Viva Gold : Final Assay Results from Viva Gold’s 2023 RC Drill Program at Tonopah Gold Project

NR 23-12

Final Assay Results from Viva Gold's 2023 RC Drill Program at Tonopah Gold Project, Nevada including 59 meters at 1.9 gpt Au starting at 24 meters.

VANCOUVER, BC - July 24, 2023 - Viva Gold Corp. (TSX-Venture: VAU; OTCQB: VAUCF) (the "Company" or "Viva") is pleased to provide the final assay results from the 18-hole, 2,167-meter2023 reverse circulation ("RC") drilling program at its 100%-ownedTonopah gold project ("Tonopah"). Assay results from the first seven holes of the program were announced on June 6, 2023. Tonopah is located on the prolific Walker Lane mineral trend in western Nevada, about 20 minutes' drive from the town of Tonopah.

"Our 2022 and 2023 drilling programs have been very successful at extending, confirming and discovering new, shallow, high-grade zones of gold mineralization at our Tonopah gold project. Most of the new intercepts are within the limits of the resource pit shell as defined in our 2022 Preliminary Economic Assessment1 ("PEA"). These results are very likely to increase the size of the previously identified high- grade starter pit zone for early mining, increase overall contained ounces and reduce stripping ratio for the project. These assay results will be incorporated into in our updated PEA and mineral resource estimate for the project which is currently underway as announced on May 18, 2023. Viva is hosting awebinar call to discuss these results on July 27, 2023 at 11:00am Eastern Time. See below for call details," stated James Hesketh, President & CEO.

2023 RC Program Highlights

• TG2318 intercepted 55 meters ("m") at 1.0 grams per tonnes gold ("gpt Au") starting at 38m, including 14m at 1.6 gpt Au and 4.6m at 4.2 gpt Au. TG2318 was drilled perpendicular, in a near westerly direction, from the collar of drillhole TG2211, which intercepted 57.9m at 5.0 g/t Au from 40m (see January 2023 release), demonstrating the potential width of this shallow, high- grade zone of gold mineralization. This zone remains largely open in the western dimension where the next hole on the south side of the main deposit is over 180 meters to the west.
• TG2311 intercepted three zones of shallow, high-grade gold mineralization starting at 24m with a cumulative total of 59m at 1.9 gpt Au. The zones included 9m at 2.4 gpt Au; 9m at 3.0 gpt Au; and 41m at 1.5 gpt Au. TG2311 was dilled as an infill hole in a 50-to-100m waste gap in the original Discovery Zone structure.
• TG2310 intercepted four zones of gold mineralization starting at 72m with a cumulative total of 48m at 1.9 g/t Au, including 23m at 3.5 gpt Au. TG2310 tested the northern extent of the same structural splay where TG2211 intercepted 57.9m at 5.0 g/t Au from 40m.
• TG2309 intercepted 46 meters at 1.2 gpt Au in three zones starting at 58m. TG2309 tested the northern extent of a same structural splay where TG2209 intercepted 86.9 meters at 1.3 gpt Au starting at 87m depth (see January 2023 release).

Better definition of deposit boundaries was gained in the following drill holes:

• TG2308 tested a poorly drilled zone to the west of the TG2209 structural splay resulting in several low-grade intercepts and one vein of 1.5m at 4.2 gpt Au.
• TG2316 & TG2317 confirmed the southern limit of the TG2211 structural splay. Approximately 100 meters of strike length containing near-surfacehigh-grade gold mineralization was added to this zone as a result of the 2022 and 2023 drilling programs.

• TG2315 tested the southern limits of the TG2209 structural splay with one 4.6m intersection grading 2.5 gpt Au starting at 85m, indicating the possible southern limit of that structural splay.
• TG2314 tested the southern extent of a north-south structural splay in the west end of the main pit and intersected only a narrow low-grade interval, indicating the potential southern limit to mineralization in that area.

The Tonopah gold project has two distinct populations of gold mineralization: a high-grade population (>1.0 gpt Au) associated with structural splays and brecchias and a second population of lower-grade disseminated gold mineralization associated with lithologic contact zones and favorable bedding horizons. Our 2022 and 2023 RC drill programs at Tonopah focused on defining the limits of the series of approximately north-south mineralized, structurally controlled, fault splays and brecchias that occur in parallel along a primary east-west strike (azimuth ~110 degrees) of approximately 1.2 to 1.4 kilometers. The north-south splays individually have strike lengths of up to 300 meters, with mineralization starting as shallow as 10 meters depth under valley floor gravels. These mineralized structural splays create the width dimension for a potential open pit at Tonopah. Increasing this width dimension develops a more minable open pit and is also likely to help reduce strip ratio, the ratio of mineralized material to waste material.

The company will be hosting a live webinar to discuss the recent results details below.

When: Jul 27, 2023 11:00 AM Eastern Time (US and Canada)

Register in advance for this webinar: https://us02web.zoom.us/webinar/register/WN_RXO0xub_Q56t1ZDylySKHQ

After registering, you will receive a confirmation email containing information about joining the webinar.

A replay will be posted to Viva Gold's website.

Drill Results 2023 Reverse Circulation Drilling Program

Hole	Azimuth Dip	From	To	Length			Gold Grade	Silver Grade	Rock Type	Comment
			Meter	Meter	Meter			Gram/Tonne	Gram/Tonne
TG2318	250	-75			110
			38	93	54.9	1.0	6.1	Tvl/Opa	Drilled perpendicular
	including		44	58	13.7	1.6	12.4	Tvl/Opa	from TG2211 collar
	including		58	62	4.6	4.2	8.1	Opa	provide width of splay
TG2311	90	-75			122
			24	34	9.1	2.4	7.2	Tvl/Opa	Infill in Disovery Zone
	including		26	27	1.5			9.5	1.5	Tvl/Opa	50-100M gap carried
			49	58	9.1	3.0	4.2	Opa	as waste in 2022 resource
	including		49	50	1.5	15.7	12.4	Opa	model
			70	111	41.1	1.5	3.1	Opa
	including		107	110	3.0	10.4	4.0	Opa
TG2310	210	-70			198
			72	94	22.9	3.5	3.6	Tvl
	including		73	75	1.5	6.9	3.9	Tvl	Infill hole on north
	including		78	84	6.1	6.8	6.4	Tvl	central pit zone carried
			98	113	15.2	0.5	0.6	Tvl	as waste in 2022 resource
			117	126	9.1	0.7	1.7	Tvl	model
			133	134	1.5	1.0	2.1	Tvl
TG2309	190	-70			198
			58	62	4.6	0.7	8.1	Tvl	Step-out on
			94	122	27.4	1.6	3.1	Tvl	North Extension
	including		94	98	3.0	10.7	9.5	Tvl	TG 2209 splay
			146	160	13.7	0.7	1.5	Tvl
TG2308	0	-90			152
			114	117	3.0	0.4	1.1	Tvl	Infill West of
			133	136	3.0	0.3	2.5	Opa	TG 2209 splay in zone
			146	148	1.5	4.2	3.3	Opa	carried as waste in model
TG2312	350	-80			250
			104	107	3.0	0.7	3.5	Tvl	North Step-Out
			146	155	9.1	0.3	2.4	Tvl	West Main Pit
			169	172	3.0	0.3	3.0	Tvl	Waste Conversion
			183	186	3.0	0.4	3.1	Tvl/Opa
TG2313	0	-90			171
			116	117	1.5	0.4	1.4		North Step-Out
											West Main Pit
TG2314	0	-90			201
			149	152	3.0	0.3	3.5	Tvl/Opa	Test South extension
											west end main pit
TG2315	140	-75			91
			47	49	1.5	0.3	6.5		Test SE extent of
			85	90	4.6	2.6	3.9		TG2209 structurall splay

Drill Results 2023 Reverse Circulation Drilling Program

	Hole		Azimuth Dip				From									To					Length					Gold Grade			Silver Grade	Rock Type													Comment
																															Meter	Meter					Meter		Gram/Tonne	Gram/Tonne
	TG2316	210				-75																																	114
																													87		90		3.0		0.3			5.3							Opa	Step-Out south west
																																																																																																																																																						end TG2211
																																																																																																																																																						structural splay
	TG2317	170				-75																																	91
																													62		67		5		0.3			2.4							Opa	Step-outsouth-east
																																																																																																																																																							end TG2211
																																																																																																																																																						structural splay
	Announced						June 6, 2023
	TG2307	55					-60																																	152
																													79		90		10.7		0.5			2.7			Tvl & Opa
																													93		143		50.3		0.9			3.6			Tvl & Opa
			including												116		119		3.0		2.8		5.1						Opa	47m Offset TG2209
			including												125		130		4.6		3.2		3.8						Opa	East Main Pit
			including												140		143		3.0		3.1		3.6						Opa
																													149		151		1.5		1.1			2.0							Opa
	TG2306	0							-90																																	117
																													35		38		3.0		0.5			16.4							Opa	47m Offset TG2209
																													59		70		10.7		0.5			6.8							Opa	East Main Pit
	TG2305	0							-90																																	122
																													35		37		1.5		0.4			1.5							Opa
																													47		52		4.6		0.3			2.5							Opa	North Step-Out
																													88		90		1.5		0.4			1.4							Opa	Infill
																													107		108		1.5		0.8			1.5							Opa	East Main Pit
	TG2304	340				-75																																	140
																													52		58		6.1		0.8			3.8							Opa	Infill South-East
																													122		123		1.5		0.8			3.2							Opa	East Main Pit
																													139		140		1.5		0.3			4.0							Opa
	TG2303	120				-80																																	53.0
																																																																																															NSS																			NSS																				Hole lost @ 53m
																																																																																																																																																						40m offset TG2211
	TG2302	340				-75																																	125
																													44		59		15.2		0.5			3.1					Tvl/Opa	40 meter step-out
																													72		105		33.5		1.4			4.0							Opa	south from TG2211
			including												85		94		9.1		3.9		5.9						Opa	East Main Pit
	TG2301	60					-60																																	165.0
																													110		116		6.1		0.8			2.2					Tvl/Opa	North side TG2211
																																																																																																																																						Contact	Trend
																																																																																																																																																						East Main Pit
			Tvu = Upper Tertiary Volcanic															Cutoff Grade: 0.25 Au Eq g/t
			Tvl = Lower Tertiary Volcanic
			Opa = Ordovician Palmetto Argillite
			NSS = No significant sample

Qualified Person

James Hesketh, MMSA-QP, has approved the scientific and technical disclosure contained in this press release. Mr. Hesketh is not independent of the Company; he is an Officer and Director.

About Viva Gold Corp:

Viva Gold Corp's (TSX-V: VAU; OTCQB: VAUCF; Frankfurt :7PB) principal asset is its 100% ownership in the Tonopah Gold Project (Tonopah), a large land position on the world class Walker Lane Mineral Trend in western Nevada, located about 30 minutes' drive southeast of the Kinross Round Mountain gold mine. The project is well advanced with a positive Preliminary Economic Assessment (PEA1) 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. Viva has announced that it has commenced a second PEA study to include results from approximately 40 additional drillholes completed in 2022 and 2023, the results of additional metallurgical gold recovery studies, and substantial information gained from its ESG focus of completing and advancing environmental and technical baseline study for the project.

Viva has 106.7 million shares outstanding and a strong management team and board who can claim both gold exploration and production experience. For additional information on Viva Gold and the Tonopah Gold Project, please visit our website: www.vivagoldcorp.com.

For further information please contact:

James Hesketh, President & CEO

1. [e-mail]

Graham Farrell, Harbor Access

[phone]