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Scorpio Gold (TSXV:SGN) announced it had received a further 1,250,000 shares of Gold Standard Ventures in connection with the sale of Scorpio’s Pinon property. The share consideration was triggered as a result of Gold Standard completing an initial mineral resource estimate on the Pinon property including indicated mineral resources of 423,000 troy ounces of gold and inferred mineral resources of 1,022,000 troy ounces of gold.
According to the press release:
The Bonus Share consideration was triggered as a result of Gold Standard having completed an initial mineral resource estimate on the Pinon property including indicated mineral resources of 423,000 troy ounces of gold and inferred mineral resources of 1,022,000 troy ounces of gold. The Bonus Shares must be issued within 30 days of Gold Standard’s receipt of the technical report on the foregoing mineral estimate.
Peter J. Hawley, CEO of Scorpio Gold, said:
We are very pleased that Gold Standard has completed an initial resource estimate on the Pinon deposit, and that geological modelling has outlined additional untested targets that may allow for resource expansion. Upon receipt of the 1,250,000 Bonus Shares triggered by completion of the resource estimate, Scorpio Gold will hold an aggregate of 6,750,000 common shares of Gold Standard, providing the Company’s shareholders with continued exposure to the Pinon property, as well as Gold Standard’s rapidly advancing Railroad property.
Click here to read the Scorpio Gold Corporation (TSXV:SGN) press release
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