Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) is pleased to provide initial drill results from the
ongoing drilling program at the Company’s 100% owned Mt Todd gold
project (“Mt Todd” or the “Project”) located in Northern Territory,
Australia.
In late October, the Company commenced an
eight-hole proof of concepts drilling program to test targets known
as the Batman Hanging Wall Lode and the Batman North Extension. The
goal of the program is to confirm the existence of higher-grade
mineralization with vertical and lateral continuity within and
immediately adjacent to the planned Batman pit. The first hole
(VB20-001) targeted the Batman Hanging Wall Lode to the east of the
main Batman structure. The remaining holes will target the Batman
North Extension, where drilling is progressing.
Hole VB20-001 Highlights
- Confirmed the existence of a
mineralized zone that is believed to be a connection between the
main Batman structure and the Golf-Tollis structure;
- Intersected the mineralized zone as
projected and found the zone to be thicker than previously expected
aggregating to 60 meters of 0.72 grams of Au/ton that contained
three higher grade intervals; and
- Demonstrated the presence of
potentially higher grade material within the mineralized zone with
a single one-meter assay of 7.79 grams of Au/tonne.
Frederick Earnest, President and CEO of Vista
commented, “We are encouraged by the results received so far. Over
the last year, our geologists have been evaluating the potential
continuity and connectivity of the mineralized structures extending
from the Batman deposit northeast ~5.4 Km to the Quigleys deposit.
The results of this first hole confirm our initial interpretation
and suggest that additional drilling could result in the basis for
an increase in the mineral resource estimates both within and
outside the currently designed Batman pit. We are now drilling the
third of three holes on a fence across the Batman North Extension.
Should the results from these next three holes confirm an extension
of the structure and mineralization that forms the Batman deposit,
additional drilling could ultimately lead to future changes to the
mine design.” Vista Gold CEO Video
The assay results are summarized below.
Hole No. |
Grid Co-ordinates |
Survey Data |
Intersections |
MGA94 GridEasting |
MGA94 GridNorthing |
RL(m) |
Azimuth(°) |
Dip(°) |
Depth(m) |
|
From(m) |
To(m) |
Interval(m) |
TrueThickness(m) |
Grade(g/t Au) |
Grade(ppm Cu) |
Sample Type |
VB20-001 |
187603.0 |
8435654.0 |
148.0 |
270.0 |
-58.0 |
326.8 |
|
84 |
144 |
60 |
30 |
0.72 |
120 |
HQ ½ Core |
|
|
|
|
|
|
|
Including |
84 |
104 |
20 |
10 |
0.94 |
352 |
HQ ½ Core |
|
|
|
|
|
|
|
Including |
122 |
144 |
22 |
11 |
1.01 |
322 |
HQ ½ Core |
|
|
|
|
|
|
|
Including |
134 |
139 |
5 |
3 |
2.39 |
2660 |
HQ ½ Core |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Assay Results Table: |
(i) |
Results are based on ore grade 50g fire assay for Au and four acid
ICP-OES for Cu. |
(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) |
Mean grades have been calculated on a 0.4g/t Au lower cut-off grade
with no upper cut-off grade applied. |
(v) |
All intersections are downhole intervals. |
(vi) |
All downhole deviations have been verified by downhole camera and
or downhole gyro. |
(vii) |
Collar coordinates surveyed by GPS. |
(viii) |
The Company maintains a QA/QC program, as described below. |
(ix) |
The assay laboratories responsible for the assays were NAL Pty Ltd,
Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth,
WA. |
|
|
Figure 1 – Batman Hanging Wall
Lode https://www.globenewswire.com/NewsRoom/AttachmentNg/6fd4fdb0-e973-4edc-b290-6e1ac1baefa8
The plan view above shows the interpreted
location of the Batman Hanging Wall Lode. VB20-001 intersected the
lode at the predicted location and encountered a thicker
mineralized zone than anticipated. As shown, the Batman Hanging
Wall Lode splays off from the known Hanging Wall Lodes adjacent to
the Core Zone and trends to the northeast where it connects to a
thickening zone of mineralization that is in alignment with the
mineralized structure that hosts the Golf-Tollis known
mineralization.
Figure 2 – Section A-A’
(8435650N) VB20-001 (see below)
In the cross section below the location and
assay results of VB20-001 are shown relative to the core and
hanging wall zones of the Batman deposit. The subsequent cross
section provides a closer view of hole VB20-001 and the drill
results within the confines of the Batman Hanging Wall Lode.
https://www.globenewswire.com/NewsRoom/AttachmentNg/30a3ca00-02d0-48d8-855d-1d034abb9949
Figure 3 – Enlargement of
VB20-001 https://www.globenewswire.com/NewsRoom/AttachmentNg/14e5d752-1bb6-4ec5-872b-569bda68b900
Qualified Person
John Rozelle, Vista’s Sr. Vice President, a
Qualified Person (QP) as defined by National Instrument 43-101 –
Standards of Disclosure for Mineral Projects, has verified the data
underlying the information contained in and has approved this press
release.
Data Verification and QA/QC
The sampling method and approach for the
drillholes are as follows:
- The drill core, upon removal from
the core barrel, is placed into plastic core boxes;
- The poly core boxes are transported
to the sample preparation building;
- The core is marked, geologically
logged, geotechnically logged, photographed, and sawn into halves.
One-half is placed into sample bags as one-meter sample lengths,
and the other half retained for future reference. The only
exception to this is when a portion of the remaining core has been
flagged for use in the ongoing metallurgical testwork;
- The bagged samples have sample tags
placed both inside and on the outside of the sample bags. The
individual samples are grouped into “lots” for submission to
Northern Analytical Laboratories for preparation and analytical
testing; and
- All of this work was done under the
supervision of a Vista geologist.
Processing of the core included photographing,
geotechnical and geologic logging, and marking the core for
sampling. The nominal sample interval was one meter. When this
process was completed, the core was moved into the core
cutting/storage area where it was laid out for sampling. The core
was laid out using the following procedures:
- One meter depth intervals were
marked out on the core by a member of the geologic staff;
- Core orientation (bottom of core)
was marked with a solid line when at least three orientation marks
aligned and used for structural measurements. When orientation
marks were insufficient an estimated orientation was indicated by a
dashed line;
- Geologic logging was then done by a
member of the geologic staff. Assay intervals were selected at that
time and a cut line marked on the core. The standard sample
interval was one-m, with a minimum of 0.2 m and a maximum of 1.2
m;
- Blind sample numbers were then
assigned based on pre-labeled sample bags. Sample intervals were
then indicated in the core tray at the appropriate locations;
and
- Each core tray was photographed and
restacked on pallets pending sample cutting and stored on site
indefinitely.
The core was then cut using diamond saws with
each interval placed in sample bags. At this time, the standards
and blanks were also placed in plastic bags for inclusion in the
shipment. A reference standard or a blank was inserted at a minimum
ratio of 1 in 10 and at suspected high grade intervals additional
blanks sample were added. Standard reference material was sourced
from Ore Research & Exploration Pty Ltd and provided in 60 g
sealed packets. When a sequence of five samples was completed, they
were placed in a shipping bag and closed with a zip tie. All of
these samples were kept in the secure area until crated for
shipping.
Samples were placed in crates for shipping with
100 samples per crate (20 shipping bags). The crates were stacked
outside the core shed until picked up for transport.
The QP is satisfied that sample security
measures meet industry standards. Statistical analysis of the
various drilling populations and quality assurance/quality control
(QA/QC) samples has not either identified or highlighted any
reasons to not accept the data as representative of the tenor and
grade of the mineralization estimated at the Batman deposit. NAL
Pty. Ltd and Genalysis Laboratory Services Pty Ltd. are both
independent of the Company.
About Vista Gold Corp.
The Company is a gold project developer. The
Company’s flagship asset is the Mt Todd gold project in the Tier-1
mining jurisdiction of Northern Territory, Australia. Mt Todd is
the largest undeveloped gold project in Australia and if developed
as presently designed, would potentially be Australia’s 6th largest
gold producer on an annual basis.
For further information about Vista or the Mt
Todd Gold Project, please contact Pamela Solly, Vice President of
Investor Relations, at (720) 981-1185 or visit the Company’s
website at www.vistagold.com to access important information,
including the current Technical Report.
Forward Looking Statement
This press 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 press 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 we have identified the up plunge, northern extension of
the higher-grade Batman core zone and our expectation that this
will lead to additional efforts to evaluate the continuity of
mineralization along the structural corridor northeast of the
Batman deposit; our belief of the existence of a mineralized zone
that is a connection between the main Batman structure and the
Golf-Tollis structure; our belief that additional drilling could
result in the basis for an increase in the mineral resource
estimates both within and outside the current Batman pit; the
possibility that successful completion of the drill program at the
Batman pit could form the basis for future changes to the mine
design, with the combined benefits of better grade and lower
stripping; and our belief that Mt Todd is the largest undeveloped
gold project in Australia and if developed as presently designed,
would potentially be Australia’s 6th largest gold producer on an
annual basis 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 press release include the following: our approved
business plans, exploration and assay results, results of our test
work for process area improvements, mineral resource and reserve
estimates and results of preliminary economic assessments,
prefeasibility studies and feasibility studies on our projects, if
any, our experience with regulators, and positive changes to
current economic conditions and the price of gold. When used in
this press 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 February 26, 2020 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.
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