Vista Gold drills 1.17 g/t gold over 57.5 metres at Mount Todd, Australia
Vista Gold Corp. [TSX-VGX, NYSE] reported results from phase 1, and has started phase 2, of its 2024 drilling program at the company’s Mount Todd gold project, located in the Northern Territory, Australia. Phase 1 comprised 11 holes totalling 2,910 metres.
Frederick H. Earnest, president and CEO, commented: “We are pleased to report that phase 1 of the 2024 drilling program at Mount 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 g/t gold over 57.5 metres in an area of the deposit previously estimated to have an average grade of 0.45 g/t Au.”
Refer to original press release for complete assays.
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 metres 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 herein) 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 Mount Todd mineral resource estimate and leverage the results of prior technical studies to advance evaluations of a development scenario for Mount Todd, initially targeting 150,000 to 200,000 ounces of annual gold production. This work is expected to further derisk the project by demonstrating the option to significantly lower the initial capex [capital expenditures], increase the gold grade to the processing plant and deliver attractive economic returns. We continue to efficiently advance Mount 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 Mount Todd with discipline and patience will deliver a more fully valued project as markets and the gold industry align.”
Vista holds the Mount Todd gold project, an advanced-development-stage gold deposit located in the low-risk, mining-friendly Tier 1 jurisdiction of Northern Territory, Australia. Mount 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 Mount Todd are in place.
Vista seeks to position Mount Todd among the leading development opportunities within the gold sector.