Vista Gold posts interim Phase 2 drilling results at Mt Todd, Australia

Vista Gold Corp. [NYSE American, TSX: VGZ] reported interim results from Phase 2 of its 2024 drilling program at the company’s Mt Todd gold project in Northern Territory, Australia. Phase 2 drilling commenced in July 2024 with near-surface drilling in the South Cross Lode zone (the SXL), a known mineralized structure with high-grade intercepts that intersects the Batman deposit and extends up to 400 metres northeast.

Highlights: VB24-014 – 9.4 metres of 3.35 g/t gold from 102.8 metres down hole, including 0.5 metres of 50.0 g/t gold from 111.7 metres down hole (grade thickness of 25.0 g Au/t per meter).

VB24-015 – Returned three intervals of greater than 1 g/t gold ranging 3 – 9 metres thick, including 8.0 metres of 1.82 g/t gold from 132.0 meters down hole, including 1.0 metre of 12.57 g/t gold from 132.0 metres down hole (grade thickness of 12.57 g Au/t per m).

VB24-016 – Returned three intervals of greater than 1 g/t gold, ranging 6 – 22 metres thick, including 22.0 metres of 1.74 g/t gold from 146.0 meters down hole, including 2.3 metres of 7.93 g/t gold from 150.7 metres down hole (grade thickness 18.24 g Au/t per m).

VB24-022 – Returned two intervals of greater than 1 g/t gold with thickness up to 4 metres; 4 metres of 7.18 g/t gold from 106.0 metres down hole, including 1.0 metre of 25.89 g/t gold from 106.0 metres down hole (grade thickness of 25.89 g/t gold per m); 3.8 metres of 3.25 g/t gold from 136.4 meters down hole, including 0.6 metres of 18.13 g/t gold from 136.4 metres down hole (grade thickness of 10.88 g Au/t per m).

VB24-024 – near surface high-grade interval of 5.0 metres of 2.18 g/t gold from 9.0 meters down hole, including 1.1 metres of 6.37 g/t gold from 12.9 metres down hole (grade thickness of 7.01 g Au/t per m).

Phase 2 drilling to date has focused on the shallow portion of the SXL and approximately half of the strike length drilled is within the limits of the resource shell, with eight holes drilled in an area previously classified as waste in the 2024 Feasibility Study. The overall objective of Phase 2 drilling is to better understand the structure and mineralization of the SXL.

Frederick H. Earnest, President and CEO, commented, “Interim results from the second phase of our Mt Todd drilling program are very encouraging and support our belief that the mineralization in the SXL zone is distinct to the Batman deposit. The SXL zone is host to more discreet and in certain zones, wider high-grade veins with thicknesses that exceed one meter, compared to the thinner, more closely spaced sheeted veins typically observed in the Batman deposit. Drilling in the SXL included several holes that intersected higher-grade mineralized veins within the limits of our resource pit. 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. We will 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, with a raised cut-off grade of 0.45 to 0.50 g/t gold. We are targeting a mineral reserve grade of approximately 1 g/t gold and an initial capex of less than $400 million, while preserving the option for expansion at some future time.

“This work is expected to further de-risk the Mt Todd project and position it as a leading, shovel-ready development opportunity. We expect continued strength in the gold price and believe our strategy of advancing Mt Todd with discipline will deliver a more fully valued project.”

A total of 12 holes intercepted near-surface mineralized zones (<100 m depth) with grades ranging from 0.41 to 4.77 g/t gold.

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. Vista seeks to position 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 financial strength. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.

Vista believes that Mt Todd is an especially attractive shovel-ready development opportunity in the current environment of a strong gold market, diminishing major gold deposit discoveries, and depleting gold reserves.