Scorpio Gold Announces Final Drilling Results from 2024 from the Manhattan District, Nevada

Rhea-AI Summary

Scorpio Gold (SRCRF) has announced the final results from its 2024 drilling program at the Manhattan District Project in Nevada. The program successfully achieved its dual objectives: supporting an open pit focused maiden mineral resource estimate and testing expansion potential of the Goldwedge Underground and Reliance Fault trends. Key results from drill hole 24MN-010 showed mineralization near surface and at depth along the Reliance trend, with the widest result showing 0.43 g/t Au over 18 m at 276 m depth. CEO Zayn Kalyan expressed optimism about Manhattan's potential as a multi-million-ounce open pit gold resource, with plans for a larger program in 2025. The drilling revealed previously unknown mineralization in an area that was thought to be non-mineralized material outside the current deposit.

Positive

• Discovery of new mineralization in previously thought non-mineralized area
• Successful achievement of drilling program's dual objectives
• Company planning larger drilling program for 2025
• Multiple gold intercepts found, including 0.84 g/t Au over 7.46m near surface

Negative

• Relatively low-grade gold mineralization with best intercept of 0.84 g/t Au
• Resource estimate not yet completed
• -

Vancouver, British Columbia--(Newsfile Corp. - June 19, 2025) - Scorpio Gold Corp. (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) ("Scorpio Gold", or the "Company") is pleased to announce the final results from its 2024 drilling program at the Manhattan District Project ("Manhattan"), Nevada, USA. The 2024 drilling program was successful in its two goals of drilling to support an open pit focused, maiden mineral resource estimate, and drilling to test expansion potential of the Goldwedge Underground and Reliance Fault trends to the northwest of the historic Manhattan open pits. The final results from 2024 include drill hole 24MN-010, which tested the Reliance Trend successfully and added to the results announced on October 24, 2024 and December 11, 2024.

Scorpio Gold's CEO, Zayn Kalyan, remarked, "The 2024 drilling program was successful in achieving its goals of supporting the maiden mineral resource estimate and expanding both the Goldwedge and Reliance trends. We now look forward to building on last year's success and are in the process of planning a larger in-depth program. In 2025, we aim to tap into Manhattan's full potential as a multi-million-ounce open pit gold resource."

Drill hole 24MN-010 targeted the Reliance trend from the northeast side of the West Pit. This area was previously thought to be non-mineralized material outside the current deposit. The hole features mineralization near surface outside the Reliance trend, and at depth along the Reliance trend. The widest result features 0.43 g/t Au over 18 m, at 276 m drilled depth (see Table 1).

Drill Hole ID	From (m)	To (m)	Intercept (m)	Gold (g/t)	ETW¹ (m)
24MN-010	33.08	40.54	7.46	0.84	6.71
	45.72	54.63	8.91	0.51	8.02
including	45.72	49.69	3.97	0.97	3.57
	170.08	176.18	6.10	0.68	5.49
	188.98	198.58	9.60	0.20	8.64
	276.76	294.75	17.99	0.43	16.19
	298.71	304.20	5.49	0.15	4.94
¹ "ETW" is "estimated true width" is based on drill hole geometry and geological interpretations.

 

Table 1: Manhattan District gold assay highlights from 2024 drilling campaign.

QA/QC

Diamond drill core samples were bagged and secured with security tags to ensure integrity during transportation to either the Reno, NV, or Elko, NV, ALS Geochemistry facility for preparation. For Quality Assurance ("QA"), unmarked blanks (coarse and fine), unmarked certified reference materials, and requested laboratory duplicates were inserted into the sampling sequence. QA samples were systematically inserted into each batch of samples, amounting to approximately 8% of the run of samples. Samples were analyzed for gold using method Au-AA24 (50 gram), a four-acid digestion fire assay with atomic absorption spectroscopy finish. All ALS Geochemistry facilities comply with ISO/IEC 17025:2017. For detailed QA/QC refer to news release dated October 24, 2024.

Composite assay grades presented are defined as mineralized intervals using a gold grade minimum average of 0.10 g/t with no break in mineralization greater than 3.00 m.

Qualified Person

The technical information in this news release has been reviewed and approved by Thomas Poitras, P. Geo., Chief Geologist of Scorpio Gold, a "Qualified Person", as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Scorpio Gold Corp.

Scorpio Gold holds a 100% interest in two past producing projects, the Manhattan District and the Mineral Ridge Mine, both located in the Walker Lane Trend of Nevada, USA. Scorpio Gold's Manhattan District is ~4,780-hectares and comprises the advanced exploration-stage Goldwedge Mine, with a 400 ton per day gravity mill, and four past-producing pits that were acquired from Kinross in 2021. The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 100,000 metres of historical drilling, significant resource potential, and valuable permitting and water rights. Scorpio Gold also holds a 100% interest in the Mineral Ridge gold project located in Esmeralda County, Nevada. Scorpio Gold produced over 222,440 oz of gold at Mineral Ridge between 2010 and 2017. With a proven and probable resource, valuable permits, water rights, and infrastructure, Mineral Ridge has significant near-term development potential.

ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION

Zayn Kalyan, Chief Executive Officer and Director
Tel: (604) 252-2672
Email: zayn@scorpiogold.com

Investor Relations Contact:
Kin Communications Inc.
Tel: (604) 684-6730
Email: SGN@kincommunications.com

Connect with Scorpio Gold:
Email | Website | Facebook | LinkedIn | X | YouTube
To register for investor updates please visit: scorpiogold.com
(TSXV: SGN) | (OTCQB: SRCRF) | (FSE: RY9)

Forward-Looking Statements

The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding: the significant potential for a large open pit high-grade gold resource at the Manhattan District; pending assay results for the phase 1 and 2 drilling program on Manhattan and such results further increasing the likelihood of continuity of mineralization; hole 24MN-007 further increasing the likelihood of expansion of the West Pit mineralization; any potential mineral resource estimates on Manhattan; and efforts focused on amalgamating historical data into a modern database. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR+. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256108

FAQ

What were the main results from Scorpio Gold's 2024 Manhattan drilling program?

The program revealed new mineralization in drill hole 24MN-010, with the widest result showing 0.43 g/t Au over 18m at 276m depth, and successfully achieved its goals of supporting a maiden resource estimate and expanding the Goldwedge and Reliance trends.

What are Scorpio Gold's (SRCRF) plans for the Manhattan project in 2025?

Scorpio Gold plans to conduct a larger in-depth drilling program in 2025, aiming to develop Manhattan into a multi-million-ounce open pit gold resource.

What was the significance of drill hole 24MN-010 in the Manhattan project?

Drill hole 24MN-010 discovered mineralization in an area previously thought to be non-mineralized, featuring both near-surface mineralization and deeper mineralization along the Reliance trend.

What were the highest gold grades reported in Scorpio Gold's Manhattan drilling results?

The highest reported gold grade was 0.84 g/t Au over 7.46 meters, with other notable intercepts including 0.43 g/t Au over 18 meters at 276m depth.

Where is Scorpio Gold's Manhattan District Project located?

The Manhattan District Project is located in Nevada, USA.