11:48 AM EDT, 08/22/2024 (MT Newswires) -- Vista Gold ( VGZ ) on Thursday released results from Phase 1 and the start of Phase 2 of its 2024 drilling program at the Mt Todd gold project in Northern Territory, Australia.

In Phase 1, highlights include hole VB24-001 returning an average grade 1.17 grams per tonne gold over 58 meters in an area of the deposit previously estimated to have an average grade of 0.45 g Au/t.

"[Phase 1] of the program has successfully confirmed the extension of the core zone and the mineralized boundaries in the northern section of the Batman deposit, including intercepts at the northern limit with gold grades that exceeded our expectations," chief executive Frederick Earnest said.

Phase 2 began in July with near-surface drilling in the Southern Cross Lode zone, as historical drilling indicated the potential for higher-grade gold mineralization in areas outside the current mine plan. Phase 2 is scheduled for completion by year-end.

At the conclusion of the 2024 drilling program, Vista plans to update the Mt Todd mineral resource estimate and advance evaluations of a development scenario, initially targeting 150,000 to 200,000 ounces of annual gold production.

"We expect continued strength in the gold price and believe our strategy of advancing Mt Todd with discipline and patience will deliver a more fully valued project as markets and the gold industry align," Earnest said.

The company's shares were last seen down $0.04 to $0.81 on the Toronto Stock Exchange.

Price: 0.81, Change: -0.04, Percent Change: -4.71