Manhattan District Program Progressing Steadily

VANCOUVER – Scorpio Gold Corp. reported on the drilling program at the Manhattan District Project, Nevada from the Phase Two program (25MN-034 through 25MN-036). Scorpio Gold has drilled 38 drill holes to date from its Phase Two diamond drilling program, 25MN-011 through 25MN-045 and 26MN-046 through 26MN-048, for a grand total of 11,906 m. With the results herein, Scorpio Gold has reported assays on 26 of these (25MN-011 through 25MN-036), totalling 8,584 m, and assays are pending from 12 holes (25MN-037 through 25MN-045 and 26MN-046 through 26MN-048), totalling 3,322 m. The pending results will be reported as they come available and the holes are discussed briefly below.
“We have started the year with strong operational momentum, with drilling progressing steadily across the Manhattan District and twelve completed holes currently in the lab awaiting results. Our focus in 2026 is on delivering results to the market in a consistent and disciplined manner while working towards adding inventory to our resource and continuing to advance our geological understanding of the district. In parallel with drilling within the current resource area, we are positioning one of our three active rigs to test targets outside the core resource footprint, beginning with a two-hole program at Black Mammoth commencing the last week of January. This work is designed to evaluate the broader district-scale potential of Manhattan and to identify new zones of mineralization that could support future resource growth,” said, Zayn Kalyan, CEO and Director.
Two holes were drilled along the Reliance Trend (25MN-034 and 25MN-036), one hole was drilled at the southern end of the West Pit (25MN-035). These holes tested laterally and below the Inferred Resource Constraining Pit (IRCP), modelled at a gold price of US$2,500 with a 0.3 g/t gold only cutoff grade, along with other inputs including: mill recovery of 90%, 50 degree pit slope angle for in-situ rock, mining costs of $3.00 per tonne for both ore and waste, milling costs of $15.00 per tonne processed, general administration cost of $3.50 per tonne processed and 2% royalty costs, and ore loss and dilution not applied.
The mineralization in previous and current reported drill holes is consistent with the Company’s existing geological model. The mineralization controls and geometries are closely related to district scale structural features and preferred host lithologies. The Company started collecting oriented core since mid-2025, and continues to do so on all drilling, which has increased confidence in structural features. Dilatational structures and structural intersections continue to be the primary focus of the mineralizing fluids, with many of the recognized structures hosting low sulphidation epithermal gold vein assemblages in their hanging walls.
Hole 25MN-034, contained three intervals, all hosted in fine grained clastic units, of 19.39 m, 5.49 m and 9.8 m grading 0.51 g/t gold, 0.20 g/t gold and 0.24 g/t gold respectively. The first two intervals fall within the IRCP and the last intercept is located approximately 47 m below the IRCP. Hole 25MN-035, contained one significant interval, hosted in fine grained clastic units, of 7.01 m grading 0.25 g/t gold, within the IRCP. Hole 25MN-036, contains three intervals, all hosted in fine grained clastic units, of 7.86 m, 25.02 m and 2.16 m grading 0.31 g/t gold, 0.76 g/t gold and 1.20 g/t gold respectively. All these intervals fall within the IRCP.