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Vista Gold Phase 2 Drilling Continues to Intercept High Grade Gold Mineralized Intervals in the South Cross Lode at Mt Todd

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Vista Gold Corp. (VGZ) announced additional results from Phase 2 of its 2024 drilling program at the Mt Todd gold project in Northern Territory, Australia. The drilling program in the South Cross Lode zone revealed significant high-grade gold intercepts, with grades up to 6.82 g Au/t near surface. Notable results include multiple mineralized intervals, with VB24-025 returning 20.8 meters at 1.96 g Au/t. The company plans to update the Mt Todd mineral resource estimate and anticipates a feasibility study targeting daily throughput of 12,000-17,000 tonnes, aiming for 150,000-200,000 ounces of annual gold production with initial capex below $400 million.

Vista Gold Corp. (VGZ) ha annunciato ulteriori risultati della Fase 2 del suo programma di perforazione 2024 presso il progetto d'oro Mt Todd nel Territorio del Nord, Australia. Il programma di perforazione nella zona South Cross Lode ha rivelato importanti intercettazioni di oro ad alta legge, con leghe fino a 6,82 g Au/t vicino alla superficie. I risultati notevoli includono molteplici intervalli mineralizzati, con il VB24-025 che ha restituito 20,8 metri a 1,96 g Au/t. L'azienda prevede di aggiornare la stima delle risorse minerali di Mt Todd e si aspetta uno studio di fattibilità mirato a una capacità giornaliera di 12.000-17.000 tonnellate, puntando a una produzione annuale di oro compresa tra 150.000 e 200.000 once, con un capex iniziale sotto i 400 milioni di dollari.

Vista Gold Corp. (VGZ) anunció resultados adicionales de la Fase 2 de su programa de perforación 2024 en el proyecto de oro Mt Todd en el Territorio del Norte, Australia. El programa de perforación en la zona South Cross Lode reveló interceptaciones significativas de oro de alta ley, con leyes de hasta 6.82 g Au/t cerca de la superficie. Resultados notables incluyen múltiples intervalos mineralizados, con el VB24-025 reportando 20.8 metros a 1.96 g Au/t. La compañía planea actualizar la estimación de recursos minerales de Mt Todd y anticipa un estudio de viabilidad que apunte a un rendimiento diario de 12,000-17,000 toneladas, con un objetivo de producción anual de 150,000-200,000 onzas de oro y un capex inicial por debajo de $400 millones.

비스타 골드 코퍼레이션(VGZ)은 호주 노던 테리토리의 Mt Todd 금 프로젝트에서 2024년 시추 프로그램 2단계의 추가 결과를 발표했습니다. South Cross Lode 지역의 시추 프로그램은 표면 근처에서 6.82g Au/t까지의 고품위 금 이행을 밝혀냈습니다. 주목할 만한 결과로는 VB24-025가 1.96g Au/t에서 20.8미터를 반환하는 등 여러 개의 광화 간격이 포함됩니다. 이 회사는 Mt Todd의 광물 자원 추정치를 업데이트할 계획이며, 하루 처리량을 12,000-17,000톤으로 목표로 하는 타당성 연구를 예상하고 있으며, 연간 금 생산 목표는 150,000-200,000 온스이고, 초기 자본 지출은 4억 달러 이하로 설정하고 있습니다.

Vista Gold Corp. (VGZ) a annoncé des résultats supplémentaires de la Phase 2 de son programme de forage 2024 au projet d'or Mt Todd dans le Territoire du Nord, en Australie. Le programme de forage dans la zone South Cross Lode a révélé des interceptions significatives d'or de haute teneur, avec des teneurs allant jusqu'à 6,82 g Au/t près de la surface. Les résultats notables incluent plusieurs intervalles minéralisés, le VB24-025 ayant retourné 20,8 mètres à 1,96 g Au/t. L'entreprise prévoit de mettre à jour l'estimation des ressources minérales de Mt Todd et anticipe une étude de faisabilité visant une capacité de traitement quotidienne de 12 000 à 17 000 tonnes, visant une production annuelle d'or de 150 000 à 200 000 onces avec un capex initial inférieur à 400 millions de dollars.

Vista Gold Corp. (VGZ) hat weitere Ergebnisse der Phase 2 ihres Bohrprogramms 2024 im Goldprojekt Mt Todd im Northern Territory, Australien, bekannt gegeben. Das Bohrprogramm in der South Cross Lode-Zone zeigte signifikante Goldinterzeptionen mit hohen Gehalten von bis zu 6,82 g Au/t in der Nähe der Oberfläche. Erwähnenswerte Ergebnisse umfassen mehrere mineralisierte Intervalle, wobei VB24-025 20,8 Meter mit 1,96 g Au/t lieferte. Das Unternehmen plant, die Schätzung der mineralischen Ressourcen von Mt Todd zu aktualisieren und erwartet eine Machbarkeitsstudie, die auf eine tägliche Verarbeitung von 12.000-17.000 Tonnen abzielt und eine jährliche Goldproduktion von 150.000-200.000 Unzen bei einer anfänglichen Investition von unter 400 Millionen US-Dollar anstrebt.

Positive
  • High-grade gold intercepts discovered with grades up to 6.82 g Au/t
  • Multiple mineralized intervals found near surface
  • Potential expansion identified in northeast portion of current resource shell
  • Planned production target of 150,000-200,000 ounces annually
  • Initial capex projected under $400 million
Negative
  • None.

Insights

The latest drilling results from Vista Gold's Mt Todd project reveal significant high-grade gold mineralization in the South Cross Lode zone, with notable intercepts up to 9.19 g Au/t. The shallow mineralization and multiple high-grade zones near surface are particularly promising, suggesting potential resource expansion. The company's planned feasibility study targeting 150,000-200,000 ounces of annual gold production with a relatively modest capex of $400 million could significantly improve project economics. The drilling results indicate potential to expand the resource shell in previously classified waste areas, which could enhance the overall project value. However, investors should note that further drilling and analysis are needed to fully understand the geometry of mineralization before resource estimates can be updated.

The drill results demonstrate consistent mineralization patterns with multiple high-grade intercepts, particularly impressive given the true thickness measurements ranging from 0.5 to 11.9 meters. The quality control measures, including the systematic insertion of blanks and standards at 1:10 ratio, validate the reliability of these results. The planned update to mineral resource estimates, combined with the focus on a more modest scale operation of 12,000-17,000 tonnes per day, suggests a strategic shift toward a more economically viable development approach. This could potentially lead to improved project economics through lower capital requirements while maintaining attractive grades around 1 gram per tonne in reserves.

DENVER--(BUSINESS WIRE)-- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced additional results from 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 2 drilling continues in the South Cross Lode zone (the “SXL”), a narrower mineralized structure with high-grade intercepts that is adjacent to the Batman deposit and presently extends up to 400 meters northeast.

Figure 1: Plan view of the Mt Todd terrain showing Phase 2 drill hole locations with respective orientation to date, including the six holes announced in this release. (Graphic: Business Wire)

Figure 1: Plan view of the Mt Todd terrain showing Phase 2 drill hole locations with respective orientation to date, including the six holes announced in this release. (Graphic: Business Wire)

Drilling Highlights

VB24-025 – Returned multiple mineralized intervals, including

  • 8.0 meters at 1.20 grams of gold per tonne (“g Au/t) from 22.5 meters downhole
  • 20.8 meters at 1.96 g Au/t from 142.5 meters downhole, including
    • 1.0 meter at 9.19 g Au/t from 155.0 meters downhole

VB24-027 – Returned multiple mineralized intervals near surface

  • 15.0 meters at 0.77 g Au/t from 37.0 meters downhole
  • 2.3 meters at 2.09 g Au/t from 59.7 meters downhole
  • 23.0 meters at 0.93 g Au/t from 68.0 meters downhole

VB24-028 – Returned multiple mineralized intervals near surface

  • 12.0 meters at 0.96 g Au/t from 25.0 meters downhole
  • 4.0 meters at 2.49 g Au/t from 71.2 meters downhole, including
    • 1.2 meters at 6.82 g Au/t from 74.0 meters downhole

Phase 2 drilling is focused on the shallow portion of the SXL. The six holes reported in this release have intercepts with gold grades up to 6.82 g Au/t near surface. Results to date indicate potential for expansion in the northeast portion of the current resource shell, including an area previously classified as waste. Additionally, drilling continued to intersect mineralization at depth with intercepts ranging from 3.06 to 9.19 g Au/t and confirm the presence of several high-grade sub-structures within the SXL.

Frederick H. Earnest, President and CEO, commented, “Results from the ongoing drilling program continue to indicate that the SXL is a narrower mineralized structure with well-defined packages of high-grade quartz-sulfide veins. Today’s results continue to demonstrate encouraging mineralized intervals near surface and at depth. We are currently working to better understand the geometry of the mineralization in the SXL as we assess a possible extension of the resource shell. Phase 2 of the drilling program is expected to be completed by the end of this year.

“At the conclusion of the 2024 drilling program, we plan to update the Mt Todd mineral resource estimate and anticipate moving forward with a feasibility study targeting daily throughput in the range of 12,000 – 17,000 tonnes per day (4-6 million tonnes per annum), 150,000 to 200,000 ounces of annual gold production with an initial capex of less than $400 million, and a reserve grade of approximately 1 gram of gold per tonne. A decision to commence the feasibility study is expected by year end.”

Figure 1 illustrates the Phase 2 drill hole locations and orientations to date. Figure 2 shows the locations of the drill holes relative to the 2024 Feasibility Study (as defined below) resource shell and the current pit design. Figure 3 is a photo of core from hole VB24-025 displaying an example of the high-grade mineralization encountered in the recent drill holes. Table 1 summarizes assay results and highlights multiple vein intercepts with grades above 5.0 g Au/t for the six holes announced in this press release.

Table 1. Summary of Phase 2 Drill Holes VB24-025 through VB24-030 – highlighting intercepts greater than 5.0 g Au/t.

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

VB24-025

187622

8435694

137

268.8

-60.4

167.4

 

22.5

30.5

8.0

3.9

1.20

HQ ½ Core

 

 

 

 

 

 

 

including

27.9

30.5

2.7

1.3

3.22

HQ ½ Core

 

 

 

 

 

 

 

and

46.0

52.0

6.0

3.0

0.50

HQ ½ Core

 

 

 

 

 

 

 

and

60.0

63.8

3.8

1.9

0.50

HQ ½ Core

 

 

 

 

 

 

 

and

70.0

91.0

21.0

10.4

0.60

HQ ½ Core

 

 

 

 

 

 

 

including

70.0

71.0

1.0

0.5

5.57

HQ ½ Core

 

 

 

 

 

 

 

and

96.0

106.0

10.0

5.0

0.61

HQ ½ Core

 

 

 

 

 

 

 

and

119.0

122.4

3.4

1.7

0.57

HQ ½ Core

 

 

 

 

 

 

 

and

142.5

163.3

20.8

10.9

1.96

HQ ½ Core

 

 

 

 

 

 

 

including

147.0

150.9

3.9

2.0

3.06

HQ ½ Core

 

 

 

 

 

 

 

including

155.0

156.0

1.0

0.5

9.19

HQ ½ Core

 

 

 

 

 

 

 

including

160.0

163.3

3.3

1.7

4.93

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VB24-026

187415

8435502

150

271.2

-60.1

119.5

 

41.2

43.6

2.4

1.2

0.93

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VB24-027

187545

8435600

138

268.5

-60.3

121.1

 

11.3

14.0

2.8

1.4

0.66

HQ ½ Core

 

 

 

 

 

 

 

and

37.0

52.0

15.0

7.5

0.77

HQ ½ Core

 

 

 

 

 

 

 

and

59.7

62.0

2.3

1.2

2.09

HQ ½ Core

 

 

 

 

 

 

 

and

68.0

91.0

23.0

11.9

0.93

HQ ½ Core

 

 

 

 

 

 

 

including

72.2

76.0

3.8

2.0

2.84

HQ ½ Core

 

 

 

 

 

 

 

and

102.0

107.0

5.0

2.7

0.82

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VB24-028

187628

8435747

138

270.3

-60.0

125.5

 

25.0

37.0

12.0

6.5

0.96

HQ ½ Core

 

 

 

 

 

 

 

including

31.0

32.2

1.2

0.6

3.66

HQ ½ Core

 

 

 

 

 

 

 

and

71.2

75.2

4.0

2.0

2.49

HQ ½ Core

 

 

 

 

 

 

 

including

74.0

75.2

1.2

0.6

6.82

HQ ½ Core

 

 

 

 

 

 

 

and

84.0

91.0

7.0

3.4

0.99

HQ ½ Core

 

 

 

 

 

 

 

including

84.0

85.0

1.0

0.5

3.24

HQ ½ Core

 

 

 

 

 

 

 

and

120.4

124.4

4.1

2.0

2.48

HQ ½ Core

 

 

 

 

 

 

 

including

123.5

124.4

1.0

0.5

4.14

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VB24-029

187545

8435554

138

264.3

-60.8

212.4

 

18.2

20.0

1.9

0.9

0.96

HQ ½ Core

 

 

 

 

 

 

and

62.0

66.0

4.0

2.0

0.45

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

 

VB24-030

187594

8435701

137

270.4

-60.1

203.1

 

92.2

97.0

4.8

2.4

1.11

HQ ½ Core

 

 

 

 

 

 

 

including

92.2

93.0

0.8

0.4

4.07

HQ ½ Core

 

 

 

 

 

 

 

and

142.0

146.2

4.2

2.1

0.64

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)

 

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 mineralized interval lengths reported are downhole intervals.

(vi)

 

True Thicknesses are estimated based on the orientation of veining as measured relative to the core axis.

(vii)

 

All downhole deviations have been verified by downhole camera and or downhole gyro.

(viii)

 

Collar coordinates are given as Map Grid Australia MGA94 using a multi-band GNSS Garmin GPS 750i.

(ix)

 

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.

(x)

 

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.

  • The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves using diamond saws. One-half is placed into pre-numbered sample bags as per industry standards with sample lengths between a minimum of 0.2 meters to a maximum of 1.2 meters. The other half of the core is retained for future reference by the Company. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork.
  • Following common industry practices, blanks and standards are also placed in plastic bags for inclusion in the shipment. A reference blank or a standard is inserted at a minimum ratio of 1 in 10 and additional blank samples are added at suspected high-grade intervals. Standard reference material is sourced from Ore Research & Exploration Pty Ltd and provided in 60-gram sealed packets. When a sequence of four samples is completed, they are placed in a shipping bag and tied closed. All of these samples are kept in a secure area on-site until crated for shipping.
  • Vista employees ship and transport the samples to the NAL. 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.
  • For the purposes of this release, mineralized intervals are defined as runs of mineralization with a maximum internal waste of 4.0 meters.
  • NAL is independent of Vista.

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 “National Instrument 43-101 Technical Report – 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, a shovel-ready development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia. Vista is positioning Mt Todd as a leading development opportunity within the gold sector. Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.

Vista’s strategy is to advance Mt Todd in ways that efficiently position the project for development while exercising the discipline necessary to best realize value at the right time. Vista believes its strategy of advancing Mt Todd in this manner will deliver a more fully valued project to its shareholders.

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 the SXL is a narrower mineralized structure with high-grade intercepts; our belief that results to date indicate potential for expansion in the northeast portion of the current resource shell, including an area previously classified as waste; our belief that results from the ongoing drilling program continue to indicate that the SXL is a narrower mineralized structure with well-defined packages of high-grade quartz-sulfide veins; our belief that today’s results continue to demonstrate encouraging mineralized intervals near surface and at depth; we are currently working to better understand the geometry of the mineralization in the SXL as we assess a possible extension of the resource shell; our expectation to complete Phase 2 of the drilling program by year end; at the conclusion of the 2024 drilling program, we plan to update the Mt Todd mineral resource estimate and anticipate moving forward with a feasibility study targeting daily throughput in the range of 12,000 – 17,000 tonnes per day (4-6 million tonnes per annum), 150,000 to 200,000 ounces of annual gold production with an initial capex of less than $400 million, and a reserve grade of approximately 1 gram of gold per tonne; our belief that a decision to commence the feasibility study is expected by year end; our belief that Northern Territory, Australia is a Tier 1 mining friendly jurisdiction; our belief that we are positioning Mt Todd as a leading development opportunity within the gold sector; our belief that Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility; our belief that all major environmental and operating permits necessary to initiate development of Mt Todd are in place; our belief that Mt Todd is a shovel-ready development stage gold deposit; Vista’s strategy to advance Mt Todd in ways that efficiently position the Project for development while exercising the discipline necessary will best realize value at the right time; and our belief that advancing Mt Todd in this manner will deliver a more fully valued project to its shareholders 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.

Pamela Solly

Vice President of Investor Relations

(720) 981-1185

Source: Vista Gold Corp.

FAQ

What are the latest drilling results from Vista Gold's (VGZ) Mt Todd project?

The Phase 2 drilling program revealed high-grade gold intercepts up to 6.82 g Au/t near surface, with VB24-025 returning multiple mineralized intervals including 20.8 meters at 1.96 g Au/t.

What is Vista Gold's (VGZ) production target for the Mt Todd project?

Vista Gold aims to achieve 150,000-200,000 ounces of annual gold production with a daily throughput of 12,000-17,000 tonnes.

When will Vista Gold (VGZ) complete Phase 2 drilling at Mt Todd?

Phase 2 of the drilling program is expected to be completed by the end of 2024.

What is the estimated initial capital expenditure for Vista Gold's (VGZ) Mt Todd project?

The initial capital expenditure (capex) is projected to be less than $400 million.

Vista Gold Corp.

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