Commencement Of Phase 1 Drill Campaign At The Manhattan District

VANCOUVER - Scorpio Gold Corporation reported on the exploration program at its Manhattan District, has commenced the first phase of the Program's planned drilling campaign. Phase 1 consists of an initial 5 drill holes, followed by an anticipated 4,260 meters in 20 holes through the rest of 2024. Manhattan is a low-sulfidation epithermal gold deposit located in Nye County, Nevada containing a higher-grade coarse gold deposit already identified through over 100,000 m of historic drilling. Phase 1 is intended to extend known mineralization along strike into untested areas utilizing surface diamond drilling. This drill program will provide data for a preliminary metallurgical testing program and confirm known intervals at the Manhattan and Goldwedge targets with the goal of producing a NI 43-101 compliant resource report later this year.

The 2024 drill program is intended to extend known mineralization along the Reliance Fault zone in several directions, including northwest of the West Pit where the mineralized structure projects toward Goldwedge. Targeting the south trend of the Reliance Fault aims to verify the extent of mineralization along strike, with several holes also planned to target potential down-dip extensions to high-grade mineralization encountered in previous drilling. Additional drilling is planned to test several N-S to NW-SE striking structures which control high grade mineralization previously mined from the East Pit.

The Reliance fault is the primary target to be tested in 2024. The NW-SE Striking structure is within the West Pit and projects towards the already drilled Goldwedge Zone, 600 meters northwest. As the structure approaches Goldwedge, it becomes parallel with the Manhattan Caldera margin and is underexplored along strike to the northwest of the Goldwedge underground workings. This presents an attractive exploration target for future work.

The East Splay is conceptualized as a N-S striking splay off the main Reliance Fault and appears to control mineralization in the East Pit. This structure will be tested down dip, along strike to the north of the East Pit, and at its conceptualized intercept with a NW-SE striking structure projected southeast from the Goldwedge area.

The 2024 drill core will be used to commence initial metallurgical testing for inclusion in the initial resource report.

Scorpio Gold's Manhattan District comprises the advanced exploration-stage Goldwedge Project, with a 400 ton per day gravity mill. Adjacent to Goldwedge is the 4,300-acre Manhattan Project that was acquired from Kinross in 2021 and is centered on two past-producing pits. The consolidated Manhattan District presents an exciting late-stage exploration opportunity, with over 100,000m+ of historical drilling, demonstrating significant resource potential, alongside valuable permitting.

"Commencing Phase 1 of our 2024 Exploration Program at the Manhattan District marks a significant milestone for Scorpio Gold. Our focused approach, underpinned by meticulous planning and historical data analysis, aims to unlock the full potential of this promising district. We are excited about the prospects of extending known mineralization and advancing towards a NI 43-101 compliant resource later this year," said Zayn Kalyan, CEO and Director.