Scorpio Gold Stock Price, News & Analysis

Scorpio Gold (SRCRF) has successfully completed its over-subscribed financing, raising total gross proceeds of $7,070,000 through the issuance of 88,375,000 common shares. The second and final tranche closed with the issuance of 21,292,645 shares at $0.08 per share, generating $1,703,411.

The company paid $107,588 in cash finder's fees and issued 3,364,850 finder's warrants, exercisable for 12 months at $0.08. The proceeds will fund property maintenance, exploration, and development of the Manhattan Projects, along with general working capital. Securities from the second tranche have a hold period ending August 22, 2025.

Scorpio Gold (SRCRF) reported key achievements for 2024 and outlined catalysts for 2025. The company successfully raised $8.5M through private placements, including a $6M placement with Altus Gold and a $2.5M placement with debt conversion. Major management changes included appointing Zayn Kalyan as CEO and strengthening the team with new advisory committee members.

The company more than doubled its land position in the Manhattan District, delivering strong drilling results including 1.69 g/t over 55.7m. A comprehensive drilling database has been compiled to support an upcoming maiden mineral resource estimate (MRE). For 2025, Scorpio Gold plans to drill minimum 10,000 meters in the Manhattan District, conduct detailed geophysical surveys, and perform regional geological mapping.

Additionally, the company announced the appointment of Andrea Yuan as Chief Financial Officer, replacing Chris Richards. The company also identified value-extraction opportunities at its Mineral Ridge project.

Scorpio Gold (SRCRF) has announced significant drilling results from its Manhattan District Project in Nevada. The key highlight is Hole 24MN-009, which returned 1.69 g/t gold over 55.7 metres, including higher-grade sections of 2.53 g/t Au over 8.7m and 4.71 g/t Au over 8.8m. The results demonstrate open-pit potential at the Goldwedge Underground Stope Trend, which remains open at depth and along strike.

The 2024 drilling campaign had two main objectives: supporting an open-pit focused maiden mineral resource estimate and testing expansion potential of the Goldwedge Trend. Hole 24MN-009 successfully extends mineralization 115m below surface, confirming the company's belief in Manhattan's potential as a multi-million-ounce gold resource in Nevada.

Scorpio Gold (TSXV: SGN) (OTCQB: SRCRF) has announced its participation in the upcoming 121 Mining Investment Dubai conference on November 19-20, 2024, along with a European roadshow in Zurich (November 12) and Paris (November 14). The company's management will discuss the ongoing Manhattan drill campaign in Nevada's Walker Lane Trend, including Phase 1 drill results, with Phase 2 results expected soon. They will also review upcoming catalysts, particularly the NI-43-101 compliant mineral resource estimate at Manhattan planned for Q1 2025.

Scorpio Gold (SRCRF) has appointed Jeffery Lindstrom as VP of Operations to manage its Manhattan and Mineral Ridge mines in Nevada. Lindstrom, an associate with Daniel Kunz and Associates (DKA), brings over 30 years of mining industry experience. The company announced that Christopher Zerga and Diane Zerga are no longer serving as COO and VP Operations respectively, though Christopher remains a director. Additionally, the company granted 4.3 million stock options at $0.135, 350,000 stock options at $0.15, and 900,000 restricted share units to consultants and employees.

Scorpio Gold has appointed Leo Hathaway as Technical Advisor to its advisory panel. Hathaway is a Professional Geologist with 30 years of industry experience, currently serving as Executive Chairman of Golden Shield Resources and Senior VP of Lumina Gold. His notable achievements include the $1.65bn sale of Lumina Copper projects and involvement in Ventana Gold's $1.5bn La Bodega project sale. The appointment aims to strengthen the company's technical team as it works toward filing a NI-43-101 compliant resource at Manhattan in Q1 2025 and advancing exploration in the Manhattan District along Nevada's Walker Lane Trend.

Scorpio Gold has announced significant drilling results from its 2024 Manhattan District campaign in Nevada. Notably, Hole 24MN-007 yielded 6.08 g/t Au over 9.4 metres, including 15.62 g/t Au over 3.4m and 63.70 g/t Au over 1.0m. Hole 24MN-006 returned 5.50 g/t over 1.5m and 5.33 g/t over 2.2m.

The drilling program demonstrates potential to connect high-grade gold mineralization from Goldwedge Underground through Echo Bay West and East Pits, spanning approximately 1.8 km. The company is working towards Manhattan's maiden mineral resource estimate, with additional assay results pending from Phase 1 and 2 drill holes.