Viva Gold : Final Drill Results and Update on Tonopah Gold Project, Nevada

NR 23-02

Viva Gold Announces Final Assay Results from 2022 RC Drill Program and Provides

Update on Status of Tonopah Gold Project, Nevada

VANCOUVER, BC - January 16, 2022 - Viva Gold Corp. (TSX-Venture:VAU; OTCQB: VAUCF) (the "Company" or "Viva") is pleased to provide final assay results from its 2022 16-hole,2,457-meter reverse circulation ("RC") drilling program at its 100%-owned Tonopah gold project ("Tonopah") and to provide an update on the status of work at the project. Fourteen of the 16 holes were previously released on November 28 and December 8, 2022 (click hereto see previous news releases). Tonopah is located on the prolific Walker Lane mineral trend in western Nevada

2022 RC Program Highlights

• TG2221 intercepted 1.5 meters ("m") at 3.0 grams per tonne gold ("g/t Au") in a zone of lower grade at a depth of 155 m as a step-outto the west of the south pits and south of the main pit area, indicating the potential presence of a new high-gradezone and extension to the south pit trend.
• TG2219 intercepted 18.3 m grading 4.1 g/t Au starting at a depth of 73 m
• TG2218, encountered 1.5 m at 9.2 g/t Au at 30 m depth
• TG2217; 5.0 g/t Au over 18.2 m, including 4.6 m at 14.7 g/t Au starting at 76 m depth
• TG2214 hit a zone of 4.6 m averaging 21.4 g/t Au starting at a depth of 111 m
• TG2212 intercepted 21.3 m at 0.5 g/t Au, including 7.6 m at 1.3 g/t Au
• TG2211 intercepted a zone of 57.9 m at 5.0 g/t Au from 40 meters depth, including 11m at 24.0 g/t Au which included 3 m at 53.6 g/t Au
• TG 2010 intercepted three zones totaling 38 m at 0.8 g/t Au starting at 18m depth
• TG2209; 86.9 m at 1.3 g/t Au starting at 87m depth, including 3.0 m at 13.5 g/t Au, and 1.5 m at 9.2 g/t Au

"In 2022, we were able to significantly advance Viva's Tonopah Gold project towards feasibility. We discovered new areas of high-grade (+1.0 g/t Au) gold mineralization at shallow depths within the perimeter of the 2022 resource pit shell limits, and extended existing zones of high-grade mineralization both inside and outside the 2022 resource pit limits. This work demonstrated that the main deposit remains open in several north-south mineralized corridors along its 1.5 kilometers strike length. New discoveries in our recent drill program increased the width of mineralization up to 200 meters in some areas. Our work in 2022 substantially enhanced our understanding of the structural and lithologic controls of the deposit, which has allowed us to significantly improve our drill targeting success rate. Significant progress has also been made on optimizing gold recovery and we can now demonstrate a process route to increase gold recovery from our high-grade gold mineralization. Our baseline environmental study work is also well advanced and we believe that we have substantially de-risked the project for future development. In these programs we have already completed a number of critical steps required to complete feasibility study. Our plan for 2023 is to conduct additional drilling to follow-up on our successful 2022 drill programs, determine the limits of mineralization in the main pit area, and to rapidly move the project into feasibility study," stated James Hesketh, President & CEO.

Update On Resource Modelling

• The resource model for the Tonopah deposit is presently being updated to include results from 22 drill holes completed in 2022. This information includes six core holes totaling 1,307 meters and 16 RC holes totaling 2,457 meters
• The resource model has been significantly improved by consolidating lithologic codes for the entire drillhole database and the inclusion of structural information captured from over 35 oriented core holes. These enhancements to the model were instrumental in helping to improve drill-hole targeting and resulted in a very successful RC drill program.
• Previous iterations of the Tonopah resource model only included gold assays. The database has now been improved with the addition of total gold and silver assays, as well as cyanide soluble gold and silver assays. The additional metal assays were extracted from assay sheets produced by Rio Algom, Kennecott, Newmont, Midway Gold and Viva. This additional assay data will help to quantify silver content in the deposit, as well as aid in quantifying potential recoverable gold and silver values in the deposit.
• Tonopah was flown by drone in 2022 to produce detailed topographic mapping of the project for use in resource modelling, feasibility study and permitting efforts.

Update on Metallurgy

• Initial pulp agglomeration testwork was completed, which demonstrated a gold recovery of 91% from high-grade (+1.0 g/t Au) mineralization in the deposit. This increased gold recovery may be applicable to approximately 50% of gold resource at Tonopah. This process incorporates three- stage crushing for all gold mineralization mined including low-grade (+0.15 g/t Au to 1.0 g/t Au) mineralized material. High-grade goes through an extra grinding and tank leach step for initial gold recovery. Dewatered pulp from the tank leach, where up to 70% of the gold is recovered, is blended with low-grade crushed material and agglomerated with cement for final placement on the leach pad to complete the gold recovery process. Gold recovery for low-grade mineralized material is estimated from testwork to be approximately 70%.
• Additional crushing, tank leach, and column leach tests are underway to further confirm and validate these results.

Update on Baseline Environmental Studies

• Wildlife and plant studies were completed and submitted to the BLM for review. We believe that no material red-flag issues for the project were discovered in this work;
• Quarterly baseline water sampling and analysis have been consistently performed at the project over the last two years;
• Four quarters of baseline study have now been completed on water samples from natural seeps and springs within a 10-mile radius of the project;
• One water well and two upstream monitoring wells were drilled and completed and 5 wireline piezometers were installed in abandoned exploration drillholes on the property for use in aquifer sampling and modeling around the Tonopah deposit;
• In December 2022, a seven-day aquifer pump test was completed to test hydraulic flow rates in the valley floor alluvial formation over the deposit. Pump down tests were previously completed in the hard rock formations, below the alluvial cover. This information will be utilized in baseline hydraulic aquifer modelling.
• Geochemical studies of potential ore and waste materials is 80% to 90% complete. A total of 10 Humidity Cell Tests were initiated to test for release of acid and other deleterious elements and 8 of the 10 tests have been declared complete and released by the BLM. The two remaining tests are expected to be completed in early 2023. No unusual deleterious results have been seen.

Other Work Completed

• A total of six oriented core holes (TG2201 to TG2206) were completed and geotechnically logged and over 65 core samples from that program were submitted for strength testing. This information, combined with information from over 30 prior oriented core holes will allow the completion of geotechnical slope study to define working pit slope angles in feasibility study.
• A 40-acre lot of private surface over existing federal mineral claims at Tonopah was acquired. This lot has existing highway access, power and land-line phone service. It is currently being used for storage and will be useful for lay-down yards and the possible siting of warehouse, process, and office facilities.

Drill Results 2022 Reverse Circulation Drilling Program

Hole	Azimuth Dip From	To	Length	Gold Grade	Silver Grade	Rock Type Comment
	Meter	Meter	Meter	Gram/Tonne	Gram/Tonne
TG2222	335 -70		122

		27	30	3.0	0.3	2.0	Tvl	East Main Pit
		62	66	3.0	0.4	1.4	Tvl	North Side
TG2221	20	-60		183
		155	157	1.5	3.0	1.7	Opa	Step-out
		163	165	1.5	0.5	1.7	Opa	West of South
								Pit
			Previously Announces 8 December
TG2219	-80	170		122
								East Main Pit
		73	91	18.3	4.1	6.5	Tvl/Opa	South from
							Opa	TG2209 Collar
TG2218	-65	200		117
								Center
		30	32	1.5	9.2	8.6	Opa	South Pit
								South-west
TG2217	-90	0		122
		47	52	4.6	0.5	2.1	Opa	Center
		76	94	18.2	5.0	4.4	Opa	South Pit
	including	79	84	4.6	14.7	8.4	Opa	Vertical
TG2214	-60	335		152.0
		41	49	7.6	0.4	1.5	Opa	South Ext
		111	116	4.6	21.4	13.1	Opa	Central Main
								Pit
TG2212	-80	180		152.0
		43	64	21.3	0.5	2.3	Tvl	North
	including	49	56	7.6	1.3	2.7	Tvl	Central Main
		69	72	3.0	0.3	2.5	Tvl	Pit
TG2220	-70	360		165
								North Ext
		NSS						East Main Pit

Cutoff Grade: 0.25 Au Eq g/t

Drill Results 2022 Reverse Circulation Drilling Program

Hole	Azimuth Dip	From	To	Length	Gold Grade	Silver Grade	Rock Type	Comment
			Meter	Meter	Meter	Gram/Tonne	Gram/Tonne
TG2216	-60	360				140.0
										Step-Out
			NSS							East of Main Pit
TG2215	-70	25				213.0
										North Side
			NSS							West Main Pit
										Test N-W Ext
					Previously Announces 28 Nov
TG2211	340	-65				152
			40	98	57.9	5.0	13.1
	including		40	50	10.7	0.8	7.2	Tvl
	including		50	61	10.7	24.0	54.6	Tvl	South Side
which includes	53	56	3.0	53.3	87.9	Tvl	Center Main Pit
	including		61	98	36.6	0.7	2.7	Opa
TG2210	335	-70				115
			18	34	13.7	0.8	3.4	Tvl
			38	46	7.6	0.8	11.8	Tvl	North Side
			61	78	16.8	0.8	3.2	Tvl	Center Main Pit
TG 2209	25	-70				200
			87	174	86.9	1.3	2.3	Tvl
	including		105	108	3.0	13.5	6.7	Tvl	South Side
	including		126	128	1.5	9.2	1.9	Tvl	East Main Pit
	including		160	165	4.6	2.7	4.3	Tvl
TG2208	225	-60				200
										200+ Meter
			NSS						Tvu	Step-Out to
									Tvl	East of Main Pit
TG2207	0	-90				185
			32	49	16.8	0.2	6.5	Tvl
			81	87	6.1	0.3	1.1	Tvl	East End
			96	101	4.6	0.4	0.8	Tvl	East Main Pit
TG2213	180	-65				152
			61	66	4.6	0.3	2.7	Tvl	North Step-out
										West Main pit
										Discovery Zone

Tvu = Upper Tertiary Volcanic

Tvl = Lower Tertiary Volcanic

Opa = Ordovician Palmetto Argillite

NSS = No significant sample