Scorpio Gold drills 1.24 g/t gold over 92.81 metres at Manhattan District, Nevada

Scorpio Gold Corp. [TSXV: SGN; OTCQB: SRCRF; FSE: RY9] reported the first results from Phase One of its 2025 drilling program at the Manhattan District Project, Nevada, USA. The initial results from holes 25MN-011 and 25MN-012 intersect mineralization associated with the Reliance Trend.

To date, 11 diamond drill holes have been completed, totalling 3,820 metres. Further assay results are pending for the completed Phase 1 drill holes and Manhattan’s maiden resource estimate is anticipated in Q3. The results reported here arrived post the effective date to be included in the upcoming resource estimate.

Phase One of the 2025 drilling program targets the Gap Zone, located between the historic Goldwedge and West Pit mines, along approximately 200 metres of unexplored strike length; Mustang Hill; and the Zanzibar Trend, connecting Goldwedge, along approximately 500 metres of strike length to Mustang Hill’s historic underground mines. Holes 25MN-011 and 25MN-012 both targeted the Gap Zone, intersecting Reliance Trend mineralization connecting the West Pit and Goldwedge mines. Mineralization at depth in hole 25MN-011 creates a new deep target within the Gap Zone. Low sulfidation veins are typically anastomosing, and company geologists believe that hole 25MN-012 undercut the trend of mineralization by remaining in the trend’s footwall.

Harrison Pokrandt, VP Exploration, commented, “These significant results confirm mineralization in the previously undrilled 200 m long Gap Zone, which connects the historic West Pit to the permitted, previously operating, Goldwedge underground mine. This unexplored zone is the nearest term opportunity to add follow-on inventory

“The new deep zone within the Gap Zone opens a new opportunity to further expand the resource at depth along strike, not only below the Gap Zone, but also below the base of existing drilling, that currently does not extend below 300 metres vertical depth. We are awaiting additional drill results from holes drilled along the Gap Zone, Mustang Hill and Zanzibar Trend, as a part of the current Phase 1 of this drilling program.

“These target zones are previously undrilled and connect known resources with historically mined areas. We believe that these drill holes will confirm the continuity of these high-grade zones and contributed to near-term resource expansion potential. With the initial resource estimate for the combined Manhattan property, as well as remnant historic resources scheduled for release soon, Scorpio Gold will have a new starting point and roadmap towards expanded resources.”

Diamond drill hole 25MN-011 was inclined -50 degrees and oriented to the southwest, to test the Reliance Trend from the northeast side of the West Pit and was drilled to a length of 422 metres. Hole 25MN-011 returned 0.54 g/t gold over 7.62 metres from 39.62 metres; 1.24 g/t gold over 92.81 metres from 59.13 metres; 1.79 g/t gold over 11.89 metres from 168.40 metres; 0.41 g/t gold over 7.62 metres from 194.46 metres; 1.22 g/t gold over 8.38 metres from 290.78 metres; 1.50 g/t gold over 25.15 metres from 303.73 metres; 0.12 g/t gold over 11.81 metres from 338.02 metres; and 0.33 g/t gold over 4.42 metres from 354.79 metres. The hole features and confirms mineralization near surface along the Reliance Trend and establishes a new deeper mineralized zone through the trend. This new deep target within the Gap Zone creates a new opportunity for potential resource expansion at depth.

Diamond drill hole 25MN-012 was inclined -55 degrees and oriented to the west, to test the Reliance Trend from the northeast side of the West Pit, and was drilled to a length of 373 metres. Hole 25MN-012 returned 0.24 g/t gold over 6.10 m from 18.90 m; 0.11 g/t gold over 7.47 m from 49.23 m; 0.36 g/t gold over 9.14 m from 99.97 m; 0.16 g/t gold over 5.49 m from 145.39 m; 0.13 g/t gold over 5.00 m from 252.07 m; and 0.18 g/t gold over 5.79 m from 345.03 m. The hole features lower grade open-pit mineralization near surface and at depth along the Reliance Trend.

The Manhattan District lies in the Walker Lane Trend of Nevada, USA, is road accessible, and is located approximately 20 km south of the active Round Mountain Gold Mine, which has produced greater than 15 million ounces of gold.

For the first time in history, the company has amalgamated the district’s past-producing mines under one entity, which has valuable permitting and water rights. Manhattan has historically produced approximately 700,000 oz Au from high-grade placer and lode operations from the late 1890’s to as recently as the mid-2000’s. Manhattan is interpreted as a low sulfidation epithermal Au rich deposit, which sits adjacent to the Tertiary aged Manhattan caldera in the Southern Toquima Range of Nevada.

Scorpio Gold holds a 100% interest in the Manhattan District located in the Walker Lane Trend of Nevada. Scorpio Gold’s Manhattan District is ~4,780-hectares and comprises the advanced exploration-stage Goldwedge Mine, with a 400 ton-per-day maximum capacity gravity mill, and four past-producing pits that were acquired from Kinross in 2021.