VGZ.TO · 2023-03-15 12:00:00

Vista Gold Corp. Surface Exploration Outlines Additional Gold Targets at Mt Todd

Exploration Programs

__________________ NEWS _________________

Denver, Colorado, March 15, 2023 – Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the

“Company”) today announced results of its most recent surface exploration program on two specific areas within

the exploration licenses (“ELs”) at the Company’s Mt Todd gold project (“Mt Todd” or the “Project”). Both targets

returned excellent anomalous gold assays from surface sampling, including up to 4.0 grams of gold per tonne (“g

Au/t”) at the Irwins target.

Frederick Earnest, President and CEO of Vista Gold Corp., stated, “The ELs at Mt Todd encompass 1,650 km 2 and

are largely underexplored. As part of our annual exploration program for the ELs, we collected more than 600 rock

chips and soil samples from an area of interest covering ~ 1.6 km 2 on the Cullen-Australis Structural Corridor. The

results demonstrate strong geologic similarities to the area in the mining licenses where we previously delineated

four highly prospective exploration targets through our 2021-22 drilling program. We are encouraged by the tenor

of these results, which reinforce our belief that the Mt Todd land package has tremendous discovery potential.”

Exploration License Potential

There are a significant number of known mineralization occurrences and indicators within the ELs. The ELs share

several similarities to the Project mining licenses (“MLs”). The most important shared characteristics between the

Batman-Driffield Structural Corridor (located on the MLs) and the Cullen-Australis Structural Corridor to the north

and east on the ELs are similar structural controls, lithologies, alteration patterns, and granitic intrusions. Vista’s

recent exploration drilling program highlighted the strong possibility that the four newly identified targets are

structurally connected to the Batman deposit to the south and the Quigleys deposit to the north. Given the similarities

seen between the two structural corridors and the number of mineralized occurrences on the ELs, the prospects of

delineating deposits of similar scale and grade are highly encouraging.

Figure 1 below shows the boundaries of the ELs and MLs, underlying geology, known mineral locations,

predominant types of mineralization identified to date, and the two areas of interest (Irwins and Cullen West) within

the Cullen-Australis Structural Corridor that were sampled during the 2022 annual ELs exploration program.

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Figure 1 – Mt Todd Land Package

Vista’s 2022 ELs exploration program collected a total of 60 rock chip, 556 soil, and 19 stream sediment samples.

We concentrated on two areas within the Cullen Australis Trend. Both areas showed encouraging anomalous metal

values through previous widely spaced surface sampling programs. Additionally, these areas exhibit similar

lithology, alteration, proximity to young granitic bodies, structure, and magnetic anomalies similar to those found at

the Batman deposit.

2022 Soil Programs

Cullen West Area

Six lines of the 100x100m soil sampling program contained 121 samples as shown in Figure 2. Table 1 details the

most significant gold assays, with the three highlighted rows showing the highest-grade samples.

Figure 2 – Detailed Surface Locations of the Infill Program

Note: ppb = parts per billion and 1,000 ppb = 1 ppm

ppm = parts per million and1 ppm = 1 gram/tonne

Table 1 – Cullen West Most Significant Soils Samples Collected (2022 Program)

Sample ID

GDA94

East

GDA94

North

ppb

ppm

VS70438 190700 8452500 12 5 18 25 28 1.23 2.4 2.67

VS70439 191100 8452400 12 12 34 35 57 0.97 3.95 5.16

VS70440 191000 8452400 11 37 48 51 321 1 4.49 4.77

VS70443 190700 8452400 10 25 84 86 401 1.4 4.58 6.27

VS70475 190700 8452300 33 66 213 221 1460 0.96 4.86 6.49

VS70476 190800 8452300 29 52 72 63 1031 1.21 3.88 6.18

VS70477 190900 8452300 10 36 95 61 601 2.44 7.52 7.81

VS70478 191000 8452300 37 37 35 39 308 1.56 3.73 3.09

VS70479 191100 8452300 14 23 38 46 20 0.63 1.52 1.46

VS70480 191200 8452200 10 31 32 20 -10 0.99 1.83 1.27

VS70483 190900 8452200 11 42 38 44 440 2.2 4.27 7.19

VS70484 190800 8452200 11 18 57 72 318 0.64 2.36 2.07

VS70494 189800 8452200 10 25 61 29 17 10.1 5.51 4.5

VS70522 191400 8452000 10 18 24 22 -10 0.96 3.9 3.67

VS70523 191300 8452000 11 39 92 62 125 4.33 5.27 9.24

VS70527 190900 8452000 10 36 56 47 216 1.58 3.95 5.11

VS70528 190800 8452000 14 46 82 156 271 2.11 6.04 9.34

VS70529 190700 8452000 13 101 195 161 487 1.64 8.98 14.04

VS70538 189800 8452000 12 18 74 43 -10 7.4 8.24 18.19

Note: 1,000 ppb equals 1 ppm and 1 ppm equals 1 gram/tonne.

10,000 ppm equals 1 percent.

Irwins Area

The soil sampling program at Irwins consisted of 44 lines with samples collected on a 20x20m pattern. A

total of 436 samples were collected. Some of the samples show a significant high-grade anomalous gold

pattern that corresponds with high-grade copper, tungsten, and elevated bismuth and tellurium. At the

Batman deposit, we see similar trends with the gold, copper, bismuth, and other sulfide metals. The highest

two soil samples collected had gold grades of 3,953 ppb (3.953 g Au/t) and 1,281 ppb (1.281 g Au/t),

respectively. Figures 4 and 5 provide greater detail on the Irwins soil sampling program. The RED lines

are dolerite dike locations. The PURPLE lines show the locations of historic workings. As can be seen, the

two parallel each other and the highest soil grades also align with these trends. The area in the southeast

corner of the figure is shown with higher grades because of the presence of the dolerite dikes. Table 2

details the most significant soil samples collected.

Table 2 – Irwins Area Most Significant Soil Samples

Sample ID

GDA94

East

GDA94

North Au ppb Cu ppm As ppm Ag ppm Bi ppm W ppm

VS70057 202439 8457400 55 2134 -10 -1 224.7 461.69

VS70082 202441 8457361 76 1773 1489 -1 128.11 491.29

VS70097 202460 8457340 75 2399 467 -1 61.86 1426.91

VS70107 202380 8457320 169 4724 2745 -1 1395.45 7887.56

VS70111 202460 8457321 3953 23942 4948 134 1811.26 11778.2

VS70112 202479 8457320 83 473 -10 -1 46.65 761.11

VS70140 202481 8457279 127 5657 137 1 32.54 1396.74

VS70167 202478 8457239 55 311 -10 -1 12.73 114.44

VS70168 202499 8457240 113 1141 -10 -1 0.25 8.93

VS70180 202440 8457220 103 5709 -10 -1 84 477.46

VS70181 202459 8457220 121 2322 -10 -1 108.63 2012.3

VS70183 202499 8457220 76 373 -10 -1 14.15 149.07

VS70195 202440 8457204 413 7692 -10 -1 176.8 1306.95

VS70196 202458 8457200 67 1036 -10 -1 36.47 150.74

VS70197 202477 8457199 58 701 -10 -1 38.2 741.96

VS70211 202441 8457178 157 1625 -10 -1 56.08 916.13

VS70212 202458 8457180 1281 8412 -10 -1 494.1 2659

VS70230 202479 8457159 198 752 -10 -1 140.15 138.14

VS70246 202460 8457139 60 959 -10 -1 66.78 146.46

VS70263 202462 8457120 63 764 -10 -1 28.16 80.05

Figure 4 – Irwins Area Soil Geochemistry Map.

RED Lines are dolerite dike locations

PURPLE Lines are locations of historic workings

Figure 5 – Irwins Area – High-grade Sample Locations on Magnetic Anomaly

Sampling Methodology

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 Senior Vice President, a Qualified Person (“QP”) as defined in accordance with subpart 1300

of Regulation S-K under the United States Securities Exchange Act of 1934, as amended (“S-K 1300”) and by

Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), 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 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 December 31, 2021, an issue date of February 9, 2022 and

an amended date of February 7, 2023 available on EDGAR or the technical report entitled “NI 43-101 Technical

Report - Mt Todd Gold Project - 50,000 tpd Feasibility Study – Northern Territory, Australia” with an effective date

of December 31, 2021 and an issue date of February 9, 2022 available on SEDAR.

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.

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