Vista Gold Phase 2 Drilling Continues to Intercept High Grade Gold Mineralized Intervals in the South Cross Lode at Mt Todd
__________________ NEWS _________________
Vista Gold Phase 2 Drilling Continues to Intercept High Grade Gold Mineralized
Intervals in the South Cross Lode at Mt Todd
Denver, Colorado, October 31, 2024 – Vista Gold Corp. ( NYSE American and TSX : VGZ) ( “Vista” or the
“Company”) today announced additional results from 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 2 drilling continues
in the South Cross Lode zone (the “SXL”), a narrower mineralized structure with high -grade intercepts that is
adjacent to the Batman deposit and presently extends up to 400 meters northeast.
Drilling Highlights
VB24-025 – Returned multiple mineralized intervals, including
• 8.0 meters at 1.20 grams of gold per tonne (“g Au/t) from 22.5 meters downhole
• 20.8 meters at 1.96 g Au/t from 142.5 meters downhole, including
∙ 1.0 meter at 9.19 g Au/t from 155.0 meters downhole
VB24-027 – Returned multiple mineralized intervals near surface
• 15.0 meters at 0.77 g Au/t from 37.0 meters downhole
• 2.3 meters at 2.09 g Au/t from 59.7 meters downhole
• 23.0 meters at 0.93 g Au/t from 68.0 meters downhole
VB24-028 – Returned multiple mineralized intervals near surface
• 12.0 meters at 0.96 g Au/t from 25.0 meters downhole
• 4.0 meters at 2.49 g Au/t from 71.2 meters downhole, including
∙ 1.2 meters at 6.82 g Au/t from 74.0 meters downhole
Phase 2 drilling is focused on the shallow portion of the SXL. The six holes reported in this release have intercepts
with gold grades up to 6.82 g Au/t near surface. Results to date indicate potential for expansion in the northeast
portion of the current resource shell, including an area previously classified as waste. Additionally, drilling continued
to intersect mineralization at depth with intercepts ranging from 3.06 to 9.19 g Au/t and confirm the presence of
several high-grade sub-structures within the SXL.
Frederick H. Earnest, President and CEO, commented, “ Results from the ongoing drilling program continue to
indicate that the SXL is a narrower mineralized structure with well-defined packages of high-grade quartz-sulfide
veins. Today’s results continue to demonstrate encouraging mineralized intervals near surface and at depth. We are
currently working to better understand the geometry of the mineralization in the SXL as we assess a possible
extension of the resource shell. Phase 2 of the drilling program is expected to be completed by the end of this year.
“At the conclusion of the 2024 drilling program, we plan to update the Mt Todd mineral resource estimate and
anticipate moving forward with a feasibility study targeting daily throughput in the range of 12,000 – 17,000 tonnes
8310 S. Valley Highway
Suite 300
Englewood, CO 80112
Phone: 720-981-1185
Trading Symbol: VGZ
NYSE American and TSX Stock Exchanges
2
per day (4-6 million tonnes per annum), 150,000 to 200,000 ounces of annual gold production with an initial capex
of less than $400 million, and a reserve grade of approximately 1 gram of gold per tonne. A decision to commence
the feasibility study is expected by year end.
Figure 1 illustrates the Phase 2 drill hole locations and orientations to date. Figure 2 shows the locations of the drill
holes relative to the 2024 Feasibility Study (as defined below) resource shell and the current pit design. Figure 3 is
a photo of core from hole VB24- 025 displaying an example of the high- grade mineralization encountered in the
recent drill holes. Table 1 summarizes assay results and highlights multiple vein intercepts with grades above 5.0 g
Au/t for the six holes announced in this press release.
THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
3
Figure 1: Plan view of the Mt Todd terrain showing Phase 2 drill hole locations with respective orientation to
date, including the six holes announced in this release.
4
Figure 2: Plan view of the Phase 2 drill holes to date, including holes in this release, in relation to the current
reserves pit design, resource shell, and the wireframe representing the SXL structure.
Figure 3. Core Photo of hole VB24-025 from 160 meters downhole showing examples of high-grade intervals.
5
Table 1. Summary of Phase 2 Drill Holes VB24-025 through VB24-030 – highlighting intercepts greater than 5.0
g Au/t.
Hole No. Grid Coordinates Survey Data Intersections
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
VB24-025 187622 8435694 137 268.8 -60.4 167.4 22.5 30.5 8.0 3.9 1.20 HQ ½ Core
including 27.9 30.5 2.7 1.3 3.22 HQ ½ Core
and 46.0 52.0 6.0 3.0 0.50 HQ ½ Core
and 60.0 63.8 3.8 1.9 0.50 HQ ½ Core
and 70.0 91.0 21.0 10.4 0.60 HQ ½ Core
including 70.0 71.0 1.0 0.5 5.57 HQ ½ Core
and 96.0 106.0 10.0 5.0 0.61 HQ ½ Core
and 119.0 122.4 3.4 1.7 0.57 HQ ½ Core
and 142.5 163.3 20.8 10.9 1.96 HQ ½ Core
including 147.0 150.9 3.9 2.0 3.06 HQ ½ Core
including 155.0 156.0 1.0 0.5 9.19 HQ ½ Core
including 160.0 163.3 3.3 1.7 4.93 HQ ½ Core
VB24-026 187415 8435502 150 271.2 -60.1 119.5 41.2 43.6 2.4 1.2 0.93 HQ ½ Core
VB24-027 187545 8435600 138 268.5 -60.3 121.1 11.3 14.0 2.8 1.4 0.66 HQ ½ Core
and 37.0 52.0 15.0 7.5 0.77 HQ ½ Core
and 59.7 62.0 2.3 1.2 2.09 HQ ½ Core
and 68.0 91.0 23.0 11.9 0.93 HQ ½ Core
including 72.2 76.0 3.8 2.0 2.84 HQ ½ Core
and 102.0 107.0 5.0 2.7 0.82 HQ ½ Core
VB24-028 187628 8435747 138 270.3 -60.0 125.5 25.0 37.0 12.0 6.5 0.96 HQ ½ Core
including 31.0 32.2 1.2 0.6 3.66 HQ ½ Core
and 71.2 75.2 4.0 2.0 2.49 HQ ½ Core
including 74.0 75.2 1.2 0.6 6.82 HQ ½ Core
and 84.0 91.0 7.0 3.4 0.99 HQ ½ Core
including 84.0 85.0 1.0 0.5 3.24 HQ ½ Core
and 120.4 124.4 4.1 2.0 2.48 HQ ½ Core
including 123.5 124.4 1.0 0.5 4.14 HQ ½ Core
VB24-029 187545 8435554 138 264.3 -60.8 212.4
18.2 20.0 1.9 0.9 0.96 HQ ½ Core
and 62.0 66.0 4.0 2.0 0.45 HQ ½ Core
VB24-030 187594 8435701 137 270.4 -60.1 203.1 92.2 97.0 4.8 2.4 1.11 HQ ½ Core
including 92.2 93.0 0.8 0.4 4.07 HQ ½ Core
and 142.0 146.2 4.2 2.1 0.64 HQ ½ Core
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) Mean grades have been calculated on a 0.4g Au/t lower cut-off grade with no upper cut-off grade applied, and maximum internal waste of 4.0 meters.
(v) All mineralized interval lengths reported are downhole intervals.
(vi) True Thicknesses are estimated based on the orientation of veining as measured relative to the core axis.
(vii) All downhole deviations have been verified by downhole camera and or downhole gyro.
(viii) Collar coordinates are given as Map Grid Australia MGA94 using a multi-band GNSS Garmin GPS 750i.
(ix) 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.
(x) The independent laboratory responsible for the assays was North Australian Laboratories Pty Ltd, Pine Creek, NT.
6
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-gram 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.
• Vista 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.
• 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.
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 “National Instrument 43-101 Technical Report – 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, a shovel -ready development-stage gold deposit located in the Tier-1 mining
jurisdiction of Northern Territory, Australia. Vista is positioning Mt Todd as a leading development opportunity
7
within the gold sector. Mt Todd offers significant scale, development optionality, growth opportunities, advanced
local infrastructure, community support, and demonstrated economic feasibility. All major environmental and
operating permits necessary to initiate development of Mt Todd are in place.
Vista’s strategy is to advance Mt Todd in ways that efficiently position the project for development while exercising
the discipline necessary to best realize value at the right time. Vista believes its strategy of advancing Mt Todd in
this manner will deliver a more fully valued project to its shareholders.
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.
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 the SXL is a narrower mineralized structure with high-grade intercepts;
our belief that results to date indicate potential for expansion in the northeast portion of the current resource shell, including an area previously
classified as waste; our belief that results from the ongoing drilling program continue to indicate that the SXL is a narrower mineralized
structure with well-defined packages of high-grade quartz-sulfide veins; our belief that today’s results continue to demonstrate encouraging
mineralized intervals near surface and at depth; we are currently working to better understand the geometry of the mineralization in the SXL
as we assess a possible extension of the resource shell; our expectation to complete Phase 2 of the drilling program by year end; at the
conclusion of the 2024 drilling program, we plan to update the Mt Todd mineral resource estimate and anticipate moving forward with a
feasibility study targeting daily throughput in the range of 12,000 – 17,000 tonnes per day (4-6 million tonnes per annum), 150,000 to 200,000
ounces of annual gold production with an initial capex of less than $400 million, and a reserve grade of approximately 1 gram of gold per
tonne; our belief that a decision to commence the feasibility study is expected by year end ; our belief that Northern Territory, Australia is a
Tier 1 mining friendly jurisdiction; our belief that we are positioning Mt Todd as a leading development opportunity within the gold sector;
our belief that Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructur e, community
support, and demonstrated economic feasibility ; our belief that all major environmental and operating permits necessary to initiate
development of Mt Todd are in place; our belief that Mt Todd is a shovel-ready development stage gold deposit; Vista’s strategy to advance
Mt Todd in ways that efficiently position the Project for development while exercising the discipline necessary will best realize value at the
right time; and our belief that advancing Mt Todd in this manner will deliver a more fully valued project to its shareholders 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 projecte d
capital and operating costs; our expectations regarding mining and metallurgical recoveries; mine life and production rate s; 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 studies 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 t he 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 for ward-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 th e 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 c ertain 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. Although we have attem pted 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 pu blicly update any forward-looking statements or forward -looking information, whether as a result of new
information, future events or otherwise.