Scorpio Gold Announces Significant Results from Underground Channel Sampling at its Goldwedge Mine, Manhattan, Nevada
TSXV:SGN
Unit 1–15782 Marine Drive
White Rock, BC, V4B 1E6
T: (604) 536-2711
www.scorpiogold.com
News Release No. 302
Scorpio Gold Announces Significant Results from Underground Channel
Sampling at its Goldwedge Mine, Manhattan, Nevada
Vancouver, February 17, 2021 – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V:
SGN) is pleased to announce significant results from underground channel sampling following completion
of the bulk sampling program at its 100% owned Goldwedge Mine located in Manhattan , Nevada. As
announced in its October 13, 2020 news release, the bulk sampling program was designed to drift through
an area of high -grade mineralization intersected in 2020 drill hole GWUG20-001, which returned 7.6 m
averaging 12.47 g/t gold and 176.23 g/t silver, including 1.52m grading 53.49 g/t gold and 0.15m grading
3,960 g/t silver.
The bulk sampling program incorporated a 2.7 x 2.7m drift driven for 34m to a vertical depth of 34m (near
horizontal length of 34m) with chip-channel samples collected along the ribs at 1.5m intervals. Results from
the sampling have confirmed that high-grade gold mineralization is associated with subparallel quartz and
calcite veins and veinlets within foliation and bedding (Figures 1 and 2). The mineralization appears to be
stratabound and is hosted within sheared metamorphosed interbedded limestones, argillites and phyllites of
late Cambrian age. This mode of occurrence of mineralization appears to show significant potential.
Significant gold mineralization was encountered in two zones from 9.2 to 10.7m and 21.3 to 24.4m along
the drift as presented in Table 1. Bulk samples from these zones will be collected for metallurgical test
work.
Table 1. Underground Channel Sampling - Significant Results
Sample
No.
From
(ft)
To
(ft)
Width
(ft)
From
(m)
To
(m)
Width
(m)
Gold
(oz/t)
Gold
(g/t)
114326 30 35 5 9.2 10.7 1.5 2.778 86.81
114340 70 75 5 21.3 22.7 1.5 0.257 8.03
114341 75 80 5 22.7 24.4 1.5 0.143 4.47
114346* 30 35 5 9.2 10.7 1.5 0.959 29.97
*Field duplicate of sample no. 114326. Samples widths represent true widths of mineralization. Analytical
results were performed by American Assay Laboratory Inc. in Sparks, Nevada, an ISO/IEC 17025:2005
accredited facility.
Scorpio Gold is continuing its underground drilling at the Goldwedge Mine utilizing its own core drill. The
Company intends to employ another surface drill between the Goldwedge Mine and the Kinross property
once government approval is received for the purchase of the 4300 acre Kinross land adjacent to the
Goldwedge property.
Scorpio Gold Corporation | 2
Figure 1. Mineralized zone from 21.3-24.4m graded 6.25 g/t over 3.0m (samples 114340-41)
Figure 2. Mineralized zone from 9.2 to 10.7m graded 86.81 g/t over 1.5m (sample 114326)
Scorpio Gold Corporation | 3
Figure 3. Long section of underground workings looking NE
Figure 4. Plan view showing grade correlation of DHGWUG20-001 with channel samples at AxCut.
Scorpio Gold Corporation | 4
Figure 5. Plan view of grade and lithological correlation of DHGWUG20-001 to samples at AxCut
About Scorpio Gold
Scorpio Gold holds a 100% interest in the advanced expl oration-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. The Company is in the
process of finalizing the acquisition of the adjacent Kinross Manhattan 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
Scorpio Gold Corporation | 5
For further information contact:
Brian Lock, CEO
Tel: (604) 889-2543
Email: [email protected]
Diane Zerga, General Manager
Tel: (775) 401-1637
Email: [email protected]
Anthony Simone, Investor Relations
Tel: (416) 881-5154
Email: [email protected]
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”, “inte nd”, “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 ex pressed 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.