Scorpio Gold (TSX-V:SGN, StockForum), a Vancouver-based gold mining firm currently holding 70% in the Mineral Ridge heap leach gold mine located in Esmeralda County, Nevada, announced today that the company had received the final assay results from 2013's drill program in and around Mary LC pit expansion at Mineral Ridge.
The drill program was intended to test previously attributed zero grade in the wireframe resource block model and tighten up hole spacing for resource estimation with the completion of a new reserve estimate and Life of Mine assessment, including the Drinkwater, Mary and Mary LC, is expected to wrap up Q1 2014.
According to the news release, highlights from the program include 3.57 g/t gold over 6.10 metres at MR13612, 9.21 g/t gold over 9.14 metres at MR13632, and 2.99 g/t gold over 6.10 metres.
Scorpio Gold was in the news recently when the company forecast 40K-45K ounces gold production in 2014 at Mineral Ridge.
Shares rose 10.34% on the news to $0.32 per share
Currently there are 124.9m outstanding shares with a market cap of $40.0 million.