Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) today announced its successful completion of the
exploration drilling program at its 100% owned Mt Todd gold project
(“Mt Todd” or the “Project”) located in Northern Territory,
Australia. Results from this program and historical sources
demonstrate the resource growth potential within a 5.4 km trend
extending immediately north from the Batman pit, including
delineation of four highly prospective exploration targets.
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Exploration Drilling (Photo: Business
Wire)
Highlights
- Identified four exploration targets potentially representing up
to an additional 1.8 to 3.5 million gold ounces (see cautionary
information below);
- Demonstrated continuity of mineralized structures from the
Batman deposit to north of the Golf-Tollis deposit (+2 Km), which
is approximately 3 Km south of the Quigleys deposit;
- Drilled 26 holes for a total of 8,887 meters, with depths from
116 to 901 meters;
- 21 assay intervals with gold grades exceeding 10 grams of gold
per tonne (“g Au/t”) representing 11.05 meters of drill
intercepts;
- 52 assay intervals with gold grades exceeding 5.0 g Au/t
(inclusive of the above) representing 34.51 meters of drill
intercepts;
- 485 assay intervals with gold grades exceeding 1.0 g Au/t
(inclusive of the above) representing 408.42 meters of drill
intercepts; and
- 1,165 assay intervals with gold grades exceeding the current Mt
Todd resource cut-off grade of 0.4 g Au/t (inclusive of the above)
representing 1,083.31 meters of drill intercepts.
Frederick H. Earnest, President and Chief Executive Officer of
Vista, commented, “The recently completed drilling of 26 holes for
8,887 meters consistently intersected mineralization predicted by
our geologic model and demonstrated both horizontal and vertical
continuity of the targeted structures. This program successfully
identified four quality exploration targets with combined resource
growth potential of 1.8 to 3.5 million ounces of gold and other
potential structures along a 5.4-km portion of the 24-km
Batman-Driffield Trend. When appropriate, future drilling can be
undertaken to efficiently drill out these targets and define
additional gold resources. We are extremely pleased with our
drilling results and believe there is opportunity for significant
resource growth and extension of the Mt Todd mine life.”
Mr. Earnest continued, “As previously reported, the primary
purpose of this exploration program was to demonstrate that the
Batman, Golf-Tollis, and Quigleys deposits are part of the same
system, linked by mineralized structures. The drill holes in this
exploration program intersected the mineralized structures,
demonstrated our ability to predict where the mineralized
structures will be encountered, and confirmed the continuity of the
mineralization between the known deposits.”
Figure 1 provides an aerial view of the drill locations for the
holes completed in the program. The image shows the Batman pit
located in the lower-left (southwest) corner and the Golf-Tollis
pits adjacent to VB21-009 and extending northeast to the Quigleys
deposit. VB22-002 represents the initial drill hole into the
previously undrilled Penguin target.
Table 1 details the location coordinates of each drill hole, as
well as bearing, dip, and final down the hole length.
Table 1 – Drill Hole Program
Summary Information
Drill Hole ID
Easting
(GDA94)
Northing
(GDA94)
Elevation
(m)
Dip (°)
Azimuth
(°) TN
Total Length
(m)
VB20-001 (1)
187603
8435654
148
-58
267.87
326.82
VB20-002 (1)
187288
8435933
143
-58
267.87
280.36
VB20-003 (1)
187272
8435933
140
-55
267.87
299.82
VB20-004 (1)
187251
8435933
144
-50
269.87
148.04
VB20-005 (1)
187263
8435896
151
-61
269.87
197.86
VB21-001 (1)
187290
8435899
152
-61
269.87
234.45
VB21-002 (1)
187662
8436402
164
-50
269.87
458.60
VB21-003 (1)
187322
8435849
158.8
-62
271.87
285.68
VB21-004 (1)
187942
8436407
148
-50
87.87
410.80
VB21-005 (1)
187586
8436404
154
-50
269.87
445.68
VB21-006 (1)
187629
8435852
132
-50
92.87
347.67
VB21-007 (1)
187618
8436518
148
-50
272.87
299.85
VB21-008 (1)
187758
8436406
137
-50
272.87
477.34
VB21-009 (1)
188222
8436800
143
-50
89.87
437.50
VB21-010 (1)
188071
8436413
153
-50
85.87
417.38
VB21-011 (1)
187728
8436500
148
-50
264.87
398.78
VB21-012 (1)
188435
8436405
155
-50
260.87
901.16
VB21-013
187424
8436407
169
-53
86.37
311.85
VB21-014
187385
8436200
164
-50
88
368.75
VB21-015
187352
8436200
164
-55
264.87
341.69
VB21-016
188936
8437334
142
-68
120.87
449.53
VB22-001
187386
8436295
178.5
-56
86.87
203.76
VB22-002
188671
8437377
151
-55
267.87
116.67
VB22-003
187614
8436703
173
-56
84.87
281.80
VB22-004
187520
8436600
181
-55
85.87
224.71
VB22-005
187467
8436499
184
-56
84.87
220.94
Total
8,887.49
Note (1): Drill holes were disclosed in previous press
releases.
Table 2 details the intercepts of interest for drill holes
VB21-013, 014, 015, 016, and VB22-001, 002, 003, 004, and 005.
Table 2 – Intercept
summary
Hole No. Grid Co-ordinates Survey Data Intersections
MGA94
Grid
Easting
MGA94
Grid
Northing
Elevation
(m)
Azimuth
(°)
Dip
(°)
Depth
(m)
From
(m)
To
(m)
Interval
(m)
True
Thickness
(m)
Grade
(g/t Au)
Sample
Type
VB21-013
187423.0
8436409.0
169.0
86.4
-53.0
311.9
130.0
136.0
6.0
3.9
1.25
HQ ½ Core
and
144.0
156.0
12.0
7.9
3.11
HQ ½ Core
including
144.0
148.6
4.6
2.9
6.08
HQ ½ Core
including
151.0
155.0
3.9
2.5
2.03
HQ ½ Core
VB21-014
187385.0
8436200.0
164.0
85.0
-50.0
368.8
28.0
32.0
4.0
2.6
0.90
HQ ½ Core
and
137.0
143.3
6.3
4.0
0.49
HQ ½ Core
and
247.2
250.0
2.8
1.8
1.74
HQ ½ Core
and
257.0
269.0
12.0
7.7
1.48
HQ ½ Core
including
264.0
269.0
5.0
3.2
2.08
HQ ½ Core
VB21-015
187352.0
8436200.0
164.0
264.9
-55.0
341.7
84.0
85.0
1.0
0.8
3.50
HQ ½ Core
and
131.0
132.0
1.0
0.8
7.39
HQ ½ Core
and
146.0
151.0
5.0
4.0
0.64
HQ ½ Core
and
196.0
204.1
8.1
6.5
2.16
HQ ½ Core
including
201.0
202.0
1.0
0.8
12.34
HQ ½ Core
VB21-016
188936.0
8437334.0
142.0
120.9
-68.0
449.5
207.0
211.0
4.0
3.5
2.23
HQ ½ Core
and
394.0
395.0
1.0
0.6
4.76
HQ ½ Core
VB22-001
187386.0
8436295.0
178.5
86.9
-56.0
203.8
44.0
51.0
7.0
4.9
0.75
HQ ½ Core
and
172.8
187.0
14.2
9.9
0.41
HQ ½ Core
VB22-002
188671.0
8437377.0
151.0
267.9
-55.0
116.7
69.0
70.0
1.0
0.7
1.48
HQ ½ Core
VB22-003
187614.0
8436703.0
173.0
84.9
-56.0
281.8
0.0
7.3
7.3
4.1
0.45
HQ ½ Core
and
14.6
15.1
0.5
0.3
3.69
HQ ½ Core
and
108.9
109.2
0.3
0.2
17.50
HQ ½ Core
and
172.0
173.0
1.0
0.6
1.53
HQ ½ Core
VB22-004
187520.0
8436600.0
181.0
85.9
-55.0
224.7
23.0
26.0
3.0
2.1
1.41
HQ ½ Core
and
88.9
93.0
4.1
2.9
0.69
HQ ½ Core
and
99.0
101.0
2.0
1.4
0.84
HQ ½ Core
VB22-005
187467.0
8436499.0
184.0
84.9
-56.0
220.9
100.0
102.0
2.0
1.4
1.14
HQ ½ Core
and
133.0
137.0
4.0
2.8
0.53
HQ ½ Core
and
143.0
146.0
3.0
2.1
1.99
HQ ½ Core
and
160.9
167.0
6.1
4.2
0.61
HQ ½ Core
Notes:
(i)
Results are based on 50g fire assay for
Au.
(ii)
Intersections are from diamond core
drilling with half-core samples with 1 meter representative
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 0.4
g 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
and reflect approximate true widths.
(vi)
All downhole deviations have been verified
by downhole camera and/or downhole gyro.
(vii)
Collar coordinates surveyed by Earl James
& Assoc., an independent surveyor, using Trimble R8 GNSS.
(viii)
The Company maintains a quality
assurance/quality control (“QA/QC”) program, as further described
below.
(ix)
The assay laboratories responsible for the
assays were Northern Analytical Laboratories Pty Ltd (“NAL”), an
independent ISO 9000 certified lab, Pine Creek, NT and Genalysis
Laboratory Services Pty Ltd, Perth, WA, which is also independent
from Vista.
Mining License Exploration Potential
Figure 2 provides a graphical representation of the relationship
between the Batman, Golf-Tollis, and Quigleys deposits. The
left-hand side of the figure illustrates the geophysical
similarities of the deposits. The right-hand side of the figure
shows the major connecting structures between the deposits, the
previously unidentified connecting structures known as the Northern
Cross Lode (“NXLD”) and Southern Cross Lode (“SXLD”), and new
suspected fault trends.
The long section in Figure 3 below details historical drilling,
Vista’s drilling, and the relationship of the Batman, Golf-Tollis,
and Quigleys deposits. As reported in earlier press releases, the
historical drilling was nearly all shallow at that 100 meters in
depth and drilled using reverse circulation drilling, which made it
very difficult to gain a clear understanding of the structural
characteristics of the trend. Vista’s exploration program has
collected HQ core with holes located and oriented to drill below
the historical drilling to prove both vertical and longitudinal
continuation of the mineralization.
Based on the most recent exploration program, the Company
believes that several of the identified areas in the above long
section contain the potential to host additional
mineralization.
- Batman North – has the potential for 500,000 to 1,000,000 oz Au
contained within 15.5 to 35 Mt grading 0.8 to 1.2 g Au/t.
- NXLD and SXLD – have the potential for 400,000 to 800,000 oz Au
contained within 10 to 20 Mt grading 1.2 to 1.5g Au/t.
- Golf-Tollis – has the potential for 210,000 to 320,000 oz Au
contained within 3.5 to 6.5 Mt grading 0.9 to 1.4 g Au/t.
- Quigleys Deposit – has the potential for an additional 700,000
to 1,400,000 oz Au contained within 11 to 16 Mt grading 1.1 to 1.4
g Au/t.
The exploration target potentials were derived by the
similarities to the Batman deposit sheeted vein system and their
surrounding mineralization, as evidenced by drill intercepts in the
exploration target area across vertical cross and long sections.
The volume of the modeled areas determines the potential tonnage
statement in the exploration target. The grade range given in the
exploration target is determined with consideration to the drill
results within the modeled exploration target area and
consideration of the geological setting in an established mining
camp where grades are generally observed to increase with depth.
The potential tonnages and grades are conceptual in nature and are
based on previous drill results that defined the approximate
length, thickness, depth and grade of the portion of the historical
resource estimate. There has been insufficient exploration to
define a current mineral resource and the Company cautions that
there is uncertainty whether further exploration will result in
such exploration targets being delineated as a mineral
resource.
The upper NXLD / SXLD intercepts represent the high-grade zone
within the Batman-Driffield Structural corridor and given that
these structures have yet to be targeted or systematically
explored, they represent excellent opportunities for discovery of
near surface, high-grade mineralization. Structures parallel to the
NXLD / SXLD are most likely to host high-grade, near surface
mineralization within the Mt Todd package.
Exploration License Exploration Potential
Within the Project Exploration Licenses (ELs), which cover 1,650
contiguous km2, there are a significant number of known
mineralization occurrences and indicators. Much of the ELs are not
well explored. However, there are a number of similarities to the
MLs. The most important of which is the similarity between the
Batman-Driffield Structural Corridor (located on the Mining
Licenses) and the Cullen-Australis Structural Corridor to the north
and east on the Exploration Licenses.
Figure 5 illustrates the structural trend similarities between
the known structures within the Batman to Quigleys deposits and the
mostly unprospected Cullen-Australis Structural Corridor.
The sampling method and approach for the surface geochemistry
and grab samples is as follows:
- Soil samples are planned on a regular grid and a sample sheet
is generated.
- GPS is used to locate sample positions and a pelican pick is
used to clear debris and any topsoil from the sample location
3.
- The hole is dug to the B horizon and 7 to 10 kg of soil is
collected and coarse sieved to remove stones, etc.; a fine mesh is
then employed and the entire sample recovered post sieving is
bagged.
- Soil sampling is usually undertaken in the dry season; however,
if wet samples are obtained, they are dried in the logging shed
prior to sieving.
- Sample bags are calico and purchased pre-numbered; these are
then packaged in groups of 5 for transportation to NAL, an
independent ISO 9000 certified lab, Pine Creek, NT and Genalysis
Laboratory Services Pty Ltd, Perth, WA, which is also independent
from Vista.
- As the site is closed to public access, no special security
measures are undertaken.
- A sample submission sheet is sent to the lab, detailing
required methodology, and number of samples.
- No identifying data relating to sample location is recorded on
the bags submitted or the paperwork beyond bag numbers.
Rock chip and soil geochemical samples are routinely collected
to determine if the potential exists for anomalous gold values
below the surface. The presence of anomalous gold grades is not a
guarantee of subsurface mineralization. While both rock chip and
soil samples have sampling procedures, it is not considered
rigorous enough to be relied upon for use in the estimation of
mineral resources. Surface soil and rock chip samples are merely
considered to be potential indicators of subsurface mineralization.
Since the rock chip and soil assays are not used in mineral
resource estimation, it is rare that any additional QA/QC or check
assaying would be completed. The data are used on an as received
basis.
It is the QP’s (as defined below) opinion that the sample
preparation methods and quality control measures employed before
dispatch of samples to an analytical or testing laboratory ensured
the validity and integrity of samples taken.
John Rozelle, Vista’s Sr. Vice President, a Qualified Person
(“QP”) as defined by Canadian National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”), has
verified the data underlying the information contained in and has
approved this press release. The information contained in this
press release does not change any of the mineral resources or
reserves estimates contained in Vista’s October 7, 2019 NI 43-101
Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary
Feasibility Study, Northern Territory, Australia. The information
contained in this press release is provided to inform the reader of
the growth of our geologic understanding of the Project. There has
been insufficient exploration to define a mineral resource with
respect to the exploration target areas and it is uncertain if
further exploration will result in the exploration target areas
being delineated as a mineral resource.
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 plastic 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 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 NAL, a certified lab, 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 meters and a maximum of 1.2 meters;
- 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 in Pine
Creek, Northern Territory, 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
report a result of greater than 3 g Au/t, and then a gravimetric
finish is used to report final results.
The QP is satisfied that sample security measures meet industry
standards. Statistical analysis of the various drilling populations
and 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.
Vista is a gold project developer. The Company’s flagship asset
is the Mt Todd gold project located in the Tier 1, mining friendly
jurisdiction of Northern Territory, Australia. Situated
approximately 250 km southeast of Darwin, Mt Todd is the largest
undeveloped gold project in Australia and, as presently designed,
Mt Todd is expected to be one of the top five gold producers in
Australia. All major environmental and operating permits have now
been approved.
For further information, please contact Pamela Solly, Vice
President of Investor Relations, at (720) 981-1185.
Forward-Looking Statements
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 the exploration program successfully demonstrated the
resource growth potential within a 5.4-km trend extending
immediately north from the Batman pit, including delineation of
four highly prospective exploration targets; our believe that the
four exploration targets potentially represent up to an additional
3.5 million gold ounces; our belief there is opportunity for
significant resource growth and an extended mine life at Mt Todd;
our belief that several of the identified areas in the long section
between Batman and Quigleys Deposits contain potential to host
additional mineralization, including 1) Batman North – potential
for 500,000 to 1,000,000 ounces of gold contained within 15.5 to 35
metric tonnes grading 0.8 to 1.2 g Au/t, 2) NXLD and SXLD –
potential for 400,000 to 800,000 ounces gold contained within 10 to
20 metric tonnes grading 1.2 to 1.5 g Au/t, 3) Golf-Tollis –
potential for 210,000 to 320,000 ounces of gold contained within
3.5 to 6.5 metric tonnes grading 0.9 to 1.4 g Au/t, and 4) Quigleys
Deposit – potential for 700,000 to 1,400,000 ounces gold contained
within 121 to 16 metric tonnes grading 1.1 to 1.4 g Au/t; and our
belief that if developed as presently designed, Mt Todd would
potentially be one of the top five gold producers in Australia 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, uncertainties inherent in the exploration of mineral
properties, the possibility that future exploration results will
not be consistent with the Company’s expectations; there being no
assurance that the exploration program or programs of the Company
will result in expanded mineral resources; 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 24, 2022 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/20220612005065/en/
Pamela Solly, Vice President of Investor Relations (720)
981-1185
Vista Gold (AMEX:VGZ)
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