Viva Gold estimates Tonopah project at 16.2 Mt M&I at 0.78 g/t gold, Nevada
Viva Gold Corp. [VAU-TSXV; VAUCF-OTCQB; 7PB-FSE] released an updated independent NI 43-101 compliant mineral resource estimate for the 100%-owned Tonopah gold project, located near Tonopah, Nevada, on the prolific Walker Lane gold trend. The new resource estimate is based on the addition of 19 new drillholes completed in 2020 and 2021, updated geologic modelling and statistical analysis.
“We are very pleased with these results. Total pit constrained Measured and Indicated gold resource increased 21% over prior estimates to 394,000 ounces with an additional Inferred resource of 206,000 ounces, a 14% increase. Our 2020 and 2021 drill programs added 68,000 ounces of measured and indicated, and 25,000 ounces of inferred resource at a cost of US$12.25/ounce. This demonstrates our ability to add ounces of new gold resource at Tonopah at a very low cost. More importantly, this recent drilling increased our understanding of the geometry of the currently defined Tonopah gold deposit and indicates that the mineralization remains strongly open, at relatively shallow depths, in at least two directions. Our near-term future focus will be to drill test these newly identified areas for further resource expansion,” stated James Hesketh, president and CEO.
Step-out holes were drilled in 2021 were successful in intercepting high-grade mineralization. These holes contributed to an increase in inferred mineralization and helped to extend the pit shell to the east-south-east along the principal (110 azimuth) trend of the deposit. The pit also extended to the west along trend based on new drill intercepts from the 2020 drill program.
The new model also developed a small pit in the Midway Hills area of the project, located approximately 1 km west from the main pit on trend, indicating that the revised geologic model is doing a better job of correlating and connecting existing assay intercepts in that area.
In addition, the new model also indicates the possibility of two additional parallel trends to the south of this main zone. The previously modelled south zone currently develops three small interconnected pit bottoms along the east-south-east trend and the third most southerly zone is potentially identified by three drillholes.
The Tonopah gold project is 30 km southeast of the world class Round Mountain mine. Viva is advancing the project towards feasibility and permitting.