Correcting...In the story released earlier today for SCORPION MINERALS INC. an error occurred. Please note that the word "Mining" should read "Miing".TORONTO--(BUSINESS WIRE)--Oct. 1, 1997-- The correct and complete release follows. CORRECTION: Scorpion scorpion, any arachnid of the order Scorpionida with a hollow poisonous stinger at the tip of the tail. Scorpions vary from about 1/2 in. to about 6 in. (1–15 cm) long; most are from 1 to 3 in. (2.5–7.6 cm) long. Minerals Inc. Miing Initial Drill Results Confirm Gold-Rich Porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. Copper Mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. Scorpion Minerals In (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). SCP (1) (Service Control Point) A node in an SS7 telephone network that provides an interface to databases, which may reside within the SCP computer or in other computers. .) 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 porphyry copper deposit A large body of igneous rock, having distinct crystals in a relatively fine-grained base, that contains chalcopyrite and other sulfide minerals. in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. ). To date, Scorpion has completed 2,000 m of drilling, focussing on Miing NW and Wahyu Creek, two of the seven anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. 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 geochemistry, study of the chemical changes on the earth. More specifically, it is the study of the absolute and relative abundances of chemical elements in the minerals, soils, ores, rocks, water, and atmosphere of the earth and the distribution and movement of , geology geology, science of the earth's history, composition, and structure, and the associated processes. It draws upon chemistry, biology, physics, astronomy, and mathematics (notably statistics) for support of its formulations. 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 scissor pertaining to scissors; like scissors in effect. scissor bite see scissor bite. scissor mouth a narrow space between the rami of the mandible so that the molar arcades do not meet. hole), commencing on the northwestern extremity extremity /ex·trem·i·ty/ (eks-trem´i-te) 1. the distal or terminal portion of elongated or pointed structures. 2. limb. ex·trem·i·ty n. 1. of the Miing NW target (MID 6 was aborted a·bort v. a·bort·ed, a·bort·ing, a·borts v.intr. 1. To give birth prematurely or before term; miscarry. 2. To cease growth before full development or maturation. 3. 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 intercept in mathematical terms the points at which a curve cuts the two axes of a graph. 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 in·ward adj. 1. Located inside; inner. 2. Directed or moving toward the interior: an inward flow. 3. towards Miing Central where four holes are planned. Wahyu Creek Drilling at Wahyu Creek has confirmed the existence of high grade "bonanza Bonanza saga of the Cartwright family. [TV: Terrace, I, 111–112] See : Wild West style" epithermal gold mineralization as characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by anomalous Au, As, Sb and Te geochemistry at surface. This type of epithermal alteration Modification; changing a thing without obliterating it. An alteration is a variation made in the language or terms of a legal document that affects the rights and obligations of the parties to it. 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 in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. auger auger (ô`gər): see drill. auger Tool (or bit) used with a carpenter's brace for drilling holes, usually in wood. It looks like a corkscrew and produces extremely clean holes, almost regardless of how large the bit is. sampling, trenching and geological mapping. This work has defined the Dewi prospect to be a 3 km2 coincident co·in·ci·dent adj. 1. Occupying the same area in space or happening at the same time: a series of coincident events. See Synonyms at contemporary. 2. copper-gold-molybdenum anomaly Abnormality or deviation. Pronounced "uh-nom-uh-lee," it is a favorite word among computer people when complex systems produce output that is inexplicable. See software conflict and anomaly detection. as defined by the 0.1 g/t gold-in-soil contour contour or contour line, line on a topographic map connecting points of equal elevation above or below mean sea level. It is thus a kind of isopleth, or line of equal quantity. . Preliminary trench trench: see ocean. results have confirmed similar widths and grades of mineralization as found at Miing. Ongoing Drilling Program Scorpion is Scorpion I was the first of two kings so-named of Upper Egypt during the Protodynastic Period. His name may refer to the scorpion goddess Serket. He is believed to have lived in Thinis one or two centuries before the rule of the better known King Scorpion of Nekhen. 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 Watts, residential section of south central Los Angeles. Named after C. H. Watts, a Pasadena realtor, the section became part of Los Angeles in 1926. Artist Simon Rodia's celebrated Watts Towers are there. , 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 Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. 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. -0-
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
-0- There is a map available by contacting the company at the number above or by accessing CCN's Internet Website at http://www.cdn-news.com. CONTACT: Scorpion Minerals Inc. Lynn Grogan, 416/ 777-6761 416/ 777-6764 (FAX) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion