Scorpio Gold Intersects 50.2g/t Gold over 5.6m including 260g/t over 0.9m from 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. 317
Scorpio Gold Intersects 50.2g/t Gold over 5.6m including 260g/t over 0.9m
from Ongoing Underground Drilling at Goldwedge, Nevada
Vancouver, October 26, 2021 – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV:
SGN) is pleased to announce high-grade results from a hole drilled to test th e on-strike and down- dip
continuity of mineralization within and below the current underground mine workings at the 100% owned
Goldwedge property, located in Nevada.
Drill hole GWUG21-015 returned 50.2 g/t gold over 5.6m (1.463 oz/ton over 18.5 ft), including a higher-
grade intercept of 260g/t over 0.9m (7.607 oz/ton over 3.0 ft). The mineralization is hosted within sheared,
interbedded limestones and argillites with quartz and calcite veining (Figures 1-4). The intersection is
located ~7m on strike from historical 2011 drill hole GWUG-11-2, which reported 56.4g/t gold over 3.1m,
including 91.6g/t over 1.5m. The mineralization is situated at an average depth of ~58m from topographic
surface and is located ~350m northwest of the mine portal. Drilling to further test the extent of high-grade
mineralization along strike and at depth below the existing mine workings is ongoing. Four additional holes
recently completed at the same drill station as GWUG21-015 are being processed for analysis. The planned
meterage for this drill program is 2066 meters with 874 meters (42%) completed to date.
To date, the Goldwedge deposit has been traced over a strike length of ~350m from near surface 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, where drilling has indicated a 300m continuous trend of
mineralization from as shallow as 19m from surface. Collectively, the Goldwedge, West Pit and East Pit
areas outline a mineralized trend along the Reliance Structural Zone ~2 km in strike length . This trend
continues a further 3 km southeast to Scorpio Gold’s Keystone-Jumbo project area.
Table 1: 2021 Goldwedge Underground Drilling – Significant Results for GWUG21-015
Hole ID Azm
(deg)
Dip
(deg)
From
(ft)
To
(ft)
Width
(ft)
From
(m)
To
(m)
Width
(m)
Gold
(oz/t)
Gold
(g/t)
GWUG21-015 221 -58 2.0 20.5 18.5 0.6 6.3 5.6 1.463 50.2
Incl. 3.0 6.0 3.0 0.9 1.8 0.9 7.607 260.9
Drill hole GWUG21-015 was completed by NQ size diamond (core) drilling. Widths are presented as down hole core
lengths; true widths are undefined at this time. Analytical results were by FAAA procedure by Scorpio Gold’s in-
house analytical laboratory, which does not have ISO/IEC 17025 accreditation but implements a quality management
system compatible with the ISO/IEC 17025 standards and maintains a paperwork and LIMS trail suitable for future
ISO/IEC 17025 accreditation. Certified assay results for GWUG21-015 by ALS Geochemistry Assay Laboratory Inc.
are pending. Further details of the Company’s quality assurance and quality control program for the Goldwedge project
are available at: GW QAQC.
Scorpio Gold Corporation | 2
Figure 1: Plan view showing location of GWUG21-015, lithological units and modeled high-grade veins
projected to surface. The significant results to date from Goldwedge underground drilling can be referred
to in the Company’s news releases dated April 13 and September 29, 2021.
Scorpio Gold Corporation | 3
Figure 2: Cross-section within 10m projection volume showing significant intercepts for GWUG21-015
1.48g/t 260.9g/t
260.9g/t
46.6g/t
46.6g/t 3.3g/t
3.3g/t 0.7g/t
Scorpio Gold Corporation | 4
Figures 3-4: Core photos and assays for GWUG21-015. Note: There was no core recovery from 6 to 8 feet
downhole. The 260.9 g/t interval represents a 3 ft core intersection from 3-6 ft downhole.
About Scorpio Gold
Scorpio Gold 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 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 Keystone-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 | 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 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.