Vista Gold Corp. Announces Recent Drilling Results and Update on Mt. Todd Development Plans
11 März 2012 - 5:03AM
PR Newswire (Canada)
DENVER, March 12, 2012 /CNW/ -Vista Gold Corp. ("Vista" or the
"Company") is pleased to announce the initial results of the
current resource conversion drilling program at its Mt. Todd gold
project in Northern Territory, Australia, and provide an update on
the Company's development activities at the Mt. Todd gold project
as the definitive feasibility study nears completion. The Company
has decided to build a project development team in Australia and to
evaluate the potential for a larger project than contemplated in
the feasibility study. Conversion Drilling Program – Initial
Results As part of the ongoing Mt. Todd feasibility study process,
Vista generated a final pit design based on estimated measured and
indicated mineral resources. Subsequently, the Company determined
the limits of an economic pit using estimated measured, indicated
and inferred mineral resources. This economic pit design and the
location of inferred mineral resources relative to the feasibility
study pit design led the Company to commence an 8,500 meter
drilling program in November 2011 designed to convert estimated
inferred mineral resources to estimated measured or indicated
mineral resources in areas that could expand the feasibility study
pit shape. The program is ongoing and the first three holes have
been logged and assayed. The initial results are consistent with
Vista's expectation that the program will result in the
reclassification of estimated resources in the area between the two
pit shapes. The following table summarizes the results from the
initial three holes:
_________________________________________________________________ |
|Total | | |Approx. | | | |Depth |Assay |Thickness|True |Gold Grade
| |Hole # | |Interval | |Thickness|(gram/tonne)| | |(meters) |
|(meters) | | | | | | | |(meters) | |
|________|_________|_____________|_________|_________|____________|
|VB11-012| |469.0 –|10.0 |9 |4.05 | | | |479.0 | | | |
|________|_________|_____________|_________|_________|____________|
| | |487.0 –|163.0 |150 |1.50 | | | |650.0 | | | |
|________|_________|_____________|_________|_________|____________|
| |including|621.0 –|11.0 |10 |7.38 | | | |632.0 | | | |
|________|_________|_____________|_________|_________|____________|
| | |722.0 –|21.0 |19 |1.66 | | | |743.0 | | | |
|________|_________|_____________|_________|_________|____________|
|VB11-013| |97.0 – |10.0 |7 |1.42 | | | |107.0 | | | |
|________|_________|_____________|_________|_________|____________|
| | |146.0 –|96.0 |65 |1.16 | | | |242.0 | | | |
|________|_________|_____________|_________|_________|____________|
| |including|195.0 –|13.0 |9 |3.05 | | | |208.0 | | | |
|________|_________|_____________|_________|_________|____________|
| | |269.0 –|11.0 |8 |1.49 | | | |280.0 | | | |
|________|_________|_____________|_________|_________|____________|
|VB11-014|704.9 |155.0 - 168.0|13.0 |12 |0.57 |
|________|_________|_____________|_________|_________|____________|
| | |312.0 –|14.0 |13 |0.46 | | | |326.0 | | | |
|________|_________|_____________|_________|_________|____________|
| | |332.0 –|10.9 |10 |0.47 | | | |342.9 | | | |
|________|_________|_____________|_________|_________|____________|
| | |348.0 –|7.0 |6 |0.55 | | | |355.0 | | | |
|________|_________|_____________|_________|_________|____________|
| | |381.0 –|10.8 |10 |0.73 | | | |391.8 | | | |
|________|_________|_____________|_________|_________|____________|
| | |488.9 –|10.7 |10 |0.58 | | | |499.6 | | | |
|________|_________|_____________|_________|_________|____________|
| | |503.0 –|7.0 |6 |0.54 | | | |510.0 | | | |
|________|_________|_____________|_________|_________|____________|
| | |521.0 –|35.0 |32 |0.81 | | | |556.0 | | | |
|________|_________|_____________|_________|_________|____________|
| | |561.0 –|39.0 |36 |0.88 | | | |600.0 | | | |
|________|_________|_____________|_________|_________|____________|
| | |608.0 –|23.6 |22 |0.61 | | | |631.6 | | | |
|________|_________|_____________|_________|_________|____________|
| | |637.0 –|20.1 |18 |0.72 | | | |657.1 | | | |
|________|_________|_____________|_________|_________|____________|
| | |673.0 –|7.9 |7 |0.59 | | | |680.9 | | | |
|________|_________|_____________|_________|_________|____________|
The drill results, and particularly hole VB11-012, continue to
indicate that the Batman mineralization is open at depth and
exhibits increasing gold grades with depth. The results for hole
VB11-013 suggest that previous exploration in this part of the
deposit may have drilled below the up-rake, near surface expression
of the core zone of the deposit. Mineralization in the hanging wall
of the core zone is more widespread than has been previously
modeled and if we are successful, it is expected that additional
drilling of this style of mineralization within the limits of the
pit will convert modeled inferred mineralization and waste into
ore, resulting in a decrease in the stripping ratio. Based on these
initial results Vista has increased the size of its drilling
program and is presently sourcing an additional drill rig to
expedite the completion of the program. The orientation of these
drill holes relative to the Batman deposit is shown on cross
sections that can be found on the Company's web site at
http://www.vistagold.com/mt_todd.php?subpage=batman. The sample
intervals are constrained by geology and range from a minimum of
0.2 meters to a maximum of 1.2 meters in length, but mostly average
1 meter. Mean grades are calculated using a 0.4 g Au/t cutoff with
no upper cap applied to assay values. The maximum length of
internal waste is 4.0 meters. The drilling has been completed and
the core has been logged, photographed and sampled by employees or
contractors of Vista Gold Australia Pty Ltd. 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"). Samples were prepared and assayed by North Australia
Laboratories, Pine Creek, Australia. Second lab check assays were
completed by Genalysis Laboratory Services in Perth, Australia.
Gold grades are based on a 50 gram fire assay method. Core logging
and sample custody, preparation and assaying were completed in
compliance with NI 43-101 standards. Feasibility Study and Project
Development Update The current feasibility study is based on a
30,000 ore tonne per day mine and the Company expects to announce
the results before the end of the first quarter of 2012 or shortly
thereafter. Based on the work done to date, the Company is
initiating the process of hiring a General Manager and starting to
build an Australian-based project development team. Also, the
Company is advancing work to evaluate a larger 40-45,000 tonne per
day project based on the presently anticipated mine life and the
potential for additional growth in project reserves. As noted in
this release, the Company believes that the drilling program will
result in an increase in the estimated measured and indicated
mineral resources at the Mt. Todd gold project. Based on conceptual
mine plans that include the targeted inferred mineral resource
blocks, the Company has reason to believe that an additional
increase in proven and probable reserves is also possible and
should be evaluated in an updated feasibility study prior to a
definitive project development decision. Moreover, the anticipated
life of the project has increased at the presently contemplated
processing rate of 30,000 tonnes per day. The Company believes that
a larger process facility may be justified, resulting in a shorter
mine life, increased annual production and more efficient use of
the mining equipment capital, with a general shift in the
production toward the start of the project and corresponding
improvements to the project's economics. The Company intends to
conduct an updated feasibility study based on a larger process
facility in order to appropriately evaluate the potential costs and
benefits prior to the anticipated approval of the principle
environmental permits later this year. Other recent developments at
Mt. Todd include testing of the large heap leach pad on site. This
initial testing suggests that the heap leach pad may still contain
a significant amount of gold. The Company is planning additional
drilling, and metallurgical testing is in progress to determine if
the heap can be re-commissioned or be treated as ball mill feed for
the planned processing facility. The initial testing program leads
the Company to believe that the heap leach pad should be considered
as an asset rather than a reclamation liability as presently
considered. Vista's President and CEO, Fred Earnest, commented on
these new developments: "Work on the Mt. Todd feasibility study is
being finalized and we expect to announce the results before the
end of the first quarter of 2012 or shortly thereafter. Through our
significant efforts over the past seven years, we believe we have
addressed all of the issues related to those conditions that
contributed to the failure of previous operations. We believe that
the metallurgical testing and process engineering reports will
provide the market with a clear understanding, supported by testing
results and analysis, of what needs to be done to efficiently
process the ore in the Mt. Todd deposit. Additionally, we believe
there is opportunity to further optimize the Mt. Todd gold project
and to enhance the project's economics prior to the anticipated
approval of the principle environmental permits in the 4th quarter
of this year. I am pleased that we are now moving forward to build
a project management team for this project and look forward to the
results of continued refinements in the coming months." 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.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral
Resources and Reserves This press release and the reports referred
to in this press release use the terms "measured resources,"
"indicated resources," "measured & indicated resources" and
"inferred resources." We advise U.S. investors that while these
terms are Canadian mining terms as defined in accordance with NI
43-101 and the Canadian Institute of Mining, Metallurgy and
Petroleum ("CIM") - CIM Definition Standards on Mineral Resources
and Mineral Reserves, adopted by the CIM Council, as amended (the
"CIM Standards"), such definitions differ from the definitions in
U.S. Securities and Exchange Commission ("SEC") Industry Guide 7
and are normally not permitted to be used in reports and
registration statements filed with the SEC. 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. "Inferred resources" have
a great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. 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. This press release and the reports
referred to in this press release use the terms "proven and
probable reserves" and "mineral reserves." We advise U.S. investors
that while these terms are Canadian mining terms as defined in
accordance with NI 43-101 and the CIM Standards, such definitions
differ from the definitions in SEC Industry Guide 7. 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 this category will ever be converted into SEC
Industry Guide 7 reserves. Forward-Looking Statements 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 reserves and resources, the
timing and completion of a feasibility study at the Mt. Todd gold
project, the conversion of mineral resources to mineral reserves,
estimates and location of inferred resources at the Mt. Todd gold
project, the potential use of core drill rigs and the planned
drilling program at the Mt. Todd gold project, opportunities to
expand measured and indicated resource estimates, potential growth
of proven and probable reserves, life of mine, processing rate of
facilities, increases in annual production, efficiency of mining
equipment capital, increase in project size and the resulting
impact on project economics, presence of gold in heap leach pad,
characterization of heap leach pad as an asset rather than a
reclamation liability 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
reserve and resource estimates, estimates of results based on such
reserve and resource and reserve estimates; risks relating to
scheduling for a feasibility study; risks that mineral reserve and
resource estimate will not be confirmed by a new feasibility study;
risks that a new feasibility study will contain other risk factors
important to investors; risks relating to cost increases for
capital and operating costs including cost of power; risks relating
to delays at the Mt. Todd gold project; risks related to delays in
the timing and completion of the Mt. Todd drill program; 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
"Uncertainty of 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 commissions. 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. For further information,
please contact Connie Martinez at (720) 981-1185. SOURCE Vista Gold
Corp. Vista Gold Corp. CONTACT: http://www.vistagold.com
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