Vista Gold drills 29 m of 2.65 g/t Au at Mount Todd

May 19, 2021

2021-05-19 06:58 ET – News Release

Mr. Frederick Earnest reports

VISTA GOLD CORP. ANNOUNCES DRILL RESULTS FOR STEP-OUT DRILLING AT THE MT TODD GOLD PROJECT, INCLUDING A 162 GRAMS OF GOLD PER TONNE INTERCEPT

Vista Gold Corp. has released assay results for drilling at the company’s Mount Todd gold project. Two additional holes have been completed on an east-west section approximately 500 metres north of the limits of the Batman deposit resource model. Both holes drilled through mineralized structures as projected, with some intercepts in both holes showing significantly higher grades than historic drilling on the Batman deposit.

Highlights:

VB21-004 intersected the same structure as VB20-001 and drilled 42 metres at 0.80 gram gold per tonne, including 12 metres at 1.46 g/t Au.
VB21-005 was drilled updip from VB21-002 and intersected 29 metres at 2.65 grams per tonne gold, including 0.31 metre at 161.80 g/t Au.
Both holes confirm the lateral continuity of mineralized structures with drill intercepts 500 metres north of the Batman deposit.
VB21-005 confirmed the vertical continuity of the definable high-grade zone intersected in hole VB21-002.

Frederick Earnest, president and chief executive officer, commented: “In these drill results, we see vertical and horizontal continuity of mineralization just as we did in our very successful development and expansion of the Batman deposit. The results of this program confirm our strong belief in the potential to increase the gold resources of the Mount Todd project with additional drilling. The significantly higher-grade intercepts encountered in both VB21-004 and VB21-005 suggest the potential importance of these parallel structures as part of the feeder system that helped create the Batman deposit. Presently, two drills are drilling in the general vicinity of VB21-002 and VB21-005 to further define this structure, which is an extension of the Batman core zone. Following this, we plan to drill the parallel structure intersected in VB21-004 300 metres to the east, which aligns with the Golf-Tollis target. We are focused on understanding the geology and structural conditions that helped form these narrower, but apparently higher-grade, mineralized structures and their relationship to the Batman deposit approximately 500 metres to the south. We believe this will allow us to refine our exploration model prior to stepping out further to the north. We are very pleased with these results and look forward to the results of future drilling.”

Holes VB21-004 and VB21-005 were drilled on Section 8436400N, targeting differing yet parallel mineralized structures. Hole VB21-005 was drilled to test the vertical continuity of mineralization discovered in hole VB21-002 (results announced March 24, 2021). This hole intersected 10 metres averaging 6.50 g/t Au, including 0.31 metre with 161.80 g/t Au. Hole VB21-004 was drilled approximately 300 metres to the east, targeting a mineralized structure in line with the Golf-Tollis target, and intersected six metres averaging 2.48 g/t Au, including 1.0 metre with 11.10 g/t Au. Please refer to the associated table for a detailed summary of the assay results for these two holes.

                           SUMMARY OF ASSAY RESULTS
 
Hole No.             From        To       Interval     True thickness          Grade
                      (m)       (m)            (m)                (m)       (g/t Au)

VB21-004             89.7     132.0           42.3               29.6           0.78
including            97.0     126.0           29.0               20.3           0.94
including           120.0     132.0           12.0                8.4           1.46
including           120.0     126.0            6.0                4.2           2.48
including           120.0     121.0            1.0                0.7          11.10
and                 204.0     225.8           21.8               15.3           0.62
including           209.0     216.0            7.0                4.9           1.33
VB21-005             67.0      74.0            7.0                4.9           1.13
and                 100.6     130.0           29.4               20.6           2.65
including           109.0     119.0           10.0                7.0           6.50
including           113.7     119.0            5.3                3.7          11.44
including           115.9     116.3            0.3                0.2         161.80
and                 204.9     208.8            3.9                2.7           2.71
and                 226.3     231.4            5.2                3.6           1.51

Notes:
(1) Results are based on an ore-grade 50 g fire assay for Au.
(2) Intersections are from diamond core drilling with half-core samples with 
one-metre representative samples.
(3) Core sample intervals were constrained by geology, alteration or structural 
boundaries; intervals varied between a minimum of 0.2 metre to a maximum of 1.2 
metres. 
(4) Mean grades have been calculated on a 0.4 g/t Au lower cut-off grade with no 
upper cut-off grade applied and maximum internal waste of 4.0 metres.
(5) All intersections are downhole intervals and reflect approximate true widths.
(6) All downhole deviations have been verified by downhole camera and/or 
downhole gyro.
(7) Collar co-ordinates were surveyed by Earl James & Associates, an independent 
surveyor, using Trimble R8 GNSS.
(8) The company maintains a quality assurance/quality control program.
(9) The assay laboratories responsible for the assays were Northern Analytical 
Laboratories Pty. Ltd. (NAL), an independent International Organization for 
Standardization 9000-certified lab, Pine Creek, Northern Territory, and 
Genalysis Laboratory Services Pty. Ltd., Perth, Western Australia, which is 
also independent from Vista.

The drilling on Section 8436400N has confirmed that some of these structures host higher grades with widths up to 30 metres. Currently, two northeast-striking structures have been intersected, and they extend over several kilometres. There are also indications of additional structures proximal to Batman.

The mineralization in VB21-002 and VB21-005 parallels the orientation of the Batman-Driffield corridor and is an extension of the mineralization within the Batman deposit.

The sampling method and approach for the surface geochemistry and grab samples are as follows:

Soil samples are planned on a regular grid, and a sample sheet is generated.
GPS (Global Positioning System) is used to locate sample positions, and a pelican pick is used to clear debris and any topsoil from sample location 3.
The hole is dug to the B horizon and seven to 10 kilograms of soil are collected and coarse sieved to remove stones; a fine mesh is then employed, and the entire sample recovered postsieving is bagged.
Soil sampling is usually undertaken in the dry season; however, if wet samples are obtained, they are dried in the logging shed prior to sieving.
Sample bags are calico and purchased prenumbered; these are then packaged in groups of five for transportation to Northern Analytical Laboratories, an independent ISO 9000-certified lab, Pine Creek, Northern Territory, and Genalysis Laboratory Services, Perth, Western Australia, which is also independent from Vista.
As the site is closed to public access, no special security measures are undertaken.
A sample submission sheet is sent to the lab, detailing required methodology and number of samples.
No identifying data relating to sample location are recorded on the bags submitted or the in paperwork beyond bag numbers.

Rock chip and soil geochemical samples are routinely collected to determine if the potential exists for anomalous gold values below the surface. The presence of anomalous gold grades is not a guarantee of subsurface mineralization. While both rock chip and soil samples have sampling procedures, it is not considered rigorous enough to be relied upon for use in the estimation of resources. Surface soil and rock chip samples are merely considered to be potential indicators of subsurface mineralization. Since the rock chip and soil assays are not used in resource estimation, it is rare that any additional QA/QC or check assaying would be completed. The data are used on an as-received basis.

It is the qualified person’s (QP) opinion that the sample preparation methods and quality control measures employed before dispatch of samples to an analytical or testing laboratory ensured the validity and integrity of samples taken.

John Rozelle, Vista’s senior vice-president, a qualified person as defined by Canadian National Instrument 43-101 — Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release. The information contained in this press release does not change any of the mineral resource or reserve estimates contained in Vista’s Oct. 7, 2019, NI 43-101 technical report. The information contained in this press release is provided to inform the reader of the growth of the company’s geologic understanding of the project. There has been insufficient exploration to define a mineral resource with respect to the exploration target areas, and it is uncertain if further exploration will result in the exploration target areas being delineated as a mineral resource.

Data verification and QA/QC

The sampling method and approach for the drill holes are as follows:

The drill core, upon removal from the core barrel, is placed into plastic core boxes.
The plastic core boxes are transported to the sample preparation building.
The core is marked, geologically logged, geotechnically logged, photographed and sawn into halves. One-half is placed into sample bags as one-metre sample lengths, and the other half is retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork.
The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into lots for submission to NAL, a certified lab, for preparation and analytical testing.
All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one metre. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

One-metre-depth intervals were marked out on the core by a member of the geologic staff.
Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and was used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line.
Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time, and a cut line was marked on the core. The standard sample interval was one metre, with a minimum of 0.2 m and a maximum of 1.2 m.
Blind sample numbers were then assigned based on prelabelled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations.
Each core tray was photographed and restacked on pallets pending sample cutting and was stored on the site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of one in 10, and at suspected high-grade intervals additional blank samples were added. Standard reference material was sourced from Ore Research & Exploration Pty. Ltd. and provided in 60-gram sealed packets. When a sequence of five samples was completed, the samples were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport and shipped to NAL in Pine Creek, Northern Territory, for standard fire assays. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard three-assay-tonne fire assay is followed by an atomic absorption (AA) finish, except where results report a result of greater than three g/t Au, and then a gravimetric finish is used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and quality assurance/quality control (QA/QC) samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

About Vista Gold Corp.

The company is a gold project developer. Its principal asset is its flagship Mount Todd gold project in Northern Territory, Australia. Mount Todd is the largest undeveloped gold project in Australia.

We seek Safe Harbor.

https://vistagold.com/