DENVER, July 12, 2012 /PRNewswire/ -- Vista Gold
Corp. (TSX & NYSE MKT: VGZ) ("Vista" or the "Company") today
announced assay results of drill holes from the ongoing resource
conversion drilling program at the Mt. Todd gold project in
Northern Territory, Australia.
Vista has now completed 19 holes totaling 13,047 meters.
The assay results of the first ten holes (approximately 50% of
total drilled to-date) were announced previously (please refer to
our press releases dated March 12,
April 25, and June 5, 2012). The following table summarizes
results from the subsequent three holes.
Hole
ID
|
Assay
Interval
(From-To)
|
Thickness
(meters)
|
Approx.
True
Thickness
(meters)
|
Gold
Grade
(grams/tonne)
|
VB12-007
|
235.8 –
281.2
|
45.4
|
38
|
1.02
|
|
371.9 –
399.0
|
27.1
|
23
|
0.85
|
|
441.4 –
463.0
|
21.6
|
18
|
0.52
|
|
472.1 –
501.0
|
28.9
|
24
|
0.51
|
|
509.0 –
520.0
|
11.0
|
9
|
0.73
|
|
535.0 –
550.0
|
15.0
|
13
|
0.40
|
VB12-008
|
70.3 –
97.0
|
26.7
|
20
|
1.66
|
|
125.0 –
135.0
|
10.0
|
8
|
1.02
|
|
196.0 –
205.0
|
9.0
|
7
|
4.78
|
|
232.0
-269.1
|
37.1
|
28
|
0.56
|
|
289.0 –
297.0
|
8.0
|
6
|
1.02
|
|
301.9 –
323.0
|
21.1
|
16
|
0.68
|
|
328.0 –
371.0
|
43.0
|
32
|
1.57
|
|
485.0 –
500.0
|
15.0
|
11
|
0.60
|
VB12-009
|
299.9 –
309.0
|
9.1
|
8
|
1.40
|
|
460.0 –
467.0
|
7.0
|
6
|
0.59
|
|
471.7 –
531.9
|
60.2
|
50
|
0.70
|
|
537.0 –
562.0
|
25.0
|
21
|
0.95
|
|
566.9 –
572.6
|
5.7
|
5
|
0.53
|
|
576.0 –
597.0
|
21.0
|
18
|
0.74
|
|
603.0 –
654.0
|
51.0
|
42
|
0.94
|
|
662.0 –
706.0
|
44.0
|
37
|
1.15
|
|
|
|
|
|
The orientation of these drill holes relative to the deposit is
shown in cross sections found on the Company's web site at
http://vistagold.com/mt_todd_test.php?subpage=dr_20120712.
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,
generally averaging 1 meter in length. Mean grades are
calculated at a 0.4 grams/tonne Au cutoff with no upper cap
applied. 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 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 Northern Territory Environmental
Laboratories (Intertek Group) in Darwin, Australia. Gold
grades are based on a 50 gram fire assay method.
Core logging and sample custody, preparation and assaying were
reviewed by Mr. Frank Fenne and Mr.
Fenne is of the view that they are sufficient. Mr.
Frank Fenne has verified and
approved the data and approved the scientific and technical
information disclosed in this press release.
Vista's President and Chief Executive Officer, Fred Earnest, commented, "The latest assay
results, from holes drilled on both the north and south sides of
the Batman deposit, continue to confirm our understanding of the
deposit. Consistent with previous results from this drilling
program, the mineralized intercepts are being encountered where
predicted and are returning assay results generally better than the
estimated grade of corresponding blocks in the current resource
model. A review of the drilling program results as shown on
the cross sections on our web site further supports both our
expectation that we will increase the estimated measured and
indicated resources at the Mt. Todd project, as well as our
decision to incorporate a larger processing facility into the
project's feasibility study."
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 granted Invecture
Group, S.A. de C.V. a right to earn a 62.5% 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 uses the terms "measured resources,"
"indicated resources," and "measured & indicated
resources." We advise U.S. investors that while these
terms are Canadian mining terms as defined in 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. 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 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 conversion of resources to
measured and indicated resources, the decision to incorporate a
larger process facility and the potential impact thereof and other
such matters are forward-looking statements and forward-looking
information. The material factors and assumptions used to
develop the forward-looking information and the forward-looking
information contained in this press release include the following:
results of feasibility studies, mineral resource and reserve
estimates, exploration and assay results, terms and conditions of
our agreements with contractors and our approved business
plan. 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 Mt. Todd gold project, risks related to the timing and the
ability to obtain the necessary permits, 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 Amendment No. 1 to its Annual Report on Form 10-K as filed
on April 5, 2012 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.
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.