Scorpio Gold Drills 24.67 Metres Grading 1.85 g/t Gold, from 98.76 Metres, in New Zone of Mineralization at the Manhattan District, Nevada
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The November 24, 2025 news release provides the first set of drill results from Scorpio Gold's 50,000-metre Phase 2 diamond drilling program at its 100%-owned Manhattan District Project in Nevada.
Key intercepts include: - 25MN-026: 24.67 metres grading 1.85 g/t gold from 98.76 metres depth, representing a step-out on the Reliance Trend. - 25MN-021: 18.14 metres grading 1.52 g/t gold from 176.78 metres, identifying a new structural splay at Mustang Hill. - 25MN-022: A high-grade interval of 3.23 metres grading 21.82 g/t gold from 168.86 metres, suggesting a potential high-grade feeder zone. - 25MN-020: 36.97 metres grading 0.94 g/t gold, confirming continuity in the Gap Zone.
The CEO, Zayn Kalyan, stated the results reinforce the belief that Manhattan is a district-scale opportunity with multi-million-ounce potential. He highlighted that these step-out holes expand the known mineralization and build confidence in a significantly larger resource envelope than the current maiden resource.
The news is positive and aligns perfectly with the company's stated strategy, but it is routine for a well-funded exploration program of this scale. The market anticipates a steady flow of drill results following the major financing in September 2025.
- Strategic Execution: The company has meticulously executed a turnaround plan throughout 2025. It began the year by restructuring management, then raised capital via an oversubscribed financing at $0.08 (April 2025). A pivotal moment was the sale of the non-core Mineral Ridge asset for US$7.5M (August 2025), which provided non-dilutive funding and allowed focus on the flagship Manhattan project.
- De-risking and Funding: The company announced a maiden inferred resource of 740,000 ounces at 1.26 g/t Au on September 11, 2025, providing a solid baseline for expansion. This was followed by a game-changing $8 million financing at $0.25 per share, led by legendary mining investors Ross Beaty and Eric Sprott. This financing fully funded the aggressive 50,000-metre drill program that is now underway.
- Context of Results: The November 24 drill results are the first assays from this major program. The grades (1.85 g/t, 1.52 g/t) are encouragingly above the maiden resource grade of 1.26 g/t. The successful step-out holes and discovery of new mineralized zones confirm the exploration thesis that the maiden resource is just a starting point and that significant expansion potential exists. The high-grade hit of 21.82 g/t is particularly positive as it could point towards feeder structures that enhance the project's overall potential.
While the results are strong and confirm the geological model, they are an expected development. After securing top-tier investors and raising significant capital, the market expects positive exploration results. This news meets those heightened expectations but does not fundamentally alter the investment case on its own. It is a solid, incremental step forward in a long-term exploration story.
Scorpio Gold Corporation is a Canadian gold exploration and development company focused on projects in Nevada, USA. Its flagship asset is the 100%-owned Manhattan District Project, located in the prolific Walker Lane Trend. The project represents a consolidated land package in a historic mining district that has seen little modern, systematic exploration.
On September 11, 2025, the company announced a maiden NI 43-101 inferred mineral resource estimate of 18.3 million tonnes grading 1.26 g/t gold for 740,000 contained ounces. The company's current strategy is to aggressively drill the property to expand this resource with the goal of defining a multi-million-ounce, open-pittable gold deposit. The Manhattan property is subject to a 2.0% net smelter returns (NSR) royalty.