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Highlights
- 2024 drilling results indicate a potential increase in gold mineral reserves at the Batman deposit.
- South Cross Lode (SXL) successfully delineated over a 400-meter strike length with high-grade intersections.
- Phase 1 and Phase 2 drilling provide strong basis for resource expansion and conversion into reserves.
Vista Gold Corp. (TSX:VGZ) has announced encouraging results from its 2024 drilling program at the Mt Todd Gold Project, located in the Northern Territory of Australia. These results point to the potential for increased gold mineral reserves in the Batman deposit and highlight a successful delineation of the South Cross Lode (SXL) over a 400-meter strike length. Vista Gold’s exploration efforts at Mt Todd are progressing well, with the 2024 drilling results set to be included in an updated mineral resources estimate and new feasibility study.
Frederick H. Earnest, President and CEO of Vista, expressed optimism about the results, noting, “The results of our 2024 Mt Todd drill program are encouraging. We drilled 34 diamond core holes totaling 6,776 meters, and every hole intercepted mineralization, with many holes in Phase 1 encountering higher grades than estimated in the current block model.” This drilling program, along with previous drilling conducted between 2020 and 2022, is expected to provide a strong foundation for further expanding the mineral resource base and converting a portion of existing resources into proven and probable reserves.
Phase 1 Drilling Expands Batman Deposit and Increases Resource Potential
Phase 1 of the 2024 drilling program focused on extending the mineralization boundaries in the northern section of the Batman deposit. The results from these drill holes indicated gold grades higher than those estimated in the current block model, providing significant potential for expanding the resource. The Phase 1 drilling identified mineralization outside the current resource envelope, which could contribute to the growth of the gold mineral resources in the area. This sets the stage for converting part of the current mineral resources into proven and probable mineral reserves.
Vista Gold’s drilling results have demonstrated the ability to increase gold mineral resources in the Batman deposit, which is expected to play a key role in the overall economics of the Mt Todd gold project. As part of the updated feasibility study, the company is evaluating the potential to incorporate these expanded resources into the production plan, which could further enhance the value of the project.
Phase 2 Drilling Confirms High-Grade South Cross Lode
Phase 2 of the 2024 drilling program was focused on the South Cross Lode (SXL), a key target area within the Mt Todd project. Vista Gold’s drilling in this area successfully delineated the mineralized boundaries of the SXL over the 400-meter strike length drilled. The results also revealed high-grade sub-structures in the lower portion of thirteen drill holes. These findings are significant, as they show that the South Cross Lode has potential to expand the mineral resource shell and could increase gold mineral reserves in the area.
In addition to the high-grade mineralization encountered, the Phase 2 drilling results provide important insights into the geology of the South Cross Lode. The discovery of sheeted-vein mineralization consistent with the Batman deposit in the upper portions of the holes, along with wider and higher-grade veins at greater depths, further supports the potential for significant resource growth. This discovery is expected to encourage additional analysis and exploration in the South Cross Lode area, which could lead to further expansion of the Mt Todd gold project.
Future Outlook and Feasibility Study
Vista Gold’s 2024 drilling results, combined with data from the 2020-2022 drilling programs, are expected to be incorporated into the updated mineral resource block model for the Mt Todd gold project. The new resource estimate will form an integral part of the feasibility study for the project, which is scheduled for completion by mid-2025.
