Vista Gold (VGZ.TO) jumped 5.9% at last look Tuesday in NYSE American per-market trading as the company noted the potential to increase reserves at the Mt Todd project in Australia based on the results of its 2024 drilling program.
The company said phase one of the campaign provided information to extend the boundaries of the mineralization in the northern section of the Batman deposit. It added that the results provided potential to increase gold resources in the area.
Meanwhile, phase two of the program defined the mineralized boundaries of the South Cross Lode over a 400-meter strike length drilled and intersected high-grade sub-structures in the lower portion of thirteen holes. The results are expected to support the expansion of the mineral resource shell and increase gold mineral reserves, the company said.
"The results indicate potential to upgrade previously defined mineral resources to mineral reserves and add new mineral resources from an extension to the Batman core zone," said Frederick Earnest, president and CEO of Vista.
Vista plans to release a new resource estimate as part of a feasibility study for Mt Todd in mid-2025.
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