Scorpio Gold (TSXV:SGN) announced it had discovered gold mineralization at the Physik target – on its 70 percent owned Mineral Ridge project – with one drill hole returning 3`.79 g/t of golf over 4.57 meters. The initial drill testing of Physik was done over a 200 meter strike length, with significant mineralization found in seven of the nine holes.
According to the press release:
Initial drill testing of the Physik target over a 200 meter strike length has intersected significant mineralization in 7 of 9 holes, with drill hole MR141107 returning 31.79 g/t gold over 4.57 meters within 15 meters of surface. The mineralization is interpreted to lie along a northwest trend, which is the predominant structural trend common to all of the significant deposits on the property. Scorpio Gold’s management considers the results from this early stage of drilling to be highly encouraging. Follow-up drilling is planned in 2015 to determine if there is potential to define a mineral resource in this area.
Peter J. Hawley, CEO, said:
The Physik discovery is a major achievement of our exploration team and represents the first blind discovery at Mineral Ridge. Unlike all of the previously known deposits and exploration targets on the property, there is no surface expression of gold mineralization in the Physik area. This discovery is a result of remote sensing techniques and sound geological interpretation. It supports what we’ve always believed about Mineral Ridge, that there is excellent potential to discover new mineralization property wide.