$SCORPIO GOLD REPORTS 9.02 G/T GOLD OVER 7.4 METERS FROM ONGOING UNDERGROUND DRILLING AT GOLDWEDGE, NEVADA April 13, 2021 Vancouver, April 13, 2021 –
$Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV: SGN) is pleased to announce results from the first 3 holes of its underground drilling program 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 (July 27, 2020 news release) as well as testing new areas with the potential to define a mineral resource base.
Results to date indicate the extension of mineralization southward, hosted within sheared, metamorphosed, interbedded limestones and argillites with quartz, and calcite veining.
Highlights include 7.4 meters grading 9.02 g/t, 5.3 meters grading 5.11 g/t and 2.7 meters grading 9.19 g/t
(Table 1), situated in an area with an average depth from topographic surface of 25 m.
Drilling is currently ongoing at the northern section to test mineralization continuity in that strike direction.
The planned footage for this drilling program is 6,772 ft with 1,217 ft (18%) completed to date.
Table 1: 2021 Goldwedge Underground Drilling – Significant Results to Date
$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.
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
For further information contact:
Brian Lock, CEO Tel: (604) 889-2543 Email: block@scorpiogold.com
Diane Zerga, General Manager Tel: (775) 401-1637 Email: dzerga@scorpiogold.com
Anthony Simone, Investor Relations Tel: (416) 881-5154 Email: ir@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.