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February 02, 2023

Equity.Guru

Investment information for the new generation

Viva Gold (VAU.V) intersects gold, stock rips 123%

Viva Gold (VAU.V) today announced initial assay results from a Reverse Circulation (RC) drill program at its Tonopah gold project in Nevada. 16 drillholes have been completed for this current program and submitted for assay. This press release details results from the first 6 holes.

Viva Gold Corp., Saturday, November 26, 2022, Press release picture

Highlights include:

Drillhole TG2211 intercepted 58.0 meters (“m”) grading 5.0 grams per tonne gold (“g/t Au”) starting at a depth of 40 meters. Included in this wide high-grade intercept was an 11-m zone at 24.0 g/t Au from 50m depth, that also included a 3.0 m interval at 53.6 g/t Au and 87.9 g/t silver.

TG2209 intercepted a zone of 86.9m at 1.3 g/t Au starting at 87m depth, including 3.0m at 13.5 g/t Au, and 1.5m at 9.2 g/t Au.

TG 2010 intercepted three separate zones cumulatively totaling 38m averaging 0.8 g/t Au starting at 18m depth.

Viva Gold Corp., Saturday, November 26, 2022, Press release picture

These initial drill results are exceeding the stated goals of this program. Our program was designed to infill and extend mineralization to the north and south along the strike of the resource pit, and to convert inferred resources in the pit to measured and indicated. Actual results have thus far exceeded these goals by increasing grade with long, unexpected zones of high-grade gold intercepts. Even within the pit shell limits we are still being surprised to the upside with new areas of high-grade mineralization. Results from holes drilled along strike on the north and south margins of the PEA design pit also confirm that the deposit remains open in those dimensions. We believe that continued success in increasing the width of the mineral zone will help to reduce project strip ratio and increase gold resources while also improving project economics. We anxiously await the results from the remainder of our program,” states James Hesketh, President & CEO.

 

Viva Gold owns the Tonopah Gold Project located on the world class Walker Lane Mineral trend in western Nevada. The project is located about 30 minutes’ drive southeast of the Kinross Round Mountain gold mine.

Tonopah is an advanced project with a positive Preliminary Economic Assessment (PEA) describing a potential open pit, heap leach gold recovery operation and a pit confined measured and indicated gold mineral resources containing 394,000 ounces at 0.78 grams/tonne and 206,000 ounces of Inferred resource at 0.87 grams/tonne. The project has room for more discovery as mineral trends remain open for extension.

TradingView Chart

The stock loves the news of intersecting 58 meters of 5.0g/t gold and 11 metres at 24.0 g/t gold. The stock is on fire popping 123.53% with over 1,371,000 shares traded at time of writing.

The stock is also breaking above important technical levels. Firstly, the break above $0.10 looks to have triggered an inverse head and shoulders pattern which is a quintessential reversal pattern. The stock remains in an uptrend in the long term as long as it remains above $0.10.

We are also breaking above $0.15, but the end of the trading day will tell us whether we confirm a close above it, triggering another breakout. The next major resistance comes in at $0.225.

A very big move supported by both the technicals and the fundamentals. Things are bullish. For chasers, be careful as I would expect some traders to take profits especially with a triple digit percentage move like this. Going forward, I look forward to seeing the other drill results from this gold junior with an advanced project.

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