Vista Gold Corp. announced results of its most recent surface exploration program on two specific areas within the exploration licenses (“ELs”) at the Company's Mt Todd gold project (“Mt Todd” or the “Project”). Both targets returned excellent anomalous gold assays from surface sampling, including up to 4.0 grams of gold per tonne (“g Au/t”) at the Irwins target.

There are a significant number of known mineralization occurrences and indicators within the ELs. The ELs share several similarities to the Project mining licenses (“MLs”). The most important shared characteristics between the Batman-Driffield Structural Corridor (located on the MLs) and the Cullen-Australis Structural Corridor to the north and east on the ELs are similar structural controls, lithologies, alteration patterns, and granitic intrusions.

Vista's recent exploration drilling program highlighted the strong possibility that the four newly identified targets are structurally connected to the Batman deposit to the south and the Quigleys deposit to the north. Given the similarities seen between the two structural corridors and the number of mineralized occurrences on the ELs, the prospects of delineating deposits of similar scale and grade are highly encouraging. Vista's 2022 ELs exploration program collected a total of 60 rock chip, 556 soil, and 19 stream sediment samples.

The company concentrated on two areas within the Cullen Australis Trend. Both areas showed encouraging anomalous metal values through previous widely spaced surface sampling programs. Additionally, these areas exhibit similar lithology, alteration, proximity to young granitic bodies, structure, and magnetic anomalies similar to those found at the Batman deposit. The soil sampling program at Irwins consisted of 44 lines with samples collected on a 20x20m pattern.

A total of 436 samples were collected. Some of the samples show a significant high-grade anomalous gold pattern that corresponds with high-grade copper, tungsten, and elevated bismuth and tellurium. The sampling method and approach for the surface geochemistry and grab samples is as follows Soil samples are planned on a regular grid and a sample sheet is generated.

GPS is used to locate sample positions and a pelican pick is used to clear debris and any topsoil from the sample location. The hole is dug to the B horizon and 7 to 10 kg of soil is collected and coarse sieved to remove stones, etc.; a fine mesh is then employed and the entire sample recovered post sieving is bagged. Soil sampling is usually undertaken in the dry season; however, if wet samples are obtained, they are dried in the logging shed prior to sieving.

Sample bags are calico and purchased pre-numbered; these are then packaged in groups of 5 for transportation to NAL, an independent ISO 9000 certified lab, Pine Creek, NT and Genalysis Laboratory Services Pty Ltd, Perth, WA, which is also independent from Vista. As the site is closed to public access, no special security measures are undertaken. A sample submission sheet is sent to the lab, detailing required methodology, and number of samples.

No identifying data relating to sample location is recorded on the bags submitted or the paperwork beyond bag numbers.