Australia’s gold mining sector continues to attract significant investor interest due to its rich mineral resources, stable political environment, and advanced mining infrastructure.
The Northern Territory has emerged as a hotspot for gold exploration, with several projects showing promising results. Among these, Vista Gold Corp. (NYSE American/TSX: VGZ) has made headlines with its ongoing drilling program at the Mt. Todd gold project.
Vista Gold Corp. announces Phase 2 drilling results at Mt. Todd
Vista Gold Corp. recently announced further results from Phase 2 of its current drilling program at the Mt. Todd gold project, located in Northern Territory, Australia. The focus of this phase is the South Cross Lode (SXL) zone, a narrower mineralized structure adjacent to the Batman deposit, extending up to 400 metres northeast. The drilling is concentrated on the shallow portion of the SXL, targeting the first 150 meters below the surface.
Drilling highlights
- VB24-025 – Returned multiple mineralized intervals, including
- 8.0 metres at 1.20 grams of gold per tonne (g Au/t) from 22.5 metres downhole
- 20.8 metres at 1.96 g Au/t from 142.5 metres downhole, including 1.0 metre at 9.19 g Au/t from 155.0 metres downhole
- VB24-027 – Returned multiple mineralized intervals near surface
- 15.0 metres at 0.77 g Au/t from 37.0 metres downhole
- 2.3 metres at 2.09 g Au/t from 59.7 metres downhole
- 23.0 metres at 0.93 g Au/t from 68.0 metres downhole
- VB24-028 – Returned multiple mineralized intervals near surface
- 12.0 metres at 0.96 g Au/t from 25.0 metres downhole
- 4.0 metres at 2.49 g Au/t from 71.2 metres downhole, including 1.2 metres at 6.82 g Au/t from 74.0 metres downhole
The six holes shown above and highlighted in the company’s news release dated October 31, 2024, reported intercepts with gold grades up to 6.82 g Au/t near the surface. These results indicate potential for expansion in the northeast portion of the current resource shell, including areas previously classified as waste. Drilling has also continued to intersect mineralization at depth, with intercepts ranging from 3.06 to 9.19 g Au/t, confirming the presence of several high-grade sub-structures within the SXL.
Leadership commentary
“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,” Frederick Earnest, Vista Gold’s president and CEO, commented in a news release. “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 drilling program, we plan to update the Mt. Todd mineral resource estimate and anticipate moving forward with a feasibility study targeting a project with daily throughput in the range of 12,000 – 17,000 tonnes per day, 150,000 to 200,000 ounces of average annual gold production with an initial capex 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.”
Investment corner
The latest drilling results from Vista Gold Corp.’s Mt. Todd project underscore the potential for significant gold discoveries in the Northern Territory. With high-grade intercepts and the possibility of expanding the resource shell, Vista Gold Corp. presents a compelling case for investors. Those interested in the gold mining sector should consider deepening their due diligence into Vista Gold Corp., as the company’s ongoing exploration efforts could yield substantial returns.
The recent pull back in the gold price provides investors with a favorable entry point into a stock that has demonstrated strong leverage to the gold price.
Investors are encouraged to stay updated on further developments from Vista Gold Corp. as the company continues to advance its Mt. Todd project.
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 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.
To keep up with the latest developments from the company, visit vistagold.com. To join the Vista Gold email list, sign up here.
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