VGZ.TO · 2021-09-22 12:00:00

Vista Gold Corp. Announces Final Results from Phase 2 Drilling at Mt Todd

Exploration Programs

__________________ NEWS _________________

Denver, Colorado, September 22, 2021 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the

“Company”) today announced positive results for the two remaining holes in Phase 2 of the ongoing drilling

program at the Company’s 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) located in Northern

Territory, Australia.

Highlights

VB21-012 – Intersected over 100 meters of mineralization, inclusive of three zones of +1 grams gold per tonne (“g

Au/t”) subvertical vein-sets

 10.0 meters @ 1.29 g Au/t from 469 meters down hole

 22.7 meters @ 1.10 g Au/t from 503 meters down hole

 13.2 meters @ 1.03 g Au/t from 566 meters down hole

VB21-013 – Drilled perpendicular to VB21-002 and VB21-005 to validate structural orientation

 6.0 meters @ 1.25 g Au/t from 130 meters down hole

 12.0 meters @ 3.11 g Au/t from 144 meters down hole

Frederick Earnest, President and CEO of Vista, commented, “Phase 2 of our drilling program successfully achieved

our primary objective of identifying multiple areas north of the Batman deposit where additional resources might

be added most efficiently in the future. In all, we drilled 3,725 meters in this phase and intersected good intervals

and gold grades in each hole. We have verified continuity of gold mineralization extending from the Batman deposit

northeast over 1.4 km and down dip more than 400 meters. Holes VB21-012 and VB21-013 are the last two holes

in this phase of drilling. Our next phase of drilling will provide some infill to our drilling to date, but importantly,

continue to step out toward the Quigleys deposit.”

“We were very pleased to have received a grant from the Northern Territory Government under its Geophysics and

Drilling Collaborations Program (the “Program”) to co-fund VB21-012. This gave us the opportunity to drill a hole

directed at increasing our understanding of the geology as we move north of the Batman deposit. The Program

awarded $1.7 million in grants to support a diverse range of exploration drilling programs and geophysical surveys

across the Northern Territory. Mt Todd was one of 15 successful projects to receive a grant from a total of 38

applicants. Fifty percent of the applicable direct drilling and assay costs, up to a maximum of A$110,000, will be

co-funded from the Program.”

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“Hole VB21-012 was drilled to a total depth of 901 meters. The primary objective was to intersect the granite

intrusive. From our drilling at Batman, we expected the intrusive to be present at a depth of approximately 800

meters. We did not intercept the intrusive, but gained a great deal of information about the basement rocks at Mt

Todd. And while not the primary objective of this hole, we intersected three zones of +1 g Au/t material within a

broad zone of mineralization. Hole VB21-013 was drilled to validate the orientation of our drilling and to provide

the assurance that we have not introduced a bias into our understanding of the structures due to drillhole orientation.

I’m pleased with the thoroughness of our exploration programs and our understanding of the geology and resource

growth potential in the area north of the Batman deposit.”

Mr. Earnest concluded, “In addition to the ongoing exploration, completing a definitive feasibility study (“DFS”)

for Mt Todd will be an important milestone and catalyst. We are pleased to report that engineering and other work

related to the DFS is on schedule and on budget. We are closely reviewing interim reports and look forward to

announcing the results of the DFS in Q1 of 2022. Australia is making significant progress in achieving its

vaccination goals and we are hopeful this will lead to a relaxing of the present travel restrictions, which will play

an important role in obtaining a strategic development partner.”

Table 1 – Summary of Assay Results

Notes:

(i) Results are based on 50g fire assay for Au.

(ii) Intersections are from diamond core drilling with half-core samples with 1 meter representative 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 0.4 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 and reflect approximate true widths.

(vi) All downhole deviations have been verified by downhole camera and/or downhole gyro.

(vii) Collar coordinates surveyed by Earl James & Assoc., an independent surveyor, using Trimble R8 GNSS.

(viii) The Company maintains a quality assurance/quality control (“QA/QC”) program, as further described below.

(ix) The assay laboratories responsible for the assays were Northern Analytical Laboratories Pty Ltd (“NAL”), an independent ISO 9000 certified lab,

Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista.

MGA94 Grid

Easting

MGA94 Grid

Northing

(m)

Azimuth

(°)

Dip

(°)

Depth

(m)

From

(m)

Interval

(m)

True

Thickness

(m)

Grade (g/t

Au) Sample Type

VB21-012 188435.0 8436405.0 155.0 260.9 -50.0 901.0 469.0 479.0 10.0 6.4 1.29 HQ ½ Core

including 477.0 479.0 2.0 1.3 4.48 HQ ½ Core

and 503.0 525.7 22.7 14.6 1.10 HQ ½ Core

and 555.3 579.2 23.9 15.3 0.77 HQ ½ Core

including 566.0 579.2 13.2 8.5 1.03 HQ ½ Core

VB21-013 187423.0 8436409.0 169.0 86.4 -53.0 311.9 130.0 136.0 6.0 3.9 1.25 HQ ½ Core

and 144.0 156.0 12.0 7.9 3.11 HQ ½ Core

including 144.0 148.6 4.6 3.0 1.62 HQ ½ Core

including 151.0 154.0 3.0 2.0 2.67 HQ ½ Core

Hole No.

Grid Co-ordinates Survey Data Intersections

Discussion of Results

Hole VB21-012

VB21-012 was drilled to test the potential depth of the granitic intrusive under the Northern and Southern Cross

zones and for an enriched zone within the Southern Cross Zone (“SXZN”) close to the intrusive. While VB21-012

did not intersect the intrusive, alteration intensity did increase with depth and, as veining persisted, the hole was

pushed an additional 100 meters past planned depth (see Figure 2). VB21-012 has shown that the SXZN, both

persists and thickens with depth. The SXZN has three +1 g Au/t zones with an overall width of 100 meters (when

aggregated), with dip continuity of +500 meters and a strike length of approximately 1.1 km. Vein assemblages

consist dominantly of quartz, pyrrhotite, chalcopyrite, and sphalerite, with galena occasionally present. The SXZN

appears similar to the NXZN, which exhibits the potential to host grades twice that of the Batman deposit.

Consistent with our standard drilling protocols, VB21-012 was drilled with oriented core and has provided

orientation data for bedding, veining and structures that will greatly assist in understanding the mineralizing controls

and targeting future drilling.

Hole VB21-013

VB21-013 was planned to intersect the Northern Cross Zone (“NXZN”) from the west instead of the east as drilled

previously on section 6400N (approximately 1,000 meters north of the existing Batman Pit). VB21-013 intersected

the NXZN between the intercepts in holes VB21-005 and VB21-002, while also confirming the thickness of the

structure by intercepting it from the opposite direction. Structural measurements have indicated that at section

6400N, the NXZN mineralized veins are subvertical and strike nearly north-south. The veins vary in thickness and

number. The NXZN has intersected four zones to date, two of which are very well developed on section 6400N.

The NXZN was intersected where predicted and displays strong upper and lower contact mineralization. Hole

VB21-013, drilled from west to east, has shown a tighter, higher-grade structure than the holes drilled east to west.

The revised drill direction appears appropriate and is consistent with the measured vein orientations of the high-

grade.

A portion of future work will focus on defining high-grade mineralization within the NXZN, which is open in all

directions.

Photos – Drill intercepts from VB21-013 showing mineralization

Figure 1 – Plan View of Drill Holes

Figure 2 - Cross Section with VB21-012

Figure 3 - Cross Section with VB21-013 and interpreted zones

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

 Soil samples are planned on a regular grid and a sample sheet is generated.

 GPS is used to locate sample positions and a pelican pick is used to clear debris and any topsoil from the

sample location 3.

 The hole is dug to the B horizon and 7 to 10 kg of soil is collected and coarse sieved to remove stones etc.,

a fine mesh is then employed and the entire sample recovered post sieving 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 pre-numbered, these are then packaged in groups of 5 for

transportation to NAL, an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory

Services Pty Ltd, Perth, WA, 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 is recorded on the bags submitted or the 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 mineral 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 mineral 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 QP’s (as defined below) 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 Sr. Vice President, a Qualified Person (“QP”) 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 resources or reserves estimates contained in Vista’s October 7, 2019 NI 43-101 Technical Report, Mt Todd

Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia. The information contained

in this press release is provided to inform the reader of the growth of our 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 drillholes 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-meter sample lengths, and the other half 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; and

 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 meter. 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 meter 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 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 marked on the core. The standard sample interval was one meter, with a minimum of

0.2 meters and a maximum of 1.2 meters;

 Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then

indicated in the core tray at the appropriate locations; and

 Each core tray was photographed and restacked on pallets pending sample cutting and stored on 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 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard

reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets.

When a sequence of five samples was completed, they 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 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/tonne, 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 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.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1,

mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin,

Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would

potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global

all-in sustaining costs. All major operating and environmental permits have now been approved.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

Forward Looking Statements

This press 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 press 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 drill results

from VB21-012 provided a great deal of information about the basement rocks at Mt Todd; our belief that drill results from

VB21-013 validated the orientation of our drilling and provided assurance that we have not introduced a bias into our

understanding of the structures due to drillhole orientation; our belief that the completion of a DFS for Mt Todd will be an

important catalyst; our expectation to finalize the DFS in Q1 2022; our belief that Australia is making significant progress in

achieving its vaccination goals; our belief that Australia’s relaxation of its present travel restrictions will play an important role

in reaching our goal of having a strategic development partner; our belief that the Southern Cross Zone, which exhibits the

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