Littleton, Colorado-based Vista Gold (VGZ-T) has updated the resource estimate for the Maverick Springs gold and silver project in Nevada, based on 23 more drill holes. Snowden’s updated resource nearly doubles the silver and gold ounces in the indicated category from those estimated in 2002.
Maverick Springs is located on the southeast extension of the Carlin trend, about 50 miles southeast of Elko. Vista acquired the large, low-grade sediment-hosted gold and silver deposit in 2002. The mineralized zone is 100 to 400 feet thick.
Snowden recently estimated 69,630,000 tons grading 0.01 oz. gold and 1.0 oz. silver per ton for 696,300 contained ounces gold and 69.6 million oz. silver in the indicated category.
This compares with 350,000 oz. gold and 32.2 million oz. silver in the indicated category reported by the company in November 2002.
Inferred resources have been updated to 85.5 million tons grading 0.008 oz. gold and 1.0 oz. silver for 684,400 oz. gold and 85.5 oz. silver contained in situ. This compares with 747,000 oz. gold and 68.7 million oz. silver in the November 2002 estimate.
The new resource is based on a 1 oz. per ton silver equivalent cut-off grade (using US$327 per oz. for gold and US$4.77 for silver). The 2002 estimate had been done separately for gold and silver using different cut-offs.
The Maverick Springs project is subject to an agreement with Silver Standard (SSO-V) that gives it the rights to acquire the silver mineralization for US$300,000 and US$1.2 million in exploration costs. Vista will retain all gold mineralization.
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