Fortitude Gold Drills 6.10 meters Grading 2.28 g/t Gold Within 24.38 meters Grading 1.25 g/t Gold At Scarlet North

(Moderate)

(Very Positive)

Rhea-AI Summary

Fortitude Gold (OTCQB:FTCO) reported new near-surface oxide gold drill results from the Scarlet North zone along the Isabella Pearl trend in Nevada.

Highlights include 6.10 meters grading 2.28 g/t gold within 24.38 meters at 1.25 g/t, and 7.62 meters at 1.36 g/t within 15.24 meters at 0.90 g/t. Scarlet North lies about 700 meters from the Isabella Pearl heap leach facility. Initial test work suggests similar metallurgy, supporting potential heap leach processing and short-haul trucking to existing infrastructure. The company continues drilling, is permitting an open pit mine at Scarlet North, and is pursuing an expanded Isabella Pearl plan of operations boundary that would include this area.

Positive

New Scarlet North intercept: 24.38 m of 1.25 g/t Au, incl. 6.10 m of 2.28 g/t
Additional intercept: 15.24 m of 0.90 g/t Au, incl. 7.62 m of 1.36 g/t
Mineralization located ~700 meters from existing Isabella Pearl heap leach facility
Initial metallurgy indicates oxide ores suitable for standard heap leach processing
Ongoing drilling continues to identify surface and near-surface gold mineralization
Company actively permitting an open pit mine and expanded operations boundary

Negative

None.

News Market Reaction – FTCO

+0.88%

+0.88% Session close to close

In the May 20 session, FTCO gained 0.88%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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05/20/2026 - 09:00 AM

COLORADO SPRINGS, CO / ACCESS Newswire / May 20, 2026 / Fortitude Gold (OTCQB:FTCO) (the "Company") announced multiple oxide gold drill intercepts near surface from the Scarlet North mineralized zone along the Company's Isabella Pearl trend. Scarlet North is located just 700 meters northwest of the Isabella Pearl heap leach and process facility. Intercepts include 6.10 meters grading 2.28 grams per tonne (g/t) gold within 24.38 meters grading 1.25 g/t gold, and 7.62 meters grading 1.36 g/t gold within 15.24 meters grading 0.90 g/t gold. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A. offering investors exposure to both gold production and dividend yield.

Scarlet North Drill highlights include (m=meters, g/t=grams per tonne) (full drill table below):

Hole# IPRC-749:

24.38 m of 1.25 g/t gold
including
6.10 m of 2.28 g/t gold

Hole# IPRC-752:

15.24 m of 0.90 g/t gold
including
7.62 m of 1.36 g/t gold

Historic Scarlet North Drill holes previously released by Fortitude Gold ("*"):

Hole# IPRC-434*:

32.00 m of 0.88 g/t gold
including
1.52 m of 5.73 g/t gold

Hole# IPRC-491*:

21.34 m of 0.79 g/t gold
including
3.05 m of 1.21 g/t gold

Hole# IPRC-493*:

21.34 m of 0.90 g/t gold
including
6.10 m of 2.00 g/t gold

Hole# IPRC-514*:

62.48 m of 0.73 g/t gold from surface
including
6.10 m of 1.99 g/t gold

Hole# IPRC-605*:

22.86 m of 1.00 g/t gold
including
10.67 m of 1.57 g/t gold

Hole# IPRC-674*:

30.48 m of 1.58 g/t gold
including
9.14 m of 2.33 g/t gold

This ongoing reverse circulation drill program intercepted multiple high-grade oxide gold intercepts. These results build on previously released drill results at the Isabella Pearl Scarlet North mineralized zone, which includes 62.48 meters grading 0.73 g/t gold from surface. Initial test work indicates similar metallurgy to the nearby Isabella Pearl deposit, whereby oxide gold ores are expected to be processed using a standard heap leach process. The proximity of this mineralization would allow for a short haul distance to Isabella Pearl's existing nearby processing facilities. Drilling at Scarlet North continues to identify surface and near surface pods of gold mineralization. The Company is actively permitting an open pit mine operation at Scarlet North with the Bureau of Land Management.

"It is exciting to be back drilling at Scarlet North," stated Mr. Allan Turner, Vice President of Exploration for Fortitude Gold. "We see the outlines of a first open pit at Scarlet North with high potential to expand its footprint in multiple directions. We have additional exploration holes planned in the near term with a goal of expanding a disseminated gold system over an extensive area at Scarlet."

"It is exciting to see a critical mass building in these gold drill intercepts at Scarlet North," stated Mr. Jason Reid, CEO and President of Fortitude Gold. "Recent results including 24.34 meters of 1.25 grams per tonne gold adding to previous results including 30.48 meters of 1.58 grams per tonne gold indicate exciting gold deposit potential in this area."

Mr. Reid continued, "As we work to develop and expand a resource at Scarlet North, in parallel we are actively seeking regulatory approval for an expanded Isabella Pearl plan of operations boundary that would encompass the Scarlet North area for future mining. We seek to obtain as many mine permits as possible under this mining friendly administration as we move both the resource development and mine permitting forward simultaneously."

SCARLET NORTH DRILL SUMMARY HIGHLIGHTS May 2026
Hole #	Angle		From	Interval	Au
Hole #	deg		Meters	Meters	g/t
IPRC-434*	-70		30.48	32.00	0.88
		incl.	32.00	1.52	5.73
		incl.	44.20	3.05	1.34
			57.91	3.05	1.23
IPRC-491*	-67		27.43	3.05	0.43
			33.53	21.34	0.79
		incl.	39.62	1.52	1.03
		incl.	45.72	3.05	1.21
		incl.	50.29	1.52	1.09
IPRC-492*	-80		22.86	35.05	0.54
IPRC-492*	-80	incl.	39.62	1.52	1.27
IPRC-493*	-75		32.00	21.34	0.90
IPRC-493*	-75	incl.	41.15	6.10	2.00
IPRC-514*	-51		0.00	62.48	0.73
		incl.	4.57	3.05	2.06
		incl.	15.24	6.10	1.99
		incl.	38.10	3.05	1.27
IPRC-605*	-63		35.05	22.86	1.00
		incl.	38.10	10.67	1.57
			62.48	4.58	0.29
IPRC-606*	-45		38.10	21.34	0.69
		incl.	47.24	7.62	1.21
			70.10	1.52	0.71
IPRC-615*	-90		33.53	24.38	0.77
		incl.	41.15	3.05	1.19
		incl.	50.29	3.05	1.81
IPRC-620*	-55		41.15	16.76	0.30
IPRC-621*	-55		36.58	7.62	0.16
			47.24	10.67	0.55
			54.86	1.52	1.01
IPRC-674*	-45		41.19	30.48	1.58
		incl.	48.77	9.14	2.33
			64.01	3.05	4.31
IPRC-749	-45		25.91	24.38	1.25
		incl.	38.10	6.10	2.28
			68.58	1.52	0.63
IPRC-750	-45		13.72	4.57	0.25
			35.05	15.24	0.31
			51.82	9.14	0.39
IPRC-751	-45		25.91	10.67	0.38
IPRC-751	-45		47.24	6.10	0.92
IPRC-752	-90		27.43	15.24	0.90
IPRC-752	-90	incl.	28.96	7.62	1.36
Assays by American Assay Laboratories, Sparks, Nevada, USA. Meters downhole, not true width. *"" = historic, previously released drill holes. Intervals have been recalculated using current gold price which impacts cutoff grade.**

About Fortitude Gold Corp.:

Fortitude Gold is a U.S. based gold producer targeting projects with low operating costs, high margins, and strong returns on capital. The Company's strategy is to grow organically, remain debt-free, and distribute dividends. The Company's Nevada Mining Unit consists of eight high-grade gold properties. Fortitude Gold owns 100% of its properties, with the exception of East Camp Douglas, which is held in a joint venture with Fortitude owning 60%. The Isabella Pearl, Scarlet South, and County Line Mines are currently in production in Mineral and Nye Counties, Nevada. Nevada, U.S.A. is among the world's premier mining friendly jurisdictions.

Cautionary Statements: This press release contains forward-looking statements that involve risks and uncertainties. If you are risk-averse you should NOT buy shares in Fortitude Gold Corp. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company's strategy and future plans for production. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release.

Contact:

Greg Patterson
719-717-9825
greg.patterson@fortitudegold.com
www.Fortitudegold.com

SOURCE: Fortitude Gold Corp

View the original press release on ACCESS Newswire

FAQ

What gold grades did Fortitude Gold (FTCO) report at Scarlet North on May 20, 2026?

Fortitude Gold reported intercepts including 24.38 meters grading 1.25 g/t gold with 6.10 meters at 2.28 g/t. According to Fortitude Gold, another hole returned 15.24 meters at 0.90 g/t gold, including 7.62 meters at 1.36 g/t at Scarlet North.

Where is Fortitude Gold's Scarlet North discovery located relative to Isabella Pearl?

Scarlet North is about 700 meters northwest of the Isabella Pearl heap leach and processing facility. According to Fortitude Gold, this proximity could allow short-haul trucking of oxide ores to existing infrastructure, supporting potential operational and capital efficiency if mining proceeds.

What does the Scarlet North drill program mean for Fortitude Gold (FTCO) investors?

The drill program is outlining near-surface oxide gold mineralization close to existing infrastructure. According to Fortitude Gold, results and initial metallurgy suggest heap-leachable ores, and the company is advancing both resource development and mine permitting, which may influence future production potential.

Is Fortitude Gold permitting an open pit mine at Scarlet North?

Fortitude Gold is actively permitting an open pit mine operation at Scarlet North with the Bureau of Land Management. According to Fortitude Gold, it is also seeking approval to expand the Isabella Pearl plan of operations boundary to encompass Scarlet North for future mining.

How do the new Scarlet North results compare with historic drill holes for FTCO?

New results build on historic Scarlet North holes such as 62.48 meters grading 0.73 g/t gold from surface. According to Fortitude Gold, prior intercepts also include 30.48 meters at 1.58 g/t gold, with several higher-grade internal intervals identified.

What processing method is planned for Scarlet North oxide gold mineralization?

Initial test work indicates similar metallurgy to the Isabella Pearl deposit, suggesting suitability for standard heap leach processing. According to Fortitude Gold, oxide gold ores from Scarlet North are expected to be processed using heap leach at the nearby existing facility.