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Scorpio Discovers New Mineralized Zone Adjacent to Hoag, with 4.45 metres grading 388.29 g/t Silver, 5.90 % Zinc, 7.31 % Lead, 0.29 % Copper and 0.07 g/t Gold
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NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Vancouver, October 23, 2006 - Scorpio Mining Corporation (TSX:SPM) is very pleased to report the discovery of a new zone adjacent to the Hoag and Nuestra Senora deposits, on the Company's 100% owned Nuestra Senora property in Sinaloa State, Mexico.
The drill is now situated at the '903' drill station, approximately 5 metres vertically above the 9th Level, where initial drilling was designed to test the area where the decline ramp would potentially pass and then continue on to intersect the Hoag Zone. Drill hole NS-UG-06-109 intersected two mineralized zones, 4.5 metres and 11.4 metres (down hole core lengths) respectively, separated by 2.1 metres of barren material before hitting the edge of the Hoag zone 36 metres later. Additional holes NS-UG-06-110 to 112 were then drilled to determine the general shape of the new discovery, presently designated the 'Sept 9' Zone.
Peter J. Hawley, President, CEO reports, "This is the second new discovery of a significant mineralized body on the property since ASARCO was actively mining the Nuestra Senora, Santo Domingo and Candelaria deposits in the 1960's. As with the Hoag Zone, its proximate location to the main decline ramp makes it readily accessible for development and exploitation."
"The Hoag and Sept 9 zones do not outcrop at surface, but are situated between the Nuestra Senora deposit and the Santo Domingo and Santa Teresa deposits, all of which have surface expressions. Both discoveries support the genetic model that stacked thrust faults on the property provided the conduit for mineralizing fluids and have the potential to host multiple mineralized bodies. Continued success at the Nuestra Senora, Hoag and Sept 9 zones, along with exploration potential of other known and potential 'blind' deposits, provide excellent exploration upside for the overall Nuestra Senora project."
Table 1 presents assays results for drill holes NS-UG-06-109 to 112; additional results will continue to be released as available.
TABLE 1. Sept 9 & Hoag Zone Drill Results; Drill Station 903
Hole #
|
Zone
|
Dip
(Deg)
|
From
(m)
|
To
(m)
|
Length
(m)
|
Ag
(g/t)
|
Au
(g/t)
|
Cu
%
|
Pb
%
|
Zn
%
|
NS-UG-06-109 |
Sept9 |
-30 |
41.30 |
45.80 |
4.50 |
61.07 |
0.03 |
0.17 |
1.67 |
3.60 |
Including |
Sept9 |
|
42.00 |
44.60 |
2.60 |
81.00 |
0.04 |
0.19 |
2.17 |
5.14 |
|
Sept9 |
|
48.90 |
60.30 |
11.40 |
63.94 |
0.02 |
0.13 |
1.21 |
2.15 |
Including |
Sept9 |
|
51.10 |
51.55 |
0.45 |
136.00 |
0.01 |
0.40 |
4.93 |
10.55 |
Including |
Sept9 |
|
55.35 |
55.90 |
0.55 |
263.00 |
0.20 |
1.13 |
4.15 |
14.40 |
|
Hoag |
|
96.30 |
97.30 |
1.00 |
183.00 |
0.02 |
0.40 |
3.17 |
2.61 |
|
Hoag |
|
128.60 |
130.70 |
2.10 |
51.00 |
0.09 |
0.46 |
1.55 |
2.60 |
NS-UG-06-110 |
Sept9 |
-45 |
48.40 |
50.10 |
1.70 |
41.53 |
0.01 |
0.10 |
1.24 |
2.56 |
|
Sept9 |
|
52.00 |
53.00 |
1.00 |
41.00 |
0.01 |
0.04 |
1.77 |
2.53 |
|
Sept9 |
|
80.95 |
85.40 |
4.45 |
388.29 |
0.07 |
0.29 |
7.31 |
5.90 |
|
Hoag |
|
106.00 |
111.00 |
5.00 |
113.20 |
0.04 |
0.14 |
2.86 |
2.03 |
NS-UG-06-111 |
Hoag |
-54 |
86.00 |
87.80 |
1.80 |
189.44 |
0.02 |
0.79 |
4.42 |
4.72 |
|
Hoag |
|
90.75 |
93.45 |
2.70 |
97.48 |
0.01 |
0.96 |
2.52 |
5.29 |
NS-UG-06-112 |
Sept9 |
-46 |
52.30 |
54.90 |
2.60 |
64.77 |
0.01 |
0.15 |
1.74 |
2.34 |
|
Sept9 |
|
74.75 |
76.70 |
1.95 |
103.21 |
0.04 |
0.30 |
1.66 |
3.14 |
Drill hole data reflect down hole core lengths and actual (uncut) grades. True widths cannot be reliably estimated at this time.
Preliminary plan and longitudinal sections showing the location of the new zone relative to the Hoag Zone, Nuestra Senora deposit and underground workings is available on the Scorpio Mining web site at: http://www.scorpiomining.com/s/NuestraSenora.asp.
Vice President, Exploration & Development, Mr. D. Roger Scammell, PGeo, is the Company's Qualified Person for the Nuestra Senora project. Mr. Scammell is responsible for the current exploration and development program and the preparation of all technical information provided in this release. All technical information for the Nuestra Senora property is obtained and reported under a formal quality assurance and quality control (QA/QC) program. Samples are shipped to the ALS Chemex preparation laboratory in Hermosillo, Mexico for drying, crushing and pulverizing. ALS Chemex, Hermosillo then sends the pulps by air-freight to ALS Chemex, Vancouver for assaying. Systematic assaying of standards and blanks are performed for precision and accuracy; check assays are regularly conducted by SGS Lakefield Research. Details of the QA/QC program are available on the Company's website at www.scorpiomining.com.
ON BEHALF OF SCORPIO MINING CORPORATION
Peter J. Hawley
President & CEO
For further information contact:
Glenn Little, Jackson Little Holdings Ltd: 604-930-4375; 1-888-930-4375
Email: jlconsulting@telus.net
Rich Kaiser, YES International: 1-800-631-8127; 001-757-306-6090 (outside North America)
Email: yes@yesinternational.com
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, and general economic, market or business conditions. |
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