Scorpio Gold Reports Results from 2014 Expansion Drilling at the Wedge Satellite Deposit, Mineral Ridge Project, Nevada
08 Juli 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 Wedge deposit lies west of
the currently producing Drinkwater and Mary pits and immediately north 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 Wedge, which was reported in the Company's August 16, 2013 news
release. Drilling on the Wedge deposit continues to meet with success, returning
significant intercepts at shallow depths both within and extending outside of
the floating cone pit shell modelled by Telesto.
Highlights from the 2014 RC drilling on the Wedge deposit include:
-- MR14913: 8.82 grams per tonne ("g/t") gold over 6.10 meters
-- MR14914: 2.26 g/t gold over 1.52 meters
-- MR14915: 2.21 g/t gold over 3.05 meters
A drill hole location map is available at:
www.scorpiogold.com/i/maps/mr/Wedge_DHplan.jpg
Table 1. Wedge Deposit - Significant Drill Results
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Hole Azm Dip From To Width From To Width Gold Gold
No. (deg) (deg) (ft) (ft) (ft) (m) (m) (m) (OPT) (g/t)
----------------------------------------------------------------------------
MR14857 0 -90 No Significant Results
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MR14858 0 -90 No Significant Results
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MR14859 0 -90 No Significant Results
----------------------------------------------------------------------------
MR14860 0 -90 95 105 10 28.96 32.00 3.05 0.013 0.45
----------------------------------------------------------------------------
MR14901 0 -90 No Significant Results
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MR14902 0 -90 No Significant Results
----------------------------------------------------------------------------
MR14903 0 -90 115 125 10 35.05 38.10 3.05 0.011 0.38
----------------------------------------------------------------------------
MR14904 0 -90 210 215 5 64.01 65.53 1.52 0.010 0.35
----------------------------------------------------------------------------
MR14905 0 -90 90 95 5 27.43 28.96 1.52 0.022 0.74
----------------------------------------------------------------------------
265 270 5 80.77 82.30 1.52 0.019 0.65
----------------------------------------------------------------------------
MR14906 0 -90 30.0 55.0 25.0 9.14 16.76 7.62 0.011 0.37
----------------------------------------------------------------------------
145 150 5 44.20 45.72 1.52 0.014 0.48
----------------------------------------------------------------------------
MR14907 285 -45 No Significant Results
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MR14908 250 -45 No Significant Results
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MR14909 0 -90 No Significant Results
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MR14910 0 -90 35 40 5 10.67 12.19 1.52 0.018 0.62
----------------------------------------------------------------------------
MR14911 0 -90 0 5 5 0.00 1.52 1.52 0.033 1.13
----------------------------------------------------------------------------
70 80 10 21.34 24.38 3.05 0.022 0.74
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MR14912 0 -90 80 85 5 24.38 25.91 1.52 0.020 0.69
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MR14913 0 -90 5.0 25.0 20.0 1.52 7.62 6.10 0.257 8.82
----------------------------------------------------------------------------
MR14914 0 -90 20 25 5 6.10 7.62 1.52 0.066 2.26
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45 55 10 13.72 16.76 3.05 0.035 1.20
----------------------------------------------------------------------------
65 70 5 19.81 21.34 1.52 0.037 1.27
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MR14915 0 -90 30 40 10 9.14 12.19 3.05 0.065 2.21
----------------------------------------------------------------------------
65 70 5 19.81 21.34 1.52 0.021 0.72
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MR14916 0 -90 No Significant Results
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MR14917 0 -90 0 5 5 0.00 1.52 1.52 0.058 1.99
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115 120 5 35.05 36.58 1.52 0.027 0.93
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MR14918 0 -90 25 45 20 7.62 13.72 6.10 0.018 0.61
----------------------------------------------------------------------------
55 60 5 16.76 18.29 1.52 0.028 0.96
----------------------------------------------------------------------------
70 75 5 21.34 22.86 1.52 0.014 0.48
----------------------------------------------------------------------------
MR14919 0 -90 30 40 10 9.14 12.19 3.05 0.045 1.54
----------------------------------------------------------------------------
MR14920 0 -90 10 30 20 3.05 9.14 6.10 0.030 1.03
----------------------------------------------------------------------------
115 120 5 35.05 36.58 1.52 0.015 0.51
----------------------------------------------------------------------------
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 satellite
deposits, any potential expansion of the current pit shell outlines 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:
Steve Roebuck, President
Tel: (819) 825-7618
Email: sroebuck@scorpiogold.com
Website: www.scorpiogold.com
Investor Relations:
Jim Macdonald, Torrey Hills Capital
Tel: (858) 456-7300
Email: jm@sdthc.com
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