Targeting for 2024:
The 2024 drill program aims to extend known mineralization along the Reliance Fault zone in various directions. Northwest of the West Pit, the mineralized structure extends toward Goldwedge. Additionally, drilling will target the south trend of the Reliance Fault to confirm the extent of mineralization along strike. Several holes are planned to explore potential down-dip extensions to high-grade mineralization found in previous drilling. Additional drilling will focus on testing N-S to NW-SE striking structures that control high-grade mineralization previously mined from the East Pit.
All figures are in feet.
Figure 1: Manhattan-Goldwedge Completed and Planned Drillholes
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The Reliance Fault (main structure of the west pit):
The primary target for the 2024 exploration program is the Reliance Fault. This NW-SE striking structure within the West Pit extends towards the Goldwedge Zone located 600 meters northwest. The underexplored extension of this structure along the Manhattan Caldera margin to the northwest of the Goldwedge underground workings presents a compelling exploration opportunity for future endeavors.
The East Splay (main structure of the east pit):
The East Splay, conceptualized as a N-S striking splay off the main Reliance Fault, appears to influence mineralization in the East Pit. Drilling will focus on testing the down-dip characteristics, along the strike to the north of the East Pit, and the potential intercept with a NW-SE striking structure extending from the Goldwedge area.
Metallurgical test-work:
The 2024 drill core will serve as the basis for initial metallurgical testing to be included in the initial resource report.
The recent press release from May 15, 2024 stated that Scorpio Gold has enlisted the expertise of Daniel & Kunz and Associates (“DKA“), a technical consulting firm led by Daniel Kunz. DKA’s involvement in the planning and execution of the 2024 Exploration Program underscores the meticulous approach taken based on extensive current modeling and historic data consolidation for targeting purposes.
Scorpio Gold’s Manhattan District integrates the advanced Goldwedge Project with a 400 ton per day gravity mill and the acquired Manhattan Project featuring past-producing pits adjacent to Goldwedge. The consolidated district offers promising late-stage exploration potential, supported by over 100,000m+ of historical drilling data indicating significant resource potential and favorable permitting conditions.
Figure 2: Manhattan Cross Section A-A’
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“Commencing Phase 1 of our 2024 Exploration Program at the Manhattan District marks a significant milestone for Scorpio Gold. Our focused approach, underpinned by meticulous planning and historical data analysis, aims to unlock the full potential of this promising district. We are excited about the prospects of extending known mineralization and advancing towards a NI 43-101 compliant resource later this year,” said Zayn Kalyan, CEO and Director of Scorpio Gold.
Qualified Person
The technical information in this news release has been reviewed and approved by G. Peter Parsley, P.Geo., a “Qualified Person” as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Corporate Items
The Company also announces the resignation of Diane Zerga as Corporate Secretary and her appointment as VP Operations, along with Diana Mark’s appointment as Corporate Secretary.
Shares for Debt
The Company’s board of directors has approved a debt settlement of $26,430 through the issuance of 132,150 common shares at a deemed price of $0.20 per share to a former director. The issuance of shares is subject to approval from the TSX Venture Exchange and will be subject to a four-month hold period.
About Scorpio Gold Corp.
Scorpio Gold holds a 100% interest in the Manhattan Mine and Mineral Ridge Mine in Nevada, USA. The Manhattan District includes the Goldwedge Project with a gravity mill and the acquired Manhattan Project with past-producing pits. With significant drilling history and resource potential, the district offers valuable exploration opportunities. Scorpio Gold also owns the Mineral Ridge gold project in Nevada, with a proven resource base and development potential.
ON BEHALF OF THE BOARD OF Scorpio Gold Corporation
Zayn Kalyan, Chief Executive Officer and Director
Tel: (604)-252-2672
Email: zayn@scorpiogold.com
Investor Relations Contact:
Kin Communications Inc.
Tel: (604) 684-6730
Email: SGN@kincommunications.com
Connect with Scorpio Gold:
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To register for investor updates please visit: scorpiogold.com
TSXV: SGN | OTC: SRCRF | FSE: RY9
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. The Company disclaims any intent or obligation to update any forward-looking statement. Forward-looking statements are not guarantees of future performance and may differ materially from actual results.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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Insight:
– The detailed targeting strategy for the 2024 drill program highlights a comprehensive approach to extending mineralization in multiple directions, emphasizing the potential for significant resource expansion.
– Collaboration with technical consulting firm DKA underscores the strategic planning and data-driven decision-making processes implemented by Scorpio Gold for successful exploration programs.
– The Manhattan District’s consolidated assets, including the Goldwedge Project and adjacent Manhattan Project, offer a compelling opportunity for late-stage exploration, supported by historical drilling data and permitting advantages.
