STOCK TITAN

Vista Gold Announces Interim Phase 2 Drilling Results at Mt Todd Including Vein Intercepts with Grade – Thicknesses Greater than 20 g Au/t - m

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(Moderate)
Rhea-AI Sentiment
(Positive)

Vista Gold Corp. (NYSE American and TSX: VGZ) announced interim results from Phase 2 of its 2024 drilling program at the Mt Todd gold project in Northern Territory, Australia. The drilling focused on the South Cross Lode zone (SXL), a known mineralized structure intersecting the Batman deposit. Highlights include:

- VB24-014: 9.4 meters @ 3.35 g Au/t, including 0.5 meters @ 50.0 g Au/t
- VB24-016: 22.0 meters @ 1.74 g Au/t, including 2.3 meters @ 7.93 g Au/t
- VB24-022: 4 meters @ 7.18 g Au/t, including 1.0 meter @ 25.89 g Au/t

The company plans to update the Mt Todd mineral resource estimate and evaluate a development scenario targeting 150,000 to 200,000 ounces of annual gold production, with a raised cut-off grade of 0.45 to 0.50 g Au/t and an initial capex of less than $400 million.

Vista Gold Corp. (NYSE American e TSX: VGZ) ha annunciato i risultati intermedi della Fase 2 del suo programma di perforazione 2024 presso il progetto aurifero Mt Todd nel Territorio del Nord, Australia. Le perforazioni si sono concentrate sulla zona South Cross Lode (SXL), una struttura mineralizzata nota che interseca il deposito Batman. Le principali scoperte includono:

- VB24-014: 9,4 metri @ 3,35 g Au/t, inclusi 0,5 metri @ 50,0 g Au/t
- VB24-016: 22,0 metri @ 1,74 g Au/t, inclusi 2,3 metri @ 7,93 g Au/t
- VB24-022: 4 metri @ 7,18 g Au/t, inclusi 1,0 metro @ 25,89 g Au/t

La società prevede di aggiornare la stima delle risorse minerarie di Mt Todd e valutare uno scenario di sviluppo mirato a una produzione annuale di oro compresa tra 150.000 e 200.000 once, con un grado di taglio elevato da 0,45 a 0,50 g Au/t e un capex iniziale di meno di 400 milioni di dollari.

Vista Gold Corp. (NYSE American y TSX: VGZ) anunció resultados interinos de la Fase 2 de su programa de perforación 2024 en el proyecto de oro Mt Todd en el Territorio del Norte, Australia. La perforación se centró en la zona South Cross Lode (SXL), una estructura mineralizada conocida que intersecta el depósito Batman. Los aspectos destacados incluyen:

- VB24-014: 9.4 metros @ 3.35 g Au/t, incluyendo 0.5 metros @ 50.0 g Au/t
- VB24-016: 22.0 metros @ 1.74 g Au/t, incluyendo 2.3 metros @ 7.93 g Au/t
- VB24-022: 4 metros @ 7.18 g Au/t, incluyendo 1.0 metro @ 25.89 g Au/t

La empresa planea actualizar la estimación de recursos minerales de Mt Todd y evaluar un escenario de desarrollo que apunte a una producción anual de 150,000 a 200,000 onzas de oro, con un grado de corte elevado de 0.45 a 0.50 g Au/t y un capex inicial de menos de 400 millones de dólares.

Vista Gold Corp. (NYSE American 및 TSX: VGZ)가 호주 노던 테리토리의 Mt Todd 금 프로젝트에서 2024년 탐사 프로그램 2단계의 중간 결과를 발표했습니다. 이번 탐사는 배트맨 매장층과 교차하는 알려진 광물화 구조인 South Cross Lode 존 (SXL)에 집중되었습니다. 주요 결과는 다음과 같습니다:

- VB24-014: 9.4미터 @ 3.35 g Au/t, 포함 0.5미터 @ 50.0 g Au/t
- VB24-016: 22.0미터 @ 1.74 g Au/t, 포함 2.3미터 @ 7.93 g Au/t
- VB24-022: 4미터 @ 7.18 g Au/t, 포함 1.0미터 @ 25.89 g Au/t

회사는 Mt Todd의 광물 자원 추정치를 업데이트하고 연간 150,000에서 200,000 온스의 금 생산을 목표로 하는 개발 시나리오를 평가할 계획이며, 컷오프 등급은 0.45에서 0.50 g Au/t로 높이고 초기 자본 지출은 4억 달러 이하로 설정할 것입니다.

Vista Gold Corp. (NYSE American et TSX: VGZ) a annoncé des résultats intermédiaires de la phase 2 de son programme de forage 2024 au projet aurifère Mt Todd dans le Territoire du Nord, en Australie. Le forage s'est concentré sur la zone South Cross Lode (SXL), une structure minéralisée connue qui croise le gisement Batman. Les faits saillants comprennent :

- VB24-014 : 9,4 mètres @ 3,35 g Au/t, incluant 0,5 mètre @ 50,0 g Au/t
- VB24-016 : 22,0 mètres @ 1,74 g Au/t, incluant 2,3 mètres @ 7,93 g Au/t
- VB24-022 : 4 mètres @ 7,18 g Au/t, incluant 1,0 mètre @ 25,89 g Au/t

L'entreprise prévoit de mettre à jour l'estimation des ressources minérales de Mt Todd et d'évaluer un scénario de développement visant une production annuelle d'or de 150 000 à 200 000 onces, avec un taux de coupe élevé de 0,45 à 0,50 g Au/t et un capex initial de moins de 400 millions de dollars.

Vista Gold Corp. (NYSE American und TSX: VGZ) hat die Zwischenberichte der Phase 2 seines Bohrprogramms 2024 im Mt Todd Gold Projekt im Northern Territory, Australien, veröffentlicht. Die Bohrungen konzentrierten sich auf die South Cross Lode Zone (SXL), eine bekannte mineralisierte Struktur, die das Batman-Lager durchschneidet. Höhepunkte sind:

- VB24-014: 9,4 Meter @ 3,35 g Au/t, einschließlich 0,5 Meter @ 50,0 g Au/t
- VB24-016: 22,0 Meter @ 1,74 g Au/t, einschließlich 2,3 Meter @ 7,93 g Au/t
- VB24-022: 4 Meter @ 7,18 g Au/t, einschließlich 1,0 Meter @ 25,89 g Au/t

Das Unternehmen plant, die Schätzung der Mineralreserven von Mt Todd zu aktualisieren und ein Entwicklungsszenario zu evaluieren, das auf eine jährliche Goldproduktion von 150.000 bis 200.000 Unzen abzielt, mit einer erhöhten Cut-off-Quote von 0,45 bis 0,50 g Au/t und einem initialen Capex von weniger als 400 Millionen Dollar.

Positive
  • Multiple high-grade gold intercepts discovered in the South Cross Lode zone
  • Several drill holes intersected mineralized veins within the resource pit limits
  • Plans to update mineral resource estimate and evaluate new development scenario
  • Targeting 150,000 to 200,000 ounces of annual gold production
  • Aiming for a mineral reserve grade of approximately 1 g Au/t
  • Targeting initial capex of less than $400 million
Negative
  • None.

Insights

The interim results from Vista Gold's Phase 2 drilling program at Mt Todd are encouraging and could potentially enhance the project's value. Key highlights include:

  • Multiple high-grade gold intercepts, with some exceeding 20 g Au/t-m grade thickness
  • Mineralization discovered within areas previously classified as waste
  • Evidence of wider, higher-grade veins in the South Cross Lode zone compared to the Batman deposit

These findings could lead to an increase in the mineral resource estimate and potentially improve the project's economics. The company's strategy to target a higher-grade, lower-capex development scenario (150,000-200,000 oz Au/year, <$400M initial capex) appears prudent in the current market.

However, investors should note that further drilling and analysis are needed to fully understand the impact on the project. The company plans to update the mineral resource estimate after completing the 2024 drilling program, which will provide a clearer picture of Mt Todd's potential.

While the drilling results are promising, it's important to consider Vista Gold's financial position and market valuation:

  • Market cap of $83.9 million suggests the market is not fully valuing the potential of Mt Todd
  • The company had $8.7 million in cash as of Q2 2024, which may necessitate additional financing for continued development
  • No revenue-generating operations, increasing reliance on capital markets

The strategy to focus on a higher-grade, lower-capex scenario could make the project more attractive to potential partners or acquirers. If successful, this approach could significantly reduce financing needs and improve the project's overall economics.

Investors should monitor the company's burn rate and ability to fund ongoing exploration and development activities. The upcoming resource update and potential project re-scoping could be catalysts for share price appreciation if they demonstrate improved project economics.

DENVER--(BUSINESS WIRE)-- Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced interim 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 commenced in July 2024 with near-surface drilling in the South Cross Lode zone (the “SXL”), a known mineralized structure with high-grade intercepts that intersects the Batman deposit and extends up to 400 meters northeast.

Figure 1: Plan view of the Mt Todd as-built terrain showing Phase 2 drill hole locations with respective orientation to date. (Graphic: Business Wire)

Figure 1: Plan view of the Mt Todd as-built terrain showing Phase 2 drill hole locations with respective orientation to date. (Graphic: Business Wire)

Drill Hole Highlights

VB24-014 – 9.4 meters @ 3.35 grams of gold per tonne (“g Au/t”) from 102.8 meters down hole, including

  • 0.5 meters @ 50.0 g Au/t from 111.7 meters down hole (grade thickness of 25.0 g Au/t per meter (“g Au/t – m”)

VB24-015 – Returned three intervals of greater than 1 g Au/t, ranging 3 – 9 meters thick, including

  • 8.0 meters at @ 1.82 g Au/t from 132.0 meters down hole, including 1.0 meter @ 12.57 g Au/t from 132.0 meters down hole (grade thickness of 12.57 g Au/t – m)

VB24-016 – Returned three intervals of greater than 1 g Au/t, ranging 6 – 22 meters thick, including

  • 22.0 meters at @ 1.74 g Au/t from 146.0 meters down hole, including 2.3 meters @ 7.93 g Au/t from 150.7 meters down hole (grade thickness 18.24 g Au/t – m)

VB24-022 – Returned two intervals of greater than 1 g Au/t, with thickness up to 4 meters

  • 4 meters at @ 7.18 g Au/t from 106.0 meters down hole, including 1.0 meter @ 25.89 g Au/t from 106.0 meters down hole (grade thickness of 25.89 g Au/t m)
  • 3.8 meters at @ 3.25 g Au/t from 136.4 meters down hole, including 0.6 meters @ 18.13 g Au/t from 136.4 meters down hole (grade thickness of 10.88 g Au/t – m)

VB24-024 – near surface high-grade interval of 5.0 meters @ 2.18 g Au/t from 9.0 meters down hole, including

  • 1.1 meters @ 6.37 g Au/t from 12.9 meters down hole (grade thickness of 7.01 g Au/t – m)

Phase 2 drilling to date has focused on the shallow portion of the SXL and approximately half of the strike length drilled is within the limits of the resource shell, with eight holes drilled (see Figures 1 and 2) in an area previously classified as waste in the 2024 Feasibility Study (as defined below). The overall objective of Phase 2 drilling is to better understand the structure and mineralization of the SXL.

Frederick H. Earnest, President and CEO, commented, “Interim results from the second phase of our Mt Todd drilling program are very encouraging and support our belief that the mineralization in the SXL zone is distinct to the Batman deposit. The SXL zone is host to more discreet and in certain zones, wider high-grade veins with thicknesses that exceed one meter, compared to the thinner, more closely spaced sheeted veins typically observed in the Batman deposit. Drilling in the SXL included several holes that intersected higher-grade mineralized veins within the limits of our resource pit. 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. We will 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, with a raised cut-off grade of 0.45 to 0.50 g Au/t. We are targeting a mineral reserve grade of approximately 1 g Au/t and an initial capex of less than $400 million, while preserving the option for expansion at some future time.

“This work is expected to further de-risk the Mt Todd project and position it as a leading, shovel-ready development opportunity. We expect continued strength in the gold price and believe our strategy of advancing Mt Todd with discipline will deliver a more fully valued project.”

Figure 1 displays the plan view of the current topography at the Mt Todd project and Phase 2 drill hole locations with orientations to date. Figure 2 shows the locations of the drill holes relative to the 2024 Feasibility Study resource shell and the current pit design. Figure 3 is a cross-section view of the drill results for VB24-012, VB24-018 and VB24-024, the resource block model, resource shell, and pit design on the 8435720N cross-section as defined by the 2024 Feasibility Study. Table 1 highlights multiple vein intercepts with grades above 5 g Au/t. A total of 12 holes intercepted near-surface mineralized zones (<100 m depth) with grades ranging from 0.41 to 4.77 g Au/t.

Table 1. Summary of Phase 2 Drill Hole Program to Date – highlighting intercepts greater than 5 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
VB24-012

187535

8435697

139.0

88.7

-55.9

122.3

 

75.0

78.0

3.0

1.0

1.14

HQ ½ Core

 

 

 

 

 

 

 

117.0

122.3

5.3

1.8

0.52

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-013

187821

8435944

143.0

266.7

-56.5

174.0

 

16.2

24.0

7.8

4.7

0.55

HQ ½ Core

 

 

 

 

 

 

and

40.0

49.0

9.0

5.3

0.65

HQ ½ Core

 

 

 

 

 

 

and

150.0

154.8

4.8

2.8

1.66

HQ ½ Core

 

 

 

 

 

 

including

150.0

151.0

1.0

0.6

7.59

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-014

187802

8435896

140.0

266.7

-55.6

139.4

 

102.8

112.2

9.4

5.8

3.35

HQ ½ Core

 

 

 

 

 

 

including

111.7

112.2

0.5

0.3

50.00

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-015

187597

8435799

140.0

87.2

-55.6

161.3

 

29.0

35.0

6.0

2.0

0.50

HQ ½ Core

 

 

 

 

 

 

and

46.0

50.0

4.0

2.3

0.58

HQ ½ Core

 

 

 

 

 

 

and

56.0

59.0

3.0

1.7

4.77

HQ ½ Core

 

 

 

 

 

 

and

67.0

75.0

8.0

4.6

0.57

HQ ½ Core

 

 

 

 

 

 

and

83.0

92.0

9.0

5.2

1.18

HQ ½ Core

 

 

 

 

 

 

and

121.0

123.3

2.3

1.3

2.59

HQ ½ Core

 

 

 

 

 

 

and

132.0

140.0

8.0

4.7

1.82

HQ ½ Core

 

 

 

 

 

 

including

132.0

133.0

1.0

0.6

12.57

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-016

187756

8435860

135.0

271.8

-56.0

173.7

 

111.0

120.0

9.0

5.0

1.01

HQ ½ Core

 

 

 

 

 

 

and

124.0

130.0

6.0

3.3

1.52

HQ ½ Core

 

 

 

 

 

 

including

127.0

128.0

1.0

0.6

6.81

HQ ½ Core

 

 

 

 

 

 

and

146.0

168.0

22.0

12.1

1.74

HQ ½ Core

 

 

 

 

 

 

including

150.7

153.0

2.3

1.2

7.93

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-017

187576

8435601

137.0

270.2

-55.1

151.2

 

95.8

130.0

34.2

20.3

0.43

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VB24-018

187660

8435746

137.0

269.7

-56.2

150.2

 

49.0

73.0

24.0

13.3

0.78

HQ ½ Core

 

 

 

 

 

 

including

62.0

64.2

2.2

1.2

5.96

HQ ½ Core

 

 

 

 

 

 

and

109.0

126.0

17.0

9.4

0.72

HQ ½ Core

 

 

 

 

 

 

including

114.0

126.0

12.0

6.6

0.90

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-019

187516

8435549

142.0

266.9

-60.1

141.6

 

29.0

36.6

7.6

3.8

0.82

HQ ½ Core

 

 

 

 

 

 

and

64.0

72.0

8.0

4.0

0.44

HQ ½ Core

 

 

 

 

 

 

and

136.6

141.6

5.0

2.5

0.42

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-020

187568

8435647

142.0

267.4

-60.0

141.0

 

35.0

45.1

10.1

5.1

0.69

HQ ½ Core

 

 

 

 

 

 

and

67.1

77.0

9.9

5.0

0.44

HQ ½ Core

 

 

 

 

 

 

and

96.0

102.4

6.4

3.3

2.49

HQ ½ Core

 

 

 

 

 

 

and

121.0

130.0

9.0

4.6

0.48

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-021

187797

8436003

143.0

266.5

-59.5

154.7

 

0.0

4.0

4.0

2.0

0.81

HQ ½ Core

 

 

 

 

 

 

and

27.0

36.0

9.0

4.6

0.56

HQ ½ Core

 

 

 

 

 

 

and

49.0

56.0

7.0

3.6

0.74

HQ ½ Core

 

 

 

 

 

 

and

84.0

114.0

30.0

15.2

0.72

HQ ½ Core

 

 

 

 

 

 

and

127.0

135.0

8.0

4.1

0.62

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-022

187785

8435950

142.0

268.4

-60.0

151.4

 

45.0

50.0

5.0

2.5

0.51

HQ ½ Core

 

 

 

 

 

 

and

106.0

110.0

4.0

2.0

7.18

HQ ½ Core

 

 

 

 

 

 

including

106.0

107.0

1.0

0.5

25.89

HQ ½ Core

 

 

 

 

 

 

and

115.0

125.0

10.0

4.9

0.85

HQ ½ Core

 

 

 

 

 

 

and

136.4

140.2

3.8

2.0

3.25

HQ ½ Core

 

 

 

 

 

 

including

136.4

137.0

0.6

0.3

18.13

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-023

187818

8436053

144.0

264.8

-59.1

155.4

 

5.0

13.9

8.9

4.6

0.41

HQ ½ Core

 

 

 

 

 

 

and

48.0

53.4

5.4

2.8

0.66

HQ ½ Core

 

 

 

 

 

 

and

79.0

93.0

14.0

7.1

0.67

HQ ½ Core

 

 

 

 

 

 

and

97.7

104.0

6.3

3.2

0.69

HQ ½ Core

 

 

 

 

 

 

 

 

 

 

 

 

VB24-024

187596

8435748

139.0

88.9

-59.5

89.1

 

9.0

14.0

5.0

2.5

2.18

HQ ½ Core

 

 

 

 

 

 

including

12.9

14.0

1.1

0.6

6.37

HQ ½ Core

 

 

 

 

 

 

and

20.0

24.0

4.0

2.0

0.61

HQ ½ Core

 

 

 

 

 

 

and

38.1

49.0

10.9

5.6

0.98

HQ ½ Core

 

 

 

 

 

 

and

74.0

84.2

10.2

5.2

0.59

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 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 750i.

(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-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 underlying 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, an advanced development-stage gold deposit located in the low risk, Tier-1 mining friendly jurisdiction of Northern Territory, Australia. Vista seeks to position Mt Todd as a leading development opportunity within the gold sector. Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated financial strength. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.

Vista believes that Mt Todd is an especially attractive shovel-ready development opportunity in the current environment of a strong gold market, diminishing major gold deposit discoveries, and depleting gold reserves.

The Company believes that Vista and its shareholders will be major beneficiaries of a strong gold market and rising gold prices. 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.

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. All statements, other than statements of historical facts, included in this news 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 interim results from the second phase of our Mt Todd drilling program have been very encouraging and support our belief that the mineralization in the SXL zone is distinct to the Batman deposit; our belief that the SXL zone is host to more discreet and in certain zones, wider veins with thicknesses that exceed one meter, compared to the thinner, more closely spaced sheeted veins typically observed in the Batman deposit; our expectation to complete Phase 2 of the drilling program by the end of this year; at the conclusion of the 2024 drilling program, Vista plans 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, with a raised cut-off grade of 0.45 to 0.50 g Au/t; the Company is targeting a mineral reserve grade of approximately 1 g Au/t and an initial capex of less than $400 million while preserving the option for expansion at some future time; the updated Mt Todd mineral resource estimate and technical studies are expected to further de-risk the Mt Todd project and position it as a leading, shovel-ready development opportunity; our expectation of continued strength in the gold price and our belief that our strategy of advancing Mt Todd with discipline will deliver a more fully valued project; our belief that Northern Territory, Australia is a low risk, Tier 1 mining friendly jurisdiction; our belief that Mt Todd offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated financial strength; our belief that all major environmental and operating permits necessary to initiate development of Mt Todd are in place; our plan to position Mt Todd as a leading development opportunity within the gold sector; Vista believes that Mt Todd is an especially attractive shovel-ready development opportunity in the current environment of a strong gold market, diminishing major gold deposit discoveries, and depleting gold reserves; our belief that Vista and its shareholders will be major beneficiaries of a strong gold market and rising gold prices; 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; 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 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 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. Although 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.

Pamela Solly

Vice President of Investor Relations

(720) 981-1185

Source: Vista Gold Corp.

FAQ

What are the key results from Vista Gold's Phase 2 drilling at Mt Todd?

Key results include intercepts of 9.4 meters @ 3.35 g Au/t in VB24-014, 22.0 meters @ 1.74 g Au/t in VB24-016, and 4 meters @ 7.18 g Au/t in VB24-022, all containing high-grade sections with grade-thicknesses exceeding 20 g Au/t - m.

What is Vista Gold's (VGZ) development plan for Mt Todd after the 2024 drilling program?

Vista Gold plans to update the Mt Todd mineral resource estimate and evaluate a development scenario targeting 150,000 to 200,000 ounces of annual gold production, with a raised cut-off grade of 0.45 to 0.50 g Au/t and an initial capex of less than $400 million.

Where is the Mt Todd gold project located and what is its current status?

The Mt Todd gold project is located in Northern Territory, Australia. It is currently undergoing Phase 2 of a drilling program, with Vista Gold aiming to position it as a leading, shovel-ready development opportunity.

What is the significance of the South Cross Lode zone in Vista Gold's (VGZ) drilling program?

The South Cross Lode zone is a known mineralized structure that intersects the Batman deposit and extends up to 400 meters northeast. It hosts more discrete and wider high-grade veins compared to the Batman deposit, potentially enhancing the project's resource.

Vista Gold Corp.

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