VANCOUVER, June 06, 2019 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) is pleased to announce the commencement of drilling at its 100% owned Goldwedge property located in Manhattan Nevada. The drilling program will focus on the Keystone-Jumbo claim block, for which the Company received drilling approval from the U.S. Forest Service in January 2019. The program calls for drilling of up to 29 exploration holes with the intention of building on historic drilling and previously reported surface sampling results (December 15, 2016 news release) within the Keystone-Jumbo claim block.
Scorpio Gold intends to utilize its own Atlas Copco 262 diamond core drill rig which is capable of drilling both NQ and HQ size core. The rig was reconditioned in 2015 by Falcon Drilling with the intention of allowing the Company to conduct its own surface and underground drilling on its projects. Following training by Falcon, Company personnel will conduct NQ size oriented core drilling on the Keystone-Jumbo drill targets. The utilization of the Company’s drill rig is expected to reduce project drilling costs and the training provided by Falcon should also benefit the Company on its future surface and underground drilling projects.
Scorpio Gold’s President, Chris Zerga, comments, “We are excited to commence our first diamond drilling program at the Keystone-Jumbo area and to utilize our own drill rig on this project while gaining operational experience from Falcon personnel. This should allow the Company the ability to conduct more cost-effective drilling at its Goldwedge and Mineral Ridge projects.”
Grant of Stock Options
The Company announces the granting of stock options (the “Options”) to certain directors, officers, and employees of the Company to purchase an aggregate of 2,500,000 common shares (the “Optioned Shares”) of the Company at an exercise price of $0.10 per Optioned Share, expiring on the date that is 5 years from the date of grant. The Options were issued pursuant to the terms of the Company’s stock option plan.
About Scorpio Gold Corporation
Scorpio Gold holds a 100% interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada. Mineral Ridge is a conventional open pit mining and heap leach operation. Mining at Mineral Ridge was suspended in November 2017; however, the Company continues to generate limited revenues from residual but diminishing recoveries from the leach pads. 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 Chairman, Peter J. Hawley, P.Geo., is a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the content of this release.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
For further information contact:
Brian Lock, Interim CEO
Tel: (604) 889-2543
Chris Zerga, President
Tel: (604) 678-9639
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 guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.