Scorpio Gold Updates Expansion Drilling at the Bluelite Satellite Deposit, Mineral Ridge Project, Nevada
November 20, 2013 (Source: Marketwired) — Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX VENTURE:SGN) reports additional results from its 2013 satellite deposit drilling program at the 70% owned Mineral Ridge project, located in Nevada. The Bluelite deposit lies west of the currently producing Drinkwater and Mary pits and 400 meters northwest of the leach pad.
The 2013 satellite drilling program is designed to upgrade and potentially increase the mineral resource estimate completed by Telesto Nevada Inc. (“Telesto”) for a number of satellite deposits including Bluelite, which was reported in the Company’s August 16, 2013 news release. As of June 1, 2013, the Inferred mineral resource estimate for the satellite deposits totalled 513,000 tons grading 0.078 ounces per ton (opt) gold totalling 40,200 contained ounces gold. The Bluelite deposit was estimated to contain 193,000 tons grading 0.079 opt gold for 15,200 contained ounces gold, or approximately 37.8% of the total Inferred mineral resource for the four satellite deposits.
The drilling program continues to meet with success, returning significant intercepts both within and extending outside of the floating cone pit shells modelled by Telesto for the Bluelite deposit, and continuing to extend the near-surface mineralized trend westward toward undrilled ground. Results of the first phase of expansion drilling on the Bluelite deposit were reported in the Company’s September 11, 2013 news release. Highlights from the second phase of expansion drilling at Bluelite include:
|MR13674: 2.24 grams per tonne (“g/t”) gold over 7.62 meters|
|MR13675: 3.73 g/t gold over 9.14 meters|
|MR13676: 12.34 g/t gold over 6.10 meters|
A drill hole location map is available at: www.scorpiogold.com/i/maps/mr/Bluelite_DHplan.jpg
|Table 1. Bluelite Area – Significant Drill Results|
|MR13672||0||-90||No Significant Results|
|MR13678||0||-90||No Significant Results|
|MR13688||0||-90||No Significant Results|
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.
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Scorpio Gold’s President, Steve Roebuck and Environmental Manager, Carlene Lancaster will be attending the 2013 Metals & Minerals Investment Conference held at the San Francisco Marriott Marquis Hotel on November 25-26, 2013; booth 612. Further information is available at: www.metalsandmineralsevents.com/sf.
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, and the advanced exploration-stage Pinon 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, 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 future drilling, future resource estimates 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 involved in 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.
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