DENVER, Feb. 11, 2013 /PRNewswire/ -- Vista Gold
Corp. (TSX & NYSE MKT: VGZ) ("Vista" or the "Company") today
announced assay results from the final ten holes drilled at the
Batman deposit in 2012 as well as the results of the initial
exploration hole at the Snowdrop exploration target on the
Company's Exploration Licenses at the Mt. Todd gold project in
Northern Territory, Australia.
The assay results reported below are from the final ten holes of
a 31 core hole drilling program completed in 2011-12. The first 18
holes of the program were incorporated into Vista's updated mineral
resource estimate announced September 4,
2012. The last 13 holes, including the ten holes announced
today, are anticipated to be incorporated into an updated resource
estimate targeted for completion in early March 2013, and used for the planned definitive
feasibility study targeted for completion later this year. The
Company also continues to advance the Mt. Todd gold project
preliminary feasibility study targeted for completion in the first
quarter of 2013.
Frederick H. Earnest, President
and CEO of Vista said, "We continue to be pleased by the results of
our recent resource conversion drilling program. The drill holes we
announced in 2012 focused on resource conversion at the bottom of
the economic pit in areas of projected higher grade mineralization.
The latter part of the drilling program, including the ten holes
announced today, focused on targets on the north and south ends of
the economic pit. Based on the results from these holes, we expect
there to be a modest increase in measured and indicated resources
resulting from the conversion of inferred resources. Furthermore,
we believe this will result in positive changes to the project,
including improved mine scheduling and better overall economics,
without significant changes to the preliminary feasibility study
pit designs. We are working with a broad group of independent
consultants to finalize the preliminary feasibility study, which we
anticipate will be followed by the updated resource estimate and
final feasibility study."
The assay results are summarized below.
Hole
ID
|
Assay
Interval
(From-To)
|
Thickness
(meters)
|
Approx.
True
Thickness
(meters)
|
Gold
Grade
(gram/tonne)
|
VB12-018
|
|
Hole lost
at 171.6 m – no
significant mineralization
|
|
VB12-019
|
244.9 –
251.8
|
6.9
|
5.6
|
1.21
|
|
509.0 –
515.0
|
6.0
|
4.9
|
0.71
|
|
522.0 –
531.2
|
9.2
|
7.5
|
1.65
|
|
540.0 –
549.0
|
9.0
|
7.3
|
0.71
|
|
556.0 –
560.0
|
4.0
|
3.2
|
1.44
|
|
567.0 –
592.2
|
25.2
|
20.4
|
0.60
|
|
623.0 –
646.0
|
23.0
|
18.6
|
0.92
|
|
671.0 –
680.0
|
9.0
|
7.3
|
0.82
|
|
686.0 –
691.0
|
5.0
|
4.1
|
1.06
|
|
702.0 –
708.0
|
6.0
|
4.9
|
0.71
|
VB12-020
|
383.0 –
404.0
|
21.0
|
15.8
|
0.47
|
|
417.0 –
431.0
|
14.0
|
10.5
|
0.45
|
|
442.0 –
448.0
|
6.0
|
4.5
|
0.42
|
VB12-021
|
226.0 –
234.0
|
8.0
|
6.2
|
0.70
|
|
239.0 –
246.0
|
7.0
|
5.4
|
0.51
|
|
278.0 –
324.0
|
46.0
|
35.7
|
1.01
|
including
|
292.0 –
299.0
|
7.0
|
5.4
|
4.36
|
|
330.0 –
364.0
|
34.0
|
26.4
|
0.56
|
VB12-022
|
257.9 –
277.0
|
19.1
|
15.5
|
0.44
|
|
314.0 –
318.0
|
4.0
|
3.2
|
1.24
|
|
325.0 –
339.0
|
14.0
|
11.3
|
0.95
|
|
359.0 –
374.0
|
15.0
|
12.2
|
0.57
|
|
390.0 –
406.0
|
16.0
|
13.0
|
0.40
|
VB12-023
|
276.0 –
287.1
|
11.1
|
9.0
|
0.66
|
|
300.0 –
316.3
|
16.3
|
13.2
|
0.71
|
|
353.0 –
361.2
|
8.1
|
6.6
|
1.13
|
|
407.0 –
416.0
|
9.0
|
7.3
|
1.19
|
VB12-024
|
|
No
significant
mineralization
|
|
VB12-025
|
339.0 –
351.0
|
12.0
|
9.7
|
2.97
|
|
388.0 –
397.3
|
9.3
|
7.5
|
0.71
|
VB12-026
|
248.0 –
253.0
|
5.0
|
4.1
|
1.09
|
|
297.9 –
303.0
|
5.1
|
4.1
|
0.56
|
VB12-027
|
89.0 –
130.0
|
41.0
|
36.1
|
0.54
|
|
157.0 –
193.0
|
36.0
|
31.7
|
0.47
|
|
232.9 –
264.0
|
31.2
|
27.5
|
0.43
|
|
302.9 –
313.2
|
10.3
|
9.1
|
0.77
|
|
|
|
|
|
The orientations of these drill holes relative to the deposit
are shown in cross sections found on the Company's web site at
http://www.vistagold.com/mt_todd.php?subpage=dr_20130211. 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 g/t Au cutoff with no upper cap applied. The maximum
length of internal waste is 4.0 meters.
Snowdrop Exploration
One core hole was completed on the Snowdrop Target prior to the
onset of the wet season. Snowdrop is located approximately 23
kilometers north of the Batman Pit. The target is defined by a soil
gold anomaly that is 400 meters long and 200 meters wide. Although
the hole did not intersect significant ore grade mineralization,
assay results were encouraging and the Company's management
believes that additional drilling is warranted. The highest grade
intercept was 0.90 g/t Au with six intervals returning greater than
0.4 g/t Au. Three intervals of 31.4 meters, 14.8 meters and 23.3
meters contained detectable (>0.01 g/t) gold. True thicknesses
of these intervals are uncertain. Two geochemical signatures are
apparent in the assay data; one with gold associated with anomalous
base metals and one with an association with As, Bi, Co, and
Te.
Additional work is planned correlating gold mineralization with
geology and in evaluating recent results from soil and rock chip
sampling.
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.
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 Los Cardones 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
The United States Securities and Exchange Commission ("SEC")
limits disclosure for U.S. reporting purposes to mineral deposits
that a company can economically and legally extract or produce.
This press release and the technical reports referenced 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 terms are not recognized under SEC Industry
Guide 7 and are normally not permitted to be used in reports and
registration statements filed with the SEC. Mineral resources in
these categories have a great amount of uncertainty as to their
economic and legal feasibility. "Inferred resources" have a great
amount of uncertainty as to their existence and, under Canadian
regulations, cannot form the basis of a pre-feasibility or
feasibility study, except in limited circumstances. 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.
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, the inclusion of drill data into an updated resource estimate,
timing and results of the anticipated pre-feasibility study,
updated technical report and feasibility study, continued
advancement of the Mt. Todd gold project, expected conversion of
inferred resources to measured and indicated resources, positive
changes to the project including improved mine scheduling and
better overall economics without significant changes to pit
designs, additional drilling and work at the Snowdrop target,
Vista's goal of becoming a gold producer 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 feasibility study, updated resource estimates, and
feasibility study, risks related to the changes in mine
design, 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
Company's website at www.vistagold.com.
SOURCE Vista Gold Corp.