Viva Gold Initiates Work Programs and Resource Expansion Initiatives
Viva Gold Leverages Recent Financing Success to Initiate Tonopah Feasibility as Marginal Economics Demand Rigorous Optimization
The most recent news release (January 14, 2026) announces the formal commencement of feasibility-level work at the 100% owned Tonopah Gold Project in Nevada. Following an oversubscribed C$4.18 million financing closed in December 2025, the company has initiated: - A drill plan submission for 23 locations to support geotechnical and metallurgical data collection. - Metallurgical bottle roll tests to optimize recovery. - Procurement of engineering services for a Pre-Feasibility (PFS) or Feasibility Study (FS). - Geophysical surveys to define new exploration targets. - Management highlights that 86% of the current pit-confined resource is in the Measured and Indicated (M&I) categories, providing a high-confidence base for engineering.
The impact is Material - Positive as it marks the transition from conceptual exploration/PEA stage to formal project development. - Execution Alignment: This news is directly in line with projections made during the December 2025 financing. It demonstrates management's ability to immediately deploy capital toward de-risking. - Resource Confidence: The 86% M&I ratio is a critical advantage, reducing the risk of major resource downgrades during the feasibility process. - Financing Buffer: The recent capital raise provides the necessary runway to complete these studies without an immediate return to the market, which had been a persistent risk in early 2025 when cash fell below C$1.0 million. - Marginal Economics: However, the materiality is tempered by the 2025 PEA results, which showed a marginal 17.6% after-tax IRR at $2,400 gold. The "materiality" of future success depends heavily on the company's ability to optimize the US$220 million initial CAPEX and improve recovery rates during this new work program.
Viva Gold is focused on the Tonopah Gold Project, located on the Walker Lane Trend in Nevada. The project is an epithermal gold-silver deposit. - Flagship Project: Tonopah Project, Nevada. - Development Stage: Moving from PEA to PFS/FS. - PEA Highlights (July 2025): 7-year mine life, 404,000 oz gold production, US$219.9M initial CAPEX, AISC of US$1,269/oz. - Resource: 504k oz Au M&I (0.59 g/t) and 83k oz Au Inferred (0.37 g/t).