Phase II Drilling Program Encounters Significant Intercepts At The Goldwedge Property

VANCOUVER - Scorpio Gold Corporation reported the commencement of a phase II reverse circulation (RC) drilling program at its Goldwedge property located in Manhattan, Nevada. Boart Longyear was selected to conduct the RC drilling program. The planned program consists of 59 RC drill holes with a total of 10,800m and drilling is expected to continue for the next 6-7 months. The program was designed around results encountered in the 2021 Phase I program. The target areas are situated around the Manhattan West and East pits, and between the Goldwedge underground and the open pits. The proposed drill holes on section will be targeting the lateral extent and continuity of the mineralization trending toward NW strike direction of the West Pit. The drilling will also be used to confirm the underground continuity potential in down dip direction of the Reliance Fault zone which is host to high-grade gold mineralization targets. Additional prospective areas expected to be tested during this campaign of drilling, include the SE continuity of the mineralization structure from the West Pit towards East Pit area and identified new parallel structures at both NE and SW sections of West Pit.

Additional planning to confirm structural continuity for some areas with a diamond drill holes (DDH) have been designed and consist of 33 holes with total of 7400m of core drilling. A total of 12 RC drill holes have been completed to date, which represents 22% (2,350 m) of the planned RC drill program.