TSX-V: SGN $0.05

News

Show printable version of 'Scorpio Gold's Surface Exploration on the Mineral ...' in a New Window

News

Oct 14, 2009

Scorpio Gold's Surface Exploration on the Mineral Ridge, Nevada Gold Deposit Discovers New Zones Reporting up to 4.184 oz per ton Gold

Vancouver, October 14, 2009 - Scorpio Gold Corporation (TSX-V: SGN) is pleased to announce surface exploration sample results on the Mineral Ridge gold deposit.

Peter J. Hawley, CEO, Director reports; "Due to the nature of the mineralization, any showing of mineralization greater than 0.01 ounce per ton gold (OPT) is considered significant and should be evaluated further. Of the initial 150 samples taken, 83 (55%) have reported gold assays of 0.01 OPT or greater and are considered of interest to the company and clearly shows the widespread robust nature of the gold mineralization present on the property. The sample locations reported are from a two kilometre radius from the central point of the existing open pits. As a result of these assays, the Company has staked and registered an additional 145 claims covering 2,995 acres to cover the possible strike extensions of found mineralization. Further follow-up definition work will be planned for the future exploration programs now that we know the location of these mineralized zones. The Company is presently awaiting further ground exploration sample results and will report its findings once received and compiled."

The known mineralized zones now occur over an area of approximately 8,000 feet north-south and 5,000 feet east-west, which include the current extraction pit areas. Typically the individual zones can be as much as 140 feet thick, usually consisting of a higher-grade halo of from 5 to 30 feet, surrounded by a lower grade envelope of mineralization as has been demonstrated by past structures exploited. Two or more high-grade zones are commonly observed stacked on one another.

The following table presents the 83 of 150 surface grab samples that returned greater than 0.01 OPT gold.

Sample Number Gold Fire Assay OPT Gold Gravimetric Assay OPT Re-Check Fire Assay OPT Sample Number Gold Fire Assay OPT Gold Gravimetric Assay OPT Re-Check Fire Assay OPT
090730-01 0.108     DH-62 0.064   0.092
090730-02 0.253     DH-62 Extra 0.084 0.09  
090730-03 0.054     DH-64 0.127 0.126  
090730-08 0.346 0.36   DH-65 0.165 0.165  
090730-09 1.428 1.55   DH-66 0.263 0.266  
090730-10 0.033     DH-68 0.374 0.389  
DH-1 0.372 0.406   DH-74 0.09 0.08 0.071
DH-2 0.032     DH-75 0.472    
DH-3 0.525 0.542   DH-76 0.029    
DH-4 0.19     DH-86 0.094 0.107  
DH-5 0.234     DH-90 0.51 0.575  
DH-6 0.018     DH-91 0.266 0.274  
DH-7 0.293 0.296   DH-92 0.052    
DH-8 0.085   0.092 DH-93 0.204 0.214 0.207
DH-9 0.197     DH-94 0.248 0.247  
DH-10 0.046     DH-99 0.146 0.154  
DH-13 0.102     DH-100 0.164 0.161  
DH-15 0.046     DH-105 0.012    
DH-19 0.021     DH-106 0.319 0.342  
DH-20 0.014     DH-109 0.05    
DH-23 0.107     DH-110 0.041    
DH-25 0.239     DH-114 0.016    
DH-26 0.01     DH-116 0.048   0.056
DH-28 0.399 0.397 0.395 DH-118 0.225 0.212  
DH-29 0.208 0.214   DH-120 0.156 0.177 0.165
DH-30 0.011     DH-121 0.031    
DH-31 0.032     DH-124 0.026   0.024
DH-32 0.082 0.093   DH-125 0.17 0.183  
DH-33 0.726 0.809   DH-130 0.031    
DH-34 0.166 0.181   DH-131 0.543 0.575  
DH-36 0.02   0.028 DH-133 0.138 0.146  
DH-37 0.041     DH-135 0.089 0.082  
DH-38 0.281 0.288   DH-136 0.133 0.13  
DH-42 0.023     DH-137 0.255 0.268  
DH-51 0.015     DH-139 0.1 0.115  
DH-52 0.056     DH-140 0.131 0.128  
DH-53 0.031     DH-142 0.016    
DH-54 0.043     DH-144 >2.917 4.184  
DH-55 0.115 0.128   DH-145 0.034    
DH-56 0.096 0.095   DH-146 0.01   0.006
DH-57 0.074 0.076   DH-147 0.084 0.087  
DH-60 0.587 0.618          


All assays were performed by American Assay Laboratory Inc. located in Sparks, Nevada, USA. All samples were submitted as bulk rock samples and standard preparation procedures were utilized to create a homogeneous sample. Samples were fire assayed with an AA finish at one assay ton (30 grams). Results of 0.29 opt (10 ppm) and greater were repeated with a gravimetric (weighed) finish. Standard Quality control procedures were followed, which included random insertion of certified standards and blanks in the sample stream as well as routine duplicate sample analysis. American Assay Laboratories Inc is an ISO/IEC 17025 accredited Assay laboratory.

For additional information please see the Company's website at www.scorpiogold.com.

Mr. Peter Hawley, PGeo, is the Company's Chief Executive Officer and Qualified Person for the various Company projects. He is responsible for the current exploration and development programs and has reviewed the content of this release.

ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION


Peter J. Hawley,
Chief Executive Officer and Director

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, including statements as to future sales. 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 and development of its projects. 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 those risk factors outlined in the Company's Management Discussion and Analysis for the year ended December 31, 2010 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 therein.