Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) today announced results from Phase 1 and the start of
Phase 2 of its 2024 drilling program at the Company’s Mt Todd gold
project (“Mt Todd” or the “Project”) located in Northern Territory,
Australia. Phase 1 comprised 11 holes totaling 2,910 meters.
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Figure 1 - Plan view of Phase 1 drill
hole locations and South Cross Lode zone (Graphic: Business
Wire)
Frederick H. Earnest, President and CEO, commented, “We are
pleased to report that Phase 1 of the 2024 drilling program at Mt
Todd is complete. This phase of the program has successfully
confirmed the extension of the core zone and the mineralized
boundaries in the northern section of the Batman deposit, including
intercepts at the northern limit with gold grades that exceeded our
expectations. For example, hole VB24-001 returned an average grade
of 1.17 grams of gold per tonne (“g Au/t”) over 58 meters in an
area of the deposit previously estimated to have an average grade
of 0.45 g Au/t.” (See Figure 2 and Table 1.)
Phase 2 of the drilling program commenced in July 2024 with
near-surface drilling in the Southern Cross Lode zone, a known
mineralized structure that intersects the Batman deposit and
extends up to 400 meters northeast. Historical drilling on this
structure indicates the potential for higher grade gold
mineralization in areas that are currently classified as waste in
the 2024 Feasibility Study (as defined below) pit design, are
outside the current mine plan, or have insufficient drilling to
define a mineral resource estimate. Phase 2 drilling is expected to
be completed by year end.
Mr. Earnest continued, “At the conclusion of the 2024 drilling
program, we plan to update the Mt Todd mineral resource estimate
and leverage the results of prior technical studies to advance
evaluations of a development scenario for Mt Todd, initially
targeting 150,000 to 200,000 ounces of annual gold production. This
work is expected to further de-risk the Project by demonstrating
the option to significantly lower the initial capex, increase the
gold grade to the processing plant, and deliver attractive economic
returns. We continue to efficiently advance Mt Todd in ways that
provide potential for accretion in shareholder value. We expect
continued strength in the gold price and believe our strategy of
advancing Mt Todd with discipline and patience will deliver a more
fully valued project as markets and the gold industry align.”
Please see Figure 1 for a plan view of the Mt Todd as-built
terrain, showing Phase 1 drill hole locations and the location of
the Southern Cross Lode zone. Figure 2 is a cross section of the
northernmost area of the Phase 1 drilling program, including drill
holes VB24-001 and VB24-006. Table 1 provides details of the full
Phase 1 drill program results.
See Table 1 below for complete intercept details, including true
width estimates.
Hole No.
Grid Coordinates
Survey Data
Intersections
MGA94 Grid Easting
MGA94 Grid Northing
RL (m)
Azimuth (°)
Dip (°)
Depth (m)
From (m)
To (m)
Interval (m)
True Thickness (m)
Grade (g Au/t)
Sample Type
VB24-001
187323.0
8435849.0
161.0
267.6
-55.5
362.2
41.0
51.0
10.0
7.8
0.62
HQ ½ Core
and
142.0
199.5
57.5
46.0
1.17
HQ ½ Core
and
214.0
238.0
24.0
19.4
0.54
HQ ½ Core
VB24-002
187252.0
8435645.0
170.0
267.3
-53.8
341.3
49.0
67.0
18.0
14.2
0.49
HQ ½ Core
and
72.0
85.0
13.0
10.3
0.60
HQ ½ Core
and
90.0
98.0
8.0
6.4
0.45
HQ ½ Core
and
103.0
117.0
14.0
11.5
0.49
HQ ½ Core
and
123.0
152.0
29.0
23.5
0.47
HQ ½ Core
and
158.0
180.0
22.0
17.6
0.77
HQ ½ Core
and
209.1
217.0
7.9
6.4
0.73
HQ ½ Core
VB24-003
187273.0
8435597.0
171.0
266.4
-55.0
368.3
53.0
60.0
7.0
5.4
0.54
HQ ½ Core
and
87.0
107.9
20.9
16.1
1.00
HQ ½ Core
and
166.0
175.0
9.0
7.0
0.59
HQ ½ Core
and
183.0
219.0
36.0
28.0
0.62
HQ ½ Core
and
249.0
267.0
18.0
14.1
0.87
HQ ½ Core
and
272.0
280.0
8.0
6.3
0.50
HQ ½ Core
VB24-004
187241.0
8435699.0
170.0
267.6
-54.6
233.4
69.0
102.0
33.0
25.5
0.50
HQ ½ Core
VB24-005
187267.0
8435746.0
168.0
267.4
-57.8
290.5
13.0
22.0
9.0
6.8
0.46
HQ ½ Core
and
44.0
49.0
5.0
3.8
0.78
HQ ½ Core
and
110.0
144.0
34.0
26.1
0.54
HQ ½ Core
and
170.0
209.0
39.0
30.3
0.90
HQ ½ Core
and
264.0
276.0
12.0
9.5
0.93
HQ ½ Core
VB24-006
187263.0
8435844.0
150.0
275.8
-55.3
212.0
51.0
88.0
37.0
29.6
0.44
HQ ½ Core
and
93.0
102.0
9.0
7.2
0.44
HQ ½ Core
and
110.0
113.0
3.0
2.4
0.72
HQ ½ Core
and
118.0
127.0
9.0
7.2
0.86
HQ ½ Core
and
132.0
145.0
13.0
10.4
0.53
HQ ½ Core
and
192.0
195.0
3.0
2.5
0.78
HQ ½ Core
VB24-007
187266.0
8435794.0
155.0
267.1
-54.9
220.7
76.0
101.0
25.0
20.1
0.49
HQ ½ Core
and
106.0
121.0
15.0
12.2
0.47
HQ ½ Core
and
136.0
145.0
9.0
7.4
0.55
HQ ½ Core
and
153.0
162.0
9.0
7.4
0.48
HQ ½ Core
VB24-008
187346.0
8435654.0
155.0
261.7
-55.0
422.4
141.0
145.0
4.0
3.1
0.92
HQ ½ Core
and
217.0
221.2
4.2
3.4
0.87
HQ ½ Core
and
255.0
277.0
22.0
17.8
0.44
HQ ½ Core
and
282.0
294.0
12.0
9.9
1.13
HQ ½ Core
and
299.0
305.0
6.0
5.0
0.72
HQ ½ Core
and
311.0
381.0
70.0
58.8
0.76
HQ ½ Core
including
363.6
381.0
17.4
14.6
1.51
HQ ½ Core
and
391.0
394.0
3.0
0.8
0.81
HQ ½ Core
and
400.0
410.0
10.0
0.5
0.45
HQ ½ Core
VB24-009
187194.0
8435653.0
171.0
268.8
-57.2
210.3
7.0
25.0
18.0
13.6
0.86
HQ ½ Core
and
30.0
42.0
12.0
8.9
0.41
HQ ½ Core
and
47.0
115.0
68.0
50.5
0.63
HQ ½ Core
and
126.0
131.6
5.6
4.2
0.84
HQ ½ Core
and
136.0
150.0
14.0
10.5
0.41
HQ ½ Core
and
164.0
168.1
4.1
3.1
0.78
HQ ½ Core
VB24-010
187141.0
8435542.0
162.0
274.1
-55.1
144.8
0.5
9.0
8.5
6.8
0.64
HQ ½ Core
and
55.0
67.0
12.0
9.6
0.83
HQ ½ Core
and
92.1
124.0
31.9
25.7
0.41
HQ ½ Core
and
129.0
134.0
5.0
4.0
0.66
HQ ½ Core
VB24-011
187192.0
8435746.0
179.0
269.0
-53.0
105.4
2.0
9.0
7.0
5.6
0.61
HQ ½ Core
and
14.0
21.0
7.0
5.7
0.81
HQ ½ Core
and
27.0
42.0
15.0
12.2
0.43
HQ ½ Core
and
68.0
72.0
4.0
3.2
0.69
HQ ½ Core
and
76.0
79.0
3.0
2.4
0.74
HQ ½ Core
and
81.0
85.0
4.0
3.3
0.73
HQ ½ Core
Notes:
(i)
Results are based on ore grade 50g fire
assay for Au.
(ii)
Intersections are from diamond core
drilling with half-core samples.
(iii)
Core sample intervals were constrained by
geology, alteration or structural boundaries, intervals varied
between a minimum of 0.2 meters to a maximum of 1.2 meters.
(iv)
Weighted mean grades have been calculated
on a 0.4g Au/t lower cut-off grade with no upper cut-off grade
applied, and maximum internal waste of 4.0 meters.
(v)
All intersections are downhole
intervals.
(vi)
All downhole deviations have been verified
by downhole camera and or downhole gyro.
(vii)
Collar coordinates are given as Map Grid
Australia MGA94 using a multi-band GNSS Garmin GPS map 67i.
(viii)
The Company maintains a Quality Assurance
and Quality Control procedures (QA/QC) program in accordance with
the requirements and guidelines of CIM Standards of Disclosure for
Mineral Projects.
(ix)
The independent laboratory responsible for
the assays was North Australian Laboratories Pty Ltd, Pine Creek,
NT.
QA/QC Protocols and Sampling Procedure
All sampling was conducted under the supervision of the
Company's geologists and the chain of custody from Mt Todd
facilities to the independent sample preparation facility at North
Australian Laboratories Pty Ltd (“NAL”) in Pine Creek NT was
continuously monitored.
- The core is marked, geologically logged, geotechnically logged,
photographed, and sawn into halves using diamond saws. One-half is
placed into pre-numbered sample bags as per industry standards with
sample lengths between a minimum of 0.2 meters to a maximum of 1.2
meters. The other half of the core is retained for future reference
by the company. The only exception to this is when a portion of the
remaining core has been flagged for use in metallurgical
testwork.
- Following common industry practices, blanks and standards are
also placed in plastic bags for inclusion in the shipment. A
reference blank or a standard is inserted at a minimum ratio of 1
in 10 and additional blank samples are added at suspected
high-grade intervals. Standard reference material is sourced from
Ore Research & Exploration Pty Ltd and provided in 60 g sealed
packets. When a sequence of four samples is completed, they are
placed in a shipping bag and tied closed. All of these samples are
kept in a secure area on-site until crated for shipping.
- Vista Gold employees ship and transport the samples to the NAL.
At the lab, the samples are pulverized and split down to 50-gram
assay samples prior to assaying. The industry-standard 3 assay-ton
fire assay is followed by an atomic absorption (AA) finish, except
where results report a result of greater than 3 g Au/t, and then a
gravimetric finish is used to report final results.
- For the purposes of this release, mineralized intervals are
defined as runs of mineralization with a maximum internal waste of
4.0 meters.
- NAL is independent of Vista Gold.
It is the opinion of the QP (as defined below) that the sample
preparation methods and quality control measures employed before
the dispatch of samples to an analytical or testing laboratory
ensured the validity and integrity of samples taken.
Maria Vallejo, Vista’s Director of Projects and Technical
Services, a Qualified Person (“QP”) as defined by Item 1300 of
Regulation S-K under the Securities Exchange Act of 1934, as
amended, and Canadian National Instrument 43-101 – Standards of
Disclosure for Mineral Projects, has verified the data underlying
the information contained herein and has approved this press
release. The information contained in this press release is
provided to inform the reader of the advancement of the 2024
drilling program for the Mt Todd project.
For more information on the Company’s March 2024 feasibility
study (the “2024 Feasibility Study”), including with respect to
mineral resource and mineral reserve estimates, please refer to the
technical report summary entitled “S-K 1300 Technical Report
Summary – Mt Todd Gold Project – 50,000 tpd Feasibility Study –
Northern Territory, Australia” with an effective date of March 12,
2024 and an issue date of March 14, 2024 available at www.sec.gov
and, for Canadian purposes, the technical report entitled “S-K 1300
Technical Report Summary – Mt Todd Gold Project – 50,000 tpd
Feasibility Study – Northern Territory, Australia” with an
effective date of March 12, 2024 and an issue date of March 14,
2024 under our profile at www.sedarplus.ca. The 2024 Feasibility
Study is not incorporated by reference into this news release.
About Vista Gold Corp.
Vista holds the Mt Todd gold project, an advanced
development-stage gold deposit located in the low risk, Tier-1
mining friendly jurisdiction of Northern Territory, Australia. Mt
Todd offers significant scale, development optionality, growth
opportunities, advanced local infrastructure, community support,
and demonstrated financial strength with leverage to gold. All
major environmental and operating permits necessary to initiate
development of Mt Todd are in place.
Vista seeks to position Mt Todd among the leading development
opportunities within the gold sector. Vista’s strategy is to
advance Mt Todd in ways that efficiently position the Project for
development while exercising the patience necessary to best realize
value at the right time.
Vista expects continued strength in the gold price and believes
that shovel-ready projects like Mt Todd will become increasingly
crucial for replacing globally declining gold reserves. Vista’s
strategy of advancing Mt Todd with discipline and patience is
expected to deliver a more fully valued project as markets and the
gold industry align.
For further information about Vista or Mt Todd, please contact
Pamela Solly, Vice President of Investor Relations, at (720)
981-1185 or visit the Company’s website at www.vistagold.com.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the U.S. Securities Act of 1933, as amended, and U.S.
Securities Exchange Act of 1934, as amended, and forward-looking
information within the meaning of Canadian securities laws. All
statements, other than statements of historical facts, included in
this news release that address activities, events or developments
that we expect or anticipate will or may occur in the future,
including such things as our belief that results from Phase 1 of
the 2024 drilling program have successfully confirmed the extension
of the core zone and the mineralized boundaries in the northern
section of the Batman deposit, including intercepts at the northern
limit with gold grades that exceeded our expectations; our belief
that historical drilling on the Southern Cross Lode indicates the
potential for higher grade gold mineralization in areas that are
currently classified as waste in the 2024 Feasibility Study pit
designs, are outside the current mine plan, or have insufficient
drilling to define a mineral resource estimate; our belief that
Phase 2 drilling is expected to be completed by year end; our plan
that at the conclusion of the 2024 drilling program, we will update
the Mt Todd mineral resource estimate and leverage the results of
prior technical studies to advance evaluations of a development
scenario for Mt Todd, initially targeting 150,000 – 200,000 ounces
of annual gold production; our belief that the work to update the
mineral resource estimate, results of prior technical studies, and
evaluations of a development scenario at Mt Todd is expected to
further de-risk the Project by demonstrating the option to
significantly lower the initial capex, increase the gold grade to
the processing plant, and deliver attractive economic returns; our
strategy to efficiently advance Mt Todd in ways that provide
excellent potential for value accretion to shareholders; our
expectation of continued strength in the gold price and our belief
that our strategy of advancing Mt Todd with discipline and patience
will deliver a more fully valued project as markets and the gold
industry align; our belief that Northern Territory, Australia is a
low risk, Tier 1 mining friendly jurisdiction; our belief that Mt
Todd offers significant scale, development optionality, growth
opportunities, advanced local infrastructure, community support,
and demonstrated financial strength with leverage to gold; our
belief that all major environmental and operating permits necessary
to initiate development of Mt Todd are in place; our plan to
position Mt Todd among the leading development opportunities within
the gold sector; Vista’s strategy is to advance Mt Todd in ways
that efficiently position the Project for development while
exercising the patience necessary to best realize value at the
right time; our expectation that there will be continued strength
in the gold price and that shovel-ready projects will become
increasingly crucial for replacing globally declining gold
reserves; our belief that Mt Todd is the right asset, in the right
jurisdiction; our belief that Vista’s strategy of advancing Mt Todd
with discipline and patience is expected to deliver a more fully
valued project as markets and the gold industry align are
forward-looking statements and forward-looking information. The
material factors and assumptions used to develop the
forward-looking statements and forward-looking information
contained in this news release include the following: our forecasts
and expected cash flows; our projected capital and operating costs;
our expectations regarding mining and metallurgical recoveries;
mine life and production rates; that laws or regulations impacting
mine development or mining activities will remain consistent; our
approved business plans, our mineral resource and reserve estimates
and results of preliminary economic assessments; preliminary
feasibility studies and feasibility studies on our projects, if
any; our experience with regulators; political and social support
of the mining industry in Australia; our experience and knowledge
of the Australian mining industry and our expectations of economic
conditions and the price of gold. When used in this news release,
the words “optimistic,” “potential,” “indicate,” “expect,”
“intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate” and
similar expressions are intended to identify forward-looking
statements and forward-looking information. These statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance, or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
statements. Such factors include, among others, uncertainty of
resource and reserve estimates, uncertainty as to the Company’s
future operating costs and ability to raise capital; risks relating
to cost increases for capital and operating costs; risks of
shortages and fluctuating costs of equipment or supplies; risks
relating to fluctuations in the price of gold; the inherently
hazardous nature of mining-related activities; potential effects on
our operations of environmental regulations in the countries in
which it operates; risks due to legal proceedings; risks relating
to political and economic instability in certain countries in which
it operates; uncertainty as to the results of bulk metallurgical
test work; and uncertainty as to completion of critical milestones
for Mt Todd; as well as those factors discussed under the headings
“Note Regarding Forward-Looking Statements” and “Risk Factors” in
the Company’s latest Annual Report on Form 10-K as filed in March
2024, subsequent Quarterly Reports on Form 10-Q, and other
documents filed with the U.S. Securities and Exchange Commission
and Canadian securities regulatory authorities. Although we have
attempted to identify important factors that could cause actual
results to differ materially from those described in
forward-looking statements and forward-looking information, there
may be other factors that cause results not to be as anticipated,
estimated or intended. Except as required by law, we assume no
obligation to publicly update any forward-looking statements or
forward-looking information, whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240821756858/en/
Pamela Solly Vice President of Investor Relations (720)
981-1185
Vista Gold (AMEX:VGZ)
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