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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the period of June 26, 1997 Commission File Number: 1-9025
VISTA GOLD CORP.
(Name of Registrant)
Suite 3000
370 Seventeenth Street
Denver, Colorado 80202
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the SEC
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate the file number assigned to the registrant in
connection with Rule 12g3-2(b): Not applicable.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
VISTA GOLD CORP.
Date: June 26, 1997 By:
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Karla J. Kimrey
Director of Investor Relations
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EXHIBIT INDEX
Exhibit Description of Exhibit
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99.1 Press release dated June 26, 1997, stating that the Company
announced results on the first 19 diamond drill holes completed
on the Guariche gold project, Bolivar State, Venezuela.
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EXHIBIT 99.1
INITIAL DRILL RESULTS ON VENEZUELAN PROJECT EXCEED EXPECTATIONS
DENVER, COLORADO, JUNE 26, 1997 -- Vista Gold is pleased to announce the
results from the first 19 diamond drill core holes completed on the Guariche
gold project, Bolivar State, Venezuela. A total of 45 holes totaling 5,386
meters have been completed, but sample assays have not yet been received on the
remaining 26 holes. This activity is part of a program designed to prove a
minimum of 500,000 ounces of mineable gold reserves, prior to the Company
exercising its option to acquire the property.
GUARICHE PROJECT - VENEZUELA
<TABLE>
<CAPTION>
Hole Number From (m) To (m) Width (m) Grade g/t*
- ----------- -------- ------ --------- ----------
<S> <C> <C> <C> <C>
21 31 94 63 5.29
22 18 48 30 1.57
23 No Significant Assays
24 109 155 46 2.17
and 164 187 23 1.30
25 0 78 78 2.73
26 0 64 64 6.84
27 0 24 24 1.14
and 38 58 20 1.64
28 0 97 97 1.64
29 No Significant Assays
30 0 57 57 2.52
31 No Significant Assays
32 32 37 5 3.75
33 No Significant Assays
34 21 24 3 9.03
35 0 9 9 2.51
37 21 49 28 3.70
38 105 114 9 4.92
39 152 224 72 1.87
</TABLE>
* Grades above 30 grams per tonne have been cut to 30 grams per tonne in
determining averages.
The program is focused on five zones identified in previous work, by diamond
drilling, trenching and shallow auger sampling undertaken, by L.B. Mining Co.
and Homestake Mining Co. The zones are of varying dimensions and are contained
within a 1,000 meter by 700 meter area. The results
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show that the mineralization is deeper in two zones than originally expected
(200 meters and 95 meters versus 75 meters). Currently, the drilling has been
halted pending the return of the additional assay results so new drill sites
can be selected and prepared. Future phases of drilling will include both
vertical and angle drilling to further evaluate the existing zones and follow
up on four additional targets identified during previous programs.
In June 1996, Vista entered into an option agreement to acquire the property
from L.B. Mining Co. In March 1997, L.B. Mining Co. received the necessary
clearances from Venezuelan authorities and in April 1997, Vista commenced
drilling. Prior to entering into the option agreement with L.B. Mining, Vista
estimated a resource of 7.8 million tonnes at 2.1 grams per tonne (570,000
ounces) with substantial upside potential on the property. Preliminary
engineering analysis carried out by Vista at the same time indicated the
deposit could be developed for a $40 million capital investment with estimated
production of 75,000 to 100,000 ounces of gold per year at an estimated cash
cost of approximately $180 per ounce.
Michael B. Richings, President and CEO of Vista Gold Corp. said, "We are very
pleased with the results so far, and the grade of the samples is better than
expected -- if similar results are obtained during the remainder of the
program, then there is little doubt that we will have an economic mine
development consistent with the prefeasibility study." L.B. Mining Co. has
informed Vista that it is in the final stages of receiving the vein mining
titles, which will signify the start of the five-month option period. "As soon
as the titles are received, we will proceed with engineering and environmental
studies leading to permitting and a bankable feasibility study," said Mr.
Richings.
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The statements that are not historical facts are forward-looking statements
involving known and unknown risks and uncertainties that could cause actual
results to vary materially from the targeted results. Such risks and
uncertainties include those described in the Company's 20-F as amended.
For further information, please contact Karla J. Kimrey, Director of Investor
Relations, or Michael B. Richings, President and CEO at (303) 629-2450 or (888)
629-2450.
