Vista Gold Corp. Announces Recent Geological Evaluation Results Highlighting the Potential of the Mt Todd Gold Project
02 Juni 2020 - 12:45PM
Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) today announced positive results of ongoing geological
evaluations at its Mt Todd Gold Project (“Mt Todd” or the
“Project”) in the Northern Territory, Australia. This initial phase
of the Company’s evaluations focused on the Batman deposit and the
area north to the Quigleys deposit. Results demonstrate greater
potential for continuity of gold mineralization along a 5.4 Km
strike length. These results are preliminary in nature.
The Company recently consolidated its geologic
information which includes both Vista and historic drilling at the
Batman deposit, historic drilling northeast of the Batman deposit
to the Quigleys’ deposit, and all of the surface geochemistry,
geophysics, structural geology, and lithologic data into a
comprehensive GIS database as part of its ongoing evaluation work
to identify and prioritize upside potential at Mt Todd. This
consolidated GIS format has identified several trends and potential
areas where the gold mineralization may be more extensive than
previously thought.
Frederick H. Earnest, President and Chief
Executive Officer of Vista, stated, “We believe Mt Todd hosts a
district and not just a deposit. The recent work by our geologic
team on understanding the connectivity of the Batman deposit to the
Golf-Tollis and Quigleys deposits indicates potential for district
continuity. As we evaluate this potential combined with continued
improved gold prices, it is possible to envision a 20-plus year
mine.”
Mt Todd encompasses a large land package that
has both explored and unexplored areas. There are two principle
mineralized structural trends; the Batman-Driffield Trend and the
Cullen-Australis Trend. The Batman-Driffield Trend has the greatest
number of known mineralized prospects and has been the subject of
the most detailed work. Figure 1 provides detail on the
southwestern portion of the Batman-Driffield Trend which contains
the Batman deposit and several other prospects with historic
drilling. Long-section A-B covers a linear length of ~5.4 Km.
This area lies within Vista’s mining licenses and represents the
initial phase of recent evaluations by Vista’s exploration
team.
Figure 1: Plan map of a portion of the
Batman-Driffield
Trend.https://www.globenewswire.com/NewsRoom/AttachmentNg/390d9466-1268-42f8-b097-74a0603b4eb1
Figure 2 illustrates the extent of historic
drilling completed north of the Batman deposit. For the most part,
the historic drilling was shallow (generally less than 100m) and
either Rapid Air Blast, Reverse Circulation or Churn drilling,
which returned no drill core, only rock chips. When Vista initiated
its work on the Batman deposit, the historic drilling looked much
the same as that shown for the Golf-Tollis and Quigleys deposits.
All of Vista’s drilling has been diamond core holes. The Batman
deposit now is known to extend to a considerable depth below the
other mineralization shown in Figure 2. The connectivity within
this ~5.4 Km structurally-controlled, mineralized area is
encouraging because it supports the potential that there is a
mineral district at Mt Todd and not just the Batman deposit. In
addition, it highlights the opportunity for more diamond drilling
at deeper depths in order to begin to unlock the full potential at
Mt Todd.
Figure 2: Long section of mineralization
in the Batman-Driffield
Trend.https://www.globenewswire.com/NewsRoom/AttachmentNg/a7a34a98-f9dc-45c8-b21f-9e5a84ac9056
John Rozelle, Vista’s Sr. Vice President, a
Qualified Person as defined by National Instrument 43-101 –
Standards of Disclosure for Mineral Projects, has verified the data
disclosed in this news release and approved the information in this
press release. The drill hole information displayed in Figure 2
associated with the Batman and Quigleys deposits has been
previously disclosed in Vista’s October 7, 2019 NI 43-101 Technical
Report (“Technical Report”) entitled “NI 43-101 Technical Report,
Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study,
Northern Territory Australia” and meets all of the NI 43-101
requirements for disclosure of mineral resources or reserves.
The drill holes shown for the Golf-Tollis/Penguin and the Quigleys
Extension are historic drill holes. Only the lithologic and
geologic structural data have been used and there are no historic
or current resource or reserves for these identified areas.
The information contained in this press release does not change any
of the mineral resources or reserves estimates contained in Vista’s
October 7, 2019 Technical Report. The information contained in this
press release is provided to inform the reader of the growth of our
geologic understanding of the Project as new software tools have
been implemented.
About Vista Gold Corp.
The Company is a gold project developer. The
Company’s flagship asset is the Mt Todd gold project in Northern
Territory, Australia. Mt Todd is the largest undeveloped gold
project in Australia and if developed as presently designed, would
potentially be Australia’s 6th largest gold producer on an annual
basis.
For further information about Vista or the Mt
Todd Gold Project, please contact Pamela Solly, Vice President of
Investor Relations, at (720) 981-1185 or visit the Company’s
website at www.vistagold.com to access important information,
including the current Technical Report.
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 we expect or anticipate
will or may occur in the future, including such things as the
future potential of the Mt Todd gold project as a mineral district
and not just a deposit, the timing and results of future
exploration at Mt Todd, the economic viability of the potential
extended mineral district at Mt Todd, the potential for a 20-plus
year mine at Mt Todd with substantial metal production, the
projected economics of the Mt Todd gold project and other similar
statements are forward-looking statements and forward-looking
information. The material factors and assumptions used to develop
the forward-looking statements and forward-looking information
contained in this press release include the following: no change to
laws or regulations impacting mine development or mining
activities, our approved business plans, mineral resource and
reserve estimates and results of preliminary economic assessments,
preliminary feasibility studies and feasibility studies on our
projects, if any, our experience with regulators, our experience
and knowledge of the Australian mining industry, benchmarked
operations being similar to planned operations at Mt Todd
and the price of gold. 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 the Company 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 and reserve
estimates, uncertainty as to the Company’s future operating costs
and ability to raise capital; risks relating to cost increases for
capital and operating costs; 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 our operations of
environmental regulations in the countries in which the Company
operates; risks due to legal proceedings; risks relating to
political and economic instability in certain countries in which
the Company operates; uncertainty as to the results of bulk
metallurgical test work; and uncertainty as to completion of
critical milestones for Mt Todd; as well as those factors discussed
under the headings “Note Regarding Forward-Looking Statements” and
“Risk Factors” in the Company’s latest Annual Report on Form 10-K
as filed on February 26, 2020 and other documents filed with the
U.S. Securities and Exchange Commission and Canadian securities
regulatory authorities. Although we have 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, we assume no obligation to publicly update any
forward-looking statements or forward-looking information; whether
as a result of new information, future events or otherwise.
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