VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 24, 2016) – Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX VENTURE:SGN) reports results from the 2016 exploration drilling program on the Paris target at its 70% owned Mineral Ridge project, located in Nevada.
The Paris target is a previously undrilled area located NNW of the Solberry deposit. It was targeted as one of several possible northwest strike extensions of the Drinkwater mineralization based on rock chip sampling and limited historic underground workings. Significant faulting to the northwest of Drinkwater has offset and obscured the Drinkwater trend. First-pass drilling in 2016 intersected mineralization in 19 of 24 RC holes collared over a 150 x 450 meter area. Based on a review of the geology and assay results, Paris is not considered a continuation of the Drinkwater trend. No further drilling is currently planned in the Paris target area.
A drill hole location map is available at: DH Plan
Table 1. Paris Target Area – Significant Drill Results
| Hole | Azm | Dip | From | To | Width | From | To | Width | Gold | Gold | ||||
| No. | (deg) | (deg) | (ft) | (ft) | (ft) | (m) | (m) | (m) | (OPT) | (g/t) | ||||
| MR161953-954 | 0 | -90 | No Significant Results | |||||||||||
| MR161955 | 0 | -90 | 120 | 125 | 5 | 36.58 | 38.10 | 1.52 | 0.017 | 0.58 | ||||
| MR161959 | 0 | -90 | No Significant Results | |||||||||||
| MR161960 | 0 | -90 | 130 | 140 | 10 | 39.62 | 42.67 | 3.05 | 0.013 | 0.43 | ||||
| MR161961 | 0 | -90 | 210 | 215 | 5 | 64.01 | 65.53 | 1.52 | 0.071 | 2.43 | ||||
| MR161962 | 0 | -90 | 270 | 275 | 5 | 82.30 | 83.82 | 1.52 | 0.047 | 1.61 | ||||
| MR161963 | 0 | -90 | 250 | 265 | 15 | 76.20 | 80.77 | 4.57 | 0.060 | 2.05 | ||||
| MR161964 | 0 | -90 | 150 | 155 | 5 | 45.72 | 47.24 | 1.52 | 0.019 | 0.65 | ||||
| 230 | 235 | 5 | 70.10 | 71.63 | 1.52 | 0.018 | 0.62 | |||||||
| MR161965 | 0 | -90 | 60 | 65 | 5 | 18.29 | 19.81 | 1.52 | 0.015 | 0.51 | ||||
| MR161966 | 0 | -90 | 20 | 30 | 10 | 6.10 | 9.14 | 3.05 | 0.052 | 1.78 | ||||
| 180 | 185 | 5 | 54.86 | 56.39 | 1.52 | 0.016 | 0.55 | |||||||
| MR161967 | 0 | -90 | 135 | 145 | 10 | 41.15 | 44.20 | 3.05 | 0.011 | 0.38 | ||||
| MR161968 | 0 | -90 | 105 | 110 | 5 | 32.00 | 33.53 | 1.52 | 0.017 | 0.58 | ||||
| MR161970 | 090 | -45 | 110 | 115 | 5 | 33.53 | 35.05 | 1.52 | 0.010 | 0.34 | ||||
| MR161971 | 091 | -47 | 105 | 110 | 5 | 32.00 | 33.53 | 1.52 | 0.017 | 0.58 | ||||
| 185 | 190 | 5 | 56.39 | 57.91 | 1.52 | 0.016 | 0.55 | |||||||
| MR161972 | 092 | -46 | No Significant Results | |||||||||||
| MR161973,975 | 0 | -90 | No Significant Results | |||||||||||
| MR161974 | 0 | -90 | 85 | 90 | 5 | 25.91 | 27.43 | 1.52 | 0.031 | 1.06 | ||||
| MR161976 | 0 | -90 | 455 | 460 | 5 | 138.68 | 140.21 | 1.52 | 0.189 | 6.48 | ||||
| MR161978 | 0 | -90 | 190 | 195 | 5 | 57.91 | 59.44 | 1.52 | 0.023 | 0.79 | ||||
| 450 | 455 | 5 | 137.16 | 138.68 | 1.52 | 0.052 | 1.78 | |||||||
| MR161979 | 0 | -90 | 380 | 385 | 5 | 115.82 | 117.35 | 1.52 | 0.061 | 2.09 | ||||
| MR161980 | 0 | -90 | 295 | 310 | 15 | 89.92 | 94.49 | 4.57 | 0.032 | 1.11 | ||||
| 325 | 330 | 5 | 99.06 | 100.58 | 1.52 | 0.024 | 0.82 | |||||||
| MR161981 | 0 | -90 | 400 | 415 | 15 | 121.92 | 126.49 | 4.57 | 0.039 | 1.35 | ||||
All holes presented in Table 1 were completed by reverse circulation (RC) drilling. True width is estimated at 80-100% of downhole width. Scorpio Gold utilizes the analytical services of ALS Minerals (Reno, Nevada), an ISO/IEC 17025:2005 (CAN-P-4E, CAN-P-1579) accredited testing laboratory, and Bureau Veritas (Reno, Nevada), an ISO 9001 certified testing laboratory. External check assays to verify lab accuracy are routinely completed. Further details are presented in the Company’s quality assurance and quality control program for the Mineral Ridge project, available at: MR QAQC.
About Scorpio Gold
Scorpio Gold holds a 70% interest in the producing Mineral Ridge gold mining operation located in Esmeralda County, Nevada with joint venture partner Elevon, LLC (30%). Mineral Ridge is a conventional open pit mining and heap leach operation. The Mineral Ridge property is host to multiple gold-bearing structures, veins and lenses at exploration, development and production stages. 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 President & CEO, Peter J. Hawley, PGeo,, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this release.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley, President & CEO
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.
President & CEO
(819) 825-7618
phawley@scorpiogold.com
www.scorpiogold.com