Viva Gold Corp. V.VAU

RE:drilling?

[diggin78]

Viva Gold Provides Update on Work Program at Tonopah Gold Project, Nevada

Updated Resource and PEA to be Completed by Year End

VANCOUVER, BC – September 5, 2024 – Viva Gold Corp (TSX-Venture: VAU; OTCQB: VAUCF) (the “Company” or “Viva”) is pleased to provide an update on its work program at the Tonopah Gold Project (“Tonopah”) in Nevada.

• A drill program consisting of 2,000 to 2,500 meters of reverse circulation drilling in 15 to 20 drillholes is planned to commence late September 2024.

• An updated Preliminary Economic Assessment (“PEA”) of Tonopah as a potential open-pit heap leach gold recovery operation has been initiated. A high-grade mill circuit option with low-grade heap leach will also be assessed.

• As part of its PEA study work, the Tonopah geologic resource model is being updated to include data from 50 drillholes, drilled since 2022, and additional geologic structure is being added to the model. Data from the September 2024 drill program will be incorporated into the model as it becomes available. The PEA is planned for completion later this year.

• The Company’s previous PEA1 (2022) used a $1,400 gold price which generated a 22% (after tax) internal rate of return with a 2.9-year payback and an all in sustaining costs of $1,075 per ounce.

• Geophysical data, primarily gravity and CSAMT2 survey, has been incorporated into the geologic resource model. This work has developed a valuable tool for helping to model faults and

  structure, and to help locate additional extensions to the known resource and locations within

  the claim block for future exploration.

• Request for budget level quotes on consumables, plants and equipment have been issued to

  provide updated costing for the PEA study.

• The Company has submitted a Work Plan (#43) to the US Bureau of Land Management (“BLM”)

  for approval to drill up to 23 additional drill pad locations at Tonopah.

• Quarterly groundwater water sampling baseline study is ongoing.