07:06 AM EDT, 09/24/2024 (MT Newswires) -- Vista Gold ( VGZ ) on Tuesday reported interim results from the second phase of its drilling program at the Mt Todd gold project in Australia's Northern Territory.

Highlights of the results include grade thicknesses of 25 grams of gold per tonne per meter (g Au/t - m), 18.2 g Au/t - m and 25.9 g Au/t - m.

Phase 2 drilling commenced in July with near-surface drilling in the South Cross Lode zone (SXL), a known mineralized structure with high-grade intercepts that intersects the Batman deposit and extends up to 400 meters northeast.

The company plans to update the Mt Todd mineral resource estimate when the 2024 drilling program is concluded. Vista Gold ( VGZ ) will initially target 150,000 to 200,000 ounces of annual gold production with a raised cut-off grade of 0.45 to 0.50 g Au/t.

"We are targeting a mineral reserve grade of approximately 1 g Au/t and an initial capex of less than $400 million, while preserving the option for expansion at some future time," said Vista Gold ( VGZ ) President and CEO Frederick Earnest.