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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Vista Gold Corp | AMEX:VGZ | AMEX | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.605 | 0 | 09:00:00 |
From May 2024 to Nov 2024
Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced results from Phase 1 and the start of Phase 2 of its 2024 drilling program at the Company’s Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern Territory, Australia. Phase 1 comprised 11 holes totaling 2,910 meters.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240821756858/en/
Figure 1 - Plan view of Phase 1 drill hole locations and South Cross Lode zone (Graphic: Business Wire)
Frederick H. Earnest, President and CEO, commented, “We are pleased to report that Phase 1 of the 2024 drilling program at Mt Todd is complete. This phase of the program has successfully confirmed the extension of the core zone and the mineralized boundaries in the northern section of the Batman deposit, including intercepts at the northern limit with gold grades that exceeded our expectations. For example, hole VB24-001 returned an average grade of 1.17 grams of gold per tonne (“g Au/t”) over 58 meters in an area of the deposit previously estimated to have an average grade of 0.45 g Au/t.” (See Figure 2 and Table 1.)
Phase 2 of the drilling program commenced in July 2024 with near-surface drilling in the Southern Cross Lode zone, a known mineralized structure that intersects the Batman deposit and extends up to 400 meters northeast. Historical drilling on this structure indicates the potential for higher grade gold mineralization in areas that are currently classified as waste in the 2024 Feasibility Study (as defined below) pit design, are outside the current mine plan, or have insufficient drilling to define a mineral resource estimate. Phase 2 drilling is expected to be completed by year end.
Mr. Earnest continued, “At the conclusion of the 2024 drilling program, we plan to update the Mt Todd mineral resource estimate and leverage the results of prior technical studies to advance evaluations of a development scenario for Mt Todd, initially targeting 150,000 to 200,000 ounces of annual gold production. This work is expected to further de-risk the Project by demonstrating the option to significantly lower the initial capex, increase the gold grade to the processing plant, and deliver attractive economic returns. We continue to efficiently advance Mt Todd in ways that provide potential for accretion in shareholder value. We expect continued strength in the gold price and believe our strategy of advancing Mt Todd with discipline and patience will deliver a more fully valued project as markets and the gold industry align.”
Please see Figure 1 for a plan view of the Mt Todd as-built terrain, showing Phase 1 drill hole locations and the location of the Southern Cross Lode zone. Figure 2 is a cross section of the northernmost area of the Phase 1 drilling program, including drill holes VB24-001 and VB24-006. Table 1 provides details of the full Phase 1 drill program results.
See Table 1 below for complete intercept details, including true width estimates.
Hole No.Grid Coordinates
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 Au/t)
Sample Type
VB24-001
187323.0
8435849.0
161.0
267.6
-55.5
362.2
41.0
51.0
10.0
7.8
0.62
HQ ½ Core
and
142.0
199.5
57.5
46.0
1.17
HQ ½ Core
and
214.0
238.0
24.0
19.4
0.54
HQ ½ Core
VB24-002
187252.0
8435645.0
170.0
267.3
-53.8
341.3
49.0
67.0
18.0
14.2
0.49
HQ ½ Core
and
72.0
85.0
13.0
10.3
0.60
HQ ½ Core
and
90.0
98.0
8.0
6.4
0.45
HQ ½ Core
and
103.0
117.0
14.0
11.5
0.49
HQ ½ Core
and
123.0
152.0
29.0
23.5
0.47
HQ ½ Core
and
158.0
180.0
22.0
17.6
0.77
HQ ½ Core
and
209.1
217.0
7.9
6.4
0.73
HQ ½ Core
VB24-003
187273.0
8435597.0
171.0
266.4
-55.0
368.3
53.0
60.0
7.0
5.4
0.54
HQ ½ Core
and
87.0
107.9
20.9
16.1
1.00
HQ ½ Core
and
166.0
175.0
9.0
7.0
0.59
HQ ½ Core
and
183.0
219.0
36.0
28.0
0.62
HQ ½ Core
and
249.0
267.0
18.0
14.1
0.87
HQ ½ Core
and
272.0
280.0
8.0
6.3
0.50
HQ ½ Core
VB24-004
187241.0
8435699.0
170.0
267.6
-54.6
233.4
69.0
102.0
33.0
25.5
0.50
HQ ½ Core
VB24-005
187267.0
8435746.0
168.0
267.4
-57.8
290.5
13.0
22.0
9.0
6.8
0.46
HQ ½ Core
and
44.0
49.0
5.0
3.8
0.78
HQ ½ Core
and
110.0
144.0
34.0
26.1
0.54
HQ ½ Core
and
170.0
209.0
39.0
30.3
0.90
HQ ½ Core
and
264.0
276.0
12.0
9.5
0.93
HQ ½ Core
VB24-006
187263.0
8435844.0
150.0
275.8
-55.3
212.0
51.0
88.0
37.0
29.6
0.44
HQ ½ Core
and
93.0
102.0
9.0
7.2
0.44
HQ ½ Core
and
110.0
113.0
3.0
2.4
0.72
HQ ½ Core
and
118.0
127.0
9.0
7.2
0.86
HQ ½ Core
and
132.0
145.0
13.0
10.4
0.53
HQ ½ Core
and
192.0
195.0
3.0
2.5
0.78
HQ ½ Core
VB24-007
187266.0
8435794.0
155.0
267.1
-54.9
220.7
76.0
101.0
25.0
20.1
0.49
HQ ½ Core
and
106.0
121.0
15.0
12.2
0.47
HQ ½ Core
and
136.0
145.0
9.0
7.4
0.55
HQ ½ Core
and
153.0
162.0
9.0
7.4
0.48
HQ ½ Core
VB24-008
187346.0
8435654.0
155.0
261.7
-55.0
422.4
141.0
145.0
4.0
3.1
0.92
HQ ½ Core
and
217.0
221.2
4.2
3.4
0.87
HQ ½ Core
and
255.0
277.0
22.0
17.8
0.44
HQ ½ Core
and
282.0
294.0
12.0
9.9
1.13
HQ ½ Core
and
299.0
305.0
6.0
5.0
0.72
HQ ½ Core
and
311.0
381.0
70.0
58.8
0.76
HQ ½ Core
including
363.6
381.0
17.4
14.6
1.51
HQ ½ Core
and
391.0
394.0
3.0
0.8
0.81
HQ ½ Core
and
400.0
410.0
10.0
0.5
0.45
HQ ½ Core
VB24-009
187194.0
8435653.0
171.0
268.8
-57.2
210.3
7.0
25.0
18.0
13.6
0.86
HQ ½ Core
and
30.0
42.0
12.0
8.9
0.41
HQ ½ Core
and
47.0
115.0
68.0
50.5
0.63
HQ ½ Core
and
126.0
131.6
5.6
4.2
0.84
HQ ½ Core
and
136.0
150.0
14.0
10.5
0.41
HQ ½ Core
and
164.0
168.1
4.1
3.1
0.78
HQ ½ Core
VB24-010
187141.0
8435542.0
162.0
274.1
-55.1
144.8
0.5
9.0
8.5
6.8
0.64
HQ ½ Core
and
55.0
67.0
12.0
9.6
0.83
HQ ½ Core
and
92.1
124.0
31.9
25.7
0.41
HQ ½ Core
and
129.0
134.0
5.0
4.0
0.66
HQ ½ Core
VB24-011
187192.0
8435746.0
179.0
269.0
-53.0
105.4
2.0
9.0
7.0
5.6
0.61
HQ ½ Core
and
14.0
21.0
7.0
5.7
0.81
HQ ½ Core
and
27.0
42.0
15.0
12.2
0.43
HQ ½ Core
and
68.0
72.0
4.0
3.2
0.69
HQ ½ Core
and
76.0
79.0
3.0
2.4
0.74
HQ ½ Core
and
81.0
85.0
4.0
3.3
0.73
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.
(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)
Weighted mean grades have been calculated on a 0.4g Au/t 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.
(vi)
All downhole deviations have been verified by downhole camera and or downhole gyro.
(vii)
Collar coordinates are given as Map Grid Australia MGA94 using a multi-band GNSS Garmin GPS map 67i.
(viii)
The Company maintains a Quality Assurance and Quality Control procedures (QA/QC) program in accordance with the requirements and guidelines of CIM Standards of Disclosure for Mineral Projects.
(ix)
The independent laboratory responsible for the assays was North Australian Laboratories Pty Ltd, Pine Creek, NT.
QA/QC Protocols and Sampling Procedure
All sampling was conducted under the supervision of the Company's geologists and the chain of custody from Mt Todd facilities to the independent sample preparation facility at North Australian Laboratories Pty Ltd (“NAL”) in Pine Creek NT was continuously monitored.
It is the opinion of the QP (as defined below) that the sample preparation methods and quality control measures employed before the dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.
Maria Vallejo, Vista’s Director of Projects and Technical Services, a Qualified Person (“QP”) as defined by Item 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended, and Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained herein and has approved this press release. The information contained in this press release is provided to inform the reader of the advancement of the 2024 drilling program for the Mt Todd project.
For more information on the Company’s March 2024 feasibility study (the “2024 Feasibility Study”), including with respect to mineral resource and mineral reserve estimates, please refer to the technical report summary entitled “S-K 1300 Technical Report Summary – Mt Todd Gold Project – 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of March 12, 2024 and an issue date of March 14, 2024 available at www.sec.gov and, for Canadian purposes, the technical report entitled “S-K 1300 Technical Report Summary – Mt Todd Gold Project – 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date of March 12, 2024 and an issue date of March 14, 2024 under our profile at www.sedarplus.ca. The 2024 Feasibility Study is not incorporated by reference into this news release.
About Vista Gold Corp.
Vista holds the Mt Todd gold project, an advanced development-stage gold deposit located in the low risk, Tier-1 mining friendly jurisdiction of Northern Territory, Australia. Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated financial strength with leverage to gold. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.
Vista seeks to position Mt Todd among the leading development opportunities within the gold sector. Vista’s strategy is to advance Mt Todd in ways that efficiently position the Project for development while exercising the patience necessary to best realize value at the right time.
Vista expects continued strength in the gold price and believes that shovel-ready projects like Mt Todd will become increasingly crucial for replacing globally declining gold reserves. Vista’s strategy of advancing Mt Todd with discipline and patience is expected to deliver a more fully valued project as markets and the gold industry align.
For further information about Vista or Mt Todd, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185 or visit the Company’s website at www.vistagold.com.
Forward Looking Statements
This news 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 news 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 results from Phase 1 of the 2024 drilling program have successfully confirmed the extension of the core zone and the mineralized boundaries in the northern section of the Batman deposit, including intercepts at the northern limit with gold grades that exceeded our expectations; our belief that historical drilling on the Southern Cross Lode indicates the potential for higher grade gold mineralization in areas that are currently classified as waste in the 2024 Feasibility Study pit designs, are outside the current mine plan, or have insufficient drilling to define a mineral resource estimate; our belief that Phase 2 drilling is expected to be completed by year end; our plan that at the conclusion of the 2024 drilling program, we will update the Mt Todd mineral resource estimate and leverage the results of prior technical studies to advance evaluations of a development scenario for Mt Todd, initially targeting 150,000 – 200,000 ounces of annual gold production; our belief that the work to update the mineral resource estimate, results of prior technical studies, and evaluations of a development scenario at Mt Todd is expected to further de-risk the Project by demonstrating the option to significantly lower the initial capex, increase the gold grade to the processing plant, and deliver attractive economic returns; our strategy to efficiently advance Mt Todd in ways that provide excellent potential for value accretion to shareholders; our expectation of continued strength in the gold price and our belief that our strategy of advancing Mt Todd with discipline and patience will deliver a more fully valued project as markets and the gold industry align; our belief that Northern Territory, Australia is a low risk, Tier 1 mining friendly jurisdiction; our belief that Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated financial strength with leverage to gold; our belief that all major environmental and operating permits necessary to initiate development of Mt Todd are in place; our plan to position Mt Todd among the leading development opportunities within the gold sector; Vista’s strategy is to advance Mt Todd in ways that efficiently position the Project for development while exercising the patience necessary to best realize value at the right time; our expectation that there will be continued strength in the gold price and that shovel-ready projects will become increasingly crucial for replacing globally declining gold reserves; our belief that Mt Todd is the right asset, in the right jurisdiction; our belief that Vista’s strategy of advancing Mt Todd with discipline and patience is expected to deliver a more fully valued project as markets and the gold industry align 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 news release include the following: our forecasts and expected cash flows; our projected capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rates; that laws or regulations impacting mine development or mining activities will remain consistent; our approved business plans, our 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; political and social support of the mining industry in Australia; our experience and knowledge of the Australian mining industry and our expectations of economic conditions and the price of gold. When used in this news 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 in March 2024, subsequent Quarterly Reports on Form 10-Q, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240821756858/en/
Pamela Solly Vice President of Investor Relations (720) 981-1185
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