Drilling Results at Vista's Mt. Todd Project Identify Long Intervals of Gold Mineralization With Higher Grades
13 November 2008 - 12:05AM
PR Newswire (US)
DENVER, Nov. 12 /PRNewswire-FirstCall/ -- Vista Gold Corp. (Amex:
VGZ; TSX) ("Vista" or the "Company") is pleased to report on the
results of six core holes drilled as part of a fourteen-hole 9,006
meter drilling program completed at the Batman Deposit at its Mt.
Todd Project in Northern Territory, Australia. The results from the
first five holes were reported previously in Vista's press releases
dated July 21 and September 3, 2008. Management believes the
results confirm the continuity of mineralization extending down-dip
from the 2007 drilling results (previously reported in Vista's May
30, 2007 and September 4, 2007 press releases) and demonstrate the
same pattern of higher gold grades at depth that contributed to a
65% increase in the measured and indicated resources as reported in
Vista's February 27, 2008 press release. Of the fourteen holes
completed in this program, one was drilled to obtain a sample for
ongoing metallurgical testing (hole VB08-041). Eleven holes were
drilled to intersect the untested mineralization down-dip from the
2007 drilling located within the pit shape evaluated as part of the
Preliminary Economic Assessment, the results of which were reported
in Vista's January 4, 2007 press release. Two holes were drilled to
test the continuity of mineralization below the previously
evaluated pit shape (holes VB08-039 & -040). A summary of the
gold assay and preliminary copper assay results of the latest six
holes are shown below: Gold Gold Drill Interval Intercept (grams/
Copper Including Intercept (grams/ Copper Hole (meters) (meters)
tonne) (ppm) (meters) (meters) tonne) (ppm) VB08032 191-220 29 1.05
356 310-629 319 1.11 582 412-533 121 1.87 717 432-511 79 2.18 841
VB08033 Hole abandoned at 42m and re-collared as VB08034 VB08034
600-621 21 0.68 506 630-706 76 0.77 736 695-706 11 1.64 590 VB08035
281-392 111 0.63 318 430-464 34 1.54 363 417-544 127 1.84 642
475-544 69 2.52 872 VB08036 299-526 227 1.11 549 312-356 44 1.43
746 442-509 67 2.07 747 VB08037 193-245 52 1.54 705 202-234 32 2.00
770 485-601 116 1.37 602 Four holes intersected continuous
mineralization over 100 meters in length, with hole VB08032
intersecting over 300 meters of continuous mineralization. The same
four holes also contained significant (32 to 79 meters) intervals
of higher grade material, over 2.0 grams per tonne. All six holes
were drilled at an angle to intersect mineralization at close to
right angles; however, due to physical constraints and the complex
nature of the deposit, true thickness of the drilled intervals
cannot be assumed from the measured intercepts. The drilling
program began in April 2008, under the direct supervision of Tim
Tuba, Vista's Exploration Manager in Australia, and was completed
in September 2008. The core drilling was completed by Boart
Longyear Australia Pty Ltd., with the sample preparation being
completed by ALS Chemex in Adelaide, South Australia, followed by
assaying for gold by ALS Chemex in Perth, Western Australia. A
sample quality control/quality assurance program has been
implemented and check assaying is being done by Genalysis
Laboratory Services Pty Ltd. in Perth. Multi-element analyses,
including copper, are being done by ALS Chemex, also in Perth.
Sampling and assaying methods were conducted in accordance with the
CIM Mineral Exploration Best Practices Guidelines. All samples
taken were one meter in length, except the last interval of the
drill hole. Frank K. Fenne, P.G., Vice-President of Exploration for
Vista, who is a Qualified Person as defined by National Instrument
43-101, has reviewed the program and results and confirms that all
protocols used in the project conform to industry standards. Vista
Gold also announces that TetraTech of Golden, Colorado, has been
awarded the contract to undertake a preliminary feasibility study
on our Mt. Todd Project. TetraTech has partnered with AUSENCO of
Perth, Australia, for the process engineering and will be working
with Vista's metallurgical consultant, Resource Development Inc. We
expect the study to be undertaken in two stages. The first stage
has commenced and will include an updated resource estimate,
metallurgical testing, rock mechanics evaluations, and preliminary
geotechnical and environmental reviews. Fred Earnest, President
& COO of Vista, stated, "This drilling program has accomplished
its intended goal and as a result, we expect to see another
increase in the measured, indicated and total gold resources for
the Mt. Todd Project when the updated resource estimate is
completed. The knowledge that we now have about the deep
mineralization in the district leads me to believe that future deep
drilling below other known surface gold occurrences may identify
additional resources. Metallurgical testing has indicated
significant opportunities for process improvements and we expect
that the ongoing metallurgical test work will result in a flow
sheet that addresses many of the principal metallurgical
complexities of the deposit. The fact that nearly all of the last
two year's drilling has been completed within the pit shape used as
the basis for the 2006 Preliminary Economic Assessment indicates
that we may see a significant portion of the updated measured and
indicated resources converted to reserves when the preliminary
feasibility study is completed. We believe this is a significant
step forward in establishing the value of this gold deposit." For
further information on the Mt. Todd Project, see our technical
report entitled the "Mt. Todd Gold Project, Resource Update,
Northern Territory, Australia, dated May 15, 2008," which has
previously been filed on http://www.sedar.com/ on June 4, 2008, and
may also be found on Vista's website at http://www.vistagold.com/.
About Vista Gold Corp. Since 2001, Vista has acquired a number of
gold projects with the expectation that higher gold prices would
significantly increase their value. For more information about our
projects, including technical studies and resource estimates,
please visit our website at http://www.vistagold.com/. Vista has
undertaken programs to advance the Paredones Amarillos Project,
including the completion of a definitive feasibility study and the
purchase of long delivery equipment items for use at that project.
Vista's other holdings include the Guadalupe de los Reyes Project
in Mexico, the Yellow Pine Project in Idaho, the Awak Mas Project
in Indonesia, and the Long Valley Project in California. This press
release contains forward-looking statements within the meaning of
the U.S. Securities Act of 1933 and U.S. Securities Exchange Act of
1934, and forward-looking information within the meaning of
applicable 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 our plans
for evaluation of the Mt. Todd Project and our preliminary
assessment results and timing and anticipated results for drilling,
field mapping and sampling programs to be undertaken at the Mt.
Todd Project; the resource estimates at the Mt. Todd Project;
potential for increasing estimated resources at the Mt. Todd
Project and potential for higher grade mineralization at the Mt.
Todd Project; anticipated timing and results for preliminary and
definitive feasibility studies to be undertaken at the Mt. Todd
Project; our future business strategy, competitive strengths,
goals, operations, plans, potential project development, future
share price and valuation, future gold prices; our potential status
as a producer; and other such matters, are forward-looking
statements and information. When used in this press release, the
words "estimate", "plan", "anticipate", "expect", "intend",
"believe" 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
forward-looking statements and information, including, among
others, risks relating uncertainty of preliminary assessment
results and of feasibility study results and estimates on which
such results are based; uncertainties involved in the determination
of the economic viability of a deposit, including estimates of
mineral reserves, metallurgical recoveries, costs and gold prices;
risks relating to scheduling for feasibility studies; risks
relating to delays and incurrence of additional costs in connection
with the feasibility study underway at Vista's Paredones Amarillos
Project, including uncertainty relating to timing and receipt for
required governmental permits; risks relating to cost increases for
capital and operating costs including cost of power; risks relating
to delays in commencement and completion of construction at the
Paredones Amarillos Project and exploration at the Mt. Todd
Project; risks of shortages of equipment or supplies; risks of
significant cost increases; risks of inability to achieve
anticipated production volumes; risks that Vista's acquisition,
exploration and property advancement efforts will not be
successful; risks relating to fluctuations in the price of gold;
the inherently hazardous nature of mining-related activities;
uncertainties concerning reserve and resource estimates; 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; intense competition in the mining
industry; uncertainty of being able to raise capital in current
financial markets on favorable terms or at all; and external risks
relating to the economy and credit markets in general; as well as
those factors discussed in Vista's latest Annual Report on Form
10-K, Quarterly Report on Form 10-Q and other documents filed with
the U.S. Securities and Exchange Commission and Canadian securities
regulators. Although Vista has attempted to identify important
factors that could cause actual results to differ materially from
those described in forward-looking statements and information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements and information will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements and information. 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 Vista Gold Corp. website at
http://www.vistagold.com/ DATASOURCE: Vista Gold Corp. CONTACT:
Connie Martinez of Vista Gold Corp., +1-720-981-1185 Web site:
http://www.vistagold.com/
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