Scorpio Gold unveils Nevada project drilling results
Scorpio Gold Corp. [SGN-TSXV] has announced additional drilling results from its flagship Manhattan District Project in Nevada. The latest update includes further results from Phase 1.0 of a 2025 drilling program.
The company said holes 25MN-013, 25MN-014, 25MN-017, and 25MN-019 intersected gold mineralization associated with the Reliance Trend, while holes 25MN-015 and 25MN-016 intersected gold mineralization at the Mustang Hill target. Phase 1.0 has since concluded with 12 diamond drill holes, covering 4,216 metres. Further assays are pending for the four remaining Phase 1.0 drill holes, which cover 1,465 metres, the company said.
Highlights include hole 25MN-016, which returned 0.91 g/t gold over 36.39 metres, including 2.97 g/t gold over 3.41 metres and 3.33 g/t gold over 4.08 metres.
Phase 1.0 drilling builds upon the recently announced maiden mineral resource estimate. In a press release on September 11, 2025. The maiden resource estimate covers the Goldwedge and Manhattan Pit areas of the project and consists of 18.3 million tonnes, grading 1.26 g/t gold for a total of 740,000 ounces of contained gold in the inferred category.
The project also hosts a historical resource that covers the Black Mammoth, April Fool, Hooligan, Keystone and Jumbo areas of the project, consisting of 1.6 million tonnes of grade 5.89 g/t gold or 303,949 ounces of contained gold. However, the company has not done sufficient work to upgrade the historical resource that would meet NI 43-101 standards of disclosure.
Scorpio holds a 100% interest in the past-producing Manhattan district mine, which is located in the Walker Lane trend in Nevada. The Manhattan district covers about 4,780 hectares and consists of the advanced exploration stage Goldwedge mine, with a 400-ton-per day gravity mill and four past producing pits that were acquired from Kinross Gold Corp. (K-TSX, KGC-NYSE) in 2021.
“The Manhattan district represents an exciting late-stage exploration opportunity, with over 100,000 metres of historic drilling, significant resource potential, and valuable permitting and water rights,” the company has said.
The company has made significant progress at the Manhattan District, including a doubling of the land position, and encouraging drill results. The key highlight from drilling in 2024 was 1.69 g/t over 55.7 metres, an undercut of the Goldwedge underground, with the goal of one open pit resource between the historic Goldwedge and Manhattan mines. Concurrent to drilling, Scorpio compiled a historic database covering the entire Manhattan District.
In press release on September 3, 2025, the company said it had raised gross proceeds of $8.0 million from the sale of 32 million common shares priced at 25 cents each.
On Wednesday, Scorpio shares were unchanged at 39 cents. The shares trade in a 52-week range of 50 cents and $0.08.
The offering consisted of sole orders from Ross Beaty, who committed to subscribe for $5.0 million and Eric Sprott, who committed to subscribe for $3.0 million. Both Beaty and Sprott are well known Canadian mining financiers.