Press release from Marketwire
Scorpio Gold Intersects 1.76 g/t Gold over 10.67 Meters and Continues to Extend the Mary/LC Zone at the Mineral Ridge Operation, Nevada
Monday, July 08, 2013
Scorpio Gold Intersects 1.76 g/t Gold over 10.67 Meters and Continues to Extend the Mary/LC Zone at the Mineral Ridge Operation, Nevada08:00 EDT Monday, July 08, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 8, 2013) - Scorpio Gold Corporation (TSX VENTURE:SGN) ("Scorpio Gold" or the "Company") announces additional drill results from its 2013 drilling program, which targeted undrilled areas in the vicinity of the proposed Mary LC Zone super pit at the 70% owned Mineral Ridge project, Nevada.
As reported in the Company's June 5, 2013 news release, the purpose of the current program is to target undrilled areas within the Mary LC super pit design in order to: determine if mineralization exists, tighten up drill hole spacing for resource estimation, and follow up on mineralized trends either below the proposed pit shell floor or outside of the existing cone boundary.
Results to date continue to be highly encouraging, including intersections of 1.76 g/t over 10.67 meters, 1.09 g/t over 10.67 meters and 3.22 g/t over 6.10 meters. These results were obtained in three holes located at the southeastern margin of the Mary LC area, with the zone remaining open to the southeast and to depth.
Mineralization continues to be intersected where expected, indicating good consistency with the wire frame models employed. Each successful drill hole intercept is converting previously deemed waste material into mineralization, potentially adding to the resource base and increasing confidence levels.
The holes presented in Table 1 were drilled in previously deemed waste areas and/or where little to no previous drilling had been performed. A 0.40 g/t cutoff grade has been applied. Drill hole locations may be viewed on the Company's website at: www.scorpiogold.com/i/maps/mr/MaryLC_DHplan2.jpg.
Table 1. Mary/LC Zone - Significant Drill Results
|MR13532||0||-90||No Significant Results|
|MR13534||0||-90||No Significant Results|
|MR13547||0||-90||No Significant Results|
|MR13548||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. ("AAL") in Sparks, Nevada, USA. AAL does not have ISO/IEC 17025 accreditation but implements a quality management system following ISO/IEC 17025 standards and maintains a paperwork trail for ISO/IEC 17025 accreditation. AAL participates in a number of testing and certification programs, details of which are presented in the Company's quality assurance and quality control (QA/QC) program for the Mineral Ridge project at: www.scorpiogold.com/i/pdf/reports/QAQC-MR.pdf. External check assays to verify lab accuracy are routinely completed by ALS Chemex, an ISO 9001:2000 certified and ISO/IEC 17025:2005 accredited laboratory.
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, P.Geo., 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. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Scorpio Gold Corporation
(819) 825-0977 (FAX)
Torrey Hills Capital