TSX-V: SGN $0.08

News

Show printable version of 'Scorpio Gold Reports Results from 2014 Expansion D...' in a New Window

News

Sep 08, 2014

Scorpio Gold Reports Results from 2014 Expansion Drilling at the Brodie Satellite Deposit, Mineral Ridge Project, Nevada

Vancouver, September 8, 2014 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) reports additional results from its 2014 satellite deposit drilling program at the 70% owned Mineral Ridge project, located in Nevada. The Brodie deposit lies southwest of the currently producing Drinkwater and Mary pits and is immediately adjacent to the leach pad.

On July 21, 2014, the Company reported an updated Life of Mine Plan ("LOM") for the Mineral Ridge Operation, which includes the currently producing Drinkwater and Mary/LC pits and five adjacent satellite deposits, including the Brodie deposit. The cut-off date for the LOM was March 31, 2014. Continued drilling since the March 31, 2014 cut-off date is designed to potentially upgrade and increase the reported mineral reserve and resource estimate and potentially extend life of mine.

Drill holes presented in Table 1 were drilled within the Missouri claim area, which lies mid-way between the Bluelite and Brodie deposits along the semi-continuous northwest trending mineralized corridor. This area lies well outside of currently defined resources and modelled pit outlines. The Company's management believes that the drilling results to date are very promising and could potentially allow for building a resource in this area.

Highlights from this latest phase of RC drilling on the Brodie deposit and Missouri area include:
  • MR14835: 4.70 grams per tonne ("g/t") gold over 7.62 meters
  • MR14947: 2.38 g/t gold over 6.10 meters
  • MR14948: 1.24 g/t gold over 9.14 meters
  • MR14954: 1.11 g/t gold over 15.24 meters
  • MR14956: 2.49 g/t gold over 4.57 meters
A drill hole location map is available at: View Drill Plan

Table 1. Brodie Deposit - Significant Drill Results
Hole No. Azm (deg) Dip (deg) From (ft) To (ft) Width (ft) From (m) To (m) Width (m) Gold (OPT) Gold (g/t)
MR14833 0 -90 100 105 5 30.48 32.00 1.52 0.013 0.43
165 170 5 50.29 51.82 1.52 0.018 0.62
235 250 15 71.63 76.20 4.57 0.045 1.54
270 275 5 82.30 83.82 1.52 0.020 0.70
365 375 10 111.25 114.30 3.05 0.051 1.76
485 490 5 147.83 149.35 1.52 0.167 5.73
MR14834 0 -90 200 220 20 60.96 67.06 6.10 0.024 0.81
290 310 20 88.39 94.49 6.10 0.013 0.44
340 345 5 103.63 105.16 1.52 0.014 0.49
410 425 15 124.97 129.54 4.57 0.017 0.59
MR14835 0 -90 145 150 5 44.20 45.72 1.52 0.018 0.61
195 200 5 59.44 60.96 1.52 0.035 1.20
255 260 5 77.72 79.25 1.52 0.010 0.35
310 315 5 94.49 96.01 1.52 0.026 0.91
350 370 20 106.68 112.78 6.10 0.054 1.85
430 435 5 131.06 132.59 1.52 0.015 0.52
445 470 25 135.64 143.26 7.62 0.140 4.79
incl. 445 450 5 135.64 137.16 1.52 0.416 14.26
MR14946 0 -90 200 205 5 60.96 62.48 1.52 0.053 1.82
255 280 25 77.72 85.34 7.62 0.014 0.49
295 300 5 89.92 91.44 1.52 0.010 0.34
335 345 10 102.11 105.16 3.05 0.018 0.62
MR14947 0 -90 180 200 20 54.86 60.96 6.10 0.018 0.60
215 225 10 65.53 68.58 3.05 0.021 0.70
235 250 15 71.63 76.20 4.57 0.024 0.81
280 300 20 85.34 91.44 6.10 0.070 2.38
310 325 15 94.49 99.06 4.57 0.027 0.93
390 400 10 118.87 121.92 3.05 0.018 0.62
450 455 5 137.16 138.68 1.52 0.018 0.62
MR14948 0 -90 80 90 10 24.38 27.43 3.05 0.009 0.30
130 160 30 39.62 48.77 9.14 0.033 1.12
255 260 5 77.72 79.25 1.52 0.012 0.41
285 315 30 86.87 96.01 9.14 0.036 1.24
335 340 5 102.11 103.63 1.52 0.030 1.01
380 385 5 115.82 117.35 1.52 0.028 0.97
440 445 5 134.11 135.64 1.52 0.026 0.90
MR14951 0 -90 100 105 5 30.48 32.00 1.52 0.023 0.77
235 260 25 71.63 79.25 7.62 0.018 0.62
270 290 20 82.30 88.39 6.10 0.011 0.37
330 360 30 100.58 109.73 9.14 0.030 1.03
425 440 15 129.54 134.11 4.57 0.042 1.43
MR14952 0 -90 165 170 5 50.29 51.82 1.52 0.013 0.45
220 225 5 67.06 68.58 1.52 0.015 0.53
245 250 5 74.68 76.20 1.52 0.081 2.77
370 375 5 112.78 114.30 1.52 0.018 0.62
400 405 5 121.92 123.44 1.52 0.032 1.08
415 420 5 126.49 128.02 1.52 0.020 0.70
MR14953 0 -90 230 235 5 70.10 71.63 1.52 0.026 0.89
260 275 15 79.25 83.82 4.57 0.013 0.44
355 365 10 108.20 111.25 3.05 0.014 0.49
425 430 5 129.54 131.06 1.52 0.022 0.76
455 460 5 138.68 140.21 1.52 0.017 0.60
MR14954 0 -90 185 235 50 56.39 71.63 15.24 0.032 1.11
275 295 20 83.82 89.92 6.10 0.024 0.82
360 365 5 109.73 111.25 1.52 0.068 2.33
395 400 5 120.40 121.92 1.52 0.060 2.06
430 440 10 131.06 134.11 3.05 0.019 0.63
MR14955 0 -90 No Significant Results
MR14956 0 -90 120 125 5 36.58 38.10 1.52 0.016 0.55
155 160 5 47.24 48.77 1.52 0.011 0.38
200 210 10 60.96 64.01 3.05 0.031 1.05
230 235 5 70.10 71.63 1.52 0.010 0.34
340 355 15 103.63 108.20 4.57 0.004 0.13
400 415 15 121.92 126.49 4.57 0.073 2.49

All holes presented in Table 1 were completed by reverse circulation ("RC") drilling. True width is estimated at 80-100% 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 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 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

For further information contact:
Steve Roebuck, President
Tel: (819) 825-7618
Email:

Investor Relations:
Jim Macdonald, Torrey Hills Capital
Tel: (858) 456-7300
Email:

Website: www.scorpiogold.com

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 Brodie deposit, any potential expansion of the current pit shell outline thereof, any potential increase in the mineral reserve and resource estimate in respect thereof, or the potential addition of new mineral resources within the Missouri claim area. 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.