Scorpio Gold Confirms Northward Continuity of Near-Surface Mineralization in Ongoing Underground Drilling at Goldwedge, Nevada
TSXV:SGN
Unit 1–15782 Marine Drive
White Rock, BC, V4B 1E6
T: (604) 536-2711
www.scorpiogold.com
News Release No. 314
Scorpio Gold Confirms Northward Continuity of Near-Surface
Mineralization in Ongoing Underground Drilling at Goldwedge, Nevada
Vancouver, September 29, 2021 – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV:
SGN) is pleased to announce results from 5 holes drilled to test the northwestern extension of mineralization
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 program (July 27,
2020 news release) as well as testing new areas with the potential to define a mineral resource base.
As previously reported, drilling has already confirmed the southward extension of mineralization within
sheared, metamorphosed, interbedded limestones and argillites with quartz, and calcite veining. Drill hole
GWUG21-006 was included in this previous reporting with assay results reported by Scorpio Gold’s in -
house analytical laboratory (see April 13, 2021 news release). Certified results for hole 006 by American
Assay Laboratory are included in Table 1 and compare well with the Company’s in-house analyses.
Drilling completed to date at the northwestern extension also indicates on-strike continuity of
mineralization in two separate shear zones (Figures 1 and 2). Significant results include 9.88 g/t Au over
0.5m in hole GWUG21-008, 4.31 g/t Au over 2.9m in hole GWUG21 -010 and multiple intersections in
hole GWUG21-011 including 5.93 g/t Au over 4.0m, 10.36 g/t over 0.6m and 14.72 g/t over 0.5m ( Table
1). Current results from the 2021 program have confirmed continuous mineralization in this particular area
over an approximate horizontal length of 30m with an average thickness of ~7m along the strike direction
of the shear zones, further confirming the trend of mineralization identified by historical drilling. The
mineralization is situated at an average depth of ~25m from topographic surface and is located ~200m
northwest of the mine portal. Drilling to further test the extent of mineralization along strike and at depth
below the existing mine workings is ongoing. The planned meterage for this drill program is 2066 meters
with 828 meters (40%) completed to date.
In conjunction with previous drilling undertaken by Scorpio Gold as well as historic drilling, mineralization
within the Goldwedge deposit has been traced over a total strike length of approximately 350 m and to a
vertical depth of 160m. The southwestern extent of drilling at the Goldwedge deposit lies 100m northwest
of Scorpio Gold’s most northerly exploration drill hole in the West Pit area of the Manhattan Mine Property.
Future drilling will test the Company’s structural interpretation that mineralization at Goldwedge could
connect with mineralization in the West Pit area.
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)
GWUG21-006* 247 -17 19.0 22.5 3.5 5.8 6.9 1.1 2.259 77.49
GWUG21-006* 37.5 44.0 6.5 11.4 13.4 2.0 0.327 11.22
GWUG21-007 245 -15 65.3 79.3 14.0 19.9 24.2 4.3 0.047 1.61
GWUG21-008 245 -5 58.5 76.8 18.3 17.8 23.4 5.6 0.041 1.41
Incl. 60.5 62.0 1.5 18.5 18.9 0.5 0.288 9.88
GWUG21-008 118.0 123.2 5.2 36.0 37.6 1.6 0.041 1.41
GWUG21-009 238 -16 41.5 45.5 4.0 12.6 13.9 1.2 0.055 1.89
GWUG21-009 61.5 64.4 2.9 18.7 19.6 0.9 0.071 2.44
Scorpio Gold Corporation | 2
Hole ID Azm
(deg)
Dip
(deg)
From
(ft)
To
(ft)
Width
(ft)
From
(m)
To
(m)
Width
(m)
Gold
(oz/t)
Gold
(g/t)
GWUG21-010 238 -7 67.0 76.5 9.5 20.4 23.3 2.9 0.126 4.31
Incl. 67.0 71.5 4.5 20.4 21.8 1.4 0.177 6.07
GWUG21-011 254 -5 72.8 86.0 13.2 22.2 26.2 4.0 0.173 5.93
GWUG21-011 91.0 93.0 2.0 27.8 28.4 0.6 0.302 10.36
GWUG21-011 133.0 134.5 1.5 40.6 41.0 0.5 0.429 14.72
GWUG21-011 156.5 161.5 5.0 47.7 49.3 1.5 0.196 6.71
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 undefined at this time. Analytical results for holes GWUG21-006-010 were performed
by American Assay Laboratory Inc. (AAL) and analytical results for hole GWUG21 -011 were performed by ALS
Geochemistry Assay Laboratory Inc. Both laboratories are located in Sparks, Nevada and are ISO/IEC 17025:2005
accredited facilit ies. *Note that assay results for GWUG21 -006 are certified results by AAL and were previously
reported by Scorpio Gold’s in- house analytical laboratory in the Company’s April 13 , 2021 news release. Further
details of the Company’s quality assurance and quality control program for the Goldwedge project are available at:
GW QAQC.
Figure 1: Plan view showing zones of significant intercepts for GWUG21-008, 010 and 011 indicating NW
continuity of mineralization within shear zones.
Scorpio Gold Corporation | 3
Figure 2: Cross section A-A’ within 10 meters projection volume showing zones of significant intercepts
for GWUG21-008, 010 and 011
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. The Manhattan Property includes 2 former producing mines, the
Reliance Mine, which reportedly produced ~59,000 tons grading 0.435 oz/ton from 1932 to 1941, and the
Manhattan Mine East and West pits, which produced ~236,000 oz. from 1974-1990. The deposits lie along
the northwest-trending Reliance Structural Zone, which is considered the most predominant ore controlling
structure in the region. The Reliance trend continues 4 km southeast to Scorpio Gold’s K eystone-Jumbo
project area.
Scorpio Gold also holds 100% interest in the Mineral Ridge gold project located in Esmeralda County,
Nevada.
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 | 4
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 pol icies 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 th e 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 sim ilar
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 di sclaims 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.