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Scorpio Gold reports updated feasibility study for Mineral Ridge

Published by
Global Mining Review,

Scorpio Gold Corporation has reported the results of an updated positive feasibility study (the project) to process the heap leach material and additional opencast mineral reserves at its Mineral Ridge property (Scorpio Gold owns 70%; Elevon LLC 30%), located in Esmeralda County, Nevada, the US.

This updated feasibility study includes the economic results of processing the reserves, in addition to the previously issued feasibility study, which considered only the processing of the heap leach pad reserves.

Brian Lock, Interim CEO, commented: "Further to our prior announcement of the October 2017 feasibility study, the company has received the results from Mine Technical Services on the mineable, higher-grade mineralisation in the existing pits at Mineral Ridge, which increase the available mineral resources to 348 200 oz in the measured and indicated category, for an initial total reserve of 272 200 oz in the proven and probable category. The positive updated feasibility study indicates average gold sales of 33 400 oz/yr over an operating period of 7.5 years, with a net present value (NPV) discounted at 5% (after-tax) of US$35.1 million and an internal rate of return (IRR) of 30.0%. In addition, the company believes future exploration at Mineral Ridge, if successful, may add to the known resources and potentially further extend the life-of-mine. Given the long operating history of Mineral Ridge by Scorpio Gold and predecessor companies, the existing infrastructure on site, and our management team's experience at the project, we are confident in successfully executing on this next phase of the mine."

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