I just got this email with more drill results for SPM.V:
Scorpio's New Hoag Zone Returns Increased Grades at Depth, including 294.14 g/t Silver, 7.43% Zinc, 1.69% Copper, 8.03% Lead and 0.22 g/t Gold over 5.60 metres
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Vancouver, August 30, 2006 - Scorpio Mining Corporation (TSXV:SPM) reports drill results from an additional six holes into the Hoag Zone, a recently discovered, large mineralized body located adjacent to the Nuestra Senora deposit and situated approximately 20 metres from the main decline ramp.
All 30 holes reported to date have successfully intersected the zone, which is still open at depth. An additional 9 holes have been drilled and are awaiting assay results.
Peter J. Hawley, President, CEO reports, "Results from holes 91 to 93 represent the deepest intersections on the Hoag mineralization to date. They were collared from the 9th Level drill bay at an angle that has only allowed for piercing the edge of the zone obliquely. A drill station has been prepared on the 10th Level, approximately 30 metres below, which will improve the angle of drilling for the next 6 fences of holes."
"It is apparent that metal grades within the Hoag zone are beginning to increase at depth, and the style of mineralization is becoming more similar to that within the adjacent Nuestra Senora deposit. In our model for the various deposits on the property, a series of stacked thrust faults provided the main conduit for mineralizing fluids. The Hoag zone does not outcrop at surface, but is situated between the Nuestra Senora deposit and the Santo Domingo and Santa Teresa deposits, all of which have surface expressions. We believe there is excellent potential to find other such "blind" (unexposed) deposits within the immediate area."
TABLE 1. Hoag Zone Drill Results - 9th Level; Drill Station 980
Hole #Dip From(m) To(m) Length(m) Ag(g/t) Au(g/t) Cu% Pb% Zn%
NS-UG-06-88 -24 8.40 14.10 5.70 30.46 0.10 0.01 0.73 1.93
22.10 24.70 2.60 14.27 0.02 0.01 0.72 1.46
41.30 43.40 2.10 61.62 0.06 0.14 2.53 3.11
NS-UG-06-89 -86 54.70 59.80 5.10 36.90 0.01 0.06 1.86 1.37
NS-UG-06-90 -66 73.00 74.00 1.00 39.00 0.02 0.02 2.04 3.71
NS-UG-06-91 -45 10.70 11.60 0.90 33.00 0.07 0.03 1.55 3.67
56.20 62.00 5.80 48.52 0.03 0.20 1.73 2.66
68.00 69.00 1.00 181.00 0.03 0.09 2.66 1.21
75.00 76.00 1.00 142.00 0.05 0.35 2.66 1.14
78.60 87.00 8.40 171.61 0.04 0.53 2.43 1.85
95.00 96.00 1.00 237.00 0.14 2.74 4.61 4.40
NS-UG-06-92 -56 9.80 13.00 3.20 39.56 0.07 0.03 0.86 3.28
18.00 20.00 2.00 57.00 0.05 0.24 3.09 4.40
58.20 60.00 1.80 28.11 0.03 0.04 1.16 2.47
65.00 72.00 7.00 34.57 0.02 0.08 1.24 3.44
Including
66.00 70.00 4.00 42.00 0.02 0.11 1.67 4.41
NS-UG-06-93 -35.5 91.00 96.60 5.60 294.14 0.22 1.69 8.03 7.43
Drill hole data reflect down hole core lengths and actual (uncut) grades.
A longitudinal section showing the location of the new zone relative to the Nuestra Senora deposit and underground workings is available on the Scorpio Mining web site at: scorpiomining.com.
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
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the content of this news release. This discussion includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, 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 successes, continued availability of capital and financing, and general economic, market or business conditions.
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Copyright © 2006 SCORPIO MINING CORPORATION (SPM) All rights reserved. For more information visit our website at scorpiomining.com or send email to scorpio@scorpiomining.com .
Message sent on Tue Aug 29, 2006 at 4:50:15 PM Pacific
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I dont understand why this company is still trading so far in bargain territory. The stock is below the highs established just a couple of months ago, yet during that time they have hit a completely new zone as demonstrated above, with about a million tons of this excellent grading ore. The market is just not paying a premium for quality right now, yet so much fluff and hype is built into so many other juniors that will probably never find anything of value.
Take a look at hole 91 in the above results, and note how many different horizons of ore they hit, and how close together those bands are. The last interval came in with about 10% base metals content and over 200 g/t silver. Are you kidding me!
SPM will be in production within a few months. They have already raised the money they need, and already own the milling equipment and the property to build on. All permitting is in hand. The ore grades are excellent. The management team has a background in mining and know what end of a shovel to use. This company will be a cash factory very shortly and its trading for peanuts.
Or I guess you can run out and buy a scam uranium story run by a bunch of crooks, or a banana republic exploration play where the insiders hold all the cheap paper and cant wait to cash in on your greed. Hmmm, tough call...
cheers!
COACH247 |
