Dec 03, 2010
Scorpio Mining Reports Drill Results Targeting Titan 24 DCIP Anomalies at the La Verde Project, Sinaloa, Mexico
Vancouver, December 3, 2010 - Scorpio Mining Corporation ("Scorpio", or the "Corporation") (TSX: SPM), is pleased to announce that evaluation of several geophysical drill targets has been completed. Seven holes were drilled for a total of 2,555 metres.
Four drill holes targeted two induced polarization (IP) anomalies "G" and "F" located approximately 550 metres northwest from El Cajon and 600 metres southeast from San Rafael. Three of the holes, EC88, EC89, and EC91, intersected pyrite-sphalerite-galena mineralization at depths between 200 and 250 metres associated with Anomaly "G". The best drill hole, EC89, intersected 1.90 metres of 89 g/t silver, 0.43% lead and 13.71% zinc. This anomaly has a strike length of approximately one kilometre. Holes EC88, EC89 and EC90 were drilled from the same section, while EC91 was drilled as a step-out 50 metres to the southeast. These intersections represent a new discovery of silver-lead-zinc mineralization.
One hole tested anomaly "F", the deeper target, and intersected disseminated pyrite containing no significant values of base or precious metals.
A significant IP anomaly "E" with high chargeability and low resistivity was also tested with holes LH-1 and LH-3. Hole LH-2 was abandoned due to bad ground conditions. The anomaly was thought to be related to massive sulphides similar to those of the San Rafael Deposit located to the west. The drill holes tested the strongest portion of the anomaly on two sections spaced 200 metres apart. Diorite and minor skarn were encountered to depths between 450 and 500 metres with strong quartz-sericite-pyrite alteration; however, the assays returned only anomalous values of lead and zinc.
Significant assay results are summarized in the table below:
<< Drag to view table >>
Parviz Farsangi, CEO reports, "Although we are at very early stage of exploration, these drill results and planned future drilling present us with a unique opportunity to discover ore feeds next to our existing processing plant from what we believe to be a very promising and underexplored region."
The corporation plans to drill additional holes in 2011 to test the strike extensions of the new discovery and numerous other polymetallic targets that have been identified by surface mapping, sampling and reviewing of historical drilling. For more information about the La Verde Project, please refer to the April 7, 2010 press release, titled "Scorpio Mining Corporation Completes Acquisition of Platte River Gold Inc."
Drill hole data reflects down hole core lengths and actual (uncut) grades; true widths cannot be reliably estimated at this time. All holes were oriented at 060º azimuth (exception EC90 at 240º) and drilled at dips of -55º to -70º.
President, Mr. D. Roger Scammell, PGeo, is the Corporation's Qualified Person for the La Verde project and has reviewed the content of this release. All technical information for the La Verde 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 the precision and accuracy. Details of the QA/QC program are available on the Company's website at: www.scorpiomining.com.
ON BEHALF OF SCORPIO MINING CORPORATION
CEO & Director
For further information contact:
Rich Kaiser, YES International: 1-800-631-8127; 001-757-306-6090 (outside North America)
Email: [email protected]
This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to comparison and drill testing of geophysical anomalies. Generally, these forward-looking statements can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "intends", "anticipates", or "does not anticipate", or "believes", or "variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will" be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Scorpio Mining Corporation to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and development and operation of the La Verde project, risks related to international operations, construction delays and cost overruns, equipment breakdowns, the actual results of current exploration, development and construction activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of silver, zinc, copper, lead and gold, risks relating to completing acquisition transactions as well as those factors discussed in the sections relating to risk factors of our business filed in Scorpio Mining Corporation's required securities filings on SEDAR, including its Annual Information Form dated March 29, 2010. Although Scorpio Mining Corporation has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Scorpio Mining Corporation does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.