Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) is pleased to provide results from the ongoing drilling
program at the Company’s 100% owned Mt Todd gold project (“Mt Todd”
or the “Project”) located in Northern Territory, Australia.
North Extension Drilling
Highlights
- Confirmed the extension of the Batman Core Zone to the
north;
- Showed the North Core Zone extension to be thicker than
previously expected with higher grades in the center portion;
and
- Demonstrated the opportunity to develop classified resources in
an area within the planned ultimate pit that is currently modelled
as waste material.
Frederick Earnest, President and CEO of Vista,
stated, “We continue to be encouraged by the results of our ongoing
drilling program, which demonstrate that the Batman Core Zone
extends to the north, as expected, and further validate our belief
that mineralization with vertical and lateral continuity exists
within and immediately adjacent to the planned Batman pit. Drilling
continues on the remaining holes in our 2,400-meter program, with
completion and results expected this quarter. We are presently
evaluating targets for a follow-up drill program with the objective
to confirm continuity and connectivity of the mineralized
structures extending northeast to the Quigleys deposit.” See Vista
Gold CEO Video.
In the fourth quarter 2020, the Company
commenced an eight-hole proof of concept drilling program to test
targets known as the Batman Hanging Wall Lode and the Batman North
Extension. The goal of the program is to confirm the existence of
mineralization with vertical and lateral continuity within and
immediately adjacent to the planned Batman pit.
Results from Hole VB20-001 were announced in
December 2020 (see News Release) and confirmed the existence of a
mineralized zone that is believed to be a connection between the
main Batman structure and the Golf-Tollis structure. Holes
VB20-002, -003, and -004 targeted the Batman North Extension to the
north of the main Batman structure.
Assay results for holes VB20-002, VB20-003 and VB20-004 are
summarized below.
Hole No. |
Grid Co-ordinates |
Survey Data |
Intersections |
MGA94 Grid Easting |
MGA94 Grid Northing |
RL (m) |
Azimuth (°) |
Dip (°) |
Depth (m) |
|
From (m) |
To (m) |
Interval (m) |
True Thickness (m) |
Grade (g/t Au) |
Sample Type |
VB20-002 |
187287.0 |
8435936.0 |
143.0 |
270.0 |
-58.0 |
280.0 |
|
8.0 |
164.0 |
156.0 |
113.0 |
0.55 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
8.0 |
19.0 |
11.0 |
8.0 |
0.88 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
101.0 |
130.0 |
29.0 |
20.0 |
1.00 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
203.0 |
220.0 |
17.0 |
12.0 |
0.72 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
219.0 |
220.0 |
1.0 |
0.7 |
3.72 |
HQ ½ Core |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VB20-003 |
187272.0 |
8435933.0 |
140.0 |
266.0 |
-54.0 |
299.8 |
|
15.0 |
160.0 |
145.0 |
92.0 |
0.44 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
81.0 |
160.0 |
79.0 |
50.0 |
0.51 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
155.0 |
160.0 |
5.0 |
3.0 |
1.47 |
HQ ½ Core |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VB20-004 |
187251.0 |
8435933.0 |
144.0 |
270.0 |
-48.0 |
146.0 |
|
15.0 |
21.0 |
6.0 |
4.5 |
0.57 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
33.0 |
40.0 |
7.0 |
5.0 |
0.60 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
52.0 |
59.0 |
7.0 |
5.0 |
0.47 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
84.0 |
88.0 |
4.0 |
3.0 |
1.26 |
HQ ½ Core |
Notes: |
|
(i) |
Results are based on ore grade 50g fire assay for Au and four acid
ICP-OES for Cu. |
|
(ii) |
Intersections are from diamond core drilling with half-core
samples. |
|
(iii) |
Core
sample intervals were constrained by geology, alteration or
structural boundaries, intervals varied between a minimum of 0.2
metres to a maximum of 1.2 metres. |
|
(iv) |
Mean
grades have been calculated on a 0.4g/t Au lower cut-off grade with
no upper cut-off grade applied. |
|
(v) |
All
intersections are downhole intervals. |
|
(vi) |
All
downhole deviations have been verified by downhole camera and or
downhole gyro. |
|
(vii) |
Collar
coordinates surveyed by GPS. |
|
(viii) |
The
Company maintains a QA/QC program described below. |
|
(ix) |
The assay
laboratories responsible for the assays were NAL Pty Ltd, Pine
Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth,
WA. |
Figure 1 – Batman North
Extensionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/2a21e5b4-daa4-47b7-befa-742a639fb13a
The plan view above shows the interpreted
location of the Batman North Extension. VB20-002, -003, and -004
intersected the Batman North Extension at the predicted location
and encountered a thicker mineralized zone than anticipated.
Figure 2 – Section A-A’ (VB20-002, 003,
and
004)https://www.globenewswire.com/NewsRoom/AttachmentNg/189f4653-45ed-4cb4-854c-cd7f162ba43b
In the cross section below the location and
assay results of VB20-002, -003, and -004 are shown relative to the
core zones of the Batman deposit. The lighter shading denotes the
higher-grade center portion within the extension of the Core
Zone.
John Rozelle, Vista’s Sr. Vice President, a
Qualified Person (QP) as defined by National Instrument 43-101 –
Standards of Disclosure for Mineral Projects, has verified the data
underlying the information contained in and has approved this press
release.
Data Verification and QA/QC
The sampling method and approach for the
drillholes are as follows:
- The drill core, upon removal from the core barrel, is placed
into plastic core boxes;
- The poly core boxes are transported to the sample preparation
building;
- The core is marked, geologically logged, geotechnically logged,
photographed, and sawn into halves. One-half is placed into sample
bags as one-meter sample lengths, and the other half retained for
future reference. The only exception to this is when a portion of
the remaining core has been flagged for use in the ongoing
metallurgical testwork;
- The bagged samples have sample tags placed both inside and on
the outside of the sample bags. The individual samples are grouped
into “lots” for submission to Northern Analytical Laboratories for
preparation and analytical testing; and
- All of this work was done under the supervision of a Vista
geologist.
Processing of the core included photographing,
geotechnical and geologic logging, and marking the core for
sampling. The nominal sample interval was one meter. When this
process was completed, the core was moved into the core
cutting/storage area where it was laid out for sampling. The core
was laid out using the following procedures:
- One meter depth intervals were
marked out on the core by a member of the geologic staff;
- Core orientation (bottom of core)
was marked with a solid line when at least three orientation marks
aligned and used for structural measurements. When orientation
marks were insufficient an estimated orientation was indicated by a
dashed line;
- Geologic logging was then done by a
member of the geologic staff. Assay intervals were selected at that
time and a cut line marked on the core. The standard sample
interval was one meter, with a minimum of 0.2 m and a maximum of
1.2 m;
- Blind sample numbers were then
assigned based on pre-labeled sample bags. Sample intervals were
then indicated in the core tray at the appropriate locations;
and
- Each core tray was photographed and
restacked on pallets pending sample cutting and stored on site
indefinitely.
The core was then cut using diamond saws with
each interval placed in sample bags. At this time, the standards
and blanks were also placed in plastic bags for inclusion in the
shipment. A reference standard or a blank was inserted at a minimum
ratio of 1 in 10 and at suspected high grade intervals additional
blanks sample were added. Standard reference material was sourced
from Ore Research & Exploration Pty Ltd and provided in 60 g
sealed packets. When a sequence of five samples was completed, they
were placed in a shipping bag and closed with a zip tie. All of
these samples were kept in the secure area until crated for
shipping.
Samples were placed in crates for shipping with
100 samples per crate (20 shipping bags). The crates were stacked
outside the core shed until picked up for transport.
The QP is satisfied that sample security
measures meet industry standards. Statistical analysis of the
various drilling populations and quality assurance/quality control
(QA/QC) samples has not either identified or highlighted any
reasons to not accept the data as representative of the tenor and
grade of the mineralization estimated at the Batman deposit. NAL
Pty. Ltd and Genalysis Laboratory Services Pty Ltd. are both
independent of the Company.
About Vista Gold Corp.
The Company is a gold project developer. The
Company’s flagship asset is the Mt Todd gold project in the Tier-1
mining jurisdiction of 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 Statement
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 our
belief of the existence of a mineralized zone that is a connection
between the main Batman structure and the Golf-Tollis structure;
our belief that we have identified the extension of the Batman core
zone to the north and the existence of mineralization with vertical
and lateral continuity exists within and immediately adjacent to
the planned Batman pit; our belief that there may be opportunity to
develop classified resources in an area within the planned ultimate
pit that is currently modelled as waste material; that, our belief
that additional drilling could confirm continuity and connectivity
of the mineralized structures extending northeast to the Quigleys
deposit; and our belief that 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 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: our approved
business plans, exploration and assay results, results of our test
work for process area improvements, mineral resource and reserve
estimates and results of preliminary economic assessments,
prefeasibility studies and feasibility studies on our projects, if
any, our experience with regulators, and positive changes to
current economic conditions 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 it operates; risks due to
legal proceedings; risks relating to political and economic
instability in certain countries in which it 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 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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