Scorpio Gold discovers silver-enriched zone on Mineral Ridge project

Marketwire - Mining and Metals | September 13, 2011 | 12:30 pm Precious Metals Europe Silver 

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 13, 2011) – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX VENTURE:SGN) announces the discovery of widespread silver-enriched mineralization over significant widths at the Coyote Target, on its 70% owned Mineral Ridge project in Nevada. Eleven holes in this first phase drill program tested the Coyote target over a 250 x 600 metre area, while 2 holes tested an outlier zone located 914 metres to the northwest.

Peter J. Hawley, President and CEO reports, “While drilling the Coyote gold target, we have encountered an extensive, thick silver-mineralized zone, which appears to have overprinted earlier gold mineralization and is presently thought to be wedge-shaped and thickening to the northwest. Step out drilling in the vicinity of a historical adit, 914 metres (3,000 feet) to the northwest, has intercepted 147.87 metres grading 2.13 g/t silver (485 feet grading 0.075 OPT silver). All of the holes in this first ever drilling of the area terminated in mineralization. Mapping and geochemical sampling is underway to determine the surface expression and relevance of this discovery to other mineralization on the property. The widespread nature of mineralization crossing various lithological host units may be indicative of a very large mineralized system.”

Table 1: Coyote Target – Significant Drill Results
Hole
No.		 From
(ft		 ) To
(ft		 ) Width
(ft		 ) From
(m		 ) To
(m		 ) Width
(m		 ) Gold
(OPT		 ) Gold
(g/t		 ) Silver
(OPT		 ) Silver
(g/t		 )
MR11086 50 55 5 15.24 16.77 1.52 0.014 0.40
45 150 105 13.72 45.73 32.01 0.039 1.11
Including 45 105 60 13.72 32.01 18.29 0.055 1.56
Including 115 150 35 35.06 45.73 10.67 0.018 0.51
490 510 20 149.39 155.49 6.10 0.027 0.77
MR11087 0 60 60 0.00 18.29 18.29 0.022 0.62
265 315 50 80.79 96.04 15.24 0.077 2.18
Including 265 270 5 80.79 82.32 1.52 0.011 0.31
Including 300 305 5 91.46 92.99 1.52 0.022 0.62
335 340 5 102.13 103.66 1.52 0.017 0.48
MR11088 45 60 15 13.72 18.29 4.57 0.011 0.31
85 145 60 25.91 44.21 18.29 0.054 1.53
110 115 5 33.54 35.06 1.52 0.037 1.05
680 685 5 207.32 208.84 1.52 0.048 1.36
MR11092 115 170 55 35.06 51.83 16.77 0.054 1.53
655 675 20 199.70 205.79 6.10 0.026 0.74
MR11094 20 110 90 6.10 33.54 27.44 0.027 0.77
265 300 35 80.79 91.46 10.67 0.016 0.45
410 420 10 125.00 128.05 3.05 0.016 0.45
MR11095 30 45 15 9.15 13.72 4.57 0.029 0.82
35 40 5 10.67 12.20 1.52 0.015 0.43
185 195 10 56.40 59.45 3.05 0.025 0.71
210 245 35 64.02 74.70 10.67 0.038 1.08
575 585 10 175.30 178.35 3.05 0.025 0.71
MR11102 115 225 110 35.06 68.60 33.54 0.045 1.28
Including 165 170 5 50.30 51.83 1.52 0.016 0.45
420 440 20 128.05 134.15 6.10 0.015 0.43
555 565 10 169.21 172.26 3.05 0.027 0.77
595 605 10 181.40 184.45 3.05 0.01 0.28
MR11103 30 135 105 9.15 41.16 32.01 0.033 0.94
90 130 40 27.44 39.63 12.20 0.060 1.70
MR11114 25 175 150 7.62 53.35 45.73 0.098 2.78
Including 45 85 40 13.72 25.91 12.20 0.256 7.26
Including 65 75 10 19.82 22.87 3.05 0.029 0.82
205 220 15 62.50 67.07 4.57 0.027 0.77
420 430 10 128.05 131.10 3.05 0.327 9.27
470 485 15 143.29 147.87 4.57 0.014 0.40
MR11154 0 265 265 0.00 80.79 80.79 0.025 0.71
Including 5 155 150 1.52 47.26 45.73 0.032 0.91
120 150 30 36.59 45.73 9.15 0.084 2.38
120 135 15 36.59 41.16 4.57 0.119 3.37
565 575 10 172.26 175.30 3.05 0.011 0.31
MR11155 170 185 15 51.83 56.40 4.57 0.05 1.42
250 260 10 76.22 79.27 3.05 0.011 0.31
290 380 90 88.41 115.85 27.44 0.014 0.40
Including 290 330 40 88.41 100.61 12.20 0.021 0.60
475 530 55 144.82 161.59 16.77 0.041 1.16
475 495 20 144.82 150.91 6.10 0.073 2.07
Table 2: Northwest of Coyote Target – Significant Drill Results
Hole
No.		 From
(ft		 ) To
(ft		 ) Width
(ft		 ) From
(m		 ) To
(m		 ) Width
(m		 ) Gold
(OPT		 ) Gold
(g/t		 ) Silver
(OPT		 ) Silver
(g/t		 )
MR11156 20 35 10 6.10 10.67 4.57 0.023 0.65
115 600 485 35.06 182.93 147.87 0.075 2.13
Including 115 165 50 35.06 50.30 15.24 0.034 0.96
Including 175 185 10 53.35 56.40 3.05 0.037 1.05
Including 195 215 20 59.45 65.55 6.10 0.013 0.37
Including 225 260 35 68.60 79.27 10.67 0.027 0.77
Including 250 260 10 76.22 79.27 3.05 0.062 1.76
Including 265 275 10 80.79 83.84 3.05 0.017 0.48
Including 330 370 40 100.61 112.80 12.20 0.079 2.24
Including 340 350 10 103.66 106.71 3.05 0.244 6.92
Including 390 525 135 118.90 160.06 41.16 0.015 0.43
Including 390 435 45 118.90 132.62 13.72 0.014 0.40
Including 450 475 25 137.20 144.82 7.62 0.027 0.77
Including 485 500 15 147.87 152.44 4.57 0.023 0.65
Including 510 525 15 155.49 160.06 4.57 0.017 0.48
Including 535 600 65 163.11 182.93 19.82 0.427 12.11
Including 535 570 35 163.11 173.78 10.67 0.681 19.31
Including 575 600 25 175.30 182.93 7.62 0.744 21.09
MR11157 0 10 10 0.00 3.05 3.05 0.013 0.37
25 35 10 7.62 10.67 3.05 0.034 0.96
45 50 5 13.72 15.24 1.52 0.022 0.62
55 70 15 16.77 21.34 4.57 0.018 0.51
85 100 15 25.91 30.49 4.57 0.012 0.34
135 190 55 41.16 57.93 16.77 0.053 1.50
195 240 45 59.45 73.17 13.72 0.035 0.99
255 315 60 77.74 96.04 18.29 0.022 0.62
320 325 5 97.56 99.09 1.52 0.017 0.48
335 345 10 102.13 105.18 3.05 0.011 0.31
355 380 25 108.23 115.85 7.62 0.027 0.77
385 415 30 117.38 126.52 9.15 0.018 0.51
420 430 10 128.05 131.10 3.05 0.333 9.44
440 490 50 134.15 149.39 15.24 0.064 1.81

All holes presented in the above tables were by reverse circulation (RC) drilling. True width is estimated at ~90% downhole width. Drill hole plans and cross-sections are available on the Company’s website at www.scorpiogold.com. 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/Documents/QAQC-MR.pdf.

President & CEO, Peter J. Hawley, PGeo, is the Qualified Person for the Mineral Ridge project and has reviewed 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 and development of its projects. 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 those risk factors outlined in the Company’s Management Discussion and Analysis for the year ended December 31, 2010 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 therein.

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.


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