BabyBulls (SAN DIEGO) – BabyBulls sat down recently with Peter Hawley, President & CEO of Scorpio Gold Corp. (OTC Other: SRCRF; TSX-V: SGN). In this interview, Peter talks about the Company’s flagship gold property in Nevada, Mineral Ridge and outlines expectations for shareholders for 2012.
Scorpio Gold Intersects 24.39 Metres Grading 5.19 g/t Gold on Brodie Zone North Extension, Mineral Ridge ProjectNovember 15, 2011
Scorpio Gold Corporation (TSX-V: SGN; OTC: SRCRF) announced today follow-up drill results from the Brodie Zone, located 975 metres (3,200 feet) southwest of the current mining in the Drinkwater pit at the 70% owned Mineral Ridge project, Nevada.
In the release, Peter J. Hawley, President and CEO states, “Follow-up drilling on the Brodie Zone targeted its northwest extension and has now defined a mineralized trend over an 850 metre (2,800 foot) strike length, remaining open in both northwest and southeast directions. The trend is on strike with the Bluelite Zone located 1,370 metres (4,500 feet) to the northwest. Drill holes presented in Table 1 were collared over a spacing of 300 to 600 metres (1,000 to 2,000 feet) northwest from the historical Brodie pit. Drill hole MR11252, which intersected 24.39 metres averaging 5.19 g/t gold, was the furthest hole drilled to the northwest.”
Scorpio Gold Corporation (TSX-V: SGN; OTC: SRCRF) announced today the initial drill results from the Wedge B Zone at the 70% owned Mineral Ridge project, Nevada.
Peter J. Hawley, President and CEO reports, “Our initial drilling on the Wedge B Zone, located 225 metres west of the Drinkwater pit where the Company is currently mining, has intersected mineralization of interest. Given the shallow depth of the mineralization and its close proximity to the crushing unit and haul roads, the Company is examining the viability of adding the extraction of this zone into the 2012 mine planning. This addition has the potential to increase the overall gold production scheduled for the coming year.”
BabyBulls.com (SAN DIEGO) – In the southern half of the prolific Walker Lane gold trend along the Nevada – California border roughly 225 miles northwest of Las Vegas lies the Mineral Ridge Gold Mine, current flagship project of Scorpio Gold Corp. (TSX-V: SGN; OTC: SRCRF). Under the competent stewardship of journeyman mine builder and Scorpio Chief Executive Officer, Peter Hawley – Mineral Ridge has experienced a dramatic metamorphosis over the past year from that of an all but abandoned, failed gold producer – nearly run into the ground by no less than three of the previous owners, to a state-of-the-art heap leach gold project on track to produce 25 to 30 thousand ounces of gold in calendar 2011, with target production for 2012 of between 60,000 and 80,000 ounces.
Many that have witnessed this quick turnaround have scratched their heads and wondered “just how could so much have been accomplished here in such a short time” to change the fortunes at Mineral Ridge. Well we were lucky enough to get asked along on the Company’s most recent Mineral Ridge site visit to learn just that, and get a first-hand look at current operations being conducted at the project. This report is a compilation of our field notes from that trip and is also a follow-up to the recent Mineral Ridge Travel Dispatch published by Torrey Hills Capital in August 2011.
Scorpio Gold (OTC Other: SRCRF; TSX-V: SGN) has completed initial drill results from the Solberry Zone at its 70% owned Mineral Ridge Property. And initial drill results do not disappoint in that the Company has intersected a high-grade zone of enrichment of currently unknown extent at the northwest margin of the zone, returning 15.85 g/t gold over 3.05 metres. The Solberry Zone is located approximately 2,500 feet west of the Drinkwater open pit where the Company is currently mining. Planning for a follow-up program to conduct in-fill and step-out drilling of the area of interest is in progress. Meanwhile, the drill has moved to the Brodie Zone located 3,200 feet southwest of the Drinkwater pit, to follow up on historical drill results in that area.
Scorpio Gold Corporation (TSX-V: SGN & OTC Other: SRCRF) released an operations update at its 70% owned Mineral Ridge gold deposit in Nevada today, and also announced the proceeds of warrants exercised prior to the September 10, 2011 expiry date.
Since the start-up of operations in Q2 2011, the Company has placed a total of 407,399 tons of mineralized material on the leach pad grading on average 0.044 ounces per ton (OPT) gold.
During the month of August 2011, 76,156 tons of mineralized material grading 0.058 OPT gold was mined from the Drinkwater pit and delivered to the crushing circuit. During the same period, 79,427 tons of material grading 0.057 OPT gold were processed through the crushing circuit and placed on the leach pad. As of August 31, 2011, the mineralized stockpile at the crusher totalled 8,352 tons grading 0.058 OPT gold.
As of June 30, 2011, Scorpio Gold had 11,125,181 warrants (including broker warrants) set to expire on September 10, 2011. Of these, 11,124,824 warrants were exercised for total proceeds of $6,658,229. Since issue of these warrants, a total of 14,998,383 warrants (including broker warrants) have been exercised for total proceeds of $8,832,430.
In the release, Peter J. Hawley, President and CEO stated, “We are very pleased to have met the target we set for reaching a steady rate of gold production by August 2011. The Company remains focused on increasing both production and processing rates and expects further improvements in performance in the coming months. We would like to thank our shareholders for their continued support and confidence in Scorpio Gold, as demonstrated by the recent exercise of warrants that has added significantly to our cash position.”