Vancouver, November 24, 2014 - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V: SGN) reports additional results from its 2014 exploration drilling program on the NW Brodie trend at its 70% owned Mineral Ridge project, located in Nevada.
The NW Brodie trend is a semi-continuous mineralized corridor that extends west and northwest of the Brodie deposit toward the Bluelite deposit. Drilling to date has partly tested the corridor over a 200 meter width and 450 meter strike length. The NW Brodie trend remains completely open to the west and for 300 meters of strike length northwest to the Bluelite deposit. Significant intercepts have been reported in multiple horizons and in some places over broad widths, further supporting drill results reported in the Company's October 22, 2014 news release. A map highlighting the drill results over a select area of the NW Brodie trend is available at: DH & Assay Plan.
The NW Brodie trend lies well outside of currently defined resources at Mineral Ridge and existing modelled pit outlines. Management believes that results to date are very positive and may potentially allow for defining a new resource in this area.
Peter J. Hawley, CEO, comments, "Drilling on the NW Brodie trend continues to return very impressive results and is defining multiple stacked mineralized lenses from surface to 100 meters depth. We have an opportunity to potentially outline a significant resource in an area that until this year was held under a privately held patented mineral claim. The claim has been unexplored for over 100 years. We are the first to drill test the area and it looks very promising."
Highlights from this latest phase of drilling on the NW Brodie trend include:
- MR141141: 1.12 grams per tonne ("g/t") gold over 36.58 meters
- MR141143: 0.94 g/t gold over 24.38 meters
- MR141145: 1.65 g/t gold over 4.57 meters
- MR141152: 1.20 g/t gold over 19.81 meters
|Hole No.||Azm (deg)||Dip (deg)||From (ft)||To
|Width (ft)||From (m)||To
|Width (m)||Gold (OPT)||Gold (g/t)|
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: 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 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,
For further information contact:
Steve Roebuck, President
Tel: (819) 825-7618
Jim Macdonald, Torrey Hills Capital
Tel: (858) 456-7300
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 the potential addition of new mineral resources along the NW Brodie trend. 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.