Vancouver, April 8, 2015 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) reports final results from its 2014 expansion drilling program on the Solberry deposit at the 70% owned Mineral Ridge project, located in Nevada.
The 2014 drilling program was very successful and included both infill and step-out drilling to the modelled pit shell outline for Solberry that was presented in the updated Life of Mine Plan for the Mineral Ridge operation (as reported in the Company's July 21, 2014 news release). Management believes that results from the 2014 program will lead to an upgrade and expansion of the mineral resources currently defined for the Solberry deposit and potentially extend life of mine.
In addition to reverse circulation ("RC") drilling on Solberry, two HQ diameter core holes were collared adjacent to RC hole MR14929 to provide detailed geological data in an area of high-grade mineralization. The results from RC hole MR14929 were previously released on June 16, 2014. Core hole MR14985 was drilled vertically to directly twin MR14929, whereas core hole MR14986 was oriented to the west at a -65 degree dip. A very good correlation of results is noted for the twinned holes as follows:
Table 1. Solberry Deposit --RC Hole MR14929 & Core Hole MR14985
| Hole No. |
Azm (deg) |
Dip (deg) |
From (ft) |
To (ft) |
Width (ft) |
From (m) |
To (m) |
Width (m) |
Gold (OPT) |
Gold (g/t) |
|---|---|---|---|---|---|---|---|---|---|---|
| MR14929 | 0 | -90 | 45 | 110 | 65 | 13.72 | 33.53 | 19.81 | 0.354 | 12.15 |
| MR14985 | 0 | -90 | 44.9 | 97.1 | 52.2 | 13.69 | 29.60 | 15.91 | 0.366 | 12.54 |
Logging of the core holes has allowed for a better understanding of the lithology and structural geology as well as the styles and controls to mineralization at Mineral Ridge.
Highlights of the final results from the 2014 expansion drilling on the Solberry deposit include:
- MR14936: 1.65 grams per tonne ("g/t") gold over 3.05 meters
- MR14939: 3.89 g/t gold over 3.05 meters
- MR14985: 12.54 g/t gold over 15.91 meters
- MR14986: 10.26 g/t gold over 2.65 meters
- MR141134: 1.95 g/t gold over 6.10 meters
A drill hole location map is available at: DH Plan
Table 2. Solberry Deposit - Significant Drill Results
| Hole No. |
Azm (deg) |
Dip (deg) |
From (ft) |
To (ft) |
Width (ft) |
From (m) |
To (m) |
Width (m) |
Gold (OPT) |
Gold (g/t) |
|---|---|---|---|---|---|---|---|---|---|---|
| MR14921 | 0 | -90 | No Significant Results | |||||||
| MR14922 | 0 | -90 | No Significant Results | |||||||
| MR14923 | 0 | -90 | No Significant Results | |||||||
| MR14931 | 0 | -90 | 35 | 50 | 15 | 10.67 | 15.24 | 4.57 | 0.023 | 0.79 |
| MR14932 | 0 | -90 | 10 | 15 | 5 | 3.05 | 4.57 | 1.52 | 0.072 | 2.47 |
| 35 | 40 | 5 | 10.67 | 12.19 | 1.52 | 0.027 | 0.93 | |||
| MR14933 | 0 | -90 | 35 | 50 | 15 | 10.67 | 15.24 | 4.57 | 0.018 | 0.61 |
| MR14934 | 0 | -90 | No Significant Results | |||||||
| MR14935 | 50 | -55 | 65 | 70 | 5 | 19.81 | 21.34 | 1.52 | 0.010 | 0.34 |
| MR14936 | 43 | -65 | 25 | 35 | 10 | 7.62 | 10.67 | 3.05 | 0.048 | 1.65 |
| 120 | 125 | 5 | 36.58 | 38.10 | 1.52 | 0.012 | 0.41 | |||
| MR14937 | 0 | -90 | 15 | 20 | 5 | 4.57 | 6.10 | 1.52 | 0.049 | 1.68 |
| MR14938 | 0 | -90 | No Significant Results | |||||||
| MR14939 | 0 | -90 | 55 | 65 | 10 | 16.76 | 19.81 | 3.05 | 0.114 | 3.89 |
| MR14962 | 0 | -90 | 85 | 90 | 5 | 25.91 | 27.43 | 1.52 | 0.010 | 0.34 |
| MR14966 | 0 | -90 | 220 | 225 | 5 | 67.06 | 68.58 | 1.52 | 0.014 | 0.48 |
| MR14968 | 0 | -90 | No Significant Results | |||||||
| MR14969 | 0 | -90 | No Significant Results | |||||||
| MR14985 | 0 | -90 | 22 | 27.5 | 5.5 | 6.71 | 8.38 | 1.68 | 0.030 | 1.02 |
| 34 | 40.2 | 6.2 | 10.36 | 12.25 | 1.89 | 0.011 | 0.38 | |||
| 44.9 | 97.1 | 52.2 | 13.69 | 29.60 | 15.91 | 0.366 | 12.54 | |||
| incl | 44.9 | 46.3 | 1.4 | 13.69 | 14.11 | 0.43 | 0.494 | 16.94 | ||
| and | 61.1 | 69.7 | 8.6 | 18.62 | 21.24 | 2.62 | 0.932 | 31.97 | ||
| and | 83.5 | 93 | 9.5 | 25.45 | 28.35 | 2.90 | 0.754 | 25.83 | ||
| 102.3 | 104.5 | 2.2 | 31.18 | 31.85 | 0.67 | 0.017 | 0.57 | |||
| MR14986 | 263 | -65 | 61.3 | 70 | 8.7 | 18.68 | 21.34 | 2.65 | 0.299 | 10.26 |
| 91.8 | 97.6 | 5.8 | 27.98 | 29.75 | 1.77 | 0.097 | 3.32 | |||
| 108 | 112.3 | 4.3 | 32.92 | 34.23 | 1.31 | 0.038 | 1.32 | |||
| MR141001 | 0 | -90 | 35 | 60 | 25 | 10.67 | 18.29 | 7.62 | 0.023 | 0.79 |
| MR141002 | 0 | -90 | 210 | 215 | 5 | 64.01 | 65.53 | 1.52 | 0.009 | 0.31 |
| MR141003 | 0 | -90 | 55 | 65 | 10 | 16.76 | 19.81 | 3.05 | 0.015 | 0.50 |
| 155 | 160 | 5 | 47.24 | 48.77 | 1.52 | 0.021 | 0.72 | |||
| 170 | 180 | 10 | 51.82 | 54.86 | 3.05 | 0.016 | 0.53 | |||
| 195 | 200 | 5 | 59.44 | 60.96 | 1.52 | 0.012 | 0.41 | |||
| 270 | 280 | 10 | 82.30 | 85.34 | 3.05 | 0.014 | 0.46 | |||
| MR141134 | 0 | -90 | 30 | 35 | 5 | 9.14 | 10.67 | 1.52 | 0.021 | 0.72 |
| 80 | 100 | 20 | 24.38 | 30.48 | 6.10 | 0.057 | 1.95 | |||
| MR141135 | 0 | -90 | 35 | 40 | 5 | 10.67 | 12.19 | 1.52 | 0.010 | 0.34 |
| MR141136 | 0 | -90 | 40 | 50 | 10 | 12.19 | 15.24 | 3.05 | 0.060 | 2.04 |
| MR141137 | 0 | -90 | No Significant Results | |||||||
| MR141138 | 0 | -90 | 55 | 60 | 5 | 16.76 | 18.29 | 1.52 | 0.010 | 0.34 |
| MR141168 | 0 | -90 | 105 | 110 | 5 | 32.00 | 33.53 | 1.52 | 0.014 | 0.48 |
| MR141169 | 0 | -90 | No Significant Results | |||||||
| MR141170 | 0 | -90 | 120 | 125 | 5 | 36.58 | 38.10 | 1.52 | 0.013 | 0.45 |
| MR141171 | 0 | -90 | 10 | 15 | 5 | 3.05 | 4.57 | 1.52 | 0.014 | 0.48 |
| MR141172 | 0 | -90 | 110 | 125 | 15 | 33.53 | 38.10 | 4.57 | 0.014 | 0.47 |
| MR141173 | 0 | -90 | No Significant Results | |||||||
| MR141178 | 0 | -90 | 50 | 55 | 5 | 15.24 | 16.76 | 1.52 | 0.014 | 0.48 |
| 65 | 70 | 5 | 19.81 | 21.34 | 1.52 | 0.042 | 1.44 | |||
All holes presented in Tables 1 and 2 were completed by reverse circulation (RC) drilling with the exception of two core holes, MR14985-6. True width is estimated at 80-100% of downhole width. Analytical results were performed by American Assay Laboratory Inc. in Sparks, Nevada, an ISO/IEC 17025:2005 accredited facility. External check assays to verify lab accuracy are routinely completed by ALS Chemex, an ISO 9001:2000 certified and ISO/IEC 17025:2005 accredited facility. Further details are presented in the Company's quality assurance and quality control program for the Mineral Ridge project at: MR QAQC.
About Scorpio Gold
Scorpio Gold holds a 70% interest in the producing Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Waterton Global Value L.P. (30%), and Scorpio Gold is currently entitled to receive 80% of cash flow generated. Mineral Ridge is a conventional open pit mining and heap leach operation. The Mineral Ridge property is host to multiple gold-bearing structures, veins and lenses at exploration, development and production stages. Scorpio Gold also holds a 100% interest in the advanced exploration-stage Goldwedge property and processing facility in Manhattan, Nevada. The Company is assessing its exploration plans for the Goldwedge property as well as the potential for toll milling at the Goldwedge plant, which is currently permitted for 400 tons per day.
Scorpio Gold's President, Steve Roebuck, PGeo, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this release.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley,
CEO
For further information contact:
Steve Roebuck, President
Tel: (819) 825-7618
Email: moc.dlogoiprocs@kcubeors
Website: www.scorpiogold.com
Renmark Financial Communications Inc.
Barry Mire: moc.laicnanifkramner@erimb
Farialle Pacha: moc.laicnanifkramner@ahcapf
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration, development and exploitation of its Mineral Ridge project, including potential further exploration or development of the Solberry deposit, any potential expansion of the current pit shell outline thereof, and any potential increase in the mineral reserve and resource estimate in respect thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks involved in mineral exploration and development programs and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
