Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the
“Company”) today announced assay results for drilling at the
Company’s Mt Todd gold project (“Mt Todd” or the “Project”). Two
additional holes have been completed on an east-west section
approximately 500 meters north of the limits of the Batman deposit
resource model. Both holes drilled through mineralized structures
as projected, with some intercepts in both holes showing
significantly higher grades than historic drilling in the Batman
deposit.
Highlights
- VB21-004 intersected the same
structure as VB20-001 and drilled 42 meters @ 0.80 grams gold per
tonne (“g Au/t”), including 12 meters @ 1.46 g Au/t;
- VB21-005 was drilled up-dip from
VB21-002 and intersected 29 meters @ 2.65 g Au/t, including 0.31
meters @ 161.80 g Au/t;
- Both holes confirm the lateral
continuity of mineralized structures with drill intercepts 500
meters north of the Batman deposit; and
- VB21-005 confirmed the vertical
continuity of the definable high-grade zone intersected in hole
VB21-002.
Frederick Earnest, President and CEO commented,
“In these drill results, we see vertical and horizontal continuity
of mineralization just as we did in our very successful development
and expansion of the Batman deposit. The results of this program
confirm our strong belief in the potential to increase the gold
resources of the Mt Todd Project with additional drilling. The
significantly higher-grade intercepts encountered in both VB21-004
and VB21-005 suggest the potential importance of these parallel
structures as part of the feeder system that helped create the
Batman deposit. Presently, two drills are drilling in the general
vicinity of VB21-002 and VB21-005 to further define this structure,
which is an extension of the Batman Core Zone. Following this, we
plan to drill the parallel structure intersected in VB21-004 300
meters to the east, which aligns with the Golf-Tollis target. We
are focused on understanding the geology and structural conditions
that helped form these narrower, but apparently higher-grade,
mineralized structures and their relationship to the Batman deposit
approximately 500 meters to the south. We believe this will allow
us to refine our exploration model prior to stepping out further to
the north. We are very pleased with these results and look forward
to the results of future drilling.” Vista Gold CEO Video
Holes VB21-004 and VB21-005 were drilled on
Section 8436400N targeting differing, yet parallel mineralized
structures. Hole VB21-005 was drilled to test the vertical
continuity of mineralization discovered in hole VB21-002 (results
announced March 24, 2021). This hole intersected 10 meters
averaging 6.50 g Au/t, including 0.31 meters with 161.80 g Au/t.
Hole VB21-004 was drilled approximately 300 meters to the east
targeting a mineralized structure in line with the Golf-Tollis
target and intersected 6 meters averaging 2.48 g Au/t, including
1.0 meter with 11.10 g Au/t. Please refer to the following table
for a detailed summary of the assay results for these two holes and
to Figure 1 on the following page for a map
showing the locations of these drill holes.
Table 1 – Summary of Assay
Results
Hole No. |
Grid Co-ordinates |
Survey Data |
Intersections |
MGA94Grid Easting |
MGA94Grid Northing |
RL(m) |
Azimuth(°) |
Dip(°) |
Depth(m) |
|
From(m) |
To(m) |
Interval(m) |
True Thickness (m) |
Grade(g/t Au) |
SampleType |
VB21-004 |
187942.0 |
8436407.0 |
148.0 |
90.0 |
-49.0 |
410.8 |
|
89.7 |
132.0 |
42.3 |
29.6 |
0.78 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
97.0 |
126.0 |
29.0 |
20.3 |
0.94 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
120.0 |
132.0 |
12.0 |
8.4 |
1.46 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
120.0 |
126.0 |
6.0 |
4.2 |
2.48 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
120.0 |
121.0 |
1.0 |
0.7 |
11.10 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
204.0 |
225.8 |
21.8 |
15.3 |
0.62 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
209.0 |
216.0 |
7.0 |
4.9 |
1.33 |
HQ ½ Core |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VB21-005 |
187586.0 |
8436404.0 |
160.0 |
270.0 |
-50.0 |
445.7 |
|
67.0 |
74.0 |
7.0 |
4.9 |
1.13 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
100.6 |
130.0 |
29.4 |
20.6 |
2.65 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
109.0 |
119.0 |
10.0 |
7.0 |
6.50 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
113.7 |
119.0 |
5.3 |
3.7 |
11.44 |
HQ ½ Core |
|
|
|
|
|
|
|
including |
115.9 |
116.3 |
0.3 |
0.2 |
161.80 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
204.9 |
208.8 |
3.9 |
2.7 |
2.71 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
226.3 |
231.4 |
5.2 |
3.6 |
1.51 |
HQ ½ Core |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) |
Results are based on ore grade 50g fire assay for
Au. |
|
|
(ii) |
Intersections are from diamond core drilling with
half-core samples with 1 metre representative 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, and
maximum internal waste of 4.0 metres. |
|
(v) |
All intersections are downhole intervals, and
reflect approximate true widths. |
|
|
|
|
|
(vi) |
All downhole deviations have been verified by
downhole camera and or downhole gyro. |
|
|
|
|
|
(vii) |
Collar coordinates surveyed by Earl James &
Assoc., an independent surveyor, using Trimble R8 GNSS. |
|
|
|
|
(viii) |
The Company maintains a QA/QC program, as further
described below. |
|
|
|
|
|
|
(ix) |
The assay laboratories responsible for the assays
were Northern Analytical Laboratories Pty. Ltd. (“NAL”), an
independent ISO 9000 certified lab, Pine Creek, NT and Genalysis
Laboratory Services Pty Ltd, Perth, WA, which is also independent
from Vista. |
The plan view in Figure 1 shows
the locations of drill holes VB21-004 and VB21-005 relative to
previously announced drill holes. Holes VB21-004 and VB21-005 were
drilled on Section 8436400N (labeled as ‘Section A-A’). VB21-004
was targeting mineralization in line with the Golf-Tollis target,
which is believed to be the same structure as previously drilled in
VB20-001. Figure 1 also shows the locations of all
released holes from the 2020-2021 drilling.
Figure 2 shows the downhole
assay results for the two drill holes detailed in this release,
plus previously announced VB21-002 and the spatial relationship of
the holes west to east when viewed looking north.
The drilling on section 8436400N has confirmed
that some of these structures host higher grades with widths up to
30 meters. Currently, two northeast striking structures have been
intersected and they extend over several kilometers. There are also
indications of additional structures proximal to Batman.
The mineralization in VB21-002 and VB21-005
parallels the orientation of the Batman-Driffield corridor and is
an extension of the mineralization within the Batman deposit.
https://www.globenewswire.com/NewsRoom/AttachmentNg/44bcb762-58ad-4ea7-a535-724f799d3fa2
Figure 1 – Plan View of Drill Holes and
Cross Section Locations
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ca0dad9-1c45-4747-b015-dfef4e63622e
Figure 2 – Section 8436400N View of
VB21-004 and VB21-005 with VB21-002 Assay Results
Figure 3 shows the assay
results for VB21-005 and its relationship to VB21-002 and the
historic drilling completed by others.
https://www.globenewswire.com/NewsRoom/AttachmentNg/08a69c59-48ff-4391-bf19-8ddb44d17b11
Figure 3 – Section 8436400N Enlarged View
of VB21-005 and VB21-002 Drilling Assay Results
Figure 4 shows the relationship of VB 21-004 to
the historic, more shallow drilling. The mineralized zones in
VB21-004 align vertically with mineralization in the historic drill
holes.
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f1c02af-a2a4-4276-b6f1-4feeb5292cb2
Figure 4 – Section 8436400N Enlarged View
of VB21-004 and Historic Drilling
Figure 5 is a plan view interpretation of the
results of Vista soil and grab samples that have been collected.
This demonstrates over 400 meters of strike length on the surface
with anomalous gold values that align well with projected
mineralized intercepts in VB21-002 and VB21-005.
https://www.globenewswire.com/NewsRoom/AttachmentNg/1ceed502-17b0-45b0-a37d-38f55070306c
Figure 5 – Plan view of Surface
Geochemistry, including Soil and Rock Chip Samples
in the Vicinity of VB002 and VB21-005.
The sampling method and approach for the surface geochemistry
and grab samples is as follows:
- Soil samples are planned on a
regular grid and a sample sheet is generated.
- GPS is used to locate sample
positions and a pelican pick is used to clear debris and any
topsoil from the sample location 3.
- The hole is dug to the B horizon
and 7 to 10 kg of soil is collected and coarse sieved to remove
stones etc., a fine mesh is then employed and the entire sample
recovered post sieving is bagged.
- Soil sampling is usually undertaken
in the dry season, however if wet samples are obtained, they are
dried in the logging shed prior to sieving.
- Sample bags are calico and
purchased pre-numbered, these are then packaged in groups of 5 for
transportation to Northern Analytical Laboratories Pty. Ltd
(“NAL”), an independent ISO 9000 certified lab, Pine Creek, NT and
Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also
independent from Vista.
- As the site is closed
to public access, no special security measures are
undertaken.
- A sample submission sheet is sent
to the lab, detailing required methodology, and number of
samples.
- No identifying data relating to
sample location is recorded on the bags submitted or the paperwork
beyond bag numbers.
Rock chip and soil geochemical samples are
routinely collected to determine if the potential exists for
anomalous gold values below the surface. The presence of
anomalous gold grades is not a guarantee of subsurface
mineralization. While both rock chip and soil samples have
sampling procedures, it is not considered rigorous enough to be
relied upon for use in the estimation of resources. Surface
soil and rock chip samples are merely considered to be potential
indicators of subsurface mineralization. Since the rock chip
and soil assays are not used in resource estimation, it is rare
that any additional QA/QC or check assaying would be
completed. The data are used on an as received basis.
It is the QP’s opinion (as defined below) that
the sample preparation methods and quality control measures
employed before dispatch of samples to an analytical or testing
laboratory ensured the validity and integrity of samples taken.
John Rozelle, Vista’s Sr. Vice President, a
Qualified Person (“QP”) as defined by Canadian 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. 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 NI 43-101 Technical Report, Mt
Todd Gold Project, 50,000 tpd Preliminary Feasibility Study,
Northern Territory, Australia. The information contained in this
press release is provided to inform the reader of the growth of our
geologic understanding of the Project. There has been insufficient
exploration to define a mineral resource with respect to the
exploration target areas and it is uncertain if further exploration
will result in the exploration target areas being delineated as a
mineral resource.
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 plastic 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 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 NAL, a certified lab, 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 and shipped to
NAL in Pine Creek, Northern Territory, for standard fire assays. At
the lab, the samples are pulverized and split down to 50-gram assay
samples prior to assaying. The industry-standard 3 assay-ton fire
assay is followed by an atomic absorption (AA) finish, except where
results report a result of greater than 3 g Au/tonne, and then a
gravimetric finish is used to report final results.
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 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.
About Vista Gold Corp.
The Company is a gold project developer. Our
principal asset is our flagship Mt Todd gold project in Northern
Territory, Australia. Mt Todd is the largest undeveloped gold
project in Australia.
For further information, please contact Pamela
Solly, Vice President of Investor Relations, at (720) 981-1185.
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 our
belief that drill results from VB21-004 and 005 support Vista’s
exploration model which suggests that multiple structures of this
type may be found not only near the Batman deposit, but also along
the 16km of strike of the Cullen-Australis corridor; our belief
that there is potential to increase the gold resources of the Mt
Todd Project with additional future drilling; our belief that the
narrower and significantly higher-grade intercepts encountered in
both VB21-004 and VB21-005 indicate the potential importance of
these structures as part of the gold transportation system that
helped create the Batman deposit and hint at the possibility of
significantly higher-grade zones; our belief that the
mineralization in VB21-002 and 005 parallels the orientation of the
Batman-Driffield corridor and appears to be an extension of the
mineralization within the Batman deposit; our belief that our plans
for future drilling will result in gaining a better understanding
of the continuity of mineralization encountered at VB21-004 and
allow us to refine our exploration model prior to stepping out
further to the north; and our belief that Mt Todd is the largest
undeveloped gold project in Australia 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, uncertainties inherent in the exploration of mineral
properties, the possibility that future exploration results will
not be consistent with the Company's expectations; there being no
assurance that the exploration program or programs of the Company
will result in expanded mineral resources; 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 25, 2021 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.
Cautionary Note to United States
Investors
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. The technical reports referenced in this press
release uses the terms defined in Canadian National Instrument
43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)
and the Canadian Institute of Mining, Metallurgy and Petroleum (the
“CIM”) – CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended (the “CIM
Definition Standards”). These standards are not the same as
reserves under the SEC’s Industry Guide 7 and may not constitute
reserves or resources under the SEC’s newly adopted disclosure
rules to modernize mineral property disclosure requirements (“SEC
Modernization Rules”), which became effective February 25, 2019 and
will be applicable to the Company in its annual report for the
fiscal year ending December 31, 2021. Under the currently
applicable 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. Additionally, the technical reports 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
accordance with NI 43-101, such terms are not recognized under SEC
Industry Guide 7 and normally are not permitted to be used in
reports and registration statements filed with the SEC. Mineral
resources described in the technical reports have a great amount of
uncertainty as to their economic and legal feasibility. 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.
“Inferred resources” have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that any or all part of an
inferred resource will ever be upgraded to a higher category.
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.
Under the SEC Modernization Rules, the
definitions of “proven mineral reserves” and “probable mineral
reserves” have been amended to be substantially similar to the
corresponding CIM Definition Standards and the SEC has added
definitions to recognize “measured mineral resources”, “indicated
mineral resources” and “inferred mineral resources” which are also
substantially similar to the corresponding CIM Definition Standard.
However there are differences between the definitions and standards
under the SEC Modernization Rules and those under the CIM
Definition Standards and therefore once the Company begins
reporting under the SEC Modernization Rules there is no assurance
that the Company’s mineral reserve and mineral estimates will be
the same as those reported under CIM Definition Standards as
contained in the technical reports prepared under CIM Definition
Standards or that the economics for the Mt Todd project estimated
in such technical reports will be the same as those estimated in
any technical report prepared by the Company under the SEC
Modernization Rules in the future.
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