DENVER, Jan. 19, 2012 /PRNewswire/ -- Vista Gold Corp.
(TSX & NYSE Amex Equities: VGZ) ("Vista") is pleased to
announce the results of its initial drilling program for the
Guadalupe de los Reyes gold-silver
project in Sinaloa, Mexico.
In November 2011, Vista initiated an
exploration drilling program on the project. With the results
of the first 10 core holes, we have begun to achieve our objectives
of:
- Obtaining core for metallurgical testing from the stockwork
that is the host for the project's current reported estimated
resource in support of a planned Preliminary Economic Assessment
("PEA");
- Testing for the potential for high gold and silver grades in
the underlying low-sulfidation epithermal vein systems, with hole
11GW-001 intersecting 1.5 meters of 5.46 grams/ton ("g/t")
gold and 645.7 g/t silver at 60 meters below surface; and
- Confirming the historic reverse circulation drill results with
diamond core drilling.
Prior to the holiday break this past December, Vista completed
10 diamond core holes totaling 1,470 meters. All of the holes
targeted the Guadalupe vein system
which can be traced over a distance of 4.5 kilometers.
Approximately 2.5 kilometers of strike length was extensively
developed by historic mining with underground workings extending
400 meters vertically.
A drill hole map, together with typical sections showing the
relationship between the stockwork and low-sulfidation epithermal
("LSE") veins can be found on our website at
http://www.vistagold.com/guadalupe.php?subpage=figures_idp.
In the Guadalupe West area, six holes were drilled down dip and
along strike from previous drilling. Three additional holes
were drilled to explore the projection of the vein to the east in
an area with no prior drilling. These holes were designed to
test potential veining below surface stockwork outcrops that have
returned assays ranging from 1 to 4 g/t gold. The final hole
targeted high grade mineralization east of the main area of
historic production.
Six of the 10 holes intersected 10 to 40 meters of quartz veins
and stockwork zones. In this area the vein is typically five
to eight meters wide with stockwork veining extending an additional
20 to 30 meters up the hole. Assays are still pending from
the final hole.
The following table summarizes the results of the drilling
program. The drilling was oriented to intersect the vein
system at right angles to provide a close approximation of true
width.
Drill
|
INTERVAL
|
INCLUDING
|
Composite
|
Thickness
|
Au
|
Ag
|
Au
|
Hole
|
From
|
To
|
From
|
To
|
Cutoff
(g/t)
|
(m)
|
g/t
|
g/t
|
equiv*
|
11GW-001
|
53.5
|
60.5
|
|
|
0.5
|
7.0
|
2.22
|
249
.0
|
6.37
|
|
|
|
56.6
|
58.1
|
4.0
|
1.5
|
5.46
|
645.7
|
16.22
|
|
107.0
|
109.6
|
|
|
0.5
|
2.6
|
1.88
|
6.9
|
2.0
|
11GW-002
|
70.2
|
71.2
|
|
|
0.5
|
1.0
|
0.61
|
37.7
|
1.24
|
|
88.9
|
96.9
|
|
|
0.5
|
8.0
|
0.67
|
56.9
|
1.62
|
11GW-003
|
77.6
|
79.6
|
|
|
0.5
|
2.0
|
2.16
|
23.3
|
2.55
|
|
82.6
|
84.6
|
|
|
0.5
|
2.0
|
3.23
|
59.3
|
4.22
|
|
91.1
|
93.1
|
|
|
0.5
|
2.0
|
0.88
|
20.9
|
1.23
|
|
96.1
|
103.7
|
|
|
0.5
|
7.6
|
1.79
|
97.1
|
3.41
|
11GW-004
|
114.7
|
116.7
|
|
|
0.5
|
2.0
|
0.54
|
6.7
|
0.65
|
11GW-005
|
50.1
|
51.9
|
|
|
0.5
|
1.8
|
1.16
|
47.6
|
1.95
|
|
58.9
|
61.9
|
|
|
0.5
|
3.0
|
0.53
|
5.2
|
0.62
|
|
74.1
|
77.1
|
|
|
0.5
|
3.0
|
0.51
|
20.3
|
0.85
|
11GW-006
|
64.8
|
70.2
|
|
|
0.5
|
5.4
|
1.39
|
27.3
|
1.85
|
|
73.7
|
94.0
|
|
|
0.5
|
20.3
|
1.60
|
40.0
|
2.27
|
11GW-007
|
|
|
|
|
No
significant
mineralization
|
|
|
|
|
11GW-008
|
|
|
|
|
No
significant
mineralization
|
|
|
|
|
11GW-009
|
21.4
|
24.4
|
|
|
0.5
|
3.0
|
1.28
|
211
|
4.80
|
11GV-001
|
|
|
|
|
Assays
Pending
|
|
|
|
|
*calculated at 60:1 Ag:Au
Frank Fenne, Vista's Vice
President of Exploration commented, "This initial phase of core
drilling at Guadalupe de los Reyes
confirmed that we are in a district that is host to a system of LSE
veins with the potential for higher gold and silver grades,
particularly when you look at the intercepts from hole
11GW-001. This is only the first round of core drilling we
have undertaken in the district, however, and we are still in the
early stages of our understanding of the system. Based on
these initial holes, the stockwork appears to be more extensive
than previously contemplated and, therefore, we are now drilling
deeper holes as the program continues."
Drilling resumed at Guadalupe
de los Reyes on January 5, 2012, and
a second drill is scheduled to arrive on site on January 20, 2012. The planned program of
4,000 meters of core drilling is expected to be completed by the
end of the first quarter of 2012. Vista plans to complete a
PEA for an open pit project during 2012.
This drilling program, including the logging, photographing, and
sampling by contractors of Vista, was conducted under the
supervision of Vista's Vice President of Exploration, Mr.
Frank Fenne P.G., who is a
"qualified person" within the meaning of Canadian National
Instrument 43-101―Standards of Disclosure for Mineral
Projects ("NI 43-101"). Samples were shipped to
the ALSChemex sample prep lab in Hermosillo, Mexico. Prepared sample
pulps were shipped by ALSChemex to its assay lab in
Vancouver. Gold was analyzed using a 50 gram fire
assay with an atomic absorption spectroscopy ("AAS")
finish. Silver was initially analyzed using a 41 element ICP
analysis using a four acid digestion. Silver assays greater
than 100 g/t were re-assayed using a 50 gram fire assay with a
gravimetric finish and these results replaced the AAS finish. An
on-going quality control/quality assurance protocol is employed in
the program that includes standards and blanks in every batch of
assays. Check assays were conducted on every 20th sample by a
second independent laboratory. Sampling, sample custody,
preparation and assaying were completed in compliance with NI
43-101 standards.
About Vista Gold Corp.
Vista is focused on the development of its Mt. Todd gold project
in Northern Territory, Australia,
and its Concordia gold project in
Baja California Sur, Mexico, to
achieve its goal of becoming a gold producer. After the
initial public offering of the common shares of Midas Gold Corp.
("Midas"), Vista held approximately 30% of Midas' common
shares. Midas has a large exploration property in
Idaho, including the Yellow Pine property previously held by Vista.
Vista's other holdings include the Guadalupe de los Reyes gold-silver project in
Mexico, the Awak Mas gold project
in Indonesia and the Long Valley
gold project in California. For more information about our
projects, including technical studies and resource estimates,
please visit our website at www.vistagold.com.
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 Vista expects or
anticipates will or may occur in the future, including such things
as, estimates of mineral resources, the timing, amount of
drilling and results of the drilling program at Guadalupe de los Reyes gold-silver project,
the timing and preparation of the PEA for the Guadalupe de los Reyes gold-silver project,
the potential for higher silver and gold grades at the Guadalupe de los Reyes gold-silver project,
timing and delivery of an additional drill at the Guadalupe de los Reyes gold-silver project and
other such matters are forward-looking statements and
forward-looking information. 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
Vista 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 estimates, estimates of results based on such resource
estimates; risks relating to completing metallurgical testing;
risks relating to cost increases for capital and operating costs;
risks relating to delays in the completion of anticipated
drilling activities at the Guadalupe de los Reyes gold-silver project and
the completion of the PEA, risks related to the timing and the
ability to obtain the necessary permits for the drilling program at
the Guadalupe de los Reyes
gold-silver project, risks related to the timing and delivery
an additional drill at the Guadalupe de los Reyes gold-silver project,
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
Vista's 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; as well as those factors discussed under the headings
"Note Regarding Forward-Looking Statements" and "Risk Factors" in
Vista's latest Annual Report on Form 10-K as filed on March 14, 2011, and Quarterly Report on Form
10-Q, as filed November 9, 2011, and
other documents filed with the U.S. Securities and Exchange
Commission and Canadian securities regulatory authorities.
Although Vista has 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, Vista assumes no obligation to publicly update any
forward-looking statements or forward-looking information; whether
as a result of new information, future events or otherwise.
Without limiting the foregoing, this press release uses terms
that comply with reporting standards in Canada and certain estimates are made in
accordance with NI 43-101. NI 43-101 is a rule developed by the
Canadian Securities Administrators that establishes standards for
all public disclosures an issuer makes of scientific and technical
information concerning mineral projects. This press release
uses the terms "estimated resource". We advise U.S. investors that
while this term is recognized by Canadian regulations, this term is
not a defined term under the United States Securities and Exchange
Commission's (the "SEC") Industry Guide 7 and is normally not
permitted to be used in reports and registration statements filed
with the SEC. These mineral resources have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of these mineral resources will ever be upgraded to a
higher category. The SEC normally only permits issuers to
report mineralization that does not constitute SEC Industry Guide 7
compliant "reserves" as in-place tonnage and grade without
reference to unit measures. Under SEC Industry Guide
7 standards, a "final" or "bankable" feasibility study is
required to report reserves, the three-year historical average
price is used in any reserve or cash flow analysis to designate
reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority. U.S.
Investors are cautioned not to assume that any part or all of
mineral deposits in these categories will ever be converted into
SEC Industry Guide 7 reserves.
For further information, please contact Connie Martinez at (720) 981-1185, or visit the
Vista Gold Corp. website at www.vistagold.com.
SOURCE Vista Gold Corp.