Core Viewpoint - Scorpio Gold Corporation has entered into a property option agreement to acquire a 100% interest in the Betty East Property, enhancing its exploration footprint in the Manhattan District of Nevada [1][6]. Property Details - The Betty East Property consists of thirty-two unpatented lode mining claims located in Nye County, Nevada [1]. - Historical exploration has been limited, with Nevada Goldfields Inc. conducting shallow drilling in the early 1990s, identifying near-surface gold mineralization [2]. - Recent work by Sierra Grande Minerals Inc. included a soil geochemical survey that revealed high gold soil results, with values of 6.27, 5.06, 1.19, and 0.69 g/t Au [3]. - Additional sampling outlined a broad zone with elevated levels of As, Hg, Ag, Sb, Mo, and locally elevated Au, extending over 1.5 km in length and up to 1 km in width [4]. Geological Context - The Property is geologically contiguous with the southern portion of the Manhattan District, suggesting potential for both shallow oxide mineralization and deeper mineralized systems [5]. - Scorpio Gold has staked additional claims to consolidate land coverage, enhancing exploration capabilities across the district [5][6]. Agreement Terms - The option agreement requires staged cash and share payments totaling USD$900,000 and 950,000 common shares, along with USD$1,000,000 in exploration expenditures over five years [7][9]. - Payments are structured in stages, with initial payments of USD$30,000 and 100,000 shares due within five days of the agreement's effective date [9]. - Upon exercising the option, the Optionor will receive a 2% net smelter returns royalty, with the Company retaining the right to buy back half of this royalty [10]. Historical Context - The Manhattan District has historically produced approximately 700,000 ounces of gold, with significant past-producing mines now consolidated under Scorpio Gold [12]. - The maiden mineral resource estimate indicates 18,343,000 tonnes grading 1.26 g/t gold, totaling 740,000 ounces of contained gold in the inferred category [12].
Scorpio Gold Announces Option of Betty East Property, Extending Claim Package at Manhattan District, Nevada