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”). Four
additional holes have been completed north of the Batman deposit
which demonstrate that Vista’s model of the controlling structures
is reliable in predicting where mineralization is most likely to be
encountered.
Highlights
- VB21-006 – contains two near
surface intercepts, including 6.0 meters @ 1.58 grams gold per
tonne (“g Au/t”) and 3.2 meters @ 1.39 g Au/t;
- VB21-007 – contains three near
surface intercepts, including 2.5 meters @ 1.77 g Au/t, 0.3 meters
@ 10.93 g Au/t, and 6.7 meters @ 0.93 g Au/t, and a deeper
intercept of 3.2 meters @ 1.57 g Au/t;
- VB21-008 – contains three deeper
intercepts of 8.5 meters @ 1.89 g Au/t, 1.5 meters @ 7.24 g Au/t,
and 7.1 meters @ 2.39 g Au/t; and
- VB21-009 – contains three
intercepts at 1.1 g Au/t or better, including 1.5 meters @ 1.88 g
Au/t, 2.2 meters @ 1.10 g Au/t, and 1.1 meters @ 5.15 g Au/t.
Frederick Earnest, President and CEO commented,
“The ongoing drilling continues to confirm our structural and
geological interpretations north of the Batman deposit and, given
the significant area within the Batman-Driffield structural
corridor, increases our confidence in the potential for future
mineral resource growth at Mt Todd, with the appropriate future
in-fill drilling. Based on our model, each of the holes that we
reported today targeted specific structures and not only confirmed
our structural interpretations, but also increased our
understanding of the size, orientation, and gold-bearing potential
of the mineralized structures north of the Batman deposit. Drilling
is ongoing to further expand our understanding of the mineralized
structures in this area and additional drilling is planned to
systematically expand our understanding of the geologic potential
of the area toward the Golf-Tollis and Penguin targets to the
north.”
Table 1 – Summary of Assay
Results
Hole No. |
Grid Co-ordinates |
Survey Data |
Intersections |
MGA94Grid Easting |
MGA94Grid Northing |
RL (m) |
Azimuth (°) |
Dip (°) |
TotalLength (m) |
|
From (m) |
To (m) |
Interval (m) |
TrueThickness(m) |
Grade(g/t Au) |
SampleType |
VB21-006 |
187629.0 |
8435852.0 |
132.0 |
92.9 |
-50.0 |
347.7 |
|
53.0 |
59.0 |
6.0 |
4.3 |
1.58 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
101.8 |
105.0 |
3.2 |
2.3 |
1.39 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
167.7 |
175.1 |
7.4 |
5.3 |
0.73 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
188.0 |
192.0 |
4.0 |
2.9 |
0.82 |
HQ ½ Core |
VB21-007 |
187618.0 |
8436518.0 |
148.0 |
272.9 |
-50.0 |
299.9 |
|
42.5 |
45.0 |
2.5 |
1.8 |
1.77 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
69.0 |
78.2 |
9.2 |
6.6 |
0.63 |
HQ ½ Core |
|
|
|
|
|
|
|
incl |
72.0 |
72.3 |
0.3 |
0.2 |
10.93 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
87.3 |
94.0 |
6.7 |
4.8 |
0.93 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
149.0 |
155.0 |
6.0 |
4.3 |
0.44 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
262.8 |
266.0 |
3.2 |
2.3 |
1.57 |
HQ ½ Core |
VB21-008 |
187758.0 |
8436406.0 |
137.0 |
276.0 |
-48.0 |
477.3 |
|
265.0 |
282.0 |
17.0 |
11.9 |
0.56 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
355.0 |
363.5 |
8.5 |
5.9 |
1.89 |
HQ ½ Core |
|
|
|
|
|
|
|
incl |
362.0 |
363.5 |
1.5 |
1.1 |
7.24 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
385.0 |
389.0 |
4.0 |
2.8 |
0.75 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
395.0 |
402.1 |
7.1 |
4.9 |
2.39 |
HQ ½ Core |
VB21-009 |
188222.0 |
8436800.0 |
143.0 |
89.9 |
-50.0 |
437.5 |
|
71.0 |
79.0 |
8.0 |
5.7 |
0.48 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
85.0 |
94.1 |
9.1 |
6.5 |
0.64 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
120.8 |
132.4 |
11.6 |
8.3 |
0.55 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
137.7 |
139.2 |
1.5 |
1.1 |
1.88 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
145.6 |
149.1 |
3.5 |
2.5 |
0.69 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
153.3 |
155.5 |
2.2 |
1.6 |
1.10 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
177.8 |
181.0 |
3.3 |
2.3 |
0.89 |
HQ ½ Core |
|
|
|
|
|
|
|
and |
208.0 |
209.1 |
1.1 |
0.8 |
5.15 |
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 meter representative
samples.
(iii) Core sample intervals were
constrained by geology, alteration or structural boundaries,
intervals varied between a minimum of 0.2 meters to a maximum of
1.2 meters.
(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 meters.
(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 quality
assurance/quality control (“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.
Discussion of Results
Our current exploration program has concentrated
on the southern portion of the Batman-Driffield structural corridor
between the Batman deposit and the Golf-Tollis deposits. This area
has a significant amount of shallow historic drilling, and when
combined with past geochemical and magnetic studies has allowed us
to develop a new geologic model. Most importantly, current drilling
suggests that what were thought to be discrete deposits, may
actually be part of a continuous mineralized trend, both
horizontally and vertically. To date, we have not drilled a diamond
core hole within the Batman-Driffield structural corridor that was
absent of any mineralized intercepts.
- VB21-006 –
confirmed the continuity of the south cross structure in the upper
part of the hole;
- VB21-007 –
tested the continuity of mineralization of the Batman North
structure in the area approximately 120 meters north of holes
VB21-002 and VB21-005 and was located to test the potential
intersection of the north cross structure with the Batman North
structure;
- VB21-008 –
confirmed the vertical continuity of mineralization below holes
VB21-002 and VB-005; and
- VB21-009 –
drilled approximately 400 meters north of holes VB21-002, -005 and
-008 and the first hole to be drilled deeper into the Golf-Tollis
target.
Figure 1 – Plan View of Drill
Holes: https://www.globenewswire.com/NewsRoom/AttachmentNg/738817e0-afa7-4cad-85b4-f745d641689a
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 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 mineral
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 mineral 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 (as defined below) opinion 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 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 VB21-006 through 009 demonstrate
that our exploration model is proving to be reliable in predicting
where mineralization is most likely to be encountered based on our
improved understanding of the controlling structures; our belief
that ongoing drilling continues to confirm our structural and
geological interpretation and increases our confidence in the
potential for future mineral resource growth at Mt Todd; our belief
that the holes reported today increased our understanding of the
size, orientation, and gold-bearing potential of the mineralized
structures north of our Batman deposit; our belief that current
drilling suggests that what were thought to be discrete deposits
may actually be part of a continuous mineralized trend; our belief
that ongoing and planned additional drilling will further expand
our understanding of mineralized structures in the area and
systematically increase our understanding of the geologic potential
in the area; 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 mineral
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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