DENVER, Feb. 27, 2012 /PRNewswire/ --Vista Gold Corp.
(TSX & NYSE Amex Equities: VGZ) ("Vista" or the
"Company") is pleased to announce additional results for the
drilling program currently in progress at its Guadalupe de los Reyes gold-silver project in
Sinaloa, Mexico. Drilling
with one drill resumed on January 10,
2012 and a second drill began drilling on January 23, 2012.
Assays have been received from three holes; two from the
Guadalupe vein and one from the El
Zapote vein. The intercepts from the Guadalupe vein confirm our hypothesis that
there is potential for high grade gold-silver mineralization in the
district. Based on the depth of historical underground
workings, it is estimated that the intercepts in the Guadalupe vein are a couple hundred meters
above the base of the productive zone. Neither drill hole
from the Guadalupe vein reached
the planned target depth due to difficult drilling conditions,
though, assay results from 12GV-02 indicated strong mineralization
at the bottom of the hole.
The results from the first hole in the El Zapote vein are
encouraging and confirm the presence of near surface stockwork
veining previously defined by reverse circulation drilling.
The results are summarized in the following table. The
equivalent gold grade (Au equiv) was calculated using a metal price
ratio of 60:1; 60 g Ag equals 1 g AuEq.
Drill
|
|
INTERVAL
|
INCLUDING
|
Composite
|
Thickness
|
Au
|
Ag
|
AuEq
|
Hole
|
Target
Zone
|
From
|
To
|
From
|
To
|
(g/t)
|
(m)
|
g/t
|
g/t
|
g/t
|
11GV-01
|
Guadalupe
Vein Zone
|
55.0
|
57.0
|
|
|
2.0
|
2.0
|
14.9
|
460
|
22.6
|
12GV-02
|
Guadalupe
Vein Zone
|
236.3
|
245.2
|
|
|
1.0
|
8.9
|
7.79
|
477
|
15.7
|
|
|
|
|
239.9
|
245.2
|
4.0
|
5.3
|
12.15
|
738
|
24.5
|
|
|
289.8
|
294.7
|
|
|
1.0
|
4.9
|
0.92
|
115
|
2.8
|
12ZAP-01
|
El
Zapote
|
0
|
7.1
|
|
|
0.4
|
7.1
|
0.54
|
18.1
|
0.84
|
|
|
27.0
|
29.0
|
|
|
0.4
|
2.0
|
1.63
|
26.4
|
2.07
|
|
|
37.0
|
38.7
|
|
|
0.4
|
1.7
|
8.47
|
31.5
|
8.99
|
|
|
43.1
|
58.1
|
|
|
0.4
|
15.0
|
4.95
|
33.7
|
5.51
|
|
|
|
|
45.1
|
51.4
|
1.0
|
6.3
|
10.13
|
50.2
|
10.97
|
All results are from angle diamond core holes. Interpreted vein
orientation and approximate true width are illustrated on the cross
sections on our website. The high grade mineralization intersected
in 12GV-02 from 236.3 to 245.2 meters occurs in a brecciated quartz
vein and resulted in a lower core recovery (approx. 34%) than has
been typically encountered. It is likely that finely ground rock
was washed from the core. The grade of the interval without
this loss of material could be lower or higher than reported.
A drill hole location map, together with sections showing the drill
hole results and the relationship between the stockwork and
low-sulfidation epithermal ("LSE") veins can be found on our
website at
http://vistagold.com/guadalupe.php?subpage=figures_adr.
Vista's President and CEO, Fred
Earnest, stated, "In addition to confirming the results of
previous reverse circulation drilling, we are making tremendous
advances in validating our hypothesis that the stockwork systems
that host the reported estimated mineral resources are underlain by
LSE veins with the potential for high gold grades and bonanza
silver grades. We are excited by the success of this drilling
program and look forward to the results of drilling on other veins
within the district. These preliminary results (grades and
thicknesses) suggest that the LSE veins potentially could be mined
by mechanized underground mining methods. Following the
completion of this program in March, we intend to evaluate the
overall exploration potential of the district and propose
additional drilling in the hope that we can define a high-grade
underground mineral resource estimate."
Core was logged, photographed, and sampled by 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 were 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 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.
Vista has awarded a contract for the completion of a preliminary
economic assessment for the Guadalupe de los Reyes gold project to Tetra
Tech, Inc., of Golden, Colorado,
and it is anticipated that Tetra Tech, Inc. will complete the study
early in the 3rd quarter of 2012. This study will focus on
the economic viability of an open pit mine with a mill to recover
gold and silver from the presently reported estimated mineral
resources.
About Vista Gold Corp.
Vista is focused on the development of the Mt. Todd gold project
in Northern Territory, Australia,
to achieve its goal of becoming a gold producer. Vista is advancing
exploration on its Guadalupe de
los Reyes gold-silver project in Mexico and has recently granted Invecture
Group, S.A. de C.V. a right to earn a 60% interest in the
Concordia gold project, in
Mexico. Vista's other holdings
include 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 Guadalupe de los Reyes
gold-silver project, the timing, preparation and results of the
preliminary economic assessment for the Guadalupe de los Reyes gold-silver project,
potential for a high-grade underground mineral resource estimate,
the potential for high grade gold-silver mineralization in the
district and the potential for high gold grades and bonanza silver
grades at the Guadalupe de los
Reyes gold-silver project, the location of the intercepts in the
Guadalupe vein in comparison to
the productive zone, potential to mine the LSE veins by mechanized
underground mining methods 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 project and
the completion of the preliminary economic assessment, risks
related to the timing and the ability to obtain the necessary
permits for the drilling program at the Guadalupe de los Reyes 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 Canadian National Instrument 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 term
"mineral resource." We advise U.S. investors that while the term is
recognized by Canadian regulations, the term is not a defined term
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. 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 all
necessary permits and government approvals 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.