Scorpio Gold drills 22.25 metres of 2.09 g/t gold along the Zanzibar Trend, Manhattan District, Nevada

Scorpio Gold Corp. [TSXV: SGN; OTCQB: SRCRF; FSE: RY9] reported results from five step-out holes of the Phase Two drill program at the Manhattan District Project, Nevada, USA: 26MN-059 through 26MN-063.

Highlights: Hole 26MN-063 returned 2.09 g/t gold over 22.25 metres from 34.14 metres, including 45.19 g/t gold over 0.85 metres from 39.84 metres along the Zanzibar Trend.

Hole 26MN-061 returned 0.54 g/t gold over 18.07 metres from 50.21 metres at Stray Dog. Hole 26MN-059 returned 1.05 g/t gold over 13.26 metre from 199.03 metres and 1.05 g/t gold over 13.01 metres from 281.61 metres along the Reliance Trend.

Scorpio Gold has drilled 72 drill holes to date from its Phase Two diamond drilling program, 25MN-011 through 25MN-045, 26MN-046 through 26MN-077, 26MN-079, and 26MN-081, for a grand total of 20,518 metres. With the results herein, Scorpio Gold has reported assays on 48 of these (25MN-011 through 25MN-045 and 26MN-046 through 26MN-063), totalling 17,393 m, and assays are pending from 16 holes (26MN-064 through 26MN-077, 26MN-079, and 26MN-081), totalling 3,125 m. The pending results will be reported as they become available.

“The Zanzibar Trend has quickly emerged as a priority-one target for the Company, representing a newly defined zone that splays off the main Reliance structure. Surface mineralization first demonstrated in hole 25MN-044, which returned 3.14 g/t gold over 49.62 metres, has now been successfully followed up with a step-out to the southeast along a 700-metre largely untested strike corridor extending from Goldwedge to Mustang Hill.

“Drill hole 26MN-063 further demonstrates continuity along the trend, particularly along the eastern limb of the Manhattan Anticline. As a splay off the principal structural corridor and with limited historical testing, we believe this trend has significant potential to be additive to the existing resource base, supported by the presence of promising grades encountered to date. We continue to allocate focused drilling to this area, with one of our three active rigs currently dedicated to advancing the Zanzibar Trend,” stated Harrison Pokrandt, VP Exploration of Scorpio Gold.

Drill hole 26MN-063 was drilled along the Zanzibar Trend as ~50-metre step-outs to both holes 25MN-044 and 25MN-045. Drill hole 26MN-059 is a 50-metre step-out to the southwest, along the Reliance Trend, to hole 25MN-026. Drill hole 26MN-062 is a 50-metre step-out to the northwest, along the Reliance Trend, to hole 26MN-047. Two drill holes, 26MN-061 and 26MN-062, drilled at Stray Dog, stepping out from the historic USD Pit. All the drill holes tested beyond the Inferred Resource Constraining Pit (IRCP). Step-out drill holes targeted non-pit constrained inferred category mineralization and uncategorized mineralization.

Zanzibar Trend Results: 26MN-063: This drill hole tested the Ordovician Zanzibar Formation and associated mineralization, as it trends from the southeast of Goldwedge towards Mustang Hill. The drill hole contains three intervals hosted in Ordovician Zanzibar Formation limestones and fine grained meta-sedimentary units, including 0.45 g/t gold over 2.99 metres from 13.41 metres, 0.83 g/t gold over 4.63 metres from 25.30 metres, and 2.09 g/t gold over 22.25 metres from 34.14 metres; including 45.19 g/t gold over 0.85 metres from 39.84 metres. The latter interval represents new mineralization outside the current IRCP.

Reliance Trend Results: 26MN-059 contains seven intervals hosted in the Cambrian Gold Hill Formation along the Reliance Trend to the north of the West Pit. These intervals are hosted in fine grained meta-sedimentary clastic and carbonate units, including 9.18 g/t gold over 0.91 metres from 96.02 metres, 0.48 g/t gold over 9.02 metres from 156.91 metres, 1.05 g/t gold over 13.26 metres from 199.03 metres, including 3.53 g/t gold over 3.20 metres from 204.06 metres, 0.46 g/t gold over 5.33 metres from 221.59 metres, 0.29 g/t gold over 4.42 metres from 252.53 metres, 7.16 g/t gold over 1.8 metres from 281.6 metres, and 1.05 g/t gold over 13.01 metres from 281.61 metres, including 0.72 g/t gold over 12.57 metres from 298.63 metres.

26MN-062 contains three intervals hosted in the Cambrian Gold Hill Formation along the Reliance Trend to the north of the West Pit. These intervals are hosted in fine grained meta-sedimentary clastic and carbonate units, including 0.29 g/t gold over 15.21 metres from 67.82 metres, including 1.51 g/t gold over 2.16 metres from 67.82 metres, 0.29 g/t gold over 11.55 metres from 126.19 metres, and 0.7 g/t gold over 3.47 metres from 224.19 metres.

Stray Dog Results: 26MN-060 contains two intervals hosted in the Cambrian Gold Hill Formation to the southwest of the historic USD Pit. These intervals are hosted in fine grained meta-sedimentary clastic units containing 0.20 g/t gold over 21.03 metres from 109.03 metres and 0.28 g/t gold over 4.97 metres from 212.2 metres.

26MN-061 contains five intervals hosted in the Cambrian Gold Hill Formation to the southwest of the historic USD Pit. These intervals are hosted in fine grained meta-sedimentary clastic units containing 0.43 g/t gold over 8.63 metres from 3.99 metres, 0.20 g/t gold over 19.78 metres from 21.64 m, 0.54 g/t gold over 18.07 metres from 50.21 metres, including 1.23 g/t gold over 5.82 metres from 61.14 metres, 0.30 g/t gold over 6.68 metres from 107.59 metres, and 0.81 g/t gold over 9.91 metres from 188.45 metres, including 3.5 g/t gold over 1.45 metres from 196.91 metres.

The Manhattan District, located in the Walker Lane Trend of Nevada, is road accessible and lies approximately 20 km south of the operating Round Mountain Gold Mine which has produced more than 15 million ounces of gold. For the first time, the company has consolidated Manhattan’s past-producing mines under a single entity that holds valuable permitting and water rights.

Historically, Manhattan has produced approximately 700,000 ozf gold from high-grade placer and lode operations dating from the late 1890s through to the mid-2000s. The maiden mineral resource estimate (Maiden MRE) covering the Goldwedge and Manhattan Pit areas of Manhattan is comprised of 18,343,000 tonnes grading 1.26 g/t gold for a total of 740,000 oz contained gold in the inferred category.

A historical mineral resource estimate covers the Black Mammoth, April Fool, Hooligan, Keystone, and Jumbo areas of Manhattan and comprises 1,652,325 tonnes grading 5.89 g/t gold for a total of 303,949 oz contained gold. The deposit is interpreted as a low-sulfidation, epithermal, gold-rich system situated adjacent to the Tertiary-aged Manhattan caldera in the Southern Toquima Range of Nevada.

Scorpio Gold holds a 100% interest in the Manhattan District. 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. The consolidated Manhattan District, with over 140,000 metres of historical drilling, has significant resource potential, and valuable permitting and water rights.