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VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 25, 2012) – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX VENTURE:SGN) announces initial drill results from its 2012 drilling program on the Oromonte Zone, located 425 metres (1400 feet) southwest of the current mining in the Drinkwater pit at the 70% owned Mineral Ridge project, Nevada.
Initial drilling in 2012 on the Oromonte Zone has targeted its northern edge by extending a fence of previously drilled holes to determine the eastern and western limits of mineralization. All four holes (Table 1) intersected mineralization, and the zone remains open in both east and west directions as well as along strike to the north. Further drilling is planned to define the limits of the Oromonte Zone prior to conducting an in-fill drilling program.
The NNW trending Oromonte Zone is contiguous in plan section with the NNE trending Wedge B Zone. Scorpio Gold is assessing the possibility that the two zones are controlled by two separate cross-cutting structures, which presents the potential for a dilation zone at their intersection. A dilation zone at the junction of two well mineralized structures could provide for greater widths and potentially higher grades of gold mineralization, a possibility that will need to be tested by further drilling.
Table 1. Oromonte Zone – Significant Drill Results
| Hole No. |
From (ft) |
To (ft) |
Width (ft) |
From (m) |
To (m) |
Width (m) |
Gold (OPT) |
Gold (g/t) |
| MR12385 | 225 | 235 | 10 | 68.60 | 71.65 | 3.05 | 0.020 | 0.69 |
| 310 | 345 | 35 | 94.51 | 105.18 | 10.67 | 0.241 | 8.25 | |
| 375 | 380 | 5 | 114.33 | 115.85 | 1.52 | 0.054 | 1.85 | |
| MR12386 | 180 | 185 | 5 | 54.88 | 56.40 | 1.52 | 0.016 | 0.55 |
| 285 | 290 | 5 | 86.89 | 88.41 | 1.52 | 0.027 | 0.93 | |
| 305 | 330 | 25 | 92.99 | 100.61 | 7.62 | 0.059 | 2.01 | |
| MR12387 | 50 | 55 | 5 | 15.24 | 16.77 | 1.52 | 0.103 | 3.53 |
| MR12388 | 0 | 5 | 5 | 0.00 | 1.52 | 1.52 | 0.016 | 0.55 |
| 105 | 115 | 10 | 32.01 | 35.06 | 3.05 | 0.085 | 2.91 | |
| 135 | 140 | 5 | 41.16 | 42.68 | 1.52 | 0.017 | 0.58 |
A drill hole location map for the Oromonte Zone and other satellite deposits is available on the Company’s website: www.scorpiogold.com/i/maps/mr/MR_DHplanW.jpg.
All holes presented in the above table were completed by reverse circulation (RC) drilling. True width is estimated at ~90% 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.
Scorpio Gold’s President & CEO, Peter J. Hawley, PGeo, is a Qualified Person for the Mineral Ridge project and has reviewed and approved the content of this release. For additional information please see the Company’s website at www.scorpiogold.com.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley, President & CEO
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 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.
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.
Scorpio Gold Corporation
Peter J. Hawley
(819) 825-7618
[email protected]
www.scorpiogold.com
Investor Relations: Torrey Hills Capital
Jim Macdonald
(858) 456-7300
[email protected]
