DENVER, Sept. 4, 2012 /PRNewswire/ -- Vista Gold Corp.
(TSX & NYSE MKT: VGZ) ("Vista" or the "Company") today reported
the results of an updated mineral resource estimate for the Batman
deposit at the Company's Mt. Todd gold project in Northern
Territory, Australia.
The updated mineral resource estimate includes 18 drill holes
(13,036 total meters) from the Company's ongoing resource
conversion drilling program at the Mt. Todd gold project. The
Batman deposit is now estimated to contain 7.01 million ounces of
gold in the Measured and Indicated categories and 2.09 million
ounces in the Inferred category. The drilling program is
ongoing and new results are expected to be included in a further
updated resource estimate that will be the basis for a feasibility
study, which the Company expects to release in early 2013.
Frederick H. Earnest, President
and CEO of Vista, stated, "I am very pleased with the continued
growth in the estimated gold resource of the Batman deposit and we
have not yet completed our drill program. This updated
resource estimate represents an increase of over one million ounces
in the Measured and Indicated categories since our last resource
estimate in September 2011 and an
increase of over 1.8 million ounces of Measured and Indicated
categories since the completion of the January 2011 preliminary feasibility study.
These estimates support the decision to evaluate a project larger
than the 30,000 tonnes per day operation contemplated in our
January 2011 preliminary feasibility
study (the "PFS"). The results of our past and ongoing
drilling programs combined with technical evaluations currently in
progress support my belief that Mt. Todd is becoming a world-class
gold project in one of the world's more favorable mining
jurisdictions."
Highlights of the updated mineral resource estimate include:
- A 17% increase in contained gold ounces in the Measured and
Indicated categories (+1,024,000 ozs) compared to the previous
resource estimate (September 2011);
and
- A 37% increase in contained gold ounces in the Measured and
Indicated categories (+1,882,000 ozs) compared to the PFS.
The new mineral resource estimate for the Batman deposit, as of
August 31, 2012, is presented in the
table below. The mineral resource estimate is reported at a
cutoff grade of 0.40 grams of gold per tonne (0.015 ounces gold per
ton), the same cut-off grade as the Company's previous
estimates. The estimate was prepared using GEMCOM software
and used whole block kriging to estimate block values.
August 2012 Mt. Todd Resource
Estimate – Batman Deposit
Resource Classification
|
Metric
Tonnes
(x
1000)
|
Average
Grade
(grams/tonne)
|
Short Tons
(x
1000)
|
Average
Grade
(ounces/ton)
|
Contained Gold Ounces
(x
1000)
|
Measured
|
75,101
|
0.88
|
82,784
|
0.026
|
2,127
|
Indicated
|
186,299
|
0.82
|
205,357
|
0.024
|
4,879
|
Measured
& Indicated
|
261,400
|
0.83
|
288,141
|
0.024
|
7,007
|
Inferred
|
88,774
|
0.73
|
97,856
|
0.021
|
2,093
|
Note: minor rounding errors may occur
A historic summary of estimated resources at the Batman deposit
is presented in the table below.
Category
|
Tonnes
(x1,000)
|
Average Grade (grams/tonne)
|
Contained Gold Ounces
(x1,000)
|
August
2012
|
|
|
|
Measured
|
75,101
|
0.88
|
2,127
|
Indicated
|
186,299
|
0.82
|
4,879
|
Measured& Indicated
|
261,400
|
0.83
|
7,007
|
Inferred
|
88,774
|
0.73
|
2,093
|
September 2011
|
|
|
|
Measured
|
67,166
|
0.88
|
1,897
|
Indicated
|
154,836
|
0.82
|
4,089
|
Measured& Indicated
|
222,022
|
0.84
|
5,987
|
Inferred
|
103,563
|
0.78
|
2,612
|
January
2011 PFS
|
|
|
|
Measured
|
52,919
|
0.91
|
1,543
|
Indicated
|
138,020
|
0.81
|
3,581
|
Measured& Indicated
|
190,939
|
0.84
|
5,125
|
Inferred
|
94,008
|
0.74
|
2,244
|
June
20061
|
|
|
|
Measured
|
22,095
|
0.89
|
629
|
Indicated
|
45,715
|
0.88
|
1,294
|
Measured& Indicated
|
67,810
|
0.88
|
1,923
|
Inferred
|
61,754
|
0.84
|
1,672
|
Note: minor rounding errors may occur. All estimated
resources are shown using a 0.4 g/t cutoff
1 Vista's first resource estimate
The updated mineral resource estimate was completed on
August 31, 2012 by TetraTech MM, Inc.
of Golden, Colorado, pursuant to
Canadian National Instrument 43-101 Standards of Disclosure for
Mineral Projects ("NI 43-101"). This updated gold
resource estimate was completed by or under the supervision of Dr.
Rex Bryan, SME Registered Member, an
independent Qualified Person (as defined in NI 43-101), utilizing
standard industry software and resource estimation
methodology. Dr. Bryan has reviewed and approved the
technical and scientific information contained in this press
release. Previous technical reports contain extensive
geologic and technical information related to the deposit for which
the estimate is prepared. The last technical report was filed
on SEDAR on April 11, 2012, and is
entitled "Amended and Restated - NI 43-101 Technical Report -
Resource Update - Mt. Todd Gold Project – Northern Territory,
Australia" and was issued on
April 11, 2012 with an effective date
of September 6, 2011. This
updated resource estimate incorporates the results of 12,820 new
assay intervals from 18 drill holes (all core holes) totaling
13,036 meters drilled by Vista in 2011 and 2012 with sample
preparation and assaying completed by North Australia
Laboratories. These results are in addition to the results of
drilling and assaying completed by BHP Resources Pty Ltd., Zapopan
NL, Pegasus Gold Australia Pty Ltd. and Vista, which were used in
the previous updates of the Mt. Todd mineral resource
estimate. In addition, Vista completed a preliminary
feasibility study for the project, the results of which were
announced on January 4, 2011.
The press release and full technical reports are available on
Vista's website (www.vistagold.com) and on SEDAR. We expect
to file on SEDAR a technical report for the updated mineral
resource estimate within 45 days of this press release.
About Vista Gold Corp.
Vista is focused on the development of the Mt. Todd gold project
in Northern Territory, Australia,
to achieve its goal of becoming a gold producer. Vista is advancing
exploration on its Guadalupe de los Reyes gold/silver project in
Mexico and has recently granted
Invecture Group, S.A. de C.V. a right to earn a 62.5% interest in
the Concordia gold project, in
Mexico. Vista's other holdings
include 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, mineral resource and reserve estimates, the timing and
completion of a technical report on the updated mineral resource
estimate on the Mt. Todd gold project, the further update on the
Mt. Todd mineral resource estimate that will form the basis of a
feasibility study, the evaluation of a larger plant at the Mt. Todd
gold project, the timing and completion of a feasibility study on
the Mt. Todd gold project, and other such matters 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, mineral resource and
reserve estimates and results of preliminary economic assessments,
pre-feasibility studies and feasibility studies on our projects, if
any. 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 preliminary economic assessment, 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, 2012 and Vista's Amendment 1 to its
Annual Report filed on April 5, 2012
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 term "mineral resource." We advise U.S. investors
that while the term is recognized by Canadian regulations, the 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. 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 all necessary permits and government approvals 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.