Vista Gold Corp. Announces Initial Results from Guadalupe de los Reyes Drilling Program
17 Januar 2012 - 10:05AM
PR Newswire (Canada)
DENVER, Jan. 19, 2012 /CNW/ - Vista Gold Corp. ("Vista") is pleased
to announce the results of its initial drilling program for the
Guadalupe de los Reyes gold-silver project in Sinaloa, Mexico. In
November 2011, Vista initiated an exploration drilling program on
the project. With the results of the first 10 core holes, we have
begun to achieve our objectives of: -- Obtaining core for
metallurgical testing from the stockwork that is the host for the
project's current reported estimated resource in support of a
planned Preliminary Economic Assessment ("PEA"); -- Testing for the
potential for high gold and silver grades in the underlying
low-sulfidation epithermal vein systems, with hole 11GW-001
intersecting 1.5 meters of 5.46 grams/ton ("g/t") gold and 645.7
g/t silver at 60 meters below surface; and -- Confirming the
historic reverse circulation drill results with diamond core
drilling. Prior to the holiday break this past December, Vista
completed 10 diamond core holes totaling 1,470 meters. All of the
holes targeted the Guadalupe vein system which can be traced over a
distance of 4.5 kilometers. Approximately 2.5 kilometers of strike
length was extensively developed by historic mining with
underground workings extending 400 meters vertically. A drill hole
map, together with typical sections showing the relationship
between the stockwork and low-sulfidation epithermal ("LSE") veins
can be found on our website at
http://www.vistagold.com/guadalupe.php?subpage=figures_idp. In the
Guadalupe West area, six holes were drilled down dip and along
strike from previous drilling. Three additional holes were drilled
to explore the projection of the vein to the east in an area with
no prior drilling. These holes were designed to test potential
veining below surface stockwork outcrops that have returned assays
ranging from 1 to 4 g/t gold. The final hole targeted high grade
mineralization east of the main area of historic production. Six of
the 10 holes intersected 10 to 40 meters of quartz veins and
stockwork zones. In this area the vein is typically five to eight
meters wide with stockwork veining extending an additional 20 to 30
meters up the hole. Assays are still pending from the final hole.
The following table summarizes the results of the drilling program.
The drilling was oriented to intersect the vein system at right
angles to provide a close approximation of true width. Drill
INTERVAL INCLUDING Composite Thickness Au Ag Au Hole From To From
To Cutoff (g/t) (m) g/t g/t equiv* 11GW-001 53.5 60.5 0.5 7.0 2.22
249 6.37 .0 56.6 58.1 4.0 1.5 5.46 645.7 16.22 107.0 109.6 0.5 2.6
1.88 6.9 2.0 11GW-002 70.2 71.2 0.5 1.0 0.61 37.7 1.24 88.9 96.9
0.5 8.0 0.67 56.9 1.62 11GW-003 77.6 79.6 0.5 2.0 2.16 23.3 2.55
82.6 84.6 0.5 2.0 3.23 59.3 4.22 91.1 93.1 0.5 2.0 0.88 20.9 1.23
96.1 103.7 0.5 7.6 1.79 97.1 3.41 11GW-004 114.7 116.7 0.5 2.0 0.54
6.7 0.65 11GW-005 50.1 51.9 0.5 1.8 1.16 47.6 1.95 58.9 61.9 0.5
3.0 0.53 5.2 0.62 74.1 77.1 0.5 3.0 0.51 20.3 0.85 11GW-006 64.8
70.2 0.5 5.4 1.39 27.3 1.85 73.7 94.0 0.5 20.3 1.60 40.0 2.27 No
significant 11GW-007 mineralization No significant 11GW-008
mineralization 11GW-009 21.4 24.4 0.5 3.0 1.28 211 4.80 11GV-001
Assays Pending *calculated at 60:1 Ag:Au Frank Fenne, Vista's Vice
President of Exploration commented, "This initial phase of core
drilling at Guadalupe de los Reyes confirmed that we are in a
district that is host to a system of LSE veins with the potential
for higher gold and silver grades, particularly when you look at
the intercepts from hole 11GW-001. This is only the first round of
core drilling we have undertaken in the district, however, and we
are still in the early stages of our understanding of the system.
Based on these initial holes, the stockwork appears to be more
extensive than previously contemplated and, therefore, we are now
drilling deeper holes as the program continues." Drilling resumed
at Guadalupe de los Reyes on January 5, 2012, and a second drill is
scheduled to arrive on site on January 20, 2012. The planned
program of 4,000 meters of core drilling is expected to be
completed by the end of the first quarter of 2012. Vista plans to
complete a PEA for an open pit project during 2012. This drilling
program, including the logging, photographing, and sampling by
contractors of Vista, was conducted 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 were shipped by ALSChemex
to its assay lab in Vancouver. 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 four acid 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 AAS finish. An on-going quality
control/quality assurance protocol is employed in the program that
includes standards and blanks in every batch of assays. Check
assays were conducted on every 20th sample by a second independent
laboratory. 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 the initial public offering of the
common shares of Midas Gold Corp. ("Midas"), Vista held
approximately 30% of Midas' common shares. Midas 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, amount of drilling
and results of the drilling program at 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
higher silver and gold grades at the Guadalupe de los Reyes
gold-silver project, timing and delivery of an additional drill 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 related to the timing and delivery an
additional drill 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 November 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 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". We advise U.S. investors that while this term
is recognized by Canadian regulations, this term is not a defined
term under the United States Securities and Exchange Commission's
(the "SEC") Industry Guide 7 and is 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. Vista Gold Corp. CONTACT: http://www.vistagold.com
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