Scorpio Gold Reports 21.26 g/t Gold over 18.3 m Near-Surface including 57.74 g/t over 4.6 m at the Manhattan Mine Property, Nevada

VANCOUVER, British Columbia, Sept. 07, 2021 (GLOBE NEWSWIRE) — Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV: SGN) is pleased to provide an update of its surface RC drilling program at the Manhattan West and East pits of the recently acquired Kinross Manhattan Property in Manhattan, Nevada. Recent results report near surface, high-grade mineralization over broad intersections in the West Pit area.

Twenty-three holes (5180m) representing 80% of the drill program have been completed to date, including 17 holes in the West Pit area and 6 holes at East Pit area. Two holes were added to the original program to test the on-strike extension of high-grade mineralization intersected in MWRC21-001. Assay results for the first 7 holes, including MWRC21-001, were reported in the Company’s July 20, 2021 news release. Significant results for holes MWRC21-005 to 009 drilled in the West Pit area are presented in Table 1.

Table 1:

Manhattan Mine Drilling – Significant Results to Date

Note: All holes presented in Table 1 were completed by reverse circulation (RC) drilling. Widths are presented as down hole core lengths; true widths are undefined at this time. All analytical results were performed by ALS Minerals Laboratory, in Reno, Nevada an ISO/IEC 17025:2005 accredited facility, utilizing fire assay with gravimetric finish analysis. Further details are presented in the Company’s quality assurance and quality control program for the Goldwedge project available at:

GW QAQC

. The same protocols apply to the Manhattan project.

Drill holes MWRC21-005, 007 and 008 (Figures 1, 2 and 3) targeted gold mineralization located along and east and west of two parallel north-westerly trending and north-easterly dipping fault structures (“Little Gray” fault zone) at the junction of prominent cross structures postulated to control high-grade mineralization. The Little Gray fault zone appears to be post-mineralization and has upthrown the mineralized block to near surface in this area. Gold mineralization is hosted within intensely faulted and folded quartz ± mica schist interbedded with quartzite and sandy phyllite belonging to the Paleozoic Goldhill Formation metasediments. Results received from drilling program to date from the West Pit and north of the West Pit have indicated a 300m continuous trend of mineralization from as shallow as 19m from surface in some areas of the northern section. A review of the geology and structures in drill core appears to confirm the structural and lithological controls to mineralization.

Figure 1.

Geological map of the Manhattan Mine area with red circles showing drill collar locations and hole IDs indicating holes completed to date. C-C’ and D-D’ mark cross sections presented in Figures 2 and 3.


https://www.globenewswire.com/NewsRoom/AttachmentNg/28010295-964b-42ed-ae1a-a6b6869e8265

Figure 2

. Cross section C – C’ showing hole MWRC21-005.


https://www.globenewswire.com/NewsRoom/AttachmentNg/852c980a-b4d1-4e07-bfb6-5b24d9dd872c

Drill hole MWRC21-005 (Figures 1 and 2) targeted and confirmed 3 main mineralized zones delineated by historic drilling. The hole intersected mineralization at the approximate expected target depth of the upper zone from 19m, containing strongly sheared, oxidized, clayey material with schist + quartzite between 19 to 35m that returned 8.54 g/t Au over 6.1m. The most significant zone was intersected at the contact of the schist + quartzite and sandy phyllite, returning 2.92 g/t Au over 47m from 53-101m downhole. The third zone was intersected at the contact of the sandy phyllite and limestone at 139-143m, returning 6.91 g/t Au over 4.6 m.

Figure 3.

Cross section D – D’ showing holes MWRC21-007 and MWRC21-008.


https://www.globenewswire.com/NewsRoom/AttachmentNg/c6a01c11-2091-49c5-aa32-9a96c74a8cb3

Drill hole MWRC21-007 returned a high-grade intersection of 21.26g/t over 18m from 23m downhole, and 17.79g/t over 4.6m from 128.1m downhole. Drill hole MWRRC21-008 returned several narrow high-grade and significant intersections at depth (Table 1).

Drilling is in progress to complete the 33-hole (6520m) program. Historical exploration and production drilling at the Manhattan Mine below the mined-out pits indicates a shallow, southwesterly dipping trend to mineralization. Results to date from the current program confirm the trend and dip of mineralization; however, targeted core drilling will be required to fully conclude on the controls to mineralization.

About Scorpio Gold

Scorpio Gold now holds a 100% interest in the consolidated Manhattan District in Nevada comprising the advanced exploration-stage Goldwedge property in Manhattan, Nevada with a fully permitted underground mine and a 400 ton per day mill facility and a 100% interest of the Manhattan Property situated adjacent and proximal to the Goldwedge property.

Scorpio Gold also holds 100% interest in the Mineral Ridge gold project located in Esmeralda County, Nevada.

The technical information contained within this release has been reviewed and approved by independent geological consultant, Mohan R Vulimiri, M.Sc., P.Geo., a Qualified Person as defined by NI 43-101.

ON BEHALF OF THE BOARD



SCORPIO GOLD CORPORATION

Brian Lock,

CEO & Director

For further information contact:

Brian Lock, CEO

Tel: (604) 889-2543

Email:

[email protected]

Diane Zerga, General Manager

Tel: (775) 401-1637

Email:

[email protected]

Anthony Simone, Investor Relations

Tel: (416) 881-5154

Email:

[email protected]

Website:

www.scorpiogold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements regarding the Company’s plans with respect to the exploration of its Manhattan Mine property. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks involved in mineral exploration programs and those risk factors outlined in the Company’s Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.