Vista Gold Corp. reported the initial results of an exploratory drilling program at the company’s gold property in Australia.
In 2010, Vista Gold initiated a bankable feasibility study at the Mt. Todd project, located in Northern Territory, Australia. The company is investigating whether gold can be produced in commercial quantities from the Batman deposit at the site.
The first phase of this study involved drilling ten holes into the Batman deposit, and obtaining 5,740 meters of samples. The samples were then sent to ALS-Chemex, Genalysis Laboratory Services and North Australia Laboratories for multiple assay tests.
Vista Gold reported that the results of the initial phase confirm the mineralization of the Batman deposit and provide information for future drilling programs at the property. The company said that the results also extend that mineralization to the eastern side of the deposit.
Vista Gold estimates that prior to the recent drilling program, the proven and probable gold reserves present in the Batman deposit was 4.1 million ounces, with measured and indicated gold resources of 1 million ounces.
Vista Gold said that the company is working on a new resource estimate incorporating the results of the recent drilling program and expects to be finished by August 2011.
For more information on the company, go to http://www.vistagold.com