Partners boost Maverick Springs

Vancouver A 7,020 ft. drill program by partners Silver Standard Resources (SSO-V) and Colorado-based Vista Gold (VGZ-T) has cut mineralization outside the known resource on the Maverick Springs property some 50 miles southeast of Elko, Nevada.

The reverse circulation drill program comprised 7 holes, which were collared 500-to-2200 ft from the known mineralization. All of the holes cut flat-lying, mostly oxide gold-silver mineralization to depths of up to 900 ft. The western most hole, #130 returned 200 ft grading 0.008 oz gold and 3.85 oz silver per ton from 650 ft. and the northern most hole, #135 tallied 110 ft grading 0.026 oz gold and 3.07 oz silver from 690 ft. Other highlights include:

• Hole 129 245 ft grading 0.008 oz gold and 1.52 oz silver per tonne from 695 ft.
• Hole 131 375 ft grading 0.012 oz gold and 0.57 oz silver from 565 ft.
• Hole 132 325 ft grading 0.011 oz gold and 0.52 oz silver from 600 ft.
• Hole 133 310 ft grading 0.008 oz gold and 1.02 oz silver from 515 ft.
• Hole 134 — 200 ft grading 0.009 oz gold and 0.78 oz silver from 590 ft.

The program defined continuous mineralization over a 2,200-by-1,200 ft area immediately adjacent to known gold-silver resources. Current indicated and inferred resources, at a cut-off of 0.50 oz silver per ton, stand at 27.4 million tons averaging 1.18 oz silver and 56.8 million tons of 1.21 oz silver, respectively. Based on the results, the partners feel that the previously reported resource can be greatly increased with additional in-fill drilling. The area of known mineralization now covers a 6,000-by-2500 ft. area.

Vista closed its agreement to acquire a 100% interest in Maverick Springs from Newmont Mining (NEM-N) in October. Newmont retains either a 1.5% net smelter return royalty or the right to acquire a 51% interest in Maverick Springs by paying Vista cash equaling 200% of exploration expenditures. As part of the transaction, Vista agreed to undertake at least 20,000 ft. of drilling, of which 7,000 ft. will be completed before year-end.

Silver Standard took control of the silver resources on the property by agreeing to pay Vista US$300,000 and spending US$1.2 million on exploration, land holding costs and option payments. Vista retains and controls the gold resources and is project operator.

Maverick Springs represents a Carlin-type, silver-dominant prospect.