Highvista Gold Inc.
TSX VENTURE : HVV

Highvista Gold Inc.

August 22, 2012 11:00 ET

Highvista Gold Inc. Reports on Its Phase Two Drill Program at the Republicana Target at Its Canasta Dorada Gold Project

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2012) -

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Highvista Gold Inc. ("Highvista" or the "Company") (TSX VENTURE:HVV) is pleased to report on the results of its Phase Two drill program at the Republicana Target at its 100% owned Canasta Dorada Gold Project, located within the Sonoran Gold Belt, in Sonora State, Mexico.

"We are very pleased with the results from this drill program at the Republicana Target." said Rick Adams, President and CEO of Highvista. "We continue to expand the area of gold mineralization at Republicana and have drilled our thickest intersections to date. Moreover, the mineralized structure is located near-surface and the grades of gold mineralization intersected are typical of the active gold heap-leach operations in the Sonoran Gold Belt."

La Republicana Target

The La Republicana target was initially identified through a surface mapping and sampling program conducted during 2011. Anomalous gold and silver was identified over a surface area measuring approximately 2,000 metres by 1,000 metres.

This second phase of drilling included six reverse circulation drill holes totaling 490 meters. The deepest hole, CD-12-81, was drilled to a depth of 105 metres. To date, Highvista has drilled twelve reverse circulation drill holes totaling 1,256 metres at Republicana. Significant assay results from the Phase Two program are presented in Table 1.

Table 1: Significant Drill Intercepts for the La Republicana Target
Hole Number From (metres) To (metres) Interval (metres) Gold Grade (g/t) Silver Grade (g/t) Gold Equivalent Grade (g/t) Comments
CD-12-79 22.6 45.5 22.9 0.363 2.1 0.404
63.8 76.0 12.2 0.272 3.2 0.335
CD-12-80 0.0 71.4 71.4 0.249 3.1 0.311
including 8.9 62.3 53.4 0.313 4.0 0.393
CD-12-81 2.8 104.9 102.1 0.216 2.3 0.261 Hole ended in mineralization
including 57.7 104.9 47.2 0.380 3.8 0.457
CD-12-82 48.5 50.1 1.6 0.428 <0.2 0.428 Hole ended in mineralization
Note: Intervals shown are hole length (true width of mineralization is unknown at present). Silver/Gold ratio of 50:1 used for gold equivalent grade (metallurgical recoveries are assumed to be 100%).

Mineralization at Republicana consists of a quartz stockwork zone within a rhyolite/metarhyolite. Drilling and rock chip sampling to date indicates that the mineralized structure is approximately 1,000 metres long (southeast to northwest), 300 to 400 metres wide (northeast to southwest), with thickness ranging from 20 metres to 100 metres. The mineralized structure dips gently to southwest (30 to 40 degrees), outcrops to the northeast and remains open to the northwest, southeast and down-dip.

"We are excited with the latest drill results at Republicana." said Rick Adams, President and CEO of Highvista. "We have discovered a second zone of gold mineralization at Canasta Dorada. Republicana represents an attractively sized target for a low-grade, bulk-tonnage gold deposit. The gold grades we are encountering at Republicana are similar to the gold grades we had at our Castillo heap-leach mine in Durango, Mexico. I note that the Measured and Indicated Gold Resources as currently reported by Argonaut Gold for the Castillo Mine are 165.7 Mt grading 0.32 g/t gold." Mr. Adams was previously a founder of Castle Gold, which constructed and operated the Castillo heap-leach mine in Durango, Mexico. Castle Gold was later sold to Argonaut Gold in early 2010.

Subject to available funding, Highvista intends to complete a twenty hole (3,000 metre) Phase 3 drill program at Republicana in the fourth quarter of 2012 and, based upon the results of this drill program, prepare a maiden resource estimate.

Qualified Person

This press release was reviewed and prepared by Rick Adams, P. Eng., the President, CEO and a Director of the Company, who is recognized as a Qualified Person under the guidelines of National Instrument 43-101.

Quality Control - Sample Preparation, Analysis and Security

All samples were recorded and delivered to the ALS Chemex sample preparation lab in Hermosillo, Sonora, Mexico by trusted Company personnel or ALS Chemex employees. Pulps of each sample were prepared in Hermosillo and sent to ALS Chemex, Vancouver, Canada, an ISO 9001-2000 certified full service laboratory. Each pulp was analyzed using 30g fire assay for gold with AAS finish (ALS method Au-AA23), and a nitric aqua regia digestion using conventional ICP-AES analysis for an additional 35 elements, including silver (ALS method ME-ICP41). Over limit samples for gold were subject to 30g fire assay with gravimetric finish (ALS code Au-GRA21) and over limit samples for silver were subjected to an aqua regia (HNO3-HCl) digestion using conventional ICP-AES analysis (ALS code Ag-OG46). Highvista implements an Analytical Quality Assurance Program to control the analytical quality of assays in its exploration work. This program includes the systematic addition of blank samples and certified standards to each batch of samples sent for analysis at commercial laboratories. Blank samples are used to check for possible contamination in laboratories while certified standards determine the analytical accuracy and precision.

Details of quality assurance/quality control procedures for sample preparation, analysis and security are reported in detail in the Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Technical Report filed on SEDAR (www.sedar.com) on September 27, 2011 for the Canasta Dorada Property.

About Highvista

Highvista owns 100% of a Mexican subsidiary that controls the 24,215 hectare Canasta Dorada Gold Project. This project is located in the Sonoran Gold Belt immediately adjacent to AuRico Gold's El Chanate Mine.

Details of Highvista's Canasta Dorada Project can be viewed at the Company's website at www.highvistagold.com.

READER ADVISORY

Statements in this press release may contain forward-looking information including, but not limited to, statements with respect to the Company's proposed drill program. Information concerning mineral resource estimates and the interpretation of exploration results may also be considered forward-looking statements as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including but not limited to, the ability of the Corporation to raise sufficient capital to pay the exploration and development costs on the properties, the availability of skilled labour, availability of equipment, and future capital and operating costs. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. Factors that could cause actual results to differ materially from any forward-looking information include, but are not limited to, the unavailability of sufficient capital to pay for proposed exploration and development, the risks of capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, commodity price and exchange rate fluctuations, the uncertainty of estimates and projections relating to production, health, safety and environmental risks, delays in the development of projects, uncertainties relating to the interpretation of the geology, unanticipated operational or technical difficulties and other factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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Contact Information

  • Highvista Gold Inc.
    Richard Adams
    President and CEO
    (416) 504-3588
    (416) 504-4129 (FAX)
    www.highvistagold.com