Announcement • 7h
Scorpio Gold Corp Reports Drilling Results from Phase Two Drill Program At Manhattan District Project
Scorpio Gold Corp. has drilled 92 drill holes to date from its Phase Two diamond drilling program, 25MN-011 through 25MN-045, 26MN-046 through 26MN-101, and 26MN-103, for a grand total of 25,919 m. With the results herein, Scorpio Gold has reported assays on 76 of these (25MN-011 through 25MN-045, 26MN-046 through 26MN-080, and 26MN-082 through 26MN-086, and 26MN-088), totalling 22,362 m, and assays are pending from 16 holes (26MN-081 and 26MN-087, and 26MN-089 through 26MN-101, and 26MN-103), totalling 3,557 m. The pending results will be reported as they become available. In addition to the Phase Two drill program, the Company has begun reviewing historic core that is available at Manhattan. Any new significant results will be included as they become available. Hole 26MN-086 returned 1.27 g/t gold over 45.23 metres from 137.95 m, including 2.40 g/t gold over 7.47 m from 160.26 m and 8.06 g/t gold over 2.80 m from 172.31 m at Goldwedge. Drill hole 26MN-086 is a 50 m step-out, at Goldwedge, to the north of hole 26MN-048 (0.62 g/t over 32.13 m), and 24MN-009 (1.69 g/t over 55.70 m). Drill holes 26MN-084 and 26MN-082 are also 50 m step-outs, at Goldwedge, to the northeast of hole 26MN-048. Both drill holes tested inside and beyond the Inferred Resource Constraining Pit, targeting new mineralization outside of the 2025 MRE block model. There is insufficient geological information to estimate a true width for the drill intercepts reported. 26MN-082: This drill hole tested mineralization in the Goldwedge area and along the Caldera margin. The drill hole contains three intervals hosted in Ordovician Zanzibar Formation limestone units, including 0.54 g/t gold over 6.1 m from 9.75 m, 0.14 g/t gold over 15.24 m from 21.95 m and 0.60 g/t gold over 8.6 m from 40.78 m. The later interval sits directly above the contact with Oligocene Round Rock Formation volcanic units at 49.38 m. 26MN-084: This drill hole tested mineralization in the Goldwedge area and along the Caldera margin. The drill hole encountered a void from 49.23 m to 78.00 m, where the hole was terminated. This void is not mapped on previous underground workings but is interpreted as a likely stope in the Goldwedge Underground mine. This hole contains no significant intervals, but all mineralization is hosted within Ordovician Zanzibar Formation limestone units. 26MN-086: This drill hole tested mineralization in the Goldwedge area and along the Caldera margin. The drill hole contains one interval hosted in Ordovician Zanzibar Formation limestone units of 0.16 g/t gold over 6.1 m from 12.95 m. The drill hole contains two intervals hosted in Cambrian Gold Hill Formation fine grained clastic meta-sediments and carbonate units. The first interval sits directly below the contact with Ordovician Zanzibar Formation, and is noted as 0.31 g/t gold over 5.58 m from 104.85 m. The second interval is 0.68 g/t gold over 7.16 m from 115.83 m. The final interval is hosted within Cambrian Gold Hill Formation meta-sediments and Oligocene Round Rock Formation volcanic units and is 1.27 g/t gold over 45.23 m from 137.95 m. The Cambrian to Oligocene contact sits at 177.70 m. This interval includes intervals of 2.40 g/t gold over 7.47 m from 160.26 m and 8.06 g/t gold over 2.8 m from 172.31 m, both hosted in the Cambrian Gold Hill Formation. These Goldwedge intervals represent new mineralization inside and outside the current IRCP. HQ sized diamond drill core samples were cut in halves, then bagged and secured with security tags to ensure integrity during transportation to the Reno, NV, Paragon Geochemical facility for preparation. For quality assurance, unmarked coarse blanks, 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 10% of the run of samples. Samples were analyzed for gold using method PA-AU02 (~500 g), a two-cycle PhotonAssayTM analysis of crushed material (70% passing 2 mm). All Paragon Geochemical facilities comply with ISO 17025:2017. Manhattan, located in the Walker Lane Trend of Nevada, USA, is road accessible and lies approximately 20 kilometers 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 ounces of gold from high-grade placer and lode operations dating from the late 1890s through to the mid-2000s. The maiden mineral resource estimate 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. A Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects has not done sufficient work to make the Historical MRE current, and the Company is not treating the Historical MRE as current. The Company considers the Historical MRE relevant as it demonstrates the presence of significant gold mineralization across multiple zones within Manhattan; however, its reliability is uncertain because it was prepared prior to the adoption of the current CIM Definition Standards and current QA/QC practices. The Historical MRE provides limited disclosure of assumptions, parameters, estimation methods, cutoff grades, and QA/QC protocols, and therefore these cannot be fully verified by the Company. The categories used in the historical estimate predate, and are not directly comparable to, current CIM Definition Standards, and the Company is not treating the Historical MRE as a current Mineral Resource Estimate. To upgrade and verify the Historical MRE in order to make it a current Mineral Resource Estimate, the Company would be required to undertake confirmatory drilling, modern QA/QC sampling, validation and digitization of historical datasets and updated geological modeling followed by the preparation of a new Mineral Resource Estimate in accordance with CIM Definition Standards and NI 43-101.
