Vista Gold Corp. Reports Assay Results for Ongoing Resource Conversion Drilling Program at the Mt. Todd Gold Project
10 Juli 2012 - 11:04PM
PR Newswire (Canada)
DENVER, July 12, 2012 /CNW/ - Vista Gold Corp. ("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.
______________________________________________________________ |
|Assay | |Approx. | | | |Interval |Thickness|True |Gold Grade |
|Hole ID | | |Thickness|(grams/tonne)| | |(From-To) |(meters) | | |
| | | |(meters) | |
|________|___________________|_________|_________|_____________|
|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 # 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. Vista Gold Corp.
CONTACT: http://www.vistagold.com
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