Viva Gold Corp. [VAU-TSXV; VAUCF-OTC], formerly – Aintree Resources, has provided initial assay results from the recently completed 11-hole reverse circulation (RC) drill program at its Tonopah gold project. The project is located on the prolific Walker Land Trend of western Nevada on the northeast side of the San Antonio Mountains, located approximately 20 miles northeast of the town of Tonopah in Nye County.
Shares in Viva Gold were up $0.07, or 21.2%, to $0.40 on Monday July 9.
- TG1808 – 1.5 metres of 138 g/t gold and 1.5 metres at 8.9 g/t gold within a zone of 9.1 metres containing an average uncapped grade of 25.4 g/t gold or a capped grade of 5.8 g/t using a 20 g/t tonne grade cap. A second zone of 4.6 metres at 5.5 g/t gold was intercepted that included, 1.5 metres at 14.9 g/tgold. TG1808 terminated in a 0.6 g/t gold intercept indicating potential for further depth extent. Average grade for all intercepts over a length of 70.1 metres using a 0.25 g/t cut-off grade totaled 3.9 g/t uncapped or 1.4 g/t capped.
- TG1807 – 9.1 metres of 4.5 g/t gold within a zone grading 2.0 g/t gold over 39.6 metres. Hole was terminated in a 0.4 g/t gold intercept. Average grade for all intercepts over 83.8 metres of 1.0 g/t using a 0.25 g/t cut-off grade.
Hole TG 1808 was drilled in the south end of the Dauntless Zone and produced grades and intercepts that significantly exceed modelled expectations for this location. The hole was extended 20 metres below target depth with good results ending in strong mineralization further demonstrating potential for additional mineralization at depth. TG 1807 was drilled at the intersection of the Discovery and Dauntless zones and confirmed modelled results for this area. Hole TG 1806 was designed to target the southern extension of the Discovery fault. This hole did not achieve target depth due to drilling difficulties, but the hole was completed in strong grade also indicating the potential for additional mineralization at depth. TG 1805 was targeted to intercept the southern extension to the Discovery zone, but intercepted limited mineralization above cut-off grade.
“These initial results provide solid confirmation of the high grade nature of the Tonopah project and further validation for the database of historical information acquired with the project. This work confirms our geologic model which encompasses high-grade vein systems associated with a series of extensional fault zones overprinting a lower-grade zone of blanket type mineralization. The long runs of grade and numerous zones of mineralization intercepted at relatively shallow depths also supports the open pit potential of this project. The holes all terminated in grade, further demonstrating additional depth potential for the system. We believe that our project goal of over 1.0 million contained ounces of gold resource for this project is achievable,” said James Hesketh, President & CEO.
An additional seven drill holes have been completed in this drilling program. These holes were targeted to demonstrate extensions to known structures or were targeted to infill between known zones of mineralization. The Company expects assay results for these additional holes in early August. As announced on April 26th, 2018 Viva Gold plans to drill 28 holes in total for the project, the latter half and second phase of 17 holes should commence later this year.
The Tonopah Project has NI 43-101 compliant measured and indicate resourc s of 186,000 ounces of gold and 238,000 ounces inferred.