Scorpio GOLD Drills 24.67 Metres Grading 1.85 G/T GOLD, from 98.76 Metres, IN New Zone of Mineralization at the Manhattan District, Nevada
TSXV: SGN
#750-1095 W. Pender St.
Vancouver, BC V6E2M6
WWW.SCORPIOGOLD.COM
SCORPIO GOLD DRILLS 24.67 METRES GRADING 1.85 G/T GOLD,
FROM 98.76 METRES, IN NEW ZONE OF MINERALIZATION AT THE
MANHATTAN DISTRICT, NEVADA
Highlights
• Hole 26MN-026 returned 1.85 g/t gold over 24.67 metres from 98.76 m
• Hole 25MN-021 returned 1.52 g/t gold over 18.14 metres from 176.78 m
• Hole 25MN-020 returned 0.94 g/t gold over 36.97 metres from 162.95 m
• Hole 25MN-022 returned 21.82 g/t gold over 3.23 metres from 168.86 m incl. 0.43 m
grading 159.94 g/t gold reduced to 9.95 g/t gold applying a 70 g/t gold top cut
November 24, 2025 - Vancouver, British Columbia – Scorpio Gold Corporation (TSX-V:
SGN, OTCQB: SRCRF, FSE: RY9) (“Scorpio Gold”, or the “Company”) is pleased to announce
results from seven holes from its 2025 drilling program at the Manhattan District Project
(“Manhattan”) located in Nevada, USA, namely,: (i) the final three holes from the Phase One
program (25MN-020, 25MN-021 and 25MN-022) and (ii) the initial four holes from the Phase Two
program (25MN-023, 25MN-024, 25MN-025 and 25MN-026). The results from holes 25MN-020
through 25MN-026 are tabulated in Table 1 and discussed below . Scorpio Gold has reported
assays on 16 drillholes totalling 5,341 m in 2025.
“The results from this latest set of drill holes continue to reinforce what our team has
believed from the outset: Manhattan is a district-scale opportunity with multi-million ounce
potential, that already stands apart from its peers based on grade—something the market
has yet to fully appreciate. Encountering new zones of mineralization both near surface
and at depth speaks to the true scale of the system, as well as the continuity we are rapidly
defining across multiple target areas.
Several of these holes step out meaningfully from the existing resource model, and with
multiple intercepts ending in mineralization, our confidence in a significantly expanded
resource envelope continues to grow. Intervals such as 18.14 metres grading 1.52 g/t gold
in hole 25MN -021, and 3.23 metres grading 9.95 g/t gold in hole 25MN -022, represent a
previously unrecognized splay off the main Reliance Trend—one that may ‘blow out’ into
thicker zones where it intersects favourable host horizons like the limestones and
sandstones that dominate the caldera margin. This is a strong demonstration of near -
resource prospectivity and the potential to materially expand the mineralized footprint at
Mustang Hill and beyond.
With our 50,000- metre program now well underway, this batch of results is just the
beginning of what we expect to be a steady cadence of updates that highlight the growing
value of Manhattan, our high-grade, low-risk Nevada gold asset,” commented Zayn Kalyan,
CEO and Director of Scorpio Gold.
Results from holes MN25- 021 and MN25- 022 at Mustang Hill indicate the presence of a
previously unidentified structural trend that hosts gold mineralization at grades similar to the
existing Mineral Resource along the margin of the Manhattan Caldera. These results present the
opportunity to add a new, near- surface target zone to Manhattan that is proximal to the existing
Mineral Resource. Future work will include reviewing historic drillholes and underground workings
in the area to define the size and shape of this new target area to prepare for testing with diamond
drilling.
Implications for Resource Growth
Collectively, the results from Mustang Hill, the Gap Zone, and the Reliance Trend support Scorpio
Gold’s exploration model of significant near -resource expansion. Multiple high-grade intercepts,
thick mineralized intervals, and step- outs of 25 –100 metres are consistent with the Company’s
objective to materially grow the resource base in upcoming updates.
Hole Area Highlight Result Geological Significance
25MN-
021
Mustang Hill 39.01 m @ 1.03
g/t
New structural splay; 100 m from
resource
25MN-
022
Mustang Hill 3.23 m @ 21.82
g/t
High-grade feeder zone
25MN-
020
Gap Zone 36.97 m @ 0.94
g/t
Resource continuity
25MN-
026
Reliance
Trend
24.67 m @ 1.85
g/t
Step-out expansion
25MN-
025
Reliance
Trend
3.47 m @ 6.69 g/t Complex boundary modeling
25MN-
024
Reliance
Trend
8.99 m @ 1.93 g/t 25 m step-out
25MN-
023
Stray Dog 4.88 m @ 2.59 g/t 100 m step-out; limits extent
Figure 1. Plan map showing surface background with Inferred Mineral Resource block
model and highlighting intercepts in reported batch of drill hole results.
Drill Hole ID Target
Azimuth / Dip From (m) To (m) Intercept¹ (m) Gold (g/t)
25MN-020 Reliance
Trend 162.95 199.92 36.97 0.94
Drill Hole ID Target
Azimuth / Dip From (m) To (m) Intercept¹ (m) Gold (g/t)
25MN-021 Mustang Hill 76.69 93.57 16.89 0.48
225° / -45° 103.17 125.67 22.49 0.26
155.63 172.82 17.19 0.74
176.78 194.92 18.14 1.52
including 181.48 190.21 8.73 2.90
25MN-022 Mustang Hill 119.66 135.38 15.71 0.46
155° / -45° 168.86 172.09 3.23 9.94
including 168.86 169.29 0.43 159.94
177.39 180.11 2.71 10.18
including 177.39 178.26 0.87 11.77
including 178.26 178.69 0.43 39.80
183.64 187.73 4.08 1.12
25MN-023 Stray Dog 121.92 126.8 4.88 2.39
070° / -45°
25MN-024 Reliance
Trend 177.39 186.39 8.99 1.93
070° / -55°
25MN-025 Reliance
Trend 71.35 74.28 2.93 0.92
60° / -60° 87.78 104.55 16.76 0.26
150.82 164.74 13.93 0.88
170.54 173.98 3.44 0.29
182.54 186.02 3.47 6.69
including 184.89 186.02 1.13 17.72
196.78 201.32 4.54 0.34
25MN-026 Reliance
Trend 98.76 123.43 24.67 1.85
including 65° / -80° 98.76 101.35 2.59 4.58
including 113.75 115.23 1.48 12.52
including 113.75 122.22 8.47 3.56
132.28 145.39 13.11 0.21
156.36 159.14 2.77 3.11
166.73 169.77 3.05 1.11
180.81 189.52 8.72 2.07
249.02 250.12 1.1 10.49
¹ Intervals contain no more than 3 continuous metres grading less than 0.1 g/t gold.
Table 1. Drill intervals from reported batch of drill hole results. There is insufficient
geological information to estimate a true width for the drill intercepts reported.
1. Mustang Hill – New Structural Splay Confirmed
Hole 25MN-021, drilled at Mustang Hill, intersected 18.14 m grading 1.52 g/t gold from 176.78 m
and this was separated by 3.96m from an overlying interval of 17.19 m grading 0.74 g/t gold from
155.63 m. Combining these two intervals results in an intersection of 39.01 m grading 1.03 g/t
gold from 155.63 m. This intersect represents a new zone of mineralization, located
approximately 100 m from the nearest Inferred resource blocks, located laterally to the southwest.
The hole also intersected 16.89 m grading 0.48 g/t gold from 76.69 m that represents a new zone
of near surface mineralization.
Hole 25MN-022, drilled at Mustang Hill, intersected 3.23 m grading 21.82 g/t gold from 168.86
m that included a single 1.40 m sample grading 159.94 g/t gold. When a 70 g/t gold top cut is
applied, this interval is reported as 3.23 m grading 9.95 g/t gold. Below this, intervals of 2.71 m
grading 10.18 g/t gold from 177.39 m and 4.88 m grading 1.12 g/t gold were intersected. These
three intervals are all situated approximately 50 m from the nearest Inferred resource blocks and
may represent a newly recognised splay of the main Reliance Fault.
Figure 2. Section A-A’ with background with Inferred Mineral Resource block model and
highlighting intercepts in reported batch of drill hole results.
2. Gap Zone – Continuity Confirmed
Hole 25MN-20, drilled in the Gap Zone, intersected 36.97 m, grading 0.94 g/t gold from 162.95
m and confirmed the continuity of mineralization and this confidence is expected to add tonnes to
the existing Inferred resource in this area, located between the West Pit and the Goldwedge
underground mine.
Figure 3. Section B -B’ with background with Inferred Mineral Resource block model and
highlighting intercepts in drill holes 25MN-021 and 25MN-022.
3. Reliance Trend – Step-outs Demonstrate Scale
Hole 25MN-25, drilled to the northwest, intersected four intercepts: 9.88 m grading 0.35 g/t gold
from 82.78 m, 13.93 m grading 0.88 g/t gold from 150.82 m, 3.47 m grading 6.69 g/t gold and
4.54 m grading 0.34 g/t gold from 196.78 m. The boundary of the Inferred resource is complex in
this area, but these holes are expected to convert additional tonnes into a more coherent volume.
Hole 25MN-26, drilled to the northwest , intersected five intercepts that step out on the Inferred
resource: 7.28m grading 0.29 g/t gold from 138.10 m, 2.77m grading 3.11 g/t gold from 156.36
m, 3.05 m grading 1.11 g/t gold from 166.73 m, 8.72 m grading 2.07 g/t gold from 180.81 m and
1.10 m grading 10.49 g/t gold from 249.02 m. The approximate distance from the nearest resource
block for each interval is, respectively, 35 m, 20 m, 20 m, 25 m and 60 m.
Figure 4. Section C -C’ with background with Inferred Mineral Resource block model and
highlighting intercepts in drill holes 25MN-026 and 25MN-022.
Hole 25MN-24, drilled to the northwest, intersected 9.00 m grading 1.93 g/t gold from 177.39 m,
and was a 25m step -out hole on the existing Inferred resource along the trace of the Reliance
fault zone.
Hole 25MN-23, drilled to the northwest, intersected 4.88 m grading 2.59 g/t gold from 121.92 m,
and was a 100m step-out hole on the existing Inferred resource, indicating it pinching out in this
direction.
Quality Assurance/Quality Control and Sampling Procedures
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 (“QA”), 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
8% of the run of samples. Samples were analyzed for gold using method PA- AU02 (~500 g), a
two-cycle PhotonAssay TM analysis of crushed material (70% passing 2 mm). All Paragon
Geochemical facilities comply with ISO 17025:2017.
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
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.¹ The
maiden mineral resource estimate (the “Maiden MRE”) 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.²
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.³ 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 (“NI 43-101”) has not done sufficient work
to make the Historical MRE current, and the Company is not treating the Historical MRE as
current.
Notes
• Adjacent Properties: The Company has no interest in, or rights to, any of the adjacent properties mentioned,
including the Round Mountain Gold Mine, and exploration results on adjacent properties are not necessarily
indicative of mineralization on the Company’s properties. Any references to exploration results on adjacent
properties are provided for information only and do not imply any certainty of achieving similar results on the
Company’s properties.
• Historical Data: This news release includes historical information that has been reviewed by the Company’s
qualified person. The Company’s review of the historical records and information reasonably substantiate the
validity of the information presented in this presentation. The Company encourages readers to exercise appropriate
caution when evaluating these data and/or results.
• Third-Party Mineral Projects: These deposits are cited solely for geological context. The Company cautions that
these properties are not necessarily adjacent to, nor does the Company or have any interest in or control over
them. Although certain geological features may be similar, there is no assurance that mineralization comparable
to these deposits will be discovered on any of the Company’s properties. Information regarding the aforementioned
deposits is taken from publicly available sources and technical reports believed to be reliable, but has not been
independently verified by the Company. The Company encourages readers to exercise appropriate caution when
evaluating these data and/or results.