Scorpio commences exploration at Lac Arsenault
Scorpio Mining Corp SPM
Shares issued 3,393,665 Jun 30 close $1.00
Tue 4 Jul 2000 News Release
Mr. Peter Hawley reports
Field crews have been mobilized to the Lac Arsenault property, Gaspe area
of Quebec. The property is located 16 kilometres inland from the town of
Paspebiac and is accessible by numerous secondary roads.
The Lac Arsenault property, in which Scorpio holds a 100-per-cent interest,
hosts four known gold-bearing veins, which are open on strike and at depth.
Previous exploration indicates the strike length of the known veins
continues over a considerable distance. The strike length extension is
supported by geophysical and geochemical data. In addition to the four
known veins, 30 unexplored geochemical and first priority IP geophysical
anomalies are present and all display similar characteristics to the known
veins.
In 1978 ESSO Resources Canada reported a resource on the property of 40,000
tonnes grading 0.44 of an ounce per ton Au, 5.65 ounces per ton Ag, 6.6 per
cent Pb and 3.5 per cent Zn in three veins. Since 1978 Mondor Explorations
Inc. conducted limited additional surface drilling over a small area and at
shallow depths, resulting in the discovery of a fourth vein. In 1996 Penn
Gold Resources Inc., compiled all previous drill data and released the most
current resource calculation for the property, which identified 220,043
tons grading 0.31 of an ounce per ton Au. The Au, Pb and Zn values were not
factored into this calculation.
Scorpio's phase 1 exploration program, which is estimated to take three
months, will include additional geochemical and geophysical surveys,
prospecting, surface trenching of anomalies, geological mapping and a
mini-bulk sample. This program is designed to evaluate both, areas of known
mineralization and unexplored portions of the property, in particular the
untested, geochemical and geophysical anomalies. The four known vein
extensions will be surface stripped and sampled. The results of this
program will be used in the selection of drill targets for a future second
phase drill program.
The Lac Arsenault gold project complements Scorpio's two other active
projects, the Nuestra Senora Ag-Zn-Pb-Cu-Au project and the upcoming La
Verde Cu-porphyry drill program being carried out by Freeport McMoRan,
which are earning a 51-per-cent interest in the property. The commencement
of the La Verde program is contingent upon receipt of drill permitting
which is expected shortly.
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