Vista Gold Corp. Announces Start of Exploration at the Guadalupe de los Reyes Gold-Silver Project, Sinaloa, Mexico
28 April 2011 - 3:02AM
PR Newswire (Canada)
DENVER, April 27, 2011 /CNW/ -- Vista Gold Corp. (TSX & NYSE
Amex Equities: VGZ) ("Vista" or the "Company") is pleased to
announce that it has completed a detailed review of the historic
data from the Guadalupe de los Reyes gold-silver project located in
Sinaloa, Mexico, and that the Company intends to commence field
exploration work at Guadalupe de los Reyes this May. Gold and
silver were produced from the property from the mid-1700s to the
mid-1900s. Historic production, as reported in the National
Registry records for the period 1872 to 1989, is 319,000 ounces of
gold and 15 million ounces of silver. This estimate does not
include undocumented production from 1772 to 1872. During the
1990s, the property was explored by a succession of companies that
included Northern Crown Mines Ltd., Minas de San Luis S.A. de C.V.,
Meridian Gold Company and Grandcru Resources Corp. These companies
generally focused on exploring for shallow mineralization that
could be mined by open pit mining methods. The drill results
generated by these companies were used by Pincock, Allen & Holt
("PAH") of Lakewood, Colorado, to complete a mineral resource
estimation for the district that was reported in the 43-101
technical report entitled "Technical Report for the Guadalupe de
Los Reyes Gold-Silver Project, Sinaloa, Mexico," dated August 12,
2009 and amended and restated December 8, 2009 (the "Technical
Report"). The 2009 gold resource estimate was completed by or under
the supervision of Mr. Leonel Lopez, C.P.G., an independent
Qualified Person as defined by Canadian National Instrument 43-101,
utilizing standard industry software and resource estimation
methodology. Mr. Lopez has reviewed and consented to the disclosure
in this press release. Please refer to our press release dated
September 3, 2009 for more details. The following table summarizes
the estimate of remaining mineral resources and does not include
material that was previously mined by underground mining
activities. Guadalupe de los Reyes Gold-Silver Project - Mineral
Resource Estimates (0.50 g/t Cutoff) Metric Tonnes Indicated (1)
10,048,000 Inferred (2) 4,888,000 Gold Grade (g/t) Indicated (1)
1.50 Inferred (2) 2.02 Contained Gold Ounces Indicated (1) 484,000
Inferred (2) 316,800 Silver Grade (g/t) Indicated (1) 25.74
Inferred (2) 59.98 Contained Silver Ounces Indicated (1) 8,313,900
Inferred (2) 9,425,500 1.) Cautionary Note to U.S. Investors
concerning estimates of Indicated Resources: This table uses the
term "indicated resources". We advise U.S. investors that while
this term is recognized and required by Canadian regulations, the
U.S. Securities and Exchange Commission ("SEC") does not recognize
it. The SEC normally only permits issuers to report mineralization
that does not constitute "reserves" as in-place tonnage and grade
without reference to unit measures. The terms "contained gold
ounces" and "contained silver ounces" used in this table are not
permitted under the rules of the SEC. 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 SEC 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. The SEC normally only
permits issuers to report mineralization that does not constitute
"reserves" as in-place tonnage and grade without reference to unit
measures. The terms "contained gold ounces" and "contained silver
ounces" used in this press release are not permitted under the
rules of the SEC. 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 Technical Report recommended that further
exploration and metallurgical testing of the known deposits and
additional exploration targets should be undertaken to fully
evaluate the project's potential. Based on the PAH report and our
own review of historic mining records, and the surface maps and
results of previous surface sampling and shallow drilling conducted
by other companies, Vista has identified 13 priority target areas
on which we plan to begin exploration field work commencing in May.
The Company plans to complete field mapping and define drill
targets in the 2nd quarter, and expects to commence a 4,500 meter
drilling program in the 3rd quarter of 2011. Exploration took place
from 1988-2002, a period during which the silver price ranged from
$4-6 per ounce and there was little incentive to evaluate the
geologic potential for higher grade silver zones, similar to those
which existed in the vein system mined by previous underground
mining operations. Equally important, no significant studies were
completed to fully evaluate the production potential of silver with
extensive metallurgical testing. Vista's drill plan is focused on
examining the potential for expansion of the bulk mineable resource
estimates already identified and the high grade potential of the
underground minable vein systems in the district and in the lower
zones of the historic mine operations. Following the drilling
program, Vista plans to commence a systematic metallurgical testing
program so that the economic potential of the deposit can be
evaluated. The style of mineralization is similar to that of
Primero Mining's Tayoltita operation located 60 kilometers to the
southeast with a historical production of greater than 9 million
ounces of gold and 600 million ounces of silver. Vista owns 28
contiguous claims in the Guadalupe district with a total area of
6,790 hectares (16,779 acres). Commenting on the Company's recent
detailed reviews of the Guadalupe de los Reyes gold-silver project,
Fred Earnest, Vista's President and COO stated, "Vista consolidated
the Guadalupe district in 2008 and we have worked over the last two
years to compile and study, in detail, the data generated by prior
owners and other companies who have explored in the district. Based
on this review, we believe that there is potential to expand the
existing lower grade resource estimates which are amenable to open
pit mining and to expand the underground potential which has not
been previously fully evaluated. We believe high silver and gold
ratios found in historic production estimates and in the PAH
resource estimates represent an exciting opportunity at today's
higher gold and silver prices. We are excited about the potential
to grow the project's previously estimated resources. We have also
been impressed with our early discussions with government officials
from the State of Sinaloa who have indicated their willingness to
assist us in our programs to develop the potential of the
property." About Vista Gold Corp. Vista is focused on the
development of the Mt. Todd gold project in Northern Territory,
Australia, and the Concordia gold project in Baja California Sur,
Mexico, to achieve its goal of becoming a gold producer. 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. 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 conversion of inferred
mineral resources to measured and indicated resources, the
conversion of mineral resources to mineral reserves, the potential
to expand the resource base at the Guadalupe de los Reyes
gold-silver project, the anticipated timing, extent and focus of
the drilling program at the Guadalupe de los Reyes gold-silver
project, the opportunities in the market for the high silver to
gold ratios 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,", "could", "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 cost increases for capital and
operating costs; risks relating to delays in the completion of the
drilling program at Guadalupe de los Reyes, risks related to the
adequacy of the design of the drilling program, risks related to
the adequacy of the metallurgical testing, risks related to the
ability to obtain the necessary permits, risks of shortages and
fluctuating costs of equipment or supplies; risks relating to
fluctuations in the price of gold and silver; 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 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. All mineral resource
estimates contained in this press release, including the terms "
"indicated mineral resources" and "inferred mineral resources" have
been prepared in accordance with NI 43-101, and these standards
differ significantly from the requirements of the SEC. The resource
and reserve information contained in this press release is not
comparable to similar information disclosed by U.S. companies. See
the Cautionary Notes to U.S. Investors above. For further
information, please contact Connie Martinez at (720) 981-1185, or
visit the Vista Gold Corp. website at www.vistagold.com 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