Scorpio Gold Reports Results from 2014 Expansion Drilling at the Bluelite Satellite Deposit, Mineral Ridge Project, Nevada
23 Juni 2014 - 2:00PM
Marketwired Canada
Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN)
reports results from its 2014 satellite deposit drilling program at the 70%
owned Mineral Ridge project, located in Nevada. The Bluelite deposit lies west
of the currently producing Drinkwater and Mary pits and 400 meters northwest of
the leach pad.
The 2014 satellite drilling program is a continuation of 2013 program and is
designed to upgrade and potentially increase the mineral resource estimate
completed by Telesto Nevada Inc. ("Telesto") for a number of satellite deposits,
including Bluelite, which was reported in the Company's August 16, 2013 news
release. Drilling on the Bluelite deposit continues to meet with success,
returning significant intercepts both within and extending outside of the
floating cone pit shell modelled by Telesto.
Highlights from this latest phase of RC drilling on the Bluelite deposit include:
-- MR14861: 3.85 grams per tonne ("g/t") gold over 6.10 meters
-- MR14866: 1.50 g/t gold over 9.14 meters
-- MR14874: 4.67 g/t gold over 6.10 meters
-- MR14876: 3.07 g/t gold over 3.05 meters
A drill hole location map is available at:
www.scorpiogold.com/i/maps/mr/Bluelite_DHplan.jpg
Table 1. Bluelite Deposit - Significant Drill Results
----------------------------------------------------------------------------
Hole Azm Dip From To Width From To Width Gold Gold
No. (deg) (deg) (ft) (ft) (ft) (m) (m) (m) (OPT) (g/t)
----------------------------------------------------------------------------
MR14861 0 -90 10 30 20 3.05 9.14 6.10 0.112 3.85
----------------------------------------------------------------------------
40 45 5 12.19 13.72 1.52 0.012 0.40
----------------------------------------------------------------------------
130 135 5 39.62 41.15 1.52 0.029 1.00
----------------------------------------------------------------------------
MR14862 0 -90 115 120 5 35.05 36.58 1.52 0.012 0.41
----------------------------------------------------------------------------
MR14863 0 -90 No Significant Results
----------------------------------------------------------------------------
MR14864 0 -90 140 145 5 42.67 44.20 1.52 0.096 3.29
----------------------------------------------------------------------------
165 170 5 50.29 51.82 1.52 0.037 1.27
----------------------------------------------------------------------------
205 210 5 62.48 64.01 1.52 0.021 0.72
----------------------------------------------------------------------------
240 245 5 73.15 74.68 1.52 0.013 0.45
----------------------------------------------------------------------------
MR14865 0 -90 110 130 20 33.53 39.62 6.10 0.012 0.42
----------------------------------------------------------------------------
140 145 5 42.67 44.20 1.52 0.019 0.65
----------------------------------------------------------------------------
190 230 40 57.91 70.10 12.19 0.027 0.92
----------------------------------------------------------------------------
240 245 5 73.15 74.68 1.52 0.021 0.71
----------------------------------------------------------------------------
270 275 5 82.30 83.82 1.52 0.016 0.55
----------------------------------------------------------------------------
MR14866 0 -90 200 205 5 60.96 62.48 1.52 0.019 0.65
----------------------------------------------------------------------------
215 245 30 65.53 74.68 9.14 0.044 1.50
----------------------------------------------------------------------------
MR14867 0 -90 195 210 15 59.44 64.01 4.57 0.031 1.05
----------------------------------------------------------------------------
250 255 5 76.20 77.72 1.52 0.012 0.41
----------------------------------------------------------------------------
260 270 10 79.25 82.30 3.05 0.015 0.51
----------------------------------------------------------------------------
MR14868 0 -90 50 55 5 15.24 16.76 1.52 0.010 0.34
----------------------------------------------------------------------------
255 260 5 77.72 79.25 1.52 0.024 0.82
----------------------------------------------------------------------------
MR14869 0 -90 140 145 5 42.67 44.20 1.52 0.015 0.51
----------------------------------------------------------------------------
170 175 5 51.82 53.34 1.52 0.012 0.41
----------------------------------------------------------------------------
195 200 5 59.44 60.96 1.52 0.012 0.41
----------------------------------------------------------------------------
255 270 15 77.72 82.30 4.57 0.027 0.92
----------------------------------------------------------------------------
MR14870 0 -90 160 165 5 48.77 50.29 1.52 0.067 2.30
----------------------------------------------------------------------------
265 275 10 80.77 83.82 3.05 0.044 1.52
----------------------------------------------------------------------------
305 310 5 92.96 94.49 1.52 0.012 0.40
----------------------------------------------------------------------------
MR14871 0 -90 30 35 5 9.14 10.67 1.52 0.014 0.48
----------------------------------------------------------------------------
40 45 5 12.19 13.72 1.52 0.021 0.72
----------------------------------------------------------------------------
50 55 5 15.24 16.76 1.52 0.017 0.58
----------------------------------------------------------------------------
220 225 5 67.06 68.58 1.52 0.068 2.33
----------------------------------------------------------------------------
MR14872 0 -90 35 40 5 10.67 12.19 1.52 0.082 2.81
----------------------------------------------------------------------------
40 45 5 12.19 13.72 1.52 0.006 0.21
----------------------------------------------------------------------------
45 50 5 13.72 15.24 1.52 0.021 0.70
----------------------------------------------------------------------------
35 50 15 10.67 15.24 4.57 0.036 1.24
----------------------------------------------------------------------------
MR14873 0 -90 35 40 5 10.67 12.19 1.52 0.096 3.29
----------------------------------------------------------------------------
MR14874 0 -90 30 50 20 9.14 15.24 6.10 0.136 4.67
----------------------------------------------------------------------------
70 75 5 21.34 22.86 1.52 0.014 0.49
----------------------------------------------------------------------------
90 95 5 27.43 28.96 1.52 0.025 0.85
----------------------------------------------------------------------------
MR14875 0 -90 50 55 5 15.24 16.76 1.52 0.027 0.93
----------------------------------------------------------------------------
85 90 5 25.91 27.43 1.52 0.013 0.45
----------------------------------------------------------------------------
MR14876 0 -90 60 65 5 18.29 19.81 1.52 0.051 1.75
----------------------------------------------------------------------------
85 95 10 25.91 28.96 3.05 0.090 3.07
----------------------------------------------------------------------------
MR14877 0 -90 No Significant Results
----------------------------------------------------------------------------
MR14878 0 -90 90 95 5 27.43 28.96 1.52 0.011 0.39
----------------------------------------------------------------------------
140 145 5 42.67 44.20 1.52 0.015 0.50
----------------------------------------------------------------------------
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: www.scorpiogold.com/i/pdf/reports/QAQC-MR.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 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
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 satellite
deposit, any potential expansion of the current pit shell outline thereof, and
any potential increase in the mineral 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Scorpio Gold Corporation
Steve Roebuck
President
(819) 825-7618
sroebuck@scorpiogold.com
www.scorpiogold.com
Investor Relations:
Jim Macdonald
Torrey Hills Capital
(858) 456-7300
jm@sdthc.com
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