Business
Scorpio Gold Obtains US Government Approval for the Purchase of Kinross Properties in Manhattan, Nevada
VANCOUVER, British Columbia, March 04, 2021 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV: SGN) has received approval fro
About this update from Scorpio Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, March 04, 2021 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV: SGN) has received approval from the Committee on Foreign Investment in the United States (“CFIUS”) for the purchase of the Kinross Manhattan Property by Scorpio Gold from subsidiaries of Kinross Gold Corporation (the “Sellers”). CFIUS has determined that there are no unresolved national security concerns with respect to the purchase. The Manhattan project is located in Nye County, Nevada situated adjacent and proximal to Scorpio Gold’s Goldwedge property (see October 14, 2020 news release). This acquisition of 4,300 acres combined with the Company’s Goldwedge 1,771 acres gives Scorpio Gold complete land control of 6,071 acres around the Goldwedge facility, providing the opportunity to expand surface operations and the potential for expanding underground mining and exploration. It also consolidates a large land position along the Reliance Fault Zone, which has significant exploration potential for high-grade gold targets at the intersections of the Reliance structure and ring faulting related to the Manhattan Caldera. The Manhattan Property is comprised of 21 patented claims and 217 unpatented claims situated adjacent and proximal to the Company’s Goldwedge property. The Manhattan Property is located within the Manhattan Mining District and centered ~17 km south of the +15 million oz. Kinross Round Mountain Mine. It adjoins the southwest boundary of Scorpio Gold’s Goldwedge property and includes 2 former producing mines. The Reliance Mine, located within 600 metres of the Goldwedge deposit, reportedly produced ~59,000 tons grading 0.435 oz/ton from 1932 to 1941. The Manhattan Mine East and West pits situated 600-1,000 meters southwest of Goldwedge produced ~236,000 oz. from 1974-1990. The deposits lie along the northwest-trending Reliance Fault Zone, which is considered the most predominant ore controlling structure in the region. The Reliance trend continues 4 km southeast to the Goldwedge deposit’s Keystone-Jumbo project area. Considerable exploration work has been conducted by various operators since production ended at the Manhattan Mine in 1990. The consolidation of a large land package that includes the Goldwedge, Reliance and Manhattan mines provides an exceptional exploration opportunity for t...