Scorpio Gold Drills 40.23 Metres Grading 1.02 g/t Gold, from 195.68 Metres at Black Mammoth, a Second 250 Metre Step-Out from Goldwedge, at the Manhattan District, Nevada
Scorpio Gold Drills 40.23 Metres Grading 1.02
g/t Gold, from 195.68 Metres at Black
Mammoth, a Second 250 Metre Step-Out from
Goldwedge, at the Manhattan District, Nevada
Highlights
Hole 25MN-057 returned
1.02 g/t gold over 40.23 metres ("m") from 195.68 m
, including
2.09
g/t gold over 13.26 m from 209.09 m
;
0.63 g/t gold over 11.34 m from 262.74 m;
and
0.78 g/t
gold over 12.92 m from 293.71 m
at Black Mammoth.
Hole 25MN-056 returned
2.13 g/t gold over 4.91 m from 41.72 m
at Iron Queen.
Hole 25MN-058 returned
4.29 g/t gold over 3.55 m from 64 m
;
21.8 g/t gold over 1.05 m from
91.44 m
; and
0.82 g/t gold over 7.28 m from 150.91 m
at Iron Queen.
Vancouver, British Columbia--(Newsfile Corp. - April 1, 2026) -
Scorpio Gold Corp.
(TSXV: SGN)
(OTCQB: SRCRF) (FSE: RY9)
("
Scorpio Gold
", or the "
Company
") is pleased to announce results
from three step-out holes and one exploration hole of the Phase Two drill program at the Manhattan
District Project ("
Manhattan
"), Nevada, USA: 26MN-055 through 26MN-058, see
Figure 1
. The results
are tabulated in
Table 1
and discussed below. Scorpio Gold has drilled 59 drill holes to date from its
Phase Two diamond drilling program, 25MN-011 through 25MN-066, 26MN-068 through 26MN-070, for
a grand total of
19,025 m
. With the results herein, Scorpio Gold has reported assays on 48 of these
(25MN-011 through 25MN-058), totalling 15,967 m, and assays are pending from 11 holes (26MN-059
through 26MN-070), totalling 3,058 m. The pending results will be reported as they become available.
"The Black Mammoth Mine is one of several historic workings in the Manhattan District and has been a
priority target given its proximity to the current resource area. Hole 26MN-057, returning 1.02 g/t over
40.23 metres, reinforces the continuity we are seeing through step-out drilling while extending
mineralization along strike from Goldwedge. Located approximately 250 metres from the current MRE
area, Black Mammoth continues to demonstrate its potential to contribute meaningfully to the broader
district-scale gold inventory.
"The geometry we are seeing — multiple stacked intervals, continuity across step-outs, and favorable
host rocks — suggests the potential to define a sizable, mineralized body that could ultimately integrate
with, or significantly expand, the existing Goldwedge resource. While additional drilling is required, we
see clear parallels to the scale required to support a million-ounce target footprint along this margin,"
stated Harrison Pokrandt, VP Exploration of Scorpio Gold.
"The proximity of the Black Mammoth target to our permitted underground workings at Goldwedge
creates a compelling opportunity not only to continue expanding this zone from surface, but also to
evaluate potential underground access that could accelerate delineation and development. From a
resource growth and development standpoint, this represents exactly the type of target that can be highly
additive as we continue to advance the Manhattan District," stated Zayn Kalyan, CEO and Director of
Scorpio Gold.
Figure 1. Surface Plan Map of drill results, with highlights noted. Map Inset area shown in
Figure 2.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/290806_e9dddcf1e4a8daae_002full.jpg
Drill hole 26MN-057 was drilled at Black Mammoth as a 70-metre step-out from drill hole 26MN-053,
see news release dated
March 19, 2026
. Both holes are 250 m exploratory step-outs from Goldwedge.
Drill hole 26MN-057 tested the Zanzibar Formation meta-sedimentary units and associated faulting, see
Figure 2 and 3
. Two drill holes stepped out at Iron Queen, drill holes 26MN-056 and 26MN-058, to the
southeast of the East Pit. Drill hole 26MN-055 was drilled along the Reliance Trend, as a 50 m step-out
to the northwest from drill hole 26MN-052, see news release dated
March 19, 2026
. All the drill holes
tested beyond the
Inferred Resource Constraining Pit
("
IRCP
"), see
Figure 5
. Step-out drill holes
targeted non-pit constrained inferred category mineralization and uncategorized mineralization. For
further details 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 at
https://wp-
scorpiogold-2025.s3.ca-central-1.amazonaws.com/media/2025/10/Scorpio-Gold-Manhattan-Mineral-
Resource-Estimate-43-101-FINAL-2025-10-23.pdf
.
Figure 2. Inset Surface Plan Map of Black Mammoth Target Area, with drill hole traces projected
to surface and result highlights noted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/290806_e9dddcf1e4a8daae_003full.jpg
Figure 3. Annotated photo of Black Mammoth. Photo is taken from Point A, noted on Figure 1,
looking to the northwest. Note the drill hole collars indicated are located behind the hill in the
background.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/290806_e9dddcf1e4a8daae_004full.jpg
Drill Hole ID
Target
Azimuth / Dip
From (m)
To (m)
Intercept¹ (m)
Gold (g/t)
26MN-055
Reliance Trend
178.92
180.26
1.34
1.78
428 m
064° / -52°
289.56
297.73
8.18
0.37
426.05
427.94
1.89
1.94
26MN-056
Iron Queen
41.72
46.63
4.91
2.13
262 m
050° / -45°
26MN-057
Black Mammoth
106.80
125.70
18.90
0.23
688 m
115° / -45°
195.68
235.92
40.23
1.02
including
209.09
222.35
13.26
2.09
262.74
274.08
11.34
0.63
293.71
306.63
12.92
0.78
including
298.25
303.58
5.33
1.12
320.80
325.62
4.82
0.66
26MN-058
Iron Queen
64.00
67.54
3.55
4.29
256 m
095° / -45°
91.44
92.48
1.05
21.80
99.70
103.78
4.08
0.35
139.90
147.52
7.62
0.23
150.91
158.19
7.28
0.82
¹ Intervals contain no more than 3 continuous metres grading less than 0.1 g/t gold.
Table 1. Results from the current batch of drill holes.
Note: There is insufficient geological
information to estimate a true width for the drill intercepts reported.
Black Mammoth Results:
26MN-057
: This drill hole tested the Zanzibar Formation and the Black Mammoth Fault and associated
mineralization, as it trends to the NW from Goldwedge. The drill hole contains five intervals hosted in
Ordovician Zanzibar Formation limestones and fine grained meta-sedimentary units, including 0.23 g/t
gold over 18.9 m from 106.8 m, 1.02 g/t gold over 40.23 m from 195.68 m (see
Figure 4
), including 2.09
g/t gold over 13.26 m from 209.09 m, 0.63 g/t gold over 11.34 m from 262.74 m, 0.78 g/t gold over 12.92
m from 293.71 m, including 1.12 g/t gold over 5.33 m from 298.25 m, and 0.66 g/t gold over 4.82 m from
320.8 m. All intervals represent new mineralization, and the intervals noted are approximately 70 m to the
southwest of drill hole 26MN-053, see cross-section A to A' (
Figure 5
), and 250 m to the northwest of
the edge of the IRCP, see long-section B to B' (
Figure 6
).
Figure 4. Drill hole 26MN-057, interval 195.68 to 200.56 m, displaying Ordovician Zanzibar
Formation limestones with quartz-calcite-adularia epithermal veins.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/290806_e9dddcf1e4a8daae_005full.jpg
Figure 5. Cross-section A-A', showing gold grades with reported intervals highlighted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/290806_e9dddcf1e4a8daae_006full.jpg
Figure 6. Long-section B-B', showing gold grades with reported intervals highlighted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/290806_e9dddcf1e4a8daae_007full.jpg
Iron Queen Results:
26MN-056
: contains one interval hosted in the Cambrian Gold Hill Formation to the southeast of the East
Pit at Iron Queen. This interval is hosted in fine grained meta-sedimentary clastic units containing 2.13
g/t gold over 4.91 m from 41.72 m. See cross-section C to C',
Figure 7
.
26MN-058:
contains five intervals hosted in the Cambrian Gold Hill Formation to the southeast of the
East Pit at Iron Queen. These intervals are hosted in fine grained meta-sedimentary clastic units,
including 4.29 g/t gold over 3.55 m from 64 m, 21.8 g/t gold over 1.05 m from 91.44 m, 0.35 g/t gold over
4.08 m from 99.7 m, 0.23 g/t gold over 7.62 m from 139.9 m, and 0.82 g/t gold over 7.28 m from 150.91
m. See cross-section C to C',
Figure 7
.
Figure 7. Cross-section C-C', showing gold grades with reported intervals highlighted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9779/290806_e9dddcf1e4a8daae_008full.jpg
Reliance Trend Results:
26MN-055
: contains three intervals hosted in the Cambrian Gold Hill Formation along the Reliance
Trend to the north of the West Pit. These intervals are hosted in fine grained meta-sedimentary clastic
and carbonate units, including 1.78 g/t gold over 1.34 m from 178.92 m, 0.37 g/t gold over 8.18 m from
289.56 m, and 1.94 g/t gold over 1.89 m from 426.05 m.
Marketing Update
Scorpio is pleased to announce that it has engaged Investor Insights Systems Inc. ("
IIS
") to provide
digital marketing and advertising services pursuant to a marketing services agreement dated March 31,
2026 (the "
Agreement
").
Under the terms of the Agreement, IIS will provide digital marketing services, including digital content
creation, distribution, search engine marketing, pay-per-click advertising and market awareness
campaigns. The initial term of the engagement is three months commencing April 27, 2026. Pursuant to
the Agreement, the Company will pay IIS a fee of USD $125,000 for the initial three-month term. The
Company may extend the engagement and increase the budget beyond the initial term, up to an
additional USD $125,000. In addition, the Company has agreed to grant IIS 200,000 options to acquire
common shares of the Company (the "
Options
"), which are exercisable at a price of $0.39 per share.
The Options will vest over a twelve-month period, with one-quarter vesting every three months from the
date of grant.
IIS is an arm's length service provider to the Company and, to the Company's knowledge, neither IIS nor
its principals have any direct or indirect interest in the Company or its securities, nor any right or intent to
acquire such an interest, other than pursuant to the Agreement. The engagement of IIS remains subject
to final approval of the TSX Venture Exchange.
QA/QC
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 10% 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
(
https://www.kinross.com/operations/default.aspx#americas-roundmountain
), 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.
Mineral Resource Estimate (MRE):
All scientific and technical information relating to Manhattan pertaining to Maiden MRE contained