Scorpio Gold Reports 9.02 g/t Gold over 7.4 meters from Ongoing Underground Drilling at Goldwedge, Nevada

Scorpio Gold Reports 9.02 g/t Gold over 7

VANCOUVER, British Columbia, April 13, 2021 (GLOBE NEWSWIRE) — Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV: SGN) is pleased to announce results from the first 3 holes of its underground drilling program at the 100% owned Goldwedge property, located in Nevada. The current program is focused on defining the on-strike and down-dip continuity of mineralization intersected in the 2020 drilling (July 27, 2020 news release) as well as testing new areas with the potential to define a mineral resource base.

Results to date indicate the extension of mineralization southward, hosted within sheared, metamorphosed, interbedded limestones and argillites with quartz, and calcite veining. Highlights include 7.4 meters grading 9.02 g/t, 5.3 meters grading 5.11 g/t and 2.7 meters grading 9.19 g/t (Table 1), situated in an area with an average depth from topographic surface of 25 m. Drilling is currently ongoing at the northern section to test mineralization continuity in that strike direction. The planned footage for this drilling program is 6,772 ft with 1,217 ft (18%) completed to date.

Table 1: 2021 Goldwedge Underground Drilling – Significant Results to Date

Hole ID Azm
(deg)
Dip
(deg)
From
(ft)
To
(ft)
Width
(ft)
From
(m)
To
(m)
Width
(m)
Gold
(oz/t)
Gold
(g/t)
GWUG20-004A 253 -17 10.5 15.8 5.3 3.2 4.8 1.6 0.381 13.06
incl.     14.8 15.7 1.1 4.5 4.8 0.3 1.494 51.22
GWUG20-004A 253 -17 25.5 49.9 24.4 7.8 15.2 7.4 0.263 9.02
GWUG20-004A 253 -17 70.2 71.2 1.0 21.4 21.7 0.3 0.244 8.37
GWUG21-005 253 -7 20.0 29.0 9.0 6.1 8.8 2.7 0.268 9.19
incl.     23.9 27.6 3.5 7.3 8.4 1.1 0.628 21.53
GWUG21-005A 253 -10 10.5 15.4 4.9 3.2 4.7 1.5 0.103 3.53
GWUG21-005A 253 -10 20 37.5 17.5 6.1 11.4 5.3 0.149 5.11
GWUG21-005A 253 -10 44.9 48.0 3.1 13.7 14.6 0.9 0.433 14.85
GWUG21-006* 247 -17 19.0 22.5 3.5 5.8 6.9 1.1 2.443 83.76
GWUG21-006* 247 -17 37.5 42.5 5.0 11.4 13.0 1.5 0.426 14.61

All holes presented in Table 1 were completed by NQ size diamond (core) drilling. Widths are presented as down hole core lengths; true widths are unknown at this time. Analytical results for holes 004, 004A and 005A were performed by American Assay Laboratory Inc. (AAL) in Sparks, Nevada, an ISO/IEC 17025:2005 accredited facility. Results for drillhole GWUG21-006* are from Scorpio Gold’s in-house analytical laboratory (by FAAA procedure), which does not have ISO/IEC 17025 accreditation but implements a quality management system compatible with the ISO/IEC 17025 standards and maintains a paperwork and LIMS trail suitable for future ISO/IEC 17025 accreditation. Certified assay results for GWUG21-006* from AAL are pending. Further details are presented in the Company’s quality assurance and quality control program for the Goldwedge project available at: GW QAQC.

As part of tracking sample recoveries, especially within shear and clay zones that usually wash out as fines during drilling, the drill cuttings (sludge) were collected for every 10 ft run and analysed for gold by FAAA procedure in Scorpio Gold’s in-house analytical laboratory (Table 2). Duplicate samples have been submitted to AAL to confirm the results. The Company will release the AAL results along with the comparison from in-house lab results upon receipt. Sample widths in Table 2 represent downhole core lengths; true widths are currently unknown.

Table 2: 2021 Goldwedge Underground Drilling – Results of Sludge Sampling

Hole
ID
Core
Recovery
From
(ft)
To
(ft)
Width
(ft)
From
(m)
To
(m)
Width
(m)
Average
Gold (oz/t)
Average
Gold (g/t)
GWUG21-004A 82% 0 20 20 0.0 6.1 6.1 0.108 3.70
GWUG21-005 87% 0 45 45 0.0 13.7 13.7 0.281 9.63
GWUG21-005A 92% 0 50 50 0.0 15.2 15.2 0.233 7.99
GWUG21-006 89% 0 60 60 0.0 18.3 18.3 0.815 27.94
GWUG21-006 89% 80 100 20 24.4 30.5 6.1 0.560 19.20

Figure 1: Underground drilling targeting continuity of mineralization in 2020 drill hole GWUG20-001 -
https://www.globenewswire.com/NewsRoom/AttachmentNg/5d0ad709-1a87-4b63-aba5-f44a54647feb

Figure 2: Plan view showing zones of significant intercepts for GWUG21-004, 004A, 005, 005A and 006 -
https://www.globenewswire.com/NewsRoom/AttachmentNg/c4c0f34e-73e4-43f7-8cb2-4dabaf3a8f63

Figure 3: Cross section showing zones of significant intercepts for GWUG21-004, 004A, 005, 005A and 006 – 
https://www.globenewswire.com/NewsRoom/AttachmentNg/a4d3e77f-3b43-4c58-87ac-c88da9bbb2b3

Director Retires

Peter Tegart has retired from the Board of Directors of Scorpio Gold. The Company is grateful for his contributions to the Company during his tenure.

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: block@scorpiogold.com

Diane Zerga, General Manager
Tel: (775) 401-1637
Email: dzerga@scorpiogold.com

Anthony Simone, Investor Relations
Tel: (416) 881-5154
Email: ir@scorpiogold.com

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.

 

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