Vancouver, June 22, 2015 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) reports additional results from the 2015 expansion drilling program on the Bluelite satellite deposit at its70% owned Mineral Ridge project, located in Nevada.
The 2015 expansion program at Bluelite includes infill, development and exploration drilling to expand and upgrade the current mineral reserve and resource base for the deposit and potentially extend the life of mine of the Mineral Ridge project.
All of the holes presented in Table 1 are step-out exploration holes that lie well outside the currently defined mineral resource for the Bluelite deposit. Four widely-spaced reconnaissance holes (MR151332-333, 335 and 340) were drilled in an untested area to the northwest of the deposit. The remaining 29 holes continue to delineate mineralization that has now been outlined over a 200 x 200 meter area extending south-southwest of the current Bluelite deposit pit outline, as well as a 200 meter wide area of semi-continuous mineralization that extends southeast of the pit outline along the NW Brodie trend toward the Brodie deposit.
Management believes that results received to date from the current expansion drilling program should positively impact the existing resource base at the Bluelite deposit and will potentially allow for defining a new resource in the wide areas of mineralization that extend south-southwest of the current pit outline and southeast along the NW Brodie trend.
Pre-production development work at the Bluelite deposit is in progress with open pit production scheduled in Q3 2015.
Highlights from this latest phase of expansion drilling at the Bluelite deposit include:
- MR151396: 1.29 grams per tonne ("g/t") gold over 9.14 meters
- MR151398: 2.60 g/t gold over 6.10 meters
- MR151399: 2.39 g/t gold over 9.14 meters
- MR151408: 7.90 g/t gold over 3.05 meters
- MR151410: 1.45 g/t gold over 10.67 meters
- MR151441: 1.82 g/t gold over 6.10 meters
- MR151442: 58.25 g/t gold over 1.52 meters
A drill hole location map is available at: DH Plan
Table 1. Bluelite Deposit - Significant Drill Results
|MR151332||0||-90||No Significant Results|
|MR151333||0||-90||No Significant Results|
|MR151337||0||-90||No Significant Results|
|MR151340||0||-90||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 available 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 processing 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 in Manhattan, Nevada, with a fully permitted underground mine and 400 ton per day mill facility. The Company has completed its 2015 underground drilling program at Goldwedge and is processing high-grade Mineral Ridge ore at the Goldwedge plant on an as needed basis.
Scorpio Gold's President & 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,
President & CEO
For further information contact:
Peter J. Hawley, CEO
Tel: (819) 825-7618
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 Bluelite 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, risks involved in mineral reserve and resource estimation 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.