Published: July 21, 2020 |

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Scorpio Gold Corporation has signed a letter of intent with Round Mountain Gold Corporation (RMGC) and KG Mining (KGM) to acquire 100 percent interest in the Manhattan Project Properties in Nye County, Nevada.

The property is comprised of 22 patented claims and 219 unpatented claims situated adjacent and proximal to the company’s Goldwedge property. Negotiations are ongoing regarding three of the unpatented claims in the land package being offered in which Kinross has a production water well with existing infrastructure located on site. The three claims may ultimately be removed from the land package acquired by Scorpio Gold.

“This acquisition will give Scorpio Gold complete land control around the Goldwedge facility, providing the opportunity to expand surface operations and the potential for expanding underground mining and exploration. It also consolidates a large land position along the Reliance Fault Zone, which has significant exploration potential for high-grade gold targets at the intersections of the Reliance structure and ring faulting related to the Manhattan Caldera. We look forward to completing the transaction and acquiring the extensive exploration data package on the property,” said Scorpio Gold’s President, Chris Zerga.

THE MANHATTAN PROPERTY

The property is located within the Manhattan Mining District and centered ~17 km south of the +15 million oz. Round Mountain Mine. It adjoins the southwest boundary of the Scorpio Gold’s Goldwedge property and includes 2 former producing mines. The Reliance Mine, located within 600 metres of the Goldwedge deposit, reportedly produced ~59,000 tons grading 0.435 oz/ton from 1932 to 1941. The Manhattan Mine East and West pits situated 600-1,000 meters southwest of Goldwedge produced ~236,000 oz. from 1974-1990. The deposits lie along the northwest-trending Reliance Fault Zone, which is considered the most predominant ore controlling structure in the region. The Reliance trend continues 4 km southeast to Scorpio Gold’s Keystone-Jumbo project area.

Regionally, the Round Mountain and Manhattan-Goldwedge properties are situated on the northern and southern periphery, respectively, of the tertiary-aged Manhattan Caldera (24.4 Ma). Formation of the caldera is thought to have a genetic relation to the formation of gold deposits in the district. Gold deposits are primarily structurally controlled quartz-silver bearing veins and stockworks in Paleozoic-aged metasediments. The predominate style and timing of mineralization in the region is epithermal low to intermediate sulfidation systems ranging from 26 Ma to 16 Ma in age, although Carlin-style mineralization has also been noted within the district (e.g. White Caps Mine).

Considerable exploration work has been conducted by various operators since production ended at the Manhattan Mine in 1990. The consolidation of a large land package that includes the Goldwedge, Reliance and Manhattan mines provides an exceptional exploration opportunity for the company.

About Scorpio Gold
Scorpio Gold holds a 100 percent interest in the advanced exploration-stage Goldwedge property in Manhattan, Nevada with a fully permitted underground mine and 400 ton per day mill facility. Scorpio Gold also holds a 100 percent interest in the Mineral Ridge gold mining operation located in Esmeralda County, Nevada. Mineral Ridge is a conventional open pit mining and heap leach operation. Mining at Mineral Ridge was suspended in November 2017; however, the company continues to generate limited revenues from residual but diminishing recoveries from the leach pads.

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