DENVER, June 27, 2011 /PRNewswire/ -- Vista Gold Corp.
(TSX & NYSE Amex Equities: VGZ) ("Vista" or the
"Company") is pleased to announce the initial results of
drilling completed at the Batman deposit during the 2010-11 program
at the Mt. Todd gold project in Northern Territory, Australia. Vista is undertaking a
bankable feasibility study ("BFS") for the Mt. Todd gold project
which it expects to complete late this year. In support of
the BFS, the Company started drilling at the Batman deposit in 2010
and the program is ongoing at the time of this announcement.
This press release contains the results of gold assays of
samples taken from 10 core holes (5740 total meters drilled) from
the first phase of the program. The drilling program is
designed to achieve the following objectives:
- Provide definition and sampling of the Batman deposit in areas
that could potentially impact the BFS final pit design,
- Provide samples for additional metallurgical testing (including
a broad program to evaluate the metallurgical variability of the
deposit),
- Explore for and evaluate mineralized areas in the hanging wall
and at depth that could add to the estimated mineral resources and
potentially improve the grade and reduce the stripping ratio
through the reclassification of material from waste to ore,
- Explore for potential extensions of mineralization along the
north-south trend of the deposit, and
- Provide engineering information for the BFS including
hydrogeology and slope stability information.
Commenting on the drilling program results, Fred Earnest, Vista's President and COO, stated,
"We are pleased with the results of this program at the Mt. Todd
gold project. As can be seen in the plans and cross sections
(found at http://www.vistagold.com/mt_todd.php?subpage=figures) the
results extend the Batman deposit mineralization at depth and
provide information on the deeper, higher grade portions of the
core zone of the ore body. Additionally, the results show the
mineralization on the eastern side of the deposit is more
widespread than has been previously modeled. We expect these
results to have a positive effect on the estimated gold resources
and the potential waste stripping ratio. Step-out drilling of 500
meters to the north and 300 meters to the south, along the trend of
the deposit indicates the mineralization continues beyond currently
planned pit limits, albeit in narrow zones of low grade sheeted
veins. We are currently working on a new resource model
incorporating the latest information and expect to be in a position
to release the results in August of this year. We expect that the
new resource model will be incorporated in the BFS's economic
analysis and we anticipate this will further improve the Mt. Todd
gold project's expected economic return. The BFS is proceeding as
planned and we have commenced the permitting process concurrent
with the BFS."
The following table summarizes significant results of the
drilling program.
|
|
Hole
#
|
Description
|
Total
Depth
(meters)
|
Assay
Interval
|
Thickness
(meters)
|
Approx.
True
Thickness
(meters)
|
Gold
Grade
(gram/tonne)
|
|
VB10-007
|
Test parallel structures
& deep core zone
|
727.2
|
38.0
-48.0
|
10.0
|
7.5
|
0.63
|
|
|
|
|
451.0
-463.0
|
12.0
|
9.0
|
0.87
|
|
|
|
|
509.0
-526.0
|
17.0
|
12.8
|
1.13
|
|
|
|
|
570.0 –
590.7
|
20.7
|
15.5
|
0.84
|
|
|
|
|
643.0 –
653.0
|
10.0
|
7.5
|
0.71
|
|
VB10-008
|
Test parallel structures
& deep core zone
|
735.4
|
223.1 –
225.0
|
1.9
|
1.5
|
15.44
|
|
|
|
|
350.0 –
355.0
|
5.0
|
4.0
|
2.04
|
|
|
|
|
359.9 –
369.9
|
10.0
|
8.1
|
0.63
|
|
|
|
|
404.0 –
410.5
|
6.5
|
5.3
|
3.41
|
|
|
|
|
437.0 –
453.0
|
16.0
|
13.0
|
1.34
|
|
|
|
|
489.0 –
512.0
|
23.0
|
18.6
|
0.53
|
|
|
|
|
489.0 –
498.0
|
9.0
|
7.3
|
1.41
|
|
|
|
|
526.0 –
563.0
|
37.0
|
30.0
|
1.17
|
|
|
|
|
610.0 –
660.0
|
50.0
|
40.5
|
1.11
|
|
VB10-009
|
Large step out along
strike to the south
|
669.5
|
594.0 –
605.0
|
11.0
|
8.9
|
0.58
|
|
|
|
|
623.0 –
636.0
|
13.0
|
10.5
|
0.59
|
|
VB10-010
|
Pre-collar for core
hole
|
48
|
-
|
|
|
|
VB10-011
|
Large step out along
strike to the north
|
630.4
|
328.0 –
345.0
|
17.0
|
13.1
|
0.91
|
|
|
|
|
381.8 –
400.0
|
18.2
|
14.0
|
0.67
|
|
|
|
|
413.0 –
417.0
|
4.0
|
3.1
|
6.77
|
|
|
|
|
453.0 –
462.1
|
9.1
|
7.0
|
1.28
|
|
VB10-012
|
Test parallel structures
and deep core zone
|
725.9
|
335.0 –
347.0
|
12.0
|
9.5
|
1.19
|
|
|
|
|
351.0 –
402.0
|
51.0
|
39.8
|
1.12
|
|
|
|
|
457.0 –
499.0
|
42.0
|
32.8
|
0.96
|
|
|
|
|
512.0 –
600.0
|
88.0
|
69.5
|
1.32
|
|
|
|
including
|
562.0 –
600.0
|
38.0
|
30.0
|
2.31
|
|
|
|
|
617.0 –
669.0
|
52.0
|
40.6
|
2.84
|
|
|
|
including
|
617.0 –
631.0
|
14.0
|
10.9
|
7.66
|
|
|
|
|
635.0 –
669.0
|
34.0
|
26.9
|
1.17
|
|
|
|
|
689.0 –
709.0
|
20.0
|
15.8
|
1.44
|
|
MTH003
|
Metallurgical core
hole
|
499.4
|
259.0 –
283.0
|
24.0
|
20.9
|
1.69
|
|
|
|
|
347.0 –
483.0
|
136.0
|
118.3
|
1.37
|
|
|
|
including
|
371.0 –
443.0
|
72.0
|
62.6
|
1.93
|
|
|
|
|
490.7 –
499.4
|
8.7
|
7.6
|
1.02
|
|
VB11-001
|
Metallurgical core
hole
|
596.1
|
104.0 -
115.0
|
11.0
|
10.7
|
0.05
|
|
|
|
|
197.0 –
210.0
|
13.0
|
12.6
|
1.69
|
|
|
|
|
215.0 –
254.0
|
39.0
|
37.8
|
0.76
|
|
|
|
|
277.0 –
295.0
|
18.0
|
17.5
|
0.97
|
|
|
|
|
309.0 –
466.0
|
157.0
|
152.3
|
1.24
|
|
|
|
including
|
352.0 –
377.0
|
25.0
|
24.3
|
2.37
|
|
|
|
including
|
451.0 –
464.0
|
13.0
|
12.6
|
2.51
|
|
|
|
|
475.0 –
486.0
|
11.0
|
10.7
|
0.88
|
|
|
|
|
506.0 –
529.0
|
23.0
|
22.3
|
1.01
|
|
VB11-002
|
Metallurgical core
hole
|
572.9
|
23.0 –
40.0
|
17.0
|
16.5
|
0.47
|
|
|
|
|
152.0 –
198.6
|
46.6
|
45.2
|
0.57
|
|
|
|
|
245.0 –
270.0
|
25.0
|
24.3
|
2.02
|
|
|
|
|
302.0 –
325.0
|
23.0
|
22.3
|
0.64
|
|
|
|
|
329.0 –
435.0
|
106.0
|
102.8
|
1.48
|
|
|
|
|
439.0 –
489.0
|
50.0
|
48.5
|
0.57
|
|
VB11-003
|
Metallurgical core
hole
|
535.0
|
249.0 -
259.7
|
10.7
|
10.3
|
0.73
|
|
|
|
|
270.0 –
278.2
|
8.2
|
7.9
|
0.47
|
|
|
|
|
350.8 –
429.6
|
78.8
|
75.6
|
1.41
|
|
|
|
including
|
400.0 –
418.0
|
18.0
|
17.3
|
3.01
|
|
|
|
|
434.9 –
467.0
|
32.1
|
30.8
|
0.59
|
|
|
|
|
|
|
|
|
|
|
The drilling has been completed and the core has been logged,
photographed and sampled by employees of Vista Gold Australia under
the direction 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"). Core holes through VB10-011 were shipped to
ALS-Chemex sample prep lab in Alice Springs, Australia. Prepared sample pulps are
shipped by ALS-Chemex to its assay lab in Perth, Australia. Second lab check
assays were completed by Genalysis Laboratory Services in
Perth, Australia. Later
holes were prepared and assayed by North Australia Laboratories,
Pine Creek, Australia, again using
Genalysis for second lab checks.
Core logging and 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 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 holds
approximately 34% of the outstanding shares of Midas Gold Corp., a
private exploration company, which has a large exploration property
in Idaho, including the
Yellow Pine property previously
held by the Corporation. 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 mineral 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, planned development activities at the Mt. Todd gold project,
including, planned environmental, technical and economic studies
and a final BFS, planned timing and anticipated results of
permitting at the Mt. Todd gold project, 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
Mt. Todd gold project, the potential to enhance the project
economics of the Mt. Todd gold project through engineering studies
and the drill program, the anticipated timing, design and expected
results of the drill program at the Mt. Todd gold project, the
timing for the completion and anticipated results of the definitive
BFS for the Mt. Todd gold project, the confirmation of the
metallurgical parameters of the Mt. Todd gold project, favorable
effects of Mt. Todd gold project economics, 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 development activities at the Mt.
Todd gold project, risks related to the timing and the ability to
obtain the necessary permits at the Mt. Todd gold 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 May 10, 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 Canadian National Instrument NI 43-101 ("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 mineral resources" and "estimated contained gold
resources". We advise U.S. investors that while these terms are
recognized by Canadian regulations, these terms are not defined
terms under the United States Securities and Exchange Commission's
(the "SEC") Industry Guide 7 and are normally not permitted to be
used in reports and registration statements filed with the SEC.
"Estimated 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 an
estimated mineral resource 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.