Vista Gold Corp. Announces Initial Results of Ongoing Mt. Todd Exploration and Development Drilling
28 Juni 2011 - 2:01AM
PR Newswire (Canada)
DENVER, June 27, 2011 /CNW/ -- 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 Assay Thickness
Depth Interval (meters) (meters) Test parallel structures &
deep VB10-007 core zone 727.2 38.0 -48.0 10.0 451.0 -463.0 12.0
509.0 -526.0 17.0 570.0 - 590.7 20.7 643.0 - 653.0 10.0 Test
parallel structures & deep 223.1 - VB10-008 core zone 735.4
225.0 1.9 350.0 - 355.0 5.0 359.9 - 369.9 10.0 404.0 - 410.5 6.5
437.0 - 453.0 16.0 489.0 - 512.0 23.0 489.0 - 498.0 9.0 526.0 -
563.0 37.0 610.0 - 660.0 50.0 Large step out along strike to 594.0
- VB10-009 the south 669.5 605.0 11.0 623.0 - 636.0 13.0 Pre-collar
for VB10-010 core hole 48 - Large step out along strike to 328.0 -
VB10-011 the north 630.4 345.0 17.0 381.8 - 400.0 18.2 413.0 -
417.0 4.0 453.0 - 462.1 9.1 Test parallel structures and 335.0 -
VB10-012 deep core zone 725.9 347.0 12.0 351.0 - 402.0 51.0 457.0 -
499.0 42.0 512.0 - 600.0 88.0 562.0 - including 600.0 38.0 617.0 -
669.0 52.0 617.0 - including 631.0 14.0 635.0 - 669.0 34.0 689.0 -
709.0 20.0 Metallurgical core 259.0 - MTH003 hole 499.4 283.0 24.0
347.0 - 483.0 136.0 371.0 - including 443.0 72.0 490.7 - 499.4 8.7
Metallurgical core 104.0 - VB11-001 hole 596.1 115.0 11.0 197.0 -
210.0 13.0 215.0 - 254.0 39.0 277.0 - 295.0 18.0 309.0 - 466.0
157.0 352.0 - including 377.0 25.0 451.0 - including 464.0 13.0
475.0 - 486.0 11.0 506.0 - 529.0 23.0 Metallurgical core 23.0 -
VB11-002 hole 572.9 40.0 17.0 152.0 - 198.6 46.6 245.0 - 270.0 25.0
302.0 - 325.0 23.0 329.0 - 435.0 106.0 439.0 - 489.0 50.0
Metallurgical core 249.0 - VB11-003 hole 535.0 259.7 10.7 270.0 -
278.2 8.2 350.8 - 429.6 78.8 400.0 - including 418.0 18.0 434.9 -
467.0 32.1 Hole # Description Approx. Gold Grade (gram/ True tonne)
Thickness (meters) Test parallel structures & deep VB10-007
core zone 7.5 0.63 9.0 0.87 12.8 1.13 15.5 0.84 7.5 0.71 Test
parallel structures & deep VB10-008 core zone 1.5 15.44 4.0
2.04 8.1 0.63 5.3 3.41 13.0 1.34 18.6 0.53 7.3 1.41 30.0 1.17 40.5
1.11 Large step out along strike to VB10-009 the south 8.9 0.58
10.5 0.59 Pre-collar for VB10-010 core hole Large step out along
strike to VB10-011 the north 13.1 0.91 14.0 0.67 3.1 6.77 7.0 1.28
Test parallel structures and VB10-012 deep core zone 9.5 1.19 39.8
1.12 32.8 0.96 69.5 1.32 30.0 2.31 40.6 2.84 10.9 7.66 26.9 1.17
15.8 1.44 Metallurgical core MTH003 hole 20.9 1.69 118.3 1.37 62.6
1.93 7.6 1.02 Metallurgical core VB11-001 hole 10.7 0.05 12.6 1.69
37.8 0.76 17.5 0.97 152.3 1.24 24.3 2.37 12.6 2.51 10.7 0.88 22.3
1.01 Metallurgical core VB11-002 hole 16.5 0.47 45.2 0.57 24.3 2.02
22.3 0.64 102.8 1.48 48.5 0.57 Metallurgical core VB11-003 hole
10.3 0.73 7.9 0.47 75.6 1.41 17.3 3.01 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. Web Site:
http://www.vistagold.com
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