VANCOUVER, British Columbia, May 18, 2021 (GLOBE NEWSWIRE) — Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV: SGN) is pleased to announce its planned surface drilling program for the newly acquired Kinross Manhattan Property in Manhattan, Nevada. The initial phase of drilling will target high-grade mineralized zones intersected in historic drilling below the mined-out Manhattan East and West pits as well as investigate the continuity of mineralization extending northward from the West Pit toward the Goldwedge underground workings. The upcoming program and follow-up exploration drilling will focus on delineating a mineral resource base for potential underground mining.
The initial program includes 4,800 meters of RC drilling with drillholes sited at the periphery of the pits and northward of the West Pit. The program is expected to provide considerable information on the structural and lithological controls to mineralization, providing greater confidence in targeting future drilling to build the resource base. Historical exploration and production drilling at the Manhattan Mine below the mined-out pits indicates a shallow, southwesterly dipping trend to mineralization. Significant intercepts from historic holes in the vicinity of the upcoming drilling are presented in Table 1.
Table 1
: Manhattan Mine Historical Drilling – Significant Results
|
Hole ID |
From (ft) |
To (ft) |
Width (ft) |
Grade (oz/t) |
From (m) |
To (m) |
Width (m) |
Grade (g/t) |
| T1984-024 | 255 | 295 | 40 | 0.100 | 77.7 | 89.9 | 12.2 | 3.4 |
| T1983-004 | 100 | 140 | 40 | 0.083 | 30.5 | 42.7 | 12.2 | 2.8 |
| T1984-021 | 85 | 90 | 5 | 0.41 | 25.9 | 27.4 | 1.5 | 14.1 |
| T1983-011 | 195 | 210 | 15 | 0.156 | 59.4 | 64.0 | 4.6 | 5.4 |
| T1984-027 | 90 | 105 | 15 | 0.114 | 27.4 | 32.0 | 4.6 | 3.9 |
| 140 | 170 | 30 | 2.072 | 42.7 | 51.8 | 9.1 | 71.1 | |
|
incl |
150 | 155 | 5 | 5.788 | 45.7 | 47.2 | 1.5 | 198.5 |
| T1983-007 | 95 | 165 | 70 | 0.177 | 29.0 | 50.3 | 21.3 | 6.1 |
| T1985-033 | 175 | 255 | 80 | 0.162 | 53.3 | 77.7 | 24.4 | 5.6 |
| T1984-007 | 180 | 260 | 80 | 0.308 | 54.9 | 79.2 | 24.4 | 10.6 |
| T1984-055 | 120 | 200 | 80 | 0.939 | 36.6 | 61.0 | 24.4 | 32.2 |
|
incl |
165 | 170 | 5 | 11.85 | 50.3 | 51.8 | 1.5 | 406.5 |
| T1975-542 | 5 | 115 | 110 | 0.194 | 1.5 | 35.1 | 33.5 | 6.7 |
| T1987-103 | 5 | 25 | 20 | 0.74575 | 1.5 | 7.6 | 6.1 | 25.6 |
All holes presented in Table 1 were by RC drilling undertaken by Tenneco Minerals Company between 1975 and 1987. Samples were analysed by fire assay.
Figure 1:
Plan view showing targeted zones of historic high-grade mineralization is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4821be5a-52b9-4bf1-ba63-4bbd47a71099
.
Figure 2:
Planned drillholes targeting high-grade mineralization below the West and East pits and northern extension of the West Pit is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0cd0a757-fd32-43e0-b0ee-5f4d5fbdeddd
.
Figure 3:
Cross-section 380980E showing planned drill holes targeting the zone with high grade intersections is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9dfa9bb6-04d6-4234-8b39-fecfe63559c4
.
Boart Longyear has been contracted to undertake the RC drilling program with commencement scheduled for June 1, 2021.
About Scorpio Gold
Scorpio Gold now holds a 100% interest in the consolidated Manhattan District in Nevada comprising the advanced exploration-stage Goldwedge property in Manhattan, Nevada with a fully permitted underground mine and a 400 ton per day mill facility and a 100% interest of the Manhattan Property situated adjacent and proximal to the Goldwedge property.
Scorpio Gold is party to an earn-in option agreement with Titan Mining Corporation whereby Titan can earn an 80% joint venture interest on the Company’s 100% owned Mineral Ridge gold project located in Esmeralda County, Nevada. To maintain the option Titan must spend a total of US$35 million over a staged period of five years. If Titan spends the initial US$7 million of expenditures by January 1, 2022, it will also have the right to acquire a 100% interest by paying Scorpio Gold US$35 million on or before December 31, 2022.
The technical information contained within this release has been reviewed and approved by independent geological consultant, Mohan R Vulimiri, M.Sc., P.Geo., a Qualified Person as defined by NI 43-101.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Brian Lock,
CEO & Director
For further information contact:
Brian Lock, CEO
Tel: (604) 889-2543
Email:
[email protected]
Diane Zerga, General Manager
Tel: (775) 401-1637
Email:
[email protected]
Anthony Simone, Investor Relations
Tel: (416) 881-5154
Email:
[email protected]
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 of its Goldwedge 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 involved in mineral 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 a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
