Vancouver, April 7, 2014 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) reports final results from its 2013 drilling program at the 70% owned Mineral Ridge project, located in Nevada. The Oromonte satellite deposit lies west of the currently producing Drinkwater and Mary pits and the Drinkwater Highwall zone lies at the northwest end of the Drinkwater pit.
Previous drilling on the Drinkwater Highwall zone had confirmed that significant mineralization was left behind in the wall at the northwest end of the Drinkwater pit (as reported in the Company's October 30, 2012 and November 26, 2012 news releases). Results from the 2012 and 2013 drilling will be modelled and incorporated into the Drinkwater mine plan for potential extraction. Additional drilling on the Drinkwater Highwall is planned in 2014.
Drilling on the Oromonte deposit in 2013 followed up on high-grade mineralization intersected at depth in 2011-2012 drilling. Drill results from the first phase of the 2013 drill program at Oromonte were reported in the Company's September 23, 2013 news release. The indicated zone of mineralization trends northerly and lies along the edge of a geophysical magnetic high. It has been intersected at 85 to 115 metres vertical depth and, although not accessible by open pit mining, may be amenable to underground extraction should further results support underground development. Historical underground workings are known to lie approximately 180 meters to the east. The significance of these drill results in context with their structural and geophysical setting will be evaluated for follow-up drilling in 2014.
Oromonte Drill Plan: View Oromonte Drill Plan
Drinkwater Highwall Drill Plan: View DW Highwall Drill Plan
Table 1. Significant Drill Results from the Oromonte and Drinkwater Highwall
|Hole No.||Azm (deg)||Dip (deg)||From (ft)||To (ft)||Width (ft)||From (m)||To (m)||Width (m)||Gold (OPT)||Gold (g/t)|
|Northwest Highwall Zone|
|MR13718||225||-70||No Significant Results|
|MR13746||225||-70||No Significant Results|
All holes presented in Table 1 were completed by reverse circulation ("RC") drilling. True width is estimated at 90-100% 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: View PDF.
About Scorpio Gold
Scorpio Gold holds a 70% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Waterton Global Value L.P. (30%), and is currently entitled to receive 80% of cash flow generated. Mineral Ridge is currently in production as 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 CEO, Peter J. Hawley, 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,
For further information contact:
Steve Roebuck Tel: (819) 825-7618
Jim Macdonald, Torrey Hills Capital
Tel: (858) 456-7300
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 future resource estimates and other exploration activities on the satellite deposits. 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 exploration 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.