Scorpio Gold Unveils 19 High Potential Gold Exploration Targets at the Manhattan District, Nevada
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Scorpio Gold Unveils 19 High Potential Gold Exploration Targets at the
Manhattan District, Nevada
November 11, 2025 - Vancouver, British Columbia – Scorpio Gold Corporation (TSX-V: SGN, OTCQB:
SRCRF, FSE: RY9) (“Scorpio Gold”, “Scorpio” or the “Company”) is pleased to provide an update on 19 high-
potential exploration targets at the 100%-owned Manhattan District (“Manhattan”) located in Nevada, USA.
“The scale and opportunity of the Manhattan District remain to be realized by the market today. The
sheer number of targets and historic work across the entire project gives us confidence that there is
considerable near and long- term resource expansion potential. The 4 historic high- grade resources,
Keystone Jumbo, Hooligan, Black Mammoth, and April Fool’s (see “Note” in Table 2) , represent
underexplored opportunity for district scale, multi -million-ounce potential, both along strike and at
depth. With the recent NI 43-101 compliant resource bottoming out at 200 m, and with many holes ending
in mineralization, our team has a high degree of confidence in developing and defining a significant gold
district. As a past producer, with a permitted small-scale mill at Goldwedge and located ten miles south
of Kinross’ Round Mountain, Manhattan has considerable infrastructure advantages. With Scorpio fully
funded to complete the current 50,000 m Phase 2 drill program, we anticipate frequent news will signal
the building of true value at Manhattan, our low risk and high-grade Nevada gold asset,” commented Zayn
Kalyan, CEO and Director of Scorpio Gold.
Leo Hathaway, Executive Technical Director commented “As a n underexplored and neglected historical
mining district in a metallotect containing giant gold deposits, Manhattan is prospective ground for
discovery. Aside from the average grade of the initial open- pit Mineral Resource Estimate, the large
number of high -quality exploration targets really sets this district -scale project apart. As exploration
continues, and with historic resources that were previously calculated at a cut -off grade of more that 1
g/t gold (see “Note” in Table 2 ), the potential for significant expansion at today’s prices is implied . Our
current thinking is that many of these targets should connect, and which, if proven to be true, would
meaningfully increase the gold endowment at Manhattan.”
Scorpio geologists and consultants are currently digitizing and compiling historic hard copy reports into a
conversant, modern GIS digital database for the project area. This is the first time this data has been united
for the consolidated property and the first time it will be available for unified interpretation. Currently,
this historic data includes over 92,635 m drilling, greater than 350 historic production workings, 42,500
drill assays, 4,043 field rock assays, and 4,819 soil samples. Once fully digitized, this data should prove
to be of great value.
Scorpio has made large advances towards being able to develop a genetic model for gold mineralization that
can be used predictively to target both extensions of existing resources and known mineralization, and to
generate new targets. To date, 19 exciting targets have been identified and categorised into four exploration
stages, ranging from Target Definition to Mineral Resource Estimate (“MRE”) Drilling. The first stage, “ Target
Definition”, is defined as a target that has existing data, but needs compilation to define the target and work
program needed to advance to the next stage. The second stage, “Defined Target”, is a target that is well defined
in two or three dimensions and requires additional data collection to advance to a drilling stage. The third stage,
“Drill-ready Target”, requires minimal additional work prior to beginning drilling the target. The final stage, “MRE
Drilling”, is a target with existing drilling that can be included in a MRE or can be drilled to expand its current
MRE. These targets are summarised in Table 1 and shown on Figure 1.
Table 1: Exploration Targets and their Exploration Stages at the Manhattan District.
Figure 1: Location of Exploration Targets at the Manhattan District.
The 19 targets exhibit high-grade structurally controlled low sulphidation gold mineralization and tend to “blow
out” along favourable meta-sedimentary units. Examples of mineralization in favorable meta -sedimentary units
include in sandstones, which is easily observed in the East and West pits ; in carbonates, which is observed
along the Mayflower trend and within Ordovician limestones throughout the project area; and in jasperoids
(silicified calcareous siltstones) at Black Mammoth and Mustang Hill. Higher grades occur within structures, such
as at Goldwedge; in breccia bodies, that are particularly common where multiple structures intersect, such as in
the Union Stray Dog (“USD”) pit. Most targets comprise multiple combinations of these mineralization styles. In
general, loc ation of mineralization appears to be within the hinge zone of the district scale west -northwest
trending antiform and associated faulting following the same trend.
The Company is compiling and organising a huge amount of historical data and, once complete, final
interpretations, targeting and work programs will be established. Data work is underway, and initiation of work
programs on these targets is anticipated in Q1, 2026. Table 2 describes each target’s geology, along with its
exploration potential, a summary of the most relevant existing work, significant results, and the work required to
move the target into the next stage of exploration.
TARGET
NAME
(from NW to
SE on
Figure 1)
GEOLOGICAL DESCRIPTION & EXPLORATION
POTENTIAL
EXISTING WORK, SIGNIFICANT RESULTS AND
DATA SOURCES¹
WORK REQUIRED
TO ADVANCE TO
NEXT STAGE
Hooligan
Originally mined during the first mining boom of the
Manhattan District, the Hooligan area is a collection
of multiple historic underground mines on the
western edge of the Manhattan District. The area
There are 19 drillholes, multiple trenches and test
pits in the area, all completed by previous
operators. Estimated 49.5k oz Au (4.13 g/t) historic
resource (New Concept, 1997 - see Technical
Report effective June 4, 2025).
Data compilation and
development of next
phase work programs.
Permitting in progress
hosts Cambrian meta-sediments and some
Ordovician limestones and meta-sediments.
with the USFS and
BLM.
Black
Mammoth
This area is noted for its large black exposure of an
entire limestone bed that has been jasperized,
indicating large amounts of fluid flow. This area
hosts Ordovician Zanzibar limestones (partially
jasperoid) wrapping around the Manhattan Antiform
fold hinge to the north of Goldwedge. Gold
mineralization is hosted in near vertical zones of
calcite dominant veining and blossom into the
receptive limestone and quartzite beds that
comprise the Black Mammoth hill. This may be the
northern extension of the Goldwedge Mine as it
extends further into the Ordovician Zanzibar
limestones.
Multiple grab samples greater than 10 g/t Au are
noted in the area. Infrastructure from the 1910-
1940's mining operations still stands on the hillside.
Estimated 52k oz Au (6.14 g/t) historic resource
(New Concept, 1997 - see Technical Report
effective June 4, 2025). See Figure A1 (Appendix
A).
Data compilation and
development of next
phase work programs.
Goldwedge
The historic Goldwedge Mine area hosts structurally
controlled low sulphidation epithermal gold
mineralization. Mineralization is hosted in a
structurally complex fault zone within the Ordovician
Zanzibar Formation, and adjacent to the Manhattan
Caldera. Deeper underground potential targets
along the Reliance Fault have not been tested (see
"Goldwedge Deep"). This area is included in the
current Manhattan MRE.
The Goldwedge mine started its build phase back in
the 1990s and was originally drilled by Freeport
McMoran. Goldwedge had a historic NI 43-101
Technical Report (RSM, 2005) filed on it and is
known for high grade gold. The previous resource
estimate was based on reverse circulation (“RC”)
and diamond drill holes, and sampling of
underground workings. Additional data was derived
from work undertaken by previous operators
Freeport McMoran Company and Crown Resources
Corporation. Further to this, significant historic
underground mining exists at the Goldwedge target.
Scorpio's best intervals in the area are 12.47 g/t Au
over 7.6 m from 25.3 m (see news release dated
July 27, 2020) and 1.69 g/t Au over 55.6 m from
118.9 m (see news release dated December 11,
2024). This area is included in the current
Manhattan MRE.
Lateral step out
drilling, 2024 drilling
complete and 2025
Phase 2 in progress.
Goldwedge
Deep
This target is the deeper extension of the
Goldwedge underground mine. Favorable structures
hosting mineralization have not been delineated at
depth. Goldwedge is hosted within Ordovician
Zanzibar carbonates, but we would expect to see
Cambrian Gold Hill Formation at depth.
Geochemistry and geology suggest Goldwedge is at
the top of the epithermal system.
Deep extensions of existing historic production are
yet to be tested, as a maximum vertical depth of
200 m has only been drilled. As Goldwedge has
less than 1 km of tunnel development, the deeper
parts of the underground mine from the 2000s have
yet to be tested.
Geological modelling
of mineralization
controls in
underground mine.
Potential reopening of
Goldwedge
Underground.
Gap Zone
The Gap Zone is between the historic Reliance
Mine and the Goldwedge Mine, along the Reliance
Fault, which is known to be a main host of the
current resource. This area hosts the Reliance Fault
within the Cambrian Gold Hill Formation as it nears
the Ordovician Zanzibar Formation at Goldwedge.
This zone is near the claim boundaries of both
previous mine operators and has never been fully
tested.
The underground Reliance Mine produced in the
1930's. This Zone was targeted during the 2025
Phase 1 drilling program and provided intervals of
1.24 g/t Au over 92.8 m from 59.1 m and 1.50 g/t Au
over 25.2 m from 303.7 m (see news release dated
August 25, 2025). This area is included in the
current Manhattan MRE.
Lateral step out
drilling, 2025 Phase 1
complete and Phase 2
in progress. Within
current BLM NOI
permit area.
Mayflower
Trend
The area hosts Cambrian Gold Hill Formation -
Mayflower Unit limestones/marbles on left (west)
limb of the Manhattan Antiform, west of IC and West
Pit. Historically targeted marble is a good host for
gold. The Mayflower limestone/marble is interpreted
as the left-limb of the White Caps marble – a
historically targeted marble in historic mines.
In the Manhattan District, historically, limestones &
marbles have been known to be favourable hosts
for high grade gold. There are a total of 32 separate
mineshafts/adits that targeted the Mayflower rock
units along the ~2 km long trend. Production at the
IC and USD pits and the southern end of the East
Pit targeted the Mayflower units. See Figure A1
(Appendix A).
Data compilation and
development of next
phase work programs.
Within current BLM
NOI permit area.
Mustang
Hill
The area hosts Ordovician Zanzibar Formation
limestones and Cambrian Gold Hill Formation
phyllites and marbles extending to the NE of the
West Pit on the right (east) limb of the Manhattan
Anticline. Includes the historic Thanksgiving and
other mines and has not been fully connected to
known mineralizing structures along the Reliance
Trend and at depth.
One of the larger historic mines within Scorpio's
package, the base of the War Eagle mill is still
present on the Mustang Hill Target. Mustang Hill
comprises of multiple underground mines, including
the Mustang Hill and Thanksgiving mines, which
connect to the Reliance Mine. These mines are
known for high grade gold with tunnels extending
over a mile long away from the entrance portals.
Scorpio's best interval in the area is 3.89 g/t over
41.2 m from 24.4 m (see news release dated
October 6, 2022) and the recent 0.91 g/t Au over
36.4 m from 46.0 m (see news release dated
October 14, 2025). Part of this area is included in
the current Manhattan MRE.
Lateral step out
drilling, 2025 Phase 1
complete and Phase 2
in progress. Within
current BLM NOI
permit area.
Moriah
On the left limb of the Manhattan Antiform, the
Moriah area hosts Ordovician limestones and meta-
sediments as they stratigraphically contact the
Cambrian Gold Hill meta-sediments. On the right
Moriah has multiple undrilled historic mineshafts,
adits, and small workings along and near the
contact between the Ordovician and Cambrian
units. To Scorpio's current knowledge, the area has
not been drilled. See Figure A1 (Appendix A).
Data compilation and
development of next
phase work programs.
Partially within current
BLM NOI permit area.
limb of the fold, this stratigraphic contact is the
same setting that hosts the Goldwedge target.
West Pit
The historic West Pit area hosts structurally
controlled low sulphidation epithermal gold
mineralization within the Cambrian Goldhill
Formation. The historic pit sits along the Little Grey
Fault, within the larger Reliance Trend. The Little
Grey Fault strikes towards both the Goldwedge
Mine and the USD Pit. The southern projection of
the pit (see "Stray Dog") and the pit at depth (see
"West Pit Deep") have yet to be tested. The marble
of the Mayflower Trend has also been historically
mined in the IC Pit, directly adjacent to the West Pit
on its western edge.
Like the East Pit, the West Pit was started by
Howard Hughe’s Summa Corp through the 1980s
all the way to 1992. The West Pit was the main
production of the historic Manhattan pits. It
averaged a 3.9:1 strip ratio and produced above 2
g/t Au. Scorpio's best interval in the area is 27.16 g/t
over 16.8 m from 59.5 m (see news release dated
May 12, 2022). This area is included in the current
Manhattan MRE.
Lateral step out
drilling, 2024 drilling
complete, 2025 Phase
1 complete and Phase
2 in progress. Within
current BLM NOI
permit area.
West Pit
Deep
Below the West Pit, looking at deeper underground
targets along the Little Grey Fault. Deep extensions
of existing historic production are yet to be tested.
Geochemistry and geology suggest the West Pit is
at the top of the epithermal system.
The West Pit is the largest historic production in the
area (~110 m deep). A maximum vertical depth of
200 m has been drilled through the West Pit area.
Geological modelling
of mineralization
controls in open pit
mine. Within current
BLM NOI permit area.
Caldera
This target is the contact between the Manhattan
Caldera Tertiary volcanics, and the Paleozoic
basement rocks, which trends from the northwest
part of the claim boundary through most of the
project area to the eastern limit. The geologic
setting of this target has the potential to mimic
geologic conditions at Round Mountain.
This unconformable stratigraphic contact has
multiple showings along it, like Goldwedge. This
extensive target has had minimal drill testing.
Data compilation and
development of next
phase work programs.
Permitting in progress
with the USFS and
BLM.
Stray Dog
Historically mined USD Pit area, the area between
both the West and East pits. Noted intersection of
multiple structures & favorable gold hosting rock
units like the Mayflower marble. This area is
interpreted as the ~200 m extension of the Little
Gray Fault as it projects along strike from the West
Pit to the USD pit.
Minimal drilling exists connecting the West and USD
pits. One significant interval of 11.98 g/t Au over
13.7 m from 134.2 m (see news release dated May
12, 2022) sits within the area near the West Pit. See
Figure A1 (Appendix A).
Lateral step out
drilling, in progress.
Within current BLM
NOI permit area.
East Pit
The historic East Pit area hosts low sulphidation
epithermal mineralization is hosted in predominantly
clastic meta-sediments of Cambrian Goldhill
Formation. The southern projection of the pit (see
"Iron Queen") and the pit at depth (see "East Pit
Deep") have yet to be tested. The Mayflower Trend
also intersects the southern portion of the East Pit.
Original mine design by Howard Hughes' Summa
Corp and was ultimately produced by Echo Bay
through the 1980s up until 1992. The East Pit had a
strip ratio of 1.1:1 at an average grade of 2.5 g/t Au.
This area is included in the current Manhattan MRE.
Lateral step out
drilling, 2025 Phase 2
drilling in progress.
Within current BLM
NOI permit area.
April Fool
The original gold mining location in the Manhattan
District with visible gold found in outcrop. Low
sulphidation mineralization hosted in Paleozoic
sediments. Drag folding and breccias to the east of
the town of Manhattan on the right (east) limb of the
Manhattan Antiform.
The April Fool claims were filed on April 1, 1905
(April Fools Day) and are credited with starting the
Manhattan historic gold rush. The April Fool mine
was noted as a bonanza grade mine at the time.
The areas comprised multiple deep workings and
adits but has not been a focus of exploration since
the 1990s when New Concept Mining estimated a
historic resource of 46k oz Au at 2.80 g/t (New
Concept, 1997 - see Technical Report effective
June 4, 2025). See Figure A1 (Appendix A).
Data compilation and
development of next
phase work programs.
East Pit
Deep
Below the East Pit, looking at deeper underground
potential targets. Deep extensions of existing
historic production are yet to be tested.
Geochemistry and geology suggest the East Pit is
at the top of the epithermal system.
The East Pit was the second largest historic
production (~80 m deep), and highest grade, in the
area. It was mined at a 1.1:1 strip ratio. A maximum
vertical depth of 200 m has been drilled through the
East Pit area.
Geological modelling
of mineralization
controls in open pit
mine. Within current
BLM NOI permit area.
Tailings
and Leach
Pad
The historic tailings and leach pad at the Echo Bay
Manhattan Mining operation and the tailings at the
Goldwedge Mine present as previously processed
material at much higher grades than current cut-off
grades.
Project wide LiDAR survey has been completed.
Initial work for these targets would include desktop
studies to understand what gold remains.
Data compilation and
development of next
phase work programs.
Iron Queen
The area is the southern extension of the Mayflower
Trend as it trends directly south-east past the East
Pit. The area hosts the Mayflower Marble unit of the
Cambrian Gold Hill Formation.
As with the Mayflower Trend, multiple adits and
shafts continue along the unit, trending to the
southeast. To Scorpio's current knowledge, the area
has not been drilled. See Figure A1 (Appendix A).
Data compilation and
development of next
phase work programs.
Within current BLM
NOI permit area.
Barrel
Spring
This target is along a larger fold hinge, like the
setting at Black Mammoth, and near the Roberts
Mountain Thrust Fault. Geology is complex and
comprised of the Ordovician Zanzibar and
Cambrian Gold Hill Formations, as well as an
overthrust of Lower Cambrian Harkness Formation
and later Cretaceous intrusive units.
This area hosts the first patented claim in the entire
Manhattan District, just to the north of Scorpio's
target. There is a large ~3 km long soil anomaly with
anomalous gold, arsenic, and antimony in the area.
See Figure A3 (Appendix A).
Data compilation and
development of next
phase work programs.
Permitting in progress
with the USFS and
BLM.
Keystone
Jumbo
The historic high-grade Keystone and Jumbo pits lie
~5 km to the SE of the main MRE area. Geology of
the area is comprised of fine-grained clastic
sediments, breccias, a felsic stock, and sills and
dikes with extensive brecciation. Mineralization is
classic low sulphidation epithermal type, with
extensive drusy quartz, carbonate textures in veins,
and breccia fill with pyrite and its oxidation products
and associated clays. Mineralization appears to be
focused along a north trending fault system. Free
gold is hosted mainly in quartz along the walls of
kaolinized faults. The area notes boundaries
between Roberts Mountain Thrust/Cretaceous
Intrusive/Manhattan Anticline.
Keystone and Jumbo were previously mined open
pits (1970s). Previous Scorpio management
completed a preliminary phase of drilling at the
target in 2019 but did not follow up with the
indicated follow-up phase of drilling (see news
release dated December 6, 2019). Estimated 156k
oz Au (7.64 g/t) historic resource (New Concept,
1997 - see Technical Report effective June 4,
2025). See Figure A2 (Appendix A).
Data compilation work,
develop geological
model and target
Historic Resource
area and extensions.
Existing Plan of
Operations with USFS
needs updated
bonding prior to
commencing drilling
activities.
Notes:
(1) For Data Sources, see MRE Technical Report effective June 4, 2025.
(2) Maps of key data (to date) for selected targets are included in Appendix A.
(3) “Historical Resources” Source: A. Berry and P. Willard, 1997. “Exploration and Pre-Production Mine Development, Manhattan District Project,
Nye County”, a report prepared by New Concept Mining, Inc.
(4) The Historical MRE was based on the following assumptions: (a) Proven, Probable and Possible categorizations are historical and in
accordance with the U.S. Bureau of Mines in 1943 and as recommended by the Society of Economic Geologists in 1956; (b) open pit mining
method; (c) polygonal estimation method, (d) for Proven category a search radius approximating to 15 feet up and down dip and 25 feet
along strike; for Probable category a search radius approximating to 75- 90 feet up and down dip and 90- 150 feet along strike; and for
Possible category a search radius approximating to 50 feet up and down dip from Probable material and 90-150 feet along strike, (e) mineral
resource tonnage and grades were reported as undiluted, (f) fire assay gold grades used in est imation we uncut; and (g) contained Au
ounces are in- situ and did not include recovery losses. Strike and dip orientations were determined by variography at the time. Mineral
resource tonnage and contained metal were not rounded to reflect the accuracy of the Historical MRE.
(5) The reader is cautioned that the Historical MRE is considered historical in nature and as such is based on prior data and reports prepared
by previous property owners. A Qualified Person has not done sufficient work to classify the Historical MRE as a curr ent resource and the
Company is not treating the Historical MRE as a current resource. Significant data compilation, re-drilling, re-sampling and data verification
may be required by a qualified person before the historical estimate on the t can be classi fied as a current resource. There can be no
assurance that any of the Historical MRE, in whole or in part, will ever become economically viable. In addition, mineral res ources are not
mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to
whether further exploration will result in any mineral resources being upgraded to another category.
Table 2: Summary of exploration targets and their potential at the Manhattan District.
Scorpio Gold currently has one diamond drill rig drilling on site and is in the process of mobilizing two additional
diamond rigs. The Company adjusted and elected to proceed with diamond drilling, entirely, for this phase of
drilling. The Phase 1 diamond drilling program of 4,216 m in 12 diamond drill holes is now complete and the
Phase 2 diamond drilling program of a minimum of 50,000 metres in approximately 200 holes is underway, with
completion planned by the end of 2026. To date, 2,078 m in 6 diamond drill holes has been completed for Phase
2. In addition to the current drilling program, Scorpio continues to de-risk the project by initiating a comprehensive
geometallurgical mapping and metallurgical testing program.
Marketing Update
CEO & Director, Zayn Kalyan will be headed to Zurich for a roadshow coordinated by Amvest Capital on
November 11th and thereafter will be headed to London on November 18th with Atlantic One Financial who will
be coordinating both one-to-one meetings and an investor lunch.
VP Exploration, Harrison Pokrandt will be participating at 121 Mining Investment Dubai on November 26th-27th
to meet with new investors and provide a corporate update on the recent drill results from the 2025 Manhattan
District drill program and initial Resource Estimate.
For more information about upcoming conferences and appearances, please visit our Events page, here.
About the Manhattan District
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 the Project’s past-producing mines under a single entity
that holds valuable permitting and water rights. Historically, Manhattan has produc ed approximately 700,000
ounces of gold from high-grade placer and lode operations dating from the late 1890s through to the mid-2000s
(Goldwedge Project Technical Report, 2005). The maiden mineral resource estimate covering the Goldwedge
and Manhattan Pit areas of the Project, 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 (the “Historical MRE”)
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 has not done sufficient work to make the Historical
MRE current, and the Company is not treating the Historical MRE as current, see “Mineral Resource Estimate
and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada” with an effective date of June 4,
2025 on Scorpio Gold’s website, here.
Qualified Person
In accordance with NI 43-101, Thomas Poitras, P. Geo, Chief Geologist of the Company, is the Qualified
Person for the Company and has validated and approved the technical and scientific content of this news
release.
About Scorpio Gold Corp.
Scorpio Gold holds a 100% interest in the Manhattan District 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 maximum capacity gravity mill, and four past-producing pits that were acquired from
Kinross in 2021 (see news release dated March 25, 2021). The consolidated Manhattan District presents an
exciting late-stage exploration opportunity, with over 140,000 metres of historical drilling, significant resource
potential, and valuable permitting and water rights.
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.
ON BEHALF OF THE BOARD OF SCORPIO GOLD CORPORATION
Zayn Kalyan, Chief Executive Officer and Director
Tel: (604)-252-2672
Email: [email protected]
Investor Relations Contact:
Kin Communications Inc.
Tel: (604) 684-6730
Email: [email protected]
Connect with Scorpio Gold:
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Forward-Looking Statements
Certain statements contained in this news release constitute “forward -looking statements” within the
meaning of applicable Canadian securities legislation. These statements relate to future events or the
Company’s future performance, business prospects, plans and objectives, and are based on current
expectations, assumptions and estimates of management. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words or phrases such as “anticipates”,
“plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “believes”,
“projects”, “potential”, “targets”, “aims” or variations thereof, or stating that certain actions, events or
results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements in this release include, but are not limited to: the planned Phase 2 drilling
program and the results thereof; the expected timing of the Phase 2 drill program; the Company’s plans
to complete an all-encompassing compliant NI 43- 101 MRE for the Manhattan District ; the potential
significance of drill results from the Manhattan District; the Company’s ability to define, expand or upgrade
mineral resources at the Property; the timing, scope and success of future exploration programs; plans
to evaluate and advance a mineral resource estimate; expectations regarding permitting, environmental
and community matters; and the potential for the Manhattan District to host multi -million-ounce gold
resources.
These forward-looking statements are based on a number of assumptions believed by management to
be reasonable at the time they were made, including assumptions regarding: future gold and silver prices;
the accuracy of exploration results; the availability of financing; the ability to obtain necessary permits
and approvals; labour, materials and equipment availability and costs; the performance of contractors
and suppliers; and general business and economic conditions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that
may cause actual results, performance or achievements to differ materially from those expressed or
implied by such forward-looking statements. Such factors include, but are not limited to: risks inherent in
mineral exploration and development; uncertainty in the interpretation of drill results, geology, grade and
continuity of mineral deposits; variations in mineral content, grade or recovery rates; delays or failures in
obtaining permits, approvals or financing; changes in project parameters as plans continue to be refined;
fluctuations in commodity prices, exchange rates and costs of inputs; labour disputes or shortages;
political, social or regulatory developments in the jurisdictions where the Company operates;
unanticipated environmental impacts or liabilities; and general market and economic conditions.
Additional risk factors are described in the Company’s most recent Management’s Discussion and
Analysis, each of which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Although the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward -looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance
on forward- looking statements. The Company does not undertake to update any forward- looking
statement, except in accordance with applicable securities laws.