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Scorpio Gold - Arranges Short-Term Credit Facility with Board
VANCOUVER, BC / ACCESSWIRE / October 22, 2021 / Scorpio Gold Corporation ("Scorpio Gold" or ...
About this update from Scorpio Gold Corporation
[{"type":"text","content":"Scorpio Gold - Arranges Short-Term Credit Facility with BoardVANCOUVER, BC / ACCESSWIRE / October 22, 2021 / Scorpio Gold Corporation (\"Scorpio Gold\" or the \"Company\") (TSX-V:SGN) reports that certain of the directors of the Company have agreed to provide the Company with a short- term credit facility in order to maintain its operations over the short-term. The proceeds of the advances made under the credit facility will be used to bridge the Company's activities until all Goldwedge assays have been announced so that an equity placement can be conducted later in the year.As announced on September 29, 2021, the pending assays from the Goldwedge underground drill program will be announced upon receipt and analysis. The drill program was focused on defining the on-strike and down-dip continuity of mineralization intersected in the 2020 drilling program (July 27, 2020 news release) as well as testing new areas with the potential to define a mineral resource base.Future drilling will test the Company's structural interpretation that mineralization at Goldwedge could connect with mineralization in the West Pit area of the Company's adjacent and proximal Manhattan Mine project. Goldwedge is a fully permitted underground mine and a 400 ton per day mill facility. The Manhattan Property includes 2 former producing mines, the Reliance Mine, which reportedly produced ~59,000 tons grading 0.435 oz/ton from 1932 to 1941, and the Manhattan Mine East and West pits, which produced ~236,000 oz. from 1974-1990. The deposits lie along the northwest-trending Reliance StructuralZone, which is considered the most predominant ore controlling structure in the region. The Reliance trend continues 4 km southeast to Scorpio Gold's Keystone-Jumbo project area.The credit facility is unsecured and interest free for US$500,000 to be drawn in advances at a minimum of US$100,000 over the next few months. All advances must be repaid within the earlier of Scorpio Gold closing a private placement more than C$1,000,000 and January 1, 2022.ON BEHALF OF THE BOARDSCORPIO GOLD CORPORATIONBrian LockChief Executive OfficerBrian Lock Tel: (604) 889-2543Email: [email protected] SimoneTel: (416) 881-5154Email: [email protected]: www.scorpiogold.comNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies...