west end of the main pit and intersected only a narrow low-grade interval, indicating the potential southern limit to mineralization in that area.

The Tonopah gold project has two distinct populations of gold mineralization: a high-grade population (>1.0 gpt Au) associated with structural splays and brecchias and a second population of lower-grade disseminated gold mineralization associated with lithologic contact zones and favorable bedding horizons.

Our 2022 and 2023 RC drill programs at Tonopah focused on defining the limits of the series of approximately north-south mineralized, structurally controlled, fault splays and brecchias that occur in parallel along a primary east-west strike (azimuth ~110 degrees) of approximately 1.2 to 1.4 kilometers.

The north-south splays individually have strike lengths of up to 300 meters, with mineralization starting as shallow as 10 meters depth under valley floor gravels. These mineralized structural splays create the width dimension for a potential open pit at Tonopah. Increasing this width dimension develops a more minable open pit and is also likely to help reduce strip ratio, the ratio of mineralized material to waste
material.

Webinar July 27th to Discuss Drill Results

The company will be hosting a live webinar to discuss the recent results details below.
When: Jul 27, 2023 11:00 AM Eastern Time (US and Canada)

Register in advance for this webinar: https://us02web.zoom.us/webinar/register/WN_RXO0xub_Q56t1ZDylySKHQ

After registering, you will receive a confirmation email containing information about joining the webinar. A replay will be posted to Viva Gold’s website.