Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) is pleased to provide 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.
Highlights of Drill Holes VB20-005 and
VB21-001 on Section 8435900 N and VB21-003 on Section 8435850
N
- Confirmed continuity of
mineralization north of the Batman deposit, with mineralization
coming to surface;
- Encountered a thicker than expected
mineralized zone;
- Demonstrated the presence of a
definable, higher-grade zone within the confines of the mineralized
envelope; and
- Intersected veining, mineralogy and
gold grades comparable to those found in the core zone of the
Batman deposit, suggesting no material differences in metallurgical
behavior.
Frederick Earnest, President and CEO of Vista,
stated, “We are very encouraged by the results of our ongoing
drilling program, which have intersected mineralization at
approximately the predicted intervals, in all seven holes drilled
to date. Furthermore, the results of the three holes announced
today combined with those drilled previously on Section 8435935 N
strongly support our confidence that the resources in the Batman
deposit can be significantly increased just north of, and
immediately adjacent to the planned Batman pit.
“Drilling in our initial program is complete. We
are undertaking additional drilling and have secured a second drill
rig to accelerate the next program. We plan to step out to the
north to test targets and assess the continuity of mineralization
from the Batman deposit toward the Golf-Tollis targets,
approximately a kilometer to the north. The second drill rig is
expected to be on site by early April. We look forward to
discussing the results of the last hole in the original program, a
step-out hole 500 meters to the north, as assay results become
available in the coming weeks.”
In the fourth quarter 2020, the Company
commenced an eight-hole drilling program to test the continuity of
mineralization north of the Batman deposit.
Results from Hole VB20-001 were announced in
December 2020 (News Release) and confirmed the existence of a
mineralized zone that is believed to be a connection between the
main Batman structure and the Golf-Tollis structure. Results from
holes VB20-002, -003, and -004 were announced in January 2021 (News
Release) and confirmed the existence of mineralization to the north
of the main Batman structure. Relative to the three drill holes
announced in January 2021, holes VB20-005 and VB21-001 were 35
meters south and VB21-005 was 85 meters south. These holes were
drilled to confirm the continuity of both mineralization and grade
in an area immediately north of and outside the limits of the
proposed Batman pit.
Assay results for holes VB20-005, VB21-001and -003 are
summarized below.
Hole No. |
Grid Co-ordinates |
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/t Au) |
Sample Type |
VB20-005 |
187263 |
8435898 |
151.0 |
269.9 |
-61.0 |
197.9 |
|
26.0 |
35.0 |
9.0 |
6.4 |
1.16 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
49.0 |
87.0 |
38.0 |
27.1 |
0.57 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
93.2 |
154.0 |
60.8 |
43.5 |
0.54 |
HQ ½ Core |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VB21-001 |
187287 |
8435900 |
152.0 |
269.9 |
-58.0 |
234.5 |
|
27.0 |
38.0 |
11.0 |
9.2 |
1.14 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
103.0 |
145.0 |
42.0 |
35.0 |
0.97 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
121.4 |
141.0 |
19.6 |
16.3 |
1.36 |
HQ ½ Core |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VB21-003 |
187322 |
8435849 |
158.8 |
271.9 |
-62.0 |
285.7 |
|
157.0 |
163.0 |
6.0 |
5.0 |
1.58 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
174.0 |
248.0 |
74.0 |
61.7 |
0.87 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
178.0 |
183.0 |
5.0 |
4.2 |
1.60 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
220.0 |
227.0 |
7.0 |
5.8 |
2.60 |
HQ ½ Core |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
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(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 or from RC drilling with 1m representative samples. |
(iii) Core sample intervals were constrained by geology, alteration
or structural boundaries, intervals varied between a minimum of 0.2
metres to a maximum of 1.2 metres. |
(iv) Mean grades have been length weighted calculated with no upper
cut-off grade applied, and no maximum internal waste |
(v) All intersections are downhole intervals, and reflect
approximate true widths. |
(vi) All downhole deviations have been verified by downhole camera
and or downhole gyro |
(vii) Collar coordinates surveyed by Handheld GPS |
(viii) The Company maintains a QA/QC program in compliance with the
requirements of National Instrument 43-101. |
(ix) The assay laboratories responsible for the assays were NAL Pty
Ltd, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd,
Perth, WA. |
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The following plan view (Figure 1) shows the
locations of these drill holes relative to previously announced
drill holes and the limits of the proposed Batman pit. Drill holes
announced in January 2021 were drilled on Section 8435935 N
(labeled as Section A-A’). Holes VB20-005 and VB21-001 were drilled
on Section 8435900 N (labeled as Section B-B’), while hole VB21-003
was drilled on Section 8435850 N, approximately 50 meters to the
south.
Figure 1 – Plan View of Drill Hole
Locations https://www.globenewswire.com/NewsRoom/AttachmentNg/6ee22597-8d5e-438a-b5a7-2a1283a583c7
Figure 2 shows the downhole assay results for
the three drill holes and the spatial relationship of the holes
west to east when viewed looking north, excluding previous
drilling. Figure 3 shows the assay results for the three new holes
combined with the assay results from holes previously drilled by
Vista and historic drilling completed by others. It also shows the
interpreted limits of the North Extension mineralized envelope and
the higher-grade core zone of the extension.
Figure 2 – Section View of New Drilling
Assay
Results https://www.globenewswire.com/NewsRoom/AttachmentNg/62b0696d-f540-4598-a8a0-7a5d9f9f83e8
Note: This section shows results for new drill holes located
between sections 8435850 and 8435900 N.
Figure 3 – Section View of Combined
Drilling Assay
Results https://www.globenewswire.com/NewsRoom/AttachmentNg/45cc4f5e-c90b-4b47-886e-df75c5a9ba71
Note: This section shows results for drill holes located between
sections 8435850 and 8435900 N.
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 meter, 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 and shipped to
NAL Pty. Ltd an independent, ISO 9000 certified lab, for standard
fire assays. 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 were greater than 3 g Au/tonne, and
then a gravimetric finish was used to report final results.
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 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.
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 of the existence of a mineralized zone that is a connection
between the main Batman structure and the Golf-Tollis structure;
our belief that we have identified the extension of the Batman core
zone to the north and the existence of mineralization with vertical
and lateral continuity exists within and immediately adjacent to
the planned Batman pit; our believe that continuity and grade
exists in the Batman north extension, with mineralization coming to
the surface; our belief that we have identified a definable,
higher-grade envelop within the confines of the mineralized zone;
our belief that drilling has intersected veining, mineralogy and
gold grades comparable to those found in the core zone of the
Batman deposit, suggesting no material differences in metallurgical
behavior; our belief that there may be opportunity to develop
classified resources in an area within the planned ultimate pit
that is currently modelled as waste material; our belief that
additional drilling could confirm continuity and connectivity of
the mineralized structures extending northeast to the Quigleys
deposit; 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, 2021 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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