Ongoing Underground Drilling At The Goldwedge Property

VANCOUVER - Scorpio Gold Corporation reported high-grade results from a hole drilled to test the on-strike and down-dip continuity of mineralization within and below the current underground mine workings at the 100% owned Goldwedge property, located in Nevada. Drill hole GWUG21-015 returned 50.2 g/t gold over 5.6m (1.463 oz/ton over 18.5 ft), including a higher-grade intercept of 260g/t over 0.9m (7.607 oz/ton over 3.0 ft). The mineralization is hosted within sheared, interbedded limestones and argillites with quartz and calcite veining. The intersection is located ~7m on strike from historical 2011 drill hole GWUG-11-2, which reported 56.4g/t gold over 3.1m, including 91.6g/t over 1.5m. The mineralization is situated at an average depth of ~58m from topographic surface and is located ~350m northwest of the mine portal. Drilling to further test the extent of high-grade mineralization along strike and at depth below the existing mine workings is ongoing. Four additional holes recently completed at the same drill station as GWUG21-015 are being processed for analysis. The planned meterage for this drill program is 2066 meters with 874 meters (42%) completed to date.

To date, the Goldwedge deposit has been traced over a strike length of ~350m from near surface to a vertical depth of 160m. The southwestern extent of drilling at the Goldwedge deposit lies 100m northwest of Scorpio Gold’s most northerly exploration drill hole in the West Pit area of the Manhattan Mine Property. Future drilling will test the Company’s structural interpretation that mineralization at Goldwedge could connect with mineralization in the West Pit area, where drilling has indicated a 300m continuous trend of mineralization from as shallow as 19m from surface. Collectively, the Goldwedge, West Pit and East Pit areas outline a mineralized trend along the Reliance Structural Zone ~2 km in strike length. This trend continues a further 3 km southeast to Scorpio Gold’s Keystone-Jumbo project area.