Vista Gold Corp. Announces Initial Drill Results and Studies Underway at Its Awak Mas Gold Project, Indonesia
21 September 2006 - 1:27AM
PR Newswire (US)
DENVER, Sept. 20 /PRNewswire-FirstCall/ -- Vista Gold Corp.
(AMEX:VGZ) Toronto is pleased to announce initial results from a
drill program underway at its Awak Mas project in South Sulawesi,
Indonesia. The Corporation is conducting a diamond core drilling
program totaling approximately 2,600 meters in 12-13 holes. Nine of
the holes are located near the edge of the existing resource where
previous drilling was too wide-spaced to calculate measured or
indicated resources for the mineralization in the area. Three
additional holes are being drilled approximately 750 meters to the
west in a higher grade portion of the deposit where existing drill
density is too widely-spaced to allow adequate modeling of the
deposit. The drilling program began May 31, 2006, and is continuing
under the overall supervision of Howard Harlan, CPG, R.G., Vista's
Vice President of Business Development. Mr. Harlan is a qualified
person for the purposes of Canadian National Instrument 43-101. The
current core drilling program is being conducted by R&B
Drilling of Jakarta, Indonesia, and the assaying is being done by
Intertek Laboratories of Jakarta, Indonesia, which holds ISO 17025
accreditation. All holes were angle holes drilled to attempt to
intersect mineralization at right angles to thickness. Sampling and
assaying methods are being conducted in accordance with Canadian
National Instrument 43-101 best practices. All samples taken were
one meter in length. At present, nine holes have been completed on
the eastern edge of the Lematik deposit and assay results have been
received for the first seven holes. The assays include the
following highlights: Thick- Thick- Interval ness Assay in opt
Including ness Assay in opt Drill Hole (m) (m) (and g/t) (m) (m)
(and g/t) RTD - 01 21 - 33 12 0.055 (1.90) 69 - 73 4 0.092 (3.16)
90 - 172 82 0.057 (1.95) 90 - 144 54 0.067 (2.31) 182 - 200 18
0.051 (1.74) 191 - 200 9 0.070 (2.41) RTD - 02 60-68 8 0.172 (5.88)
139 - 153 14 0.034 (1.18) 145 - 150 5 0.060 (2.05) 172 - 190 18
0.069 (2.35) 179 - 188 9 0.125 (4.27) RTD - 03 19-May 14 0.063
(2.17) 51-56 5 0.056 (1.93) 89-105 16 0.088 (3.03) 129-132 3 0.094
(3.22) 138 - 177 39 0.041 (1.42) 164 - 177 13 0.067 (2.30) RTD - 04
54 - 102 48 0.039 (1.32) 118 - 182 64 0.057 (1.97) RTD - 05 105
-112 7 0.107 (3.68) 159 - 165 6 0.157 (5.39) 178 - 202 24 0.111
(3.79) 178 - 196 18 0.139 (4.75) 210-230 20 0.053 (1.80) RTD - 06
45 - 54 9 0.081 (2.77) 63 - 68 5 0.213 (7.29) 127 - 139 12 0.060
(2.06) 157 - 191 34 0.046 (1.59) RTD - 07 21 - 39 18 0.093 (3.20)
27 - 35 8 0.173 (5.92) 115 - 152 37 0.087 (2.97) 129 - 152 23 0.107
(3.66) 171 - 195 24 0.047 (1.60) 204 - 217 13 0.084 (2.87) Also, as
previously reported by the Corporation in press releases dated
April 18, 2005, and November 2, 2004, a resource analysis prepared
in October 2004 by RSG Global Pty Ltd of West Perth, Australia, an
independent consulting firm, using industry standard methodology
and software, in accordance with Canadian National Instrument
43-101 guidelines under the supervision of Brett Gossage, a
qualified person, showed the known deposit, at a reported cutoff
grade of 0.5 grams gold per tonne, to contain measured resources of
16,865,000 short tons at a grade of 0.034 ounces per ton containing
583,000 gold ounces(1), indicated resources of 35,750,000 short
tons at a grade of 0.030 ounces per ton containing 1,072,000 gold
ounces(1) and inferred resources of 8,250,000 short tons at a grade
of 0.032 ounces per ton containing 259,000 gold ounces(2). There
are no known environmental, permitting, legal or other issues that
could materially impact this estimate. Based on subsequent field
work and a re-interpretation of the ore zones, Vista decided to
undertake a new resource estimate. This work is now underway with
Ore Reserve Engineering of Lakewood Colorado, an independent
consulting firm, under the direction of Alan Noble, a qualified
person, in accordance with Canadian National Instrument 43-101. The
resource analysis will include the results of 85,030 assay
intervals from 814 core and reverse circulation drill holes done by
Battle Mountain Gold, Lone Star and Masmindo from 1991 through 1997
with assaying by Inchcape Testing Services, as well as the
information gathered in the current drill program. Vista has also
contracted with M.W.H. Global to conduct additional geotechnical
studies of slope stability in the area of the proposed open pit to
support more detailed modeling of a pit to mine the drilled
resource. This information and other technical parameters will be
used in a feasibility study in 2007 of a potential mine development
of Awak Mas. Mike Richings, President and CEO, commented, "We are
pleased with the results from these drill holes, as they confirm
the continuity of the mineralization and are substantially higher
grade than the estimated average grade of the measured and
indicated resources. We also note that the work undertaken on the
project by its employees and contractors is being completed with a
high level of competence and efficiency. We are also pleased with
the cooperation of Indonesian authorities in advancing this
potentially attractive new development project." 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. (1) Cautionary Note to U.S. Investors concerning
estimates of Measured Resources and Indicated Resources: This press
release 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 press release 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 other
economic study. U.S. investors are cautioned not to assume that any
part or all of an inferred resource exists or is economically or
legally minable. 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 and quarterly
report on Form 10-Q and other documents 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 contact Greg Marlier at (720)
981-1185, or 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/
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