SGLD.V · 2022-10-06 12:00:00

Scorpio Gold’s Phase II Drilling Program Encounters Significant Intercepts

Drill Results Exploration Programs

VANCOUVER, British Columbia, Oct. 06, 2022 -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV: SGN) is

pleased to announce updated significant intercepts for Phase II reverse circulation (RC) drilling program at its Goldwedge

property located in Manhattan, Nevada.

The planned program consisted of fifty-nine (59) RC drill holes with a total of ten thousand eight hundred meters (10,800m) and

three thousand nine hundred and thirty-five (3935) total meterage completed to date. Drilled holes for this current update,

targeted (1) northeastern Mustang Hill mineralization continuity trending in a near EW strike direction, (2) the potential

continuity in down dip direction of the Reliance Fault Zone and (3) the southeastern and southwestern mineralization continuity

of the ‘Main Trend’ through the West Pit.

Total of twenty (20) RC drill holes have been completed to date, representing 36% (3935 meters) of the planned RC drill

program. However, twelve (12) drill holes, with very high-grade mineralization intercepts at the northwestern section of the

West Pit, have been reported in previous May 2022 press release. Figure 1 below shows location of all completed and

remaining drill holes to date for Phase II drilling program.

Figure 1: Plan map showing drill hole locations for completed (Red Dots) and remaining (Blue Dots) collars for Phase II drilling

program.

Drilling confirmed strong mineralization trends with significant interceptions at the northeastern (Mustang Hill Area) and

southwestern sections (Crescent Trend Area) of the West Pit (See Figure 2 below). Highlights of the significant intercepts are

as follows:

• MWRC22-014 – intercepted 3.53g/t over 7.6m including 14.58g/t over 1.5m from 79.3m along the drill hole depth.

Additional intercepts contain 4.03g/t over 3.1m from 16.8m depth along the drill hole.

• MWRC22-018 – intercepted 4.90g/t over 22.9m including 38.76g/t over 1.5m and 5.19g/t over 9.2m including

20.17g/t over 1.5m with mineralization from 62.5m and 112.9m along the drill hole dip direction respectively.

• MWRC22-021 – intercepted 3.89g/t over 41.2m from 24.4m along the drill hole dip direction. Additional intercepts

contain 1.75g/t over 13.7m from 266.9m depth along the drill hole.

Detail of results for all completed drill holes reported in Table 1 and locations depicted on Figure 2 below.

Table 1 : Manhattan Mine Drilling – Significant Results for completed Phase II drill holes

Hole ID Azm

(deg)

Dip

(deg)

From

(ft)

Width

(ft)

Gold

(oz/T)

From

(m)

Width

(m)

Gold

(g/t)

West Pit Area

MWRC22-013 49.0 -60.9 510.0 515.0 5.0 0.035 155.6 157.1 1.5 1.20

530.0 535.0 5.0 0.057 161.7 163.2 1.5 1.96

MWRC22-014 47.4 -60.3 55.0 65.0 10.0 0.118 16.8 19.8 3.1 4.03

110.0 115.0 5.0 0.031 33.6 35.1 1.5 1.06

165.0 170.0 5.0 0.060 50.3 51.9 1.5 2.06

260.0 285.0 25.0 0.103 79.3 86.9 7.6 3.53

Including 260.0 265.0 5.0 0.425 79.3 80.8 1.5 14.58

315.0 320.0 5.0 0.143 96.1 97.6 1.5 4.91

580.0 585.0 5.0 0.073 176.9 178.4 1.5 2.50

MWRC22-015 58.9 -45.2 185.0 195.0 10.0 0.054 56.4 59.5 3.1 1.85

MWRC22-016 238.9 -60.6 240.0 295.0 55.0 0.029 73.2 90.0 16.8 0.99

315.0 325.0 10.0 0.033 96.1 99.1 3.1 1.13

650.0 655.0 5.0 0.046 198.3 199.8 1.5 1.58

MWRC22-017 236.6 -69.7 180.0 240.0 60.0 0.020 54.9 73.2 18.3 0.69

265.0 295.0 30.0 0.026 80.8 90.0 9.2 0.88

MWRC22-021 66.2 -45.8 80.0 215.0 135.0 0.113 24.4 65.6 41.2 3.89

Including 115.0 140.0 25.0 0.449 35.1 42.7 7.6 15.41

595.0 680.0 85.0 0.025 181.5 207.4 25.9 0.85

695.0 810.0 115.0 0.024 212.0 247.1 35.1 0.82

825.0 850.0 25.0 0.020 251.6 259.3 7.6 0.63

875.0 920.0 45.0 0.051 266.9 280.6 13.7 1.75

945.0 975.0 30.0 0.030 288.2 297.4 9.2 1.01

MWRC22-018 240.25 -46.54 170.0 175.0 5.0 0.031 51.9 53.4 1.5 1.06

205.0 280.0 75.0 0.143 62.5 85.4 22.9 4.90

Including 230.0 235.0 5.0 1.130 70.2 71.7 1.5 38.76

305.0 310.0 5.0 0.052 93.0 94.6 1.5 1.78

370.0 400.0 30.0 0.151 112.9 122.0 9.2 5.19

Including 375.0 380.0 5.0 0.588 114.4 115.9 1.5 20.17

460.0 495.0 35.0 0.059 140.3 151.0 10.7 2.02

555.0 580.0 25.0 0.024 169.3 176.9 7.6 0.81

605.0 670.0 65.0 0.018 184.5 204.4 19.8 0.62

695.0 795.0 100.0 0.036 212.0 242.5 30.5 1.22

850.0 935.0 85.0 0.037 259.3 285.2 25.9 1.28

Note: All holes presented in Table 1 were completed by reverse circulation (RC) drilling. Widths are presented as down hole

core lengths; true widths are undefined at this time. Analytical results were by FA/Gravimetric finish procedure by Scorpio

Gold’s in-house analytical laboratory, which is not ISO/IEC 17025 accredited but implements a quality management system

compatible with the ISO/IEC 17025 standards and maintains a paperwork trail suitable for future ISO/IEC 17025 accreditation.

Duplicate samples were taken at the drill rig, samples with significant results >= 0.020oz/t are available for external lab results

confirmation. Further details of the Company’s quality assurance and quality control program for the Goldwedge project are

available at: GW QAQC.

Figure 2: Completed Drill locations (Red dots) for Phase II Program showing significant grade intercepts at the northeast

(Mustang Hill Area) and southwest (Crescent Area) of the West Pit.

Gold mineralization at NE section (Mustang Hill Area) of the West Pit is predominantly within drusy quartz stockworks and

botryoidal ‘veins’ in Gold Hill Quartzite±Phyllite with association of disseminated Pyrite±Chalcopyrite and sometimes Iron

oxide staining. MWRC22-018 and MWRC22-021 drilled at this area intercepted wide zones of mineralization which show

similar characteristics as the ‘West Pit Main Trend’ (Refer to Figure 2). The main mineralization trend within the West Pit is

predominantly drusy quartz-adularia veins occurring with coatings on fractured surfaces and dominated with Fe-stained pyrite

within the Gold Hill Quartzite ±Phyllite units. MWRC22-018 which was also planned to intercept down dip continuity of the

Reliance Fault Zone returned with wide mineralization intercepts ( [email protected]/t; [email protected]/t) within fault structure

(shear zone). Generally, this zone consisted of milled rock and gouge material along fault surfaces, and they are typically

associated with brecciated and/or tight knife-edge slip surfaces with abundance of argillic clay within the zone. Cross sectional

view showing significant intercepts for drill holes within Mustang Hill and Reliance Fault zones are depicted in Figure 3 and

Figure 4 below.

Figure 3: Cross section A-A’ viewing in the NW direction through MWRC22-016, 017 and 021 drill holes.

Figure 4: Cross section B-B’ viewing in the NW direction through drill hole MWRC22-018 targeting the Reliance Fault Zone at

the NW section of the West Pit.

MWRC22-014 intercepted significant mineralization zones which appears to form a parallel structure and aligned in the

northwest of the “Main West Pit trend’ ( Figure 2 ). Mineralization likely continues in the northwest and southeast strike

direction following the same trend of previous holes (MWRC21-003 and 004) drilled in the in-strike direction. To the

northwestern section of the West Pit, exploration will be done to investigate whether mineralization consists of a similar quartz

-adularia style or some other type of mineralization.

About Scorpio Gold

Scorpio Gold now holds a 100% interest in the consolidated Manhattan District in Nevada comprising the advanced exploration

-stage Goldwedge property in Manhattan, Nevada with a fully permitted underground mine and a 400 ton per day mill facility

and a 100% interest of the Manhattan Property situated adjacent and proximal to the Goldwedge property.

Scorpio Gold also holds 100% interest in the Mineral Ridge gold project located in Esmeralda County, Nevada.

The technical information contained within this release has been reviewed and approved by independent geological consultant,

Peter Hawley, M.Sc., P.Geo., a Qualified Person as defined by NI 43-101.

ON BEHALF OF THE BOARD

SCORPIO GOLD CORPORATION

Chris Zerga

CEO & Director

For further information contact:

Chris Zerga, CEO & President

Email: [email protected]

Diane Zerga, General Manager

Tel: (775) 401-1637

Email: [email protected]

Website: www.scorpiogold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 Company’s plans with respect to the exploration of its Manhattan Mine property. 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 risks involved in mineral exploration programs and 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 a guarantee of future performance and accordingly undue reliance should not be put on such statements

due to the inherent uncertainty thereof.

Photos accompanying this announcement are available at

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