Home / Mining Company News Releases (Unreviewed) / Scorpio Gold Reports Final Results from 2015 Exploration Drilling at the Oromonte Satellite Deposit, Mineral Ridge Project, Nevada

Scorpio Gold Reports Final Results from 2015 Exploration Drilling at the Oromonte Satellite Deposit, Mineral Ridge Project, Nevada

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 17, 2015) – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX VENTURE:SGN) reports final results from its 2015 exploration drilling program on the Oromonte satellite deposit at the 70% owned Mineral Ridge project, located in Nevada.

The Oromonte target occurs over a 300 x 500 meter area situated between the Solberry and Wedge deposits. A small mineral resource estimate containing almost entirely Indicated resources was reported for Oromonte based on 53 reverse circulation (“RC”) drill holes (see July 21, 2014 news release).

Drilling in 2014-2015 has intersected significant mineralization at vertical depths ranging from near surface to 80 meters depth across the target area. A notably higher-grade zone of mineralization occurs along the western edge of the target area, ranging in vertical depth from 106 to 142 meters.

A geological interpretation of the mineralization at Oromonte is that it represents a continuation of the mineralized horizon(s) between the Solberry and Wedge deposits that have been offset by normal faulting. The occurrence of a higher-grade zone of mineralization at depth may be related to a synform axis, which concentrated mineralization in the Oromonte area. This mineralized zone was subsequently down-dropped by late-stage normal faulting. A generalized geological model of the mineralization is presented here: Oromonte Cross Section.

Although not accessible by open pit mining, the deeper mineralization at Oromonte may be amenable to underground extraction should further results support underground development. Historical underground workings occur in the Wedge deposit area approximately 180 meters to the east.

Highlights from the final phase of the 2015 RC drilling program on the Oromonte deposit include:

  • MR151671: 2.13 grams per tonne (“g/t”) gold over 3.05 meters
  • MR151674: 5.18 g/t gold over 3.05 meters
  • MR151677: 8.28 g/t gold over 6.10 meters
  • MR151773: 7.58 g/t gold over 1.52 meters
  • MR151777: 8.58 g/t gold over 6.10 meters
  • MR151778: 7.95 g/t gold over 9.14 meters
  • MR151779: 2.85 g/t gold over 3.05 meters
  • MR151802: 40.40 g/t gold over 7.62 meters
  • MR151804: 2.22 g/t gold over 4.57 meters
  • MR151809: 12.29 g/t gold over 4.57 meters
  • MR151810: 2.58 g/t gold over 4.57 meters
  • MR151885: 39.15 g/t gold over 1.52 meters
  • MR151887: 2.83 g/t gold over 3.05 meters

A drill hole location map is available at: DH Plan

Table 1. Oromonte Deposit – Significant Drill Results

Hole Azm Dip From To Width From To Width Gold Gold
No. (deg) (deg) (ft) (ft) (ft) (m) (m) (m) (OPT) (g/t)
MR151671 0 -90 220 230 10 67.06 70.10 3.05 0.062 2.13
245 250 5 74.68 76.20 1.52 0.018 0.60
255 260 5 77.72 79.25 1.52 0.022 0.77
MR151672-673 0 -90 No Significant Results
MR151674 0 -90 5 10 5 1.52 3.05 1.52 0.018 0.62
165 175 10 50.29 53.34 3.05 0.151 5.18
200 205 5 60.96 62.48 1.52 0.022 0.76
245 250 5 74.68 76.20 1.52 0.030 1.03
MR151675 0 -90 20 35 15 6.10 10.67 4.57 0.050 1.70
110 130 20 33.53 39.62 6.10 0.033 1.14
MR151676 0 -90 100 105 5 30.48 32.00 1.52 0.035 1.19
MR151677 0 -90 30 35 5 9.14 10.67 1.52 0.031 1.06
65 85 20 19.81 25.91 6.10 0.242 8.28
incl 70 75 5 21.34 22.86 1.52 0.888 30.45
MR151679 0 -90 5 10 5 1.52 3.05 1.52 0.028 0.96
MR151680 0 -90 160 165 5 48.77 50.29 1.52 0.015 0.51
MR151771 0 -90 290 295 5 88.39 89.92 1.52 0.131 4.49
325 330 5 99.06 100.58 1.52 0.018 0.62
MR151772 0 -90 215 225 10 65.53 68.58 3.05 0.036 1.22
320 325 5 97.54 99.06 1.52 0.045 1.54
MR151773 0 -90 245 250 5 74.68 76.20 1.52 0.221 7.58
375 380 5 114.30 115.82 1.52 0.016 0.55
MR151774 0 -90 10 15 5 3.05 4.57 1.52 0.015 0.51
MR151775 0 -90 35 40 5 10.67 12.19 1.52 0.100 3.43
130 135 5 39.62 41.15 1.52 0.018 0.62
230 235 5 70.10 71.63 1.52 0.032 1.10
260 265 5 79.25 80.77 1.52 0.030 1.03
MR151776 0 -90 305 315 10 92.96 96.01 3.05 0.016 0.53
MR151777 0 -90 380 385 5 115.82 117.35 1.52 0.022 0.75
400 410 10 121.92 124.97 3.05 0.062 2.11
445 465 20 135.64 141.73 6.10 0.250 8.58
incl 445 450 5 135.64 137.16 1.52 0.503 17.25
480 485 5 146.30 147.83 1.52 0.019 0.65
MR151778 0 -90 190 200 10 57.91 60.96 3.05 0.025 0.86
330 340 10 100.58 103.63 3.05 0.260 8.90
385 400 15 117.35 121.92 4.57 0.022 0.74
405 435 30 123.44 132.59 9.14 0.232 7.95
incl 410 420 10 124.97 128.02 3.05 0.582 19.95
495 500 5 150.88 152.40 1.52 0.017 0.58
MR151779 0 -90 80 85 5 24.38 25.91 1.52 0.020 0.69
190 195 5 57.91 59.44 1.52 0.045 1.54
440 450 10 134.11 137.16 3.05 0.083 2.85
MR151780 0 -90 185 190 5 56.39 57.91 1.52 0.032 1.10
275 285 10 83.82 86.87 3.05 0.031 1.05
300 305 5 91.44 92.96 1.52 0.020 0.69
MR151801 0 -90 95 100 5 28.96 30.48 1.52 0.034 1.17
200 225 25 60.96 68.58 7.62 0.014 0.49
255 260 5 77.72 79.25 1.52 0.019 0.65
335 340 5 102.11 103.63 1.52 0.033 1.13
350 360 10 106.68 109.73 3.05 0.016 0.53
375 395 20 114.30 120.40 6.10 0.052 1.77
MR151802 0 -90 205 215 10 62.48 65.53 3.05 0.024 0.82
270 275 5 82.30 83.82 1.52 0.016 0.55
310 315 5 94.49 96.01 1.52 0.068 2.33
370 375 5 112.78 114.30 1.52 0.038 1.30
420 445 25 128.02 135.64 7.62 1.178 40.40
incl 420 430 10 128.02 131.06 3.05 2.799 95.97
MR151803 0 -90 55 60 5 16.76 18.29 1.52 0.024 0.82
365 370 5 111.25 112.78 1.52 0.024 0.82
400 405 5 121.92 123.44 1.52 0.019 0.65
MR151804 0 -90 60 65 5 18.29 19.81 1.52 0.033 1.13
250 265 15 76.20 80.77 4.57 0.065 2.22
MR151806 0 -90 255 260 5 77.72 79.25 1.52 0.030 1.03
MR151807 0 -90 50 55 5 15.24 16.76 1.52 0.130 4.46
120 125 5 36.58 38.10 1.52 0.016 0.55
205 210 5 62.48 64.01 1.52 0.049 1.68
220 230 10 67.06 70.10 3.05 0.015 0.50
MR151809 0 -90 5 20 15 1.52 6.10 4.57 0.015 0.51
145 160 15 44.20 48.77 4.57 0.358 12.29
incl 145 150 5 44.20 45.72 1.52 1.034 35.45
MR151810 0 -90 155 170 15 47.24 51.82 4.57 0.075 2.58
180 190 10 54.86 57.91 3.05 0.021 0.72
MR151864 0 -90 No Significant Results
MR151865 0 -90 15 25 10 4.57 7.62 3.05 0.034 1.15
85 100 15 25.91 30.48 4.57 0.027 0.94
120 135 15 36.58 41.15 4.57 0.057 1.95
MR151867 0 -90 No Significant Results
MR151870 0 -90 20 25 5 6.10 7.62 1.52 0.015 0.51
55 65 10 16.76 19.81 3.05 0.018 0.63
MR151871 0 -90 65 70 5 19.81 21.34 1.52 0.017 0.58
MR151874 0 -90 75 85 10 22.86 25.91 3.05 0.023 0.77
100 120 20 30.48 36.58 6.10 0.022 0.74
MR151876 0 -90 150 155 5 45.72 47.24 1.52 0.108 3.70
190 195 5 57.91 59.44 1.52 0.028 0.96
MR151877 0 -90 75 80 5 22.86 24.38 1.52 0.020 0.69
135 140 5 41.15 42.67 1.52 0.016 0.55
230 235 5 70.10 71.63 1.52 0.056 1.92
MR151878 0 -90 195 200 5 59.44 60.96 1.52 0.039 1.34
205 210 5 62.48 64.01 1.52 0.017 0.58
MR151880 0 -90 185 190 5 56.39 57.91 1.52 0.014 0.48
245 250 5 74.68 76.20 1.52 0.033 1.13
MR151882 0 -90 15 20 5 4.57 6.10 1.52 0.027 0.93
MR151885 0 -90 240 245 5 73.15 74.68 1.52 1.142 39.15
MR151886 0 -90 240 245 5 73.15 74.68 1.52 0.066 2.26
MR151887 0 -90 115 120 5 35.05 36.58 1.52 0.024 0.82
190 200 10 57.91 60.96 3.05 0.083 2.83
MR151889 0 -90 75 90 15 22.86 27.43 4.57 0.014 0.49
240 245 5 73.15 74.68 1.52 0.017 0.58
MR151892 0 -90 180 185 5 54.86 56.39 1.52 0.039 1.34
MR151894 0 -90 330 335 5 100.58 102.11 1.52 0.014 0.48

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 for the RC holes 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 in Reno, Nevada, also an 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, available 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 Elevon, LLC (30%). 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 in Manhattan, Nevada, with a fully permitted underground mine and 400 ton per day mill facility. The Goldwedge mill facility has been placed on a care and maintenance basis and can be restarted immediately when needed.

Scorpio Gold’s President & 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, President & 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 potential further exploration or development of the Oromonte deposit. 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, risks related to differences between mineral reserve and resource estimates and actual operating results 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.

Peter J. Hawley, President & CEO
Tel: (819) 825-7618
Email: [email protected]

Investor Relations:
Jim Macdonald, Torrey Hills Capital
Tel: (858) 456-7300
Email: [email protected]
Website: www.scorpiogold.com

 

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