Vista Gold Announces Phase 1 Drilling Results at Mt Todd
__________________ NEWS _________________
Vista Gold Announces Phase 1 Drilling Results at Mt Todd
Denver, Colorado, August 22, 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.
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 F igure 1 for a p lan view of the Mt Todd a s-built terrain, showing Phase 1 d rill 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.
8310 S. Valley Highway
Suite 300
Englewood, CO 80112
Phone: 720-981-1185
Trading Symbol: VGZ
NYSE American and TSX Stock Exchanges
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Figure 1: Plan view of as-built terrain displaying Phase 1 drill hole locations and South Cross Lode zone.
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Figure 2: Section illustrating drill holes VB24-001 and VB24-006 with the current mineral resource model from
the 2024 Feasibility Study featuring blocks with a cut-off grade above 0.4 g Au/t.
See Table 1 below for complete intercept details, including true width estimates.
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Table 1. Phase 1 Drill Hole Program Summary Information
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
Hole No.
Grid Coordinates Survey Data Intersections
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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 0.4 g 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.
• 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 g 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.
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 TypeHole No.
Grid Coordinates Survey Data Intersections
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
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• Vista Gold 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, except where results report a result of greater than 3 g Au/t,
and then a gravimetric finish is used to report final results.
• 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 Gold.
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 und erlying 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.
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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. A ll statements, other
than statements of historical facts, included in this news release that address activities, events or developments that we ex pect 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 norther n 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 belie f 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, A ustralia is a low risk, Tier 1 mining friendly jurisdiction; our belief
that Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, communit y support, and
demonstrated financial strength with leverage to gold; our belief that all major environmental and operat ing 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 st udies 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. Al though 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.