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TLO 5.37 +5.7% BNKR 4.88 +1.7% GG 2.25 +3.2% MJS 0.100 +5.3% PAAS 62.54 +3.6% PE 0.230 +0.0% SGML 17.19 +4.8% LAR 10.34 −1.1% NED 0.025 +0.0% GEN 0.080 +0.0% TVI 0.060 +0.0% SKYG 0.025 −37.5% WRLG 0.660 +6.5% FFU 0.120 −7.7% LOD 0.310 +3.3% CBI 0.110 +0.0% TLO 5.37 +5.7% BNKR 4.88 +1.7% GG 2.25 +3.2% MJS 0.100 +5.3% PAAS 62.54 +3.6% PE 0.230 +0.0% SGML 17.19 +4.8% LAR 10.34 −1.1% NED 0.025 +0.0% GEN 0.080 +0.0% TVI 0.060 +0.0% SKYG 0.025 −37.5% WRLG 0.660 +6.5% FFU 0.120 −7.7% LOD 0.310 +3.3% CBI 0.110 +0.0%
Drill Results Routine +

Viva Gold Reports Additional Shallow, High-Grade Hits at the Tonopah Gold Project in Nevada

Viva Gold Tonopah Drilling Validates Shallow High-Grade Zones Ahead of PFS

By The Northwire Desk — AI Analysis May 13, 2026 · 07:01 VAU · 0.15 Viva Gold Corp.
Executive Summary
  • Event: Viva Gold Corp released additional assay results from its 2026 reverse-circulation (RC) drill program at the Tonopah Gold Project in Nevada on May 13, 2026.
  • Drill Program Scope: 19 holes totaling 3,210 meters drilled; assays received for eight holes (TG2601–TG2608), with 11 pending.
  • Key Intercepts:
    • TG2606: 51.8 m @ 2.34 g/t Au, including 32 m @ 3.14 g/t (9.1 m @ 9.3 g/t).
    • TG2608: 65.5 m @ 0.48 g/t Au in four zones.
    • TG2607 & TG2605: Lower grade intercepts (0.37-0.36 g/t Au) confirming mineralization continuity.
  • Context: Results are within the 2025 PEA resource shell, targeting conversion of inferred resources to measured/indicated status and upgrading grades in areas previously categorized as waste or low confidence.
  • Management Commentary: CEO James Hesketh states results add shallow high-grade mineralization for early mine life, likely reducing strip ratio and improving pre-feasibility study (PFS) economics.
Material Impact
  • Validation of Thesis: The drilling confirms the presence of high-grade gold near surface within the existing PEA pit shell, supporting the company's narrative of a viable open-pit mine with early cash flow potential.
  • Resource Upgrade Potential: While positive, the intercepts are described as "within the 2025 PEA resource shell." This suggests infill drilling to upgrade confidence (inferred to indicated) rather than discovering new ounces outside the current model.
  • Economic Implications: High-grade shallow ore improves early mine economics and reduces strip ratio, which is favorable for the upcoming PFS completion target of Q4 2026. However, this was anticipated given the financing raised in December 2025 specifically for this work program.
  • Market Expectation: The market has priced in a drilling campaign to feed the PFS since February 2026. Results are consistent with previous announcements (April 23) and do not represent a surprise expansion of the resource base beyond the PEA scope.
  • Conclusion: Positive for project de-risking but lacks the "unexpected" element required for a Material - Positive rating in a risk-averse framework. It is execution of an expected plan.
VAU · Price
Company Overview
  • Company: Viva Gold Corp (TSX Venture: VAU).
  • Flagship Project: Tonopah Gold Project, Nevada.
  • Location: Walker Lane Mineral Trend, ~30 minutes south of Kinross Gold’s Round Mountain Mine.
  • Project Status: Advanced exploration/development stage; Pre-Feasibility Study (PFS) underway for completion Q4 2026.
  • Mining Method: Open-pit with split processing (CIL mill for high-grade, heap leach for low-grade).
  • PEA Highlights (Aug 2025): 7-year mine life, 404k oz Au payable, NPV $111.6M (at $2,400/oz gold), IRR 17.6%.
Read the original news release →

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