Here's a press release on SCP. Try and keep your own threads alive folks. Things are picking up and you should be sharing info.....unless you have all bailed out already. This stock moved up $ .40 prior to this announcement. I wish I had bought some.
Peter
Miing drilling results
Scorpion Minerals Inc SCP
Shares issued 21,589,238 Sep 30 close $1.80
Wed 1 Oct 97 News Release
Ms Lynn Grogan reports
The company has received encouraging results from the initial phase of
drilling on the 5 sq km Miing prospect area. To date, Scorpion has
completed 2,000m of drilling, focusing on Miing NW and Wahyu Creek, two of
the seven anomalous zones identified at Miing. Drilling is continuing with
two man portable rigs - MID 11 at Miing NW is at a present depth of 254m.
Drilling has commenced at the Miing SE zone, with 200m of drilling
completed on the first two holes, MID 13 and MID 14.
Miing Prospect
Miing NW
The initial drill results from the Miing NW target were encouraging,
indicating that gold-rich porphyry copper mineralization occurs within a
series of steeply dipping structurally controlled zones. Surface
geochemistry, geology and drilling to date indicates that the company is
currently drilling on the outer edge of the 5 sq km Miing gold-rich
porphyry copper system. The next fence of holes will move further into this
system to test the Miing Central zone.
At Miing NW, drilling of 729m was completed over a fence of three holes,
MID 3, 7 and 9 (a scissor hole), commencing on the northwestern extremity
of the Miing NW target (MID 6 was aborted after 34m and recollared as MID
7). Within individual structures, the gold to copper ratio averaged 3.5 to
1. The highest grade intercept from assays to date was 18m at 1.06 g/t Au
and 0.28% Cu in MID 7. The longest intercept was 110m at 0.41 g/t Au and
0.1% Cu in MID 3. MID 11, the first of two holes in a second fence of holes
150m southeast of this initial drilling, has been drilled to a present
depth of 254m.
Miing SE
Drilling at Miing SE began on completion of the initial drilling at Wahyu
Creek. MID 13 has been drilled to a depth of 150m. Drilling of MID 14 is
continuing, having been drilled to a current depth of 50m. The company
expects to drill an additional three holes at Miing SE testing the
southernmost edge of the porphyry copper target before moving inward
towards Miing Central where four holes are planned.
Wahyu Creek
Drilling at Wahyu Creek has confirmed the existence of high grade bonanza
style epithermal gold mineralization as characterized by anomalous Au, As,
Sb and Te geochemistry at surface. This type of epithermal alteration is
typically found peripheral to gold-rich porphyry copper deposits and
continues to support the geological model. The Wahyu Creek zone was
initially tested with four holes, MID 1, 2, 4 and 5 angled at 50 to the
north. Preliminary assay data indicated that mineralization was related to
structures dipping at 65-75 to the north. Based on this, an additional two
holes, MID 10 and 12, were drilled to the south to test the width of the
Wahyu Creek zone. Assays from these two holes are pending. Total drilling
aggregates just over 1,000m over the six holes. The highest grade intercept
from assays to date was 2m at 19.52 g/t Au in MID 5. The longest intercept
was 137.5m at 0.48 g/t Au in MID 1. The zone is still open along strike and
at depth.
Dewi Prospect
Scorpion continues to work towards delineating drill targets at the Dewi
prospect before the end of the fourth quarter. This includes infill auger
sampling, trenching and geological mapping.
This work has defined the Dewi prospect to be a 3 sq km coincident
copper-gold-molybdenum anomaly as defined by the 0.1 g/t gold-in-soil
contour. Preliminary trench results have confirmed similar widths and
grades of mineralization as found at Miing.
Continuing Drilling Program
Scorpion is continuing its 5,500m drilling program and expects to release
its next set of drill results on completion of drilling the second fence of
holes at Miing NW and the first fence of holes on Miing SE, approximately
1,300m. Scorpion's knowledge base of the geology of the Miing prospect
obtained from surface work and drilling to date, continues to provide
encouragement that Scorpion will achieve its goal of identifying a world
class gold-rich porphyry copper deposit.
Watts, Griffis and McOuat, consulting geologists and engineers, has
commenced a complete review of the drilling program including an inspection
trip to Miing commencing on October 1 1997. Watts, Griffis and McOuat was
engaged by Scorpion to review and monitor sample handling techniques,
including taking core samples for independent assaying.
Scorpion would like to assure its shareholders that the current bush fires
in Kalimantan have had little effect on Scorpion's drilling program as the
man portable rigs do not require bulldozer or helicopter support.
SAMPANAHAN PROJECT
Miing Prospect - Miing NW
Hole From To Width Au Cu
MID 3 62.0 64.0 2.0 1.42 0.14
130.0 240.0 110.0 0.41 0.10
inc 130.0 136.0 6.0 0.33 0.15
156.0 158.0 2.0 0.34 0.14
166.0 172.0 6.0 0.87 0.15
194.0 196.0 2.0 0.37 0.10
206.0 240.0 34.0 0.79 0.16
inc 216.0 234.0 18.0 1.12 0.20
284.0 296.0 12.0 0.40 0.21
328.0 329.2 1.2 0.47 0.23
Total Intercept; Average Grade
125.2 0.43 0.11
MID 7 0.0 16.0 16.0 0.47 0.11
18.0 20.0 2.0 0.39 0.13
36.0 110.0 74.0 0.52 0.16
inc 36.0 64.0 28.0 0.88 0.26
104.0 106.0 2.0 2.51 0.72
116.0 118.0 2.0 0.41 0.12
120.0 122.0 2.0 0.52 0.18
142.0 144.0 2.0 1.08 0.23
168.0 206.0 38.0 0.82 0.20
inc 188.0 206.0 18.0 1.06 0.28
Total Intercept; Average Grade
136.0 0.60 0.17
MID 9 0.0 2.0 2.0 0.47 0.12
12.0 14.0 2.0 0.19 0.12
16.0 18.0 2.0 0.24 0.12
60.0 62.0 2.0 0.54 0.17
72.0 74.0 2.0 0.18 0.13
82.0 90.0 8.0 0.60 0.22
108.0 112.0 4.0 0.40 0.11
126.0 136.0 10.0 0.94 0.21
inc 128.0 136.0 8.0 1.13 0.24
Total Intercept; Average Grade
32.0 0.60 0.18
SAMPANAHAN PROJECT
Miing Prospect - Wahyu Creek
Hole From To Width Au
g/t
MID 1 24.0 62.0 38.0 1.42
inc 60.0 62.0 2.0 2.84
70.0 207.5 137.5 0.48
inc 134.0 152.0 18.0 1.10
192.0 194.0 2.0 1.50
Total Intercept; Average Grade
175.5 0.47
MID 2 100.0 132.0 32.0 0.74
inc 120.0 132.0 12.0 1.59
142.0 154.7 12.7 0.32
Total Intercept; Average Grade
44.7 0.62
MID 4 0.0 2.0 2.0 0.88
40.0 42.0 2.0 0.77
108.0 110.0 2.0 0.60
Total Intercept; Average Grade
6.0 0.75
MID 5 0.0 2.0 2.0 3.32
76.0 80.0 4.0 1.13
86.0 88.0 2.0 19.52
Total Intercept; Average Grade
8.0 6.27
MID 10 Assays Pending
MID 12 Assays Pending
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
