Vista Gold Corp. Announces Gold Resource Estimate for the Mt. Todd Gold Project, Northern Territory, Australia, and General Upd
27 Juni 2006 - 1:32AM
PR Newswire (US)
DENVER, June 26 /PRNewswire-FirstCall/ -- Vista Gold Corp.
(AMEX:VGZ) Toronto is pleased to announce that a mineral resource
analysis for the Batman deposit at the Mt. Todd gold mine was
completed on June 26, 2006, by Gustavson Associates of Boulder,
Colorado, in accordance with Canadian National Instrument 43-101
standards under the direction of Mr. John Rozelle, an independent
Qualified Person, utilizing standard industry software and resource
estimation methodology. The resource analysis report includes the
results of 91,225 assay intervals from 730 drill holes (225 core,
435 reverse circulation and 70 rotary drill holes) done by BHP
Resources Pty Ltd., Zapopan NL and Pegasus Gold Australia Pty Ltd.
("Pegasus") with assaying by Australia Assay Laboratories in Pine
Creek and Alice Springs, Classic Comlabs in Darwin and Pegasus'
onsite lab. Pegasus mined part of the Batman deposit from 1993 to
1997, and a joint venture comprising Multiplex Resources Pty Ltd.
and General Gold Resources Ltd. mined the deposit from 1999 to 2000
(for additional historical information and details on Vista's
acquisition of the Mt. Todd gold mine, please see the Company's
press release of February 28, 2006). The Mt. Todd project is
situated within the southeastern portion of the Early Proterozoic
Pine Creek Geosyncline. The Batman deposit geology consists of a
sequence of hornfelsed interbedded greywackes and shales with minor
thin beds of felsic tuff. Bedding consistently strikes at 325o,
dipping 40 to 60o to the southwest. Northerly trending sheeted
quartz sulfide veins and joints striking at 0 to 20o and dipping
60o to the east are the major location for mineralization in the
Batman deposit. The veins are 0.04 to 4 inches in thickness with an
average thickness of around 0.4 inches and occur in sheets with up
to 6 veins per horizontal foot. These sheeted veins are the main
source of gold mineralization in the Batman deposit. In general,
the Batman deposit is 4,800 to 5,100 feet in length by 1,200 to
1,500 feet in true width and 1,500 to 1,800 feet in known down-dip
extension (the deposit is open along strike and at depth). The
deposit has a drill hole spacing that varies from 80 feet by 80
feet to 260-330 feet by 260-330 feet and generally averages 160
feet by 160 feet. All assaying was by fire assay on 50-gram
charges. It is the opinion of Gustavson Associates that quality
control and quality assurance methods employed by the various
companies working at Mt. Todd were standard at the time of the
work, and the work including quality control and quality assurance
methods has been audited several times by independent consultants.
Based on the resource analysis report, the gold resources for the
Batman deposit, reported at a cutoff grade of 0.015 ounces of gold
per ton are: Short Tons Grade Contained Gold (000s) (ounces per
ton) Ounces Measured resources (1) 20,306 0.028 576,130 Indicated
resources (1) 41,840 0.028 1,181,620 Measured and indicated
resources (1) 62,146 0.028 1,757,750 Inferred resources (2) 55,174
0.027 1,503,194 (1) Cautionary Note to U.S. Investors concerning
estimates of Measured and Indicated Resources: This table uses the
terms "measured resources and indicated resources". We advise U.S.
investors that while these terms are recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize them. U.S. investors are cautioned not to assume
that any part or all of mineral deposits in these categories will
ever be converted into reserves. (2) Cautionary Note to U.S.
Investors concerning estimates of Inferred Resources: This table
uses the term "inferred resources". We advise U.S. investors that
while this term is recognized and required by Canadian regulations,
the U.S. Securities and Exchange Commission does not recognize it.
"Inferred 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 an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of a feasibility study or
prefeasibility studies, except in rare cases. U.S. investors are
cautioned not to assume that any part or all of an inferred
resource exists or is economically or legally minable. On June 15,
2006, pursuant to the agreements entered into by the Company in
connection with its acquisition of the Mt. Todd mine, as previously
disclosed, the Mt. Todd project mineral leases were transferred to
Vista's Australian subsidiary, Vista Gold Australia Pty. Ltd., and
Vista completed the purchase on June 16, 2006, when funds held in
escrow were released to the sellers. Vista has commissioned a
scoping technical and economic review of the mine and plans to have
this completed during 2006. The Company has initiated a
comprehensive environmental review including a review of surface
water management procedures and completed an initial metallurgical
study that could result in improved processing technology. Vista
plans to initiate a drill program during 2006 to infill areas
classified as inferred resources with the intention of upgrading as
much inferred resource as possible to the measured and indicated
categories, to add additional ounces to the resources if possible
and to obtain samples for metallurgical testing to confirm the
flowsheet described in the preliminary metallurgical report. In
other news, the Company has initiated a core drilling program at
the Awak Mas gold deposit in Indonesia designed to upgrade inferred
gold resources to the measured and indicated categories and add to
the resources, if possible. Vista has commissioned a resource
modeling study to review past work and upgrade the tenor of the ore
through elimination of dilution where possible. At the Paredones
Amarillos gold property in Mexico, the Company is planning to
update environmental permits to ready the project for possible
production. In Nevada, the Company continues to consider
alternative approaches to realize value inherent in Vista's assets.
Mike Richings, Vista President and CEO, stated, "The completion of
the resource estimate under 43-101 standards is the first step in
getting Mt. Todd ready to go back into production. We believe the
changes to the processing of the ore we are proposing will remedy
the technical issues that hampered previous producers at Mt. Todd.
The environmental study and the scoping economic study should
provide us with information about the price of gold necessary to
make Mt. Todd an economic success and to eventually close the mine
in an environmentally acceptable manner. Meanwhile, other projects
are moving forward, especially Awak Mas and Paredones Amarillos.
And we are actively considering strategies to effectively realize
value for our shareholders from our Nevada properties." Vista Gold
Corp., based in Littleton, Colorado, evaluates and acquires gold
projects with defined gold resources. Additional exploration and
technical studies are undertaken to maximize the value of the
projects for eventual development. The Corporation's holdings
include the Maverick Springs, Mountain View, Hasbrouck, Three
Hills, Wildcat projects, the F.W. Lewis, Inc. properties and the
Hycroft mine, all in Nevada, the Long Valley project in California,
the Yellow Pine project in Idaho, the Paredones Amarillos and
Guadalupe de Los Reyes projects in Mexico, the Amayapampa project
in Bolivia, the Awak Mas project in Indonesia, and the Mt. Todd
project in Australia. The statements that are not historical facts
are forward-looking statements involving known and unknown risks
and uncertainties that could cause actual results to vary
materially from targeted results. Such risks and uncertainties
include those described from time to time in the Corporation's
periodic reports, including its latest annual report on Form 10-K
filed with the U.S. Securities and Exchange Commission. The
Corporation assumes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. For further information, please visit
the Vista Gold Corp. website at http://www.vistagold.com/.
DATASOURCE: Vista Gold Corp. CONTACT: Greg Marlier of Vista Gold
Corp., +1-720-981-1185 Web site: http://www.vistagold.com/
Copyright
Vista Gold (AMEX:VGZ)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Vista Gold (AMEX:VGZ)
Historical Stock Chart
Von Jul 2023 bis Jul 2024