PRECIOUS METALS

Scorpio hits high-grade gold in first hole at Manhattan project

Scorpio Gold has reported intersecting 1.5m grading 173.51g/t gold, within 15.3m at 20.04g/t, in its first drill hole at the recently-acquired Kinross Manhattan project in Nevada.

Staff reporter
 Scorpio Gold has consolidated its holdings in Nevada’s Manhattan mining district

Scorpio Gold has consolidated its holdings in Nevada’s Manhattan mining district

It acquired the project - adjacent to its Goldwedge property which has a fully permitted underground mine and mothballed mill - from Kinross Gold affiliates in March, for US$100,000 and $150,000 in shares.

The headline intercept was from the previously-mined West Pit area.

All five assays to date from the East Pit area intersected gold mineralisation, including 6.1m at 4.95g/t.

Scorpio said 11 of 31 planned holes had been completed.

The project is about 17km south of Kinross' Round Mountain mine.

Scorpio said its now-consolidated holdings in the Manhattan mining district gave it control of 2,457ha and a large land position along the Reliance Fault Zone.

Scorpio last month regained 100% of its Mineral Ridge gold project in Nevada after Titan Mining terminated an earn-in option.

Mineral Ridge produced 603 ounces of gold and 330oz of silver in the March quarter through a dwindling, residual heap leach operation.

Scorpio had $4.1 million in working capital at March 31.

Its shares (TSXV: SGN) gained 10% yesterday to close at C11c, towards the bottom of a 12-month span, valuing it at $12.3 million (US$9.7 million).

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