GOLDF, I will be watching, thanx.-------------------------------------
Scorpion Minerals Inc. Miing Initial Drill Results Confirm Gold-Rich Porphyry Copper
Mineralization
Business Wire - October 01, 1997 10:21
SCORPION-MINERALS-IN SCP. %NEW-YORK %MINING %METALS V%BW P%BW
TORONTO--(BUSINESS WIRE)--Oct. 1, 1997--Scorpion Minerals In (TSE SCP.) Scorpion Minerals Inc. ("Scorpion") (TSE - SCP) is pleased to report that
it has received very encouraging results from the initial phase of drilling on the 5 km2 Miing prospect area (Table 1 contains a summary of gold-rich porphyry
copper deposits in the Pacific Rim and Latin America). To date, Scorpion has completed 2,000 m of drilling, focussing on Miing NW and Wahyu Creek, two of the
seven anomalous zones identified at Miing (see two maps attached). Drilling is ongoing with two man-portable rigs - MID 11 at Miing NW is at a present depth of
254 m. Drilling has commenced at the Miing SE zone, with 200 m 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 very 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 we are currently drilling on the outer edge of the 5 km2 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 729 metres 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 34 m 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 18 m @ 1.06 g/t Au and 0.28 percent Cu in MID 7. The longest intercept was 110 m @ 0.41 g/t Au and 0.1 percent Cu
in MID 3 (see Table 2, attached, for assay results). MID 11, the first of two holes in a second fence of holes 150 m southeast of this initial drilling, has been drilled
to a present depth of 254 m. 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 150 m. Drilling of MID 14 is ongoing having
been drilled to a current depth of 50 m. We expect 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 our
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 1,000 m over the six holes. The highest grade
intercept from assays to date was 2 m @ 19.52 g/t Au in MID 5. The longest intercept was 137.5 m @ 0.48 g/t Au in MID 1 (see assay results in Table 3,
attached) 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 km2 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. Ongoing Drilling Program
Scorpion is continuing its 5,500 m 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 1,300 m. Scorpion's knowledge base of the geology of the Miing prospect obtained from surface work and
drilling to date, continues to provide encouragement that we will achieve our goal of identifying a world class gold-rich porphyry copper deposit. Watts, Griffis and
McOuat, consulting geologists and engineers, has initiated a complete review of our 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.
Scorpion is a mineral exploration company listed on The Toronto Stock Exchange under the symbol "SCP". Scorpion, through wholly-owned subsidiaries, holds 85
percent - 90 percent interests in mining properties in Indonesia at various stages of gold, copper-gold and base metals exploration. The properties, totalling more
than 7,000 km2 in size, include the Ruwai, Schwaner and Sampanahan properties in Kalimantan and the Mangani and Salido properties in Sumatra, the latter four
of which are held through granted 6th Generation Contracts of Work. The Ruwai Property is held through a granted 4th Generation Contract of Work.
Scorpion currently has 21,589,238 shares outstanding and cash of approximately $14.5 million.
TABLE 1
Grade
Resource Copper Gold
Deposit Owner (million tonnes) (percent) (g/t)
------- ----- ---------------- --------- -----
Indonesia
Grasberg Freeport 1,730 1.30 1.30
McMoRan
Batu Hijau Newmont 931 0.52 0.38
Tombulilato BHP
Cabang Kiri 136 0.43 0.58
Kayubulan
Ridge 75 0.76 0.33
Sungai Mak 84 0.76 0.39
Papua New
Guinea
Bougainville RTZ-CRA 691 0.40 0.47
Ok Tedi BHP 443 0.87 0.90
Frieda River Placer Dome 886 0.56 0.31
Philippines
Kingking Echo Bay 315 0.44 0.52
San Antonio Marcopper 200 0.44 0.10
Atlas Astron 874 0.41
Sipalay Philex 485 0.47
Far South
East RTZ-CRA 150 0.80 2.00
Guinaoang Crescent 166 0.52 0.54
Dizon Benguet 140 0.43 0.93
Australia
Northparkes North Limited 99 1.30 0.50
Cadia Newcrest 230 0.18 0.85
Chile
Cerro Casale Bema Gold- 1,246 0.28 0.68
Project,
Aldebaran Arizona Star
Property
Argentina
Bajo de la
Alumbrera M.I.M.Holdings- 700 0.54 0.66
Rio Algom-
North Limited (1)
Contained Metal
Deposit Copper Gold
(million tonnes) (million ounces)
------- ---------------------------------
Indonesia
Grasberg 22.5 72.3
Batu Hijau 4.8 11.4
Tombulilato
Cabang Kiri 0.6 2.5
Kayubulan
Ridge 0.6 0.8
Sungai Mak 0.6 1.1
Papua New
Guinea
Bougainville 2.8 10.4
Ok Tedi 3.9 12.8
Frieda River 5.0 8.8
Philippines
Kingking 1.4 5.3
San Antonio 0.9 0.6
Atlas 3.6
Sipalay 2.3
Far South
East 1.2 9.6
Guinaoang 0.9 2.9
Dizon 0.6 4.2
Australia
Northparkes 1.3 1.6
Cadia 0.4 6.3
Chile 3.5 27.4
Cerro Casale
Project,
Aldebaran
Property
Argentina
Bajo de la 3.8 14.9
Alumbrera
SOURCE: Watts, Griffis and McOuat, Consulting Geologists and
Engineers, and various published sources.
(1) Formerly International Musto Explorations Limited prior to
its acquisition by Rio Algom and North Limited.
TABLE 2
SAMPANAHAN PROJECT
Miing PROSPECT - Miing NW
Assay Results
Intercept Assay
Hole Number From To Width Au (g/t) Cu (percent)
MID 3 62.0 64.0 2.0 1.42 0.14
130.0 240.0 110.0 0.41 0.10
including
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
including
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
including
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
including
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
including
128.0 136.0 8.0 1.13 0.24
Total Intercept; Average Grade 32.0 0.60 0.18
TABLE 3
SAMPANAHAN PROJECT
Miing PROSPECT - Wahyu Creek
Assay Results
Intercept Assay
Hole Number From To Width Au (g/t)
MID 1 24.0 62.0 38.0 1.42
including
60.0 62.0 2.0 2.84
70.0 207.5 137.5 0.48
including
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
including
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
There is a map available by contacting the company at the number above or by accessing CCN's Internet Website at cdn-news.com.
CONTACT: Scorpion Minerals Inc.
Lynn Grogan, 416/ 777-6761
416/ 777-6764 (FAX)
|
