DENVER, Sept. 1, 2011 /PRNewswire/ -- Vista Gold Corp.
(TSX & NYSE Amex Equities: VGZ) ("Vista" or the
"Company") is pleased to announce the initial results of its
Phase I surface sampling program completed at its Guadalupe de los
Reyes gold-silver project in Sinaloa,
Mexico. In June of this year, Vista initiated the
first phase of a two-phase exploration program. In Phase I,
vein outcrops, mostly in the form of stockwork, were mapped and 187
samples were collected for assay analysis. The initial
results from Phase I have confirmed the surface continuity of
gold-silver bearing veins over a combined strike length of 14 km.
Chip samples collected from the stockwork surface expression
of the veins contain silver grades as high as 653 g/t and gold
grades as high as 7.3 g/t. A summary of the results of this
sampling program can be seen in the maps, together with typical
sections showing the relationship between the stockwork and Low
Sulfidation Epithermal (LSE) veins which can be found on our
website at
http://www.vistagold.com/guadalupe.php?subpage=figures.
The initial results from Phase I are being used to define
gold-silver zoning in the district to evaluate prospective horizons
within the vein system. Based on the positive initial results
of Phase I and a review of historical data, we have identified 36
drill sites of which 12 are included in the Phase II program.
Phase II of the 2011 exploration program is expected to begin in
the fourth quarter of this year and is planned to include 4,000 m
of core drilling. The drilling program is designed to define
additional estimated gold resources, to test some of the multiple
high grade silver and gold intervals obtained in earlier drilling
programs or indicated by the historic mining records, and to obtain
samples for metallurgical testing. Using the additional information
expected to be obtained in 2011, Vista plans to prepare a
Preliminary Economic Assessment (PEA) for open pit mine development
of the gold and silver mineral resources at the Guadalupe de los
Reyes gold-silver project during the first half of 2012.
Fred Earnest, Vista's President
and COO commented, "We are pleased to see the continuity of the
mineralization in the stockwork along strike being confirmed by the
surface samples, which together with the information from historic
mining activities and more recent drilling, also confirm the
continuity of the underlying vein system. We are looking
forward to seeing the results of the upcoming drilling program,
particularly with regards to the potential for bonanza silver and
gold grades which are typical of these LSE vein systems."
The Guadalupe de los Reyes district was the site of underground
mining on the Guadalupe de los Reyes vein from the 1770's through
the mid 1900's. Production records from the 1870's through
the cessation of historic mining indicate approximately 319,000
ounces of gold and more than 15 million ounces of silver were
produced in the period. Modern exploration undertaken in the
late 1980's and early 1990's concentrated on developing gold
resources with open pit and heap leach potential, because of low
prevailing silver prices little effort was spent on evaluating the
potential of the silver mineralization. Most of the currently
estimated mineral resources for the Guadalupe de los Reyes district
is hosted by the near-surface stockwork overlying the LSE vein
system. Vista acquired its initial interest in its Guadalupe de los
Reyes gold-silver project in 2003 and subsequently in 2008
succeeded in consolidating the majority of the district.
Please refer to our press release dated April 27, 2011 for the results of the mineral
resource estimate completed by Pincock, Allen & Holt in 2009.
Sampling undertaken in Phase I was completed by employees and
contractors of Vista under the supervision 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"). Samples were shipped to
the ALSChemex sample prep lab in Hermosillo, Mexico. Prepared sample
pulps are shipped by ALSChemex to its assay lab in Vancouver. Commercial standards and
blanks were submitted routinely with each batch of samples.
Gold was analyzed using a 50 gram fire assay with an atomic
absorption spectroscopy (AAS) finish. Silver was initially
analyzed using a 41 element ICP analysis using a nitric aqua regia
digestion. Silver assays greater than 100 g/t were re-assayed
using a 50 gram fire assay with a gravimetric finish and these
results replaced the ICP results. Sampling, 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 its Mt. Todd gold project
in Northern Territory, Australia,
and its Concordia gold project in
Baja California Sur, Mexico, to
achieve its goal of becoming a gold producer. After Midas'
IPO, Vista holds approximately 30% of Midas, which has a large
exploration property in Idaho,
including the Yellow Pine property
previously held by Vista. 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 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, estimates of mineral resources, the timing and results of
permitting the drill program at the Guadalupe de los Reyes
gold-silver project, the timing, amount of drilling and results of
the Phase II drilling program at the Guadalupe de los Reyes
gold-silver project, the timing and preparation of the PEA for the
Guadalupe de los Reyes gold-silver project, the potential for
bonanza silver and gold grades 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," "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 drilling activities at the Guadalupe de
los Reyes gold-silver project and the completion of the PEA, risks
related to the timing and the ability to obtain the necessary
permits for the drilling program at the Guadalupe de los Reyes
gold-silver 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
August 9, 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 resource" and "estimated 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. These
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 these
mineral resources 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.