Scorpio Gold Reports on Expansion Drilling at the Brodie Satellite Deposit, Mineral Ridge Project, Nevada
August 07, 2013 — Vancouver, BC (Source: Marketwired) — Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX VENTURE:SGN) reports initial results from its 2013 satellite deposit drilling program at the 70% owned Mineral Ridge project, located in Nevada.
The 2013 satellite program commenced with infill drilling along the northwest mineralized trend that extends from the Brodie pit to the Bluelite deposit. The Brodie area lies southwest of the currently producing Drinkwater and Mary pits and is immediately adjacent to the leach pad. Nine holes were drilled to increase drill hole spacing density both within and extending outside of the floating cone pit shells modelled by Telesto Nevada Inc. (“Telesto”) in their pit optimization study of the satellite deposits (see the Company’s November 26, 2012 news release for more information). A mineral resource estimate for the satellite deposits is in the final stages of preparation by Telesto and will be released shortly.
Drill results continue to outline the extension of the Brodie deposit to the northwest, with positive results from holes 573 and 576 bracketing a 2012 hole, MR12383, which returned 0.97 grams per tonne (“g/t”) over 9.15 m and 1.17 g/t over 21.34 m (originally announced in the Company’s June 4, 2012 news release). The northernmost hole in the 2013 program returned 0.68 g/t over 19.81 meters. The drill has now moved to the Bluelite deposit. A second drill rig is scheduled to arrive on site in September 2013, which the Company intends to dedicate to the satellite drilling program.
Peter J. Hawley, CEO comments: “There are considerable areas of mineralization outlined by drilling that lie outside of the floating cone pit shells modelled by Telesto. The 2013 satellite program is designed to increase the drilling density in order to upgrade the resource within the pit shells, and potentially expand the resource through increased delineation of the peripheral mineralization. Our results from drilling along the Brodie northwest trend have certainly provided that potential.”
A drill hole location map is available at: www.scorpiogold.com/i/maps/mr/Brodie_DHplan.jpg.
Table 1. Brodie Northwest – Significant Drill Results
|MR13568||0||90||No Significant Results|
Get our daily investorintel update
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 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 bodies at exploration, development and production stages. Scorpio Gold recently acquired the Goldwedge advanced exploration-stage property and processing facility in Manhattan, Nevada, and the Pinon advanced exploration-stage gold property near Carlin, Nevada. The Company is assessing its exploration plans for these properties as well as the potential for toll milling at the Goldwedge plant, which is currently permitted for 400 tons per day.
Scorpio Gold’s CEO, Peter J. Hawley, 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,|
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 future drilling, and other exploration activities on the satellite deposits. 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 such as delays related to completion of mineral resource estimates, exploration 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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>