High hopes for Vista’s Mt Todd gold project after promising drilling results
GOLD developer Vista Gold says it is encouraged by end of year drilling results at its Northern Territory flagship asset the Mt Todd gold project near Pine Creek.
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GOLD developer Vista Gold says it is encouraged by end of year drilling results at its Northern Territory flagship asset the Mt Todd gold project near Pine Creek.
Over the last year, Vista’s geologists have been evaluating the potential continuity and connectivity of the mineralised structures extending from its Batman deposit about 5km northeast to its Quigleys deposit.
Indications are that there is the presence of potentially higher grade material within the mineralised zone.
Vista Gold Corp president and chief executive officer Frederick Earnest said the results of the first hole confirm the company’s initial interpretation and suggest that additional drilling could result in an increase in the mineral resource estimates both within and outside the currently designed Batman pit.
“We are now drilling the third of three holes on a fence across the Batman North Extension,” Mr Earnest said.
“Should the results from these next three holes confirm an extension of the structure and mineralisation that forms the Batman deposit, additional drilling could ultimately lead to future changes to the mine design.”
Mt Todd is the largest undeveloped gold project in Australia and, Vista has high hopes that if developed as presently designed, Mt Todd would potentially be the sixth largest gold producer in Australia on an annual basis.
Vista and the Jawoyn Association Aboriginal Corporation and Barnjarn Aboriginal Corporation recently entered into a Deed of Variation to modify the original 2006 Mt Todd gold project agreement.
The agreement provides the Jawoyn Association with a gross proceeds royalty instead of its previous right to become a 10 per cent participating joint venture partner in Mt Todd and provides Vista with greater flexibility in its decisions to develop and operate Mt Todd.
In addition, Vista and the Jawoyn Association agreed to establish a leaders forum, formalised the Jawoyn Association’s strong support for Mt Todd and outlined a framework to optimise training, employment, and contracting opportunities for the Jawoyn people and businesses.
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Mr Earnest said Vista’s relationship with the Jawoyn people is built on trust, mutual respect and open communication over the last 14 years.
“This agreement provides Vista with a simplified project structure and the Jawoyn Association with a royalty in place of the risks and obligations of financing a participating interest,” he said.
“The co-operation and support commitments confirm our shared vision of promoting cross-cultural awareness, protecting cultural heritage sites, and providing economic opportunities for Aboriginal people as integral components of the development of Mt Todd.
“The clarity this agreement provides will be especially meaningful as we advance to discussions with potential development partners.”
Vista and the Jawoyn Association have agreed to develop a regional employment strategy and establish protocols for ongoing protection and management of cultural heritage sites.
The Jawoyn Association said the agreement will create jobs and extra royalties for the association.
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Its chair Lisa Mumbin said the agreement has the potential to be a real game-changer for the prosperity of the Jawoyn people.
“It provides us with the foundation to generate real economic development in the region, and will open up new pathways in training and skills development that create local jobs,” she said.
“We have a seat at the table with Vista Gold to ensure that the mine is run to the highest environmental standards.”
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