Scorpio Gold’s Phase II drilling program suffers critical interception, The Canadian Business Journal

VANCOUVER, British Columbia, October 6, 2022 (GLOBE NEWSWIRE) — Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSXV: SGN) announces the latest significant milestone in Phase II Reverse Circulation (RC) drilling. We are pleased to announce the interception. Program at the Goldwedge facility in Manhattan, Nevada.

The planned program consisted of 59 RC boreholes totaling 10,800 meters (10,800 meters), with a total of 3,935 meters (3935) meters completed to date. The drill holes for this latest update show (1) the continuity of mineralization in the northeastern part of Mustang Hill near the east-west strike, (2) the potential continuity of the down-dipping direction of the Reliance fault zone, and (3 ) for the southeast and southwest mineralization continuity. “Main Trend” through West Pit.

A total of 20 RC drill holes have been completed to date, representing 36% (3935 meters) of the planned RC drilling program. However, a May 2022 press release reported 12 boreholes showing very high grade mineralization northwest of West Pit. Figure 1 Below are the locations of all remaining boreholes that have been completed in the Phase II drilling program to date.

Figure 1: Top view showing completed (red dots) and remaining (blue dots) colored drill hole locations for the Phase II drilling program.

Drilling confirmed strong mineralization trends with significant interruptions in the northeastern (Mustang Hill area) and southwestern sections (Crescent Trend area) of the West Pit (see Figure 2 below). Here are some key intercept highlights:

• MWRC22-014 – intercepted 3.53g/t at 7.6m including 14.58g/t at 79.3m to 1.5m along the depth of the drill hole.Additional intercepts include 4.03g/t from 16.8m to 3.1m Depth along the drill hole.
• MWRC22-018 – intercepted including 4.90g/t over 22.9m, 38.76g/t over 1.5m and 5.19g/t over 9.2m, 20.17g/t over 1.5m There is mineralization from 62.5m and 112.9m respectively along the direction of the borehole dip.
• MWRC22-021 – intercepted 3.89g/t from 24.4m to 41.2m Along the slant direction of the drill hole.Additional intercepts include 1.75g/t from 266.9m to 13.7m Depth along the drill hole.

Results details for all completed drill holes reported in table 1 a place depicted in Figure 2 under.

table 1: Manhattan Mine Drilling – Significant Results of Completed Phase II Drilling Hole

Hall ID	Asm (Every time)	immersion (Every time)	from (feet)	To (feet)	width (feet)	Money (oz/T)	from (Moon)	To (Moon)	width (Moon)	Money (grams/tonnes)
West pit area
MWRC22-013	49.0	-60.9	510.0	515.0	5.0	0.035	155.6	157.1	1.5	1.20
			530.0	535.0	5.0	0.057	161.7	163.2	1.5	1.96
MWRC22-014	47.4	-60.3	55.0	65.0	10.0	0.118	16.8	19.8	3.1	4.03
			110.0	115.0	5.0	0.031	33.6	35.1	1.5	1.06
			165.0	170.0	5.0	0.060	50.3	51.9	1.5	2.06
			260.0	285.0	25.0	0.103	79.3	86.9	7.6	3.53
include			260.0	265.0	5.0	0.425	79.3	80.8	1.5	14.58
			315.0	320.0	5.0	0.143	96.1	97.6	1.5	4.91
			580.0	585.0	5.0	0.073	176.9	178.4	1.5	2.50
MWRC22-015	58.9	-45.2	185.0	195.0	10.0	0.054	56.4	59.5	3.1	1.85
MWRC22-016	238.9	-60.6	240.0	295.0	55.0	0.029	73.2	90.0	16.8	0.99
			315.0	325.0	10.0	0.033	96.1	99.1	3.1	1.13
			650.0	655.0	5.0	0.046	198.3	199.8	1.5	1.58
MWRC22-017	236.6	-69.7	180.0	240.0	60.0	0.020	54.9	73.2	18.3	0.69
			265.0	295.0	30.0	0.026	80.8	90.0	9.2	0.88
MWRC22-021	66.2	-45.8	80.0	215.0	135.0	0.113	24.4	65.6	41.2	3.89
include			115.0	140.0	25.0	0.449	35.1	42.7	7.6	15.41
			595.0	680.0	85.0	0.025	181.5	207.4	25.9	0.85
			695.0	810.0	115.0	0.024	212.0	247.1	35.1	0.82
			825.0	850.0	25.0	0.020	251.6	259.3	7.6	0.63
			875.0	920.0	45.0	0.051	266.9	280.6	13.7	1.75
			945.0	975.0	30.0	0.030	288.2	297.4	9.2	1.01
MWRC22-018	240.25	-46.54	170.0	175.0	5.0	0.031	51.9	53.4	1.5	1.06
			205.0	280.0	75.0	0.143	62.5	85.4	22.9	4.90
include			230.0	235.0	5.0	1.130	70.2	71.7	1.5	38.76
			305.0	310.0	5.0	0.052	93.0	94.6	1.5	1.78
			370.0	400.0	30.0	0.151	112.9	122.0	9.2	5.19
include			375.0	380.0	5.0	0.588	114.4	115.9	1.5	20.17
			460.0	495.0	35.0	0.059	140.3	151.0	10.7	2.02
			555.0	580.0	25.0	0.024	169.3	176.9	7.6	0.81
			605.0	670.0	65.0	0.018	184.5	204.4	19.8	0.62
			695.0	795.0	100.0	0.036	212.0	242.5	30.5	1.22
			850.0	935.0	85.0	0.037	259.3	285.2	25.9	1.28

NOTE: All holes shown in Table 1 were completed by reverse circulation (RC) drilling. Width is displayed as downhole core length. No true width is defined at this time. Analytical results are not ISO/IEC 17025 accredited, but have implemented a quality management system compatible with the ISO/IEC 17025 standard for future ISO/IEC 17025 accreditation. Duplicate samples were taken on the drill rig. Samples with significant results above 0.020oz/t are available for external laboratory confirmation. Details of our quality assurance and quality control program for Goldwedge projects are available at GW QAQC.

Figure 2: Completed drilling site (red dots) of the Phase II program showing significant slope intercepts northeast (Mustang Hill area) and southwest (Crescent area) of West Pit.

Gold mineralization in the NE section of the West Pit (Mustang Hill area) is predominantly single-crystal quartz stockworks in Gold Hill quartzite ± phyllite with interspersed pyrite ± chalcopyrite and occasional association with iron oxide staining. and within the botroid-like “vein”. MWRC22-018 and MWRC22-021, drilled in this region, interrupted a broad mineralized zone that exhibits features similar to the ‘west pit main trend’ (see Figure 2). The predominant mineralization trend within the West Pit occurs in coatings on fracture surfaces, predominantly drusian quartz-adularia veins dominated by Fe-stained pyrite within the Gold Hill quartzite ± phyllite unit. MWRC22-018 is also planned to interrupt the descending continuity of the Reliance fault zone, returning with a broad mineralization interruption ([email protected]/t; [email protected]/t) within the fault structure (shear zone). In general, this zone consists of crushed rock and gouge material along the fault plane, usually on crusted and/or tight knife-edge slip planes, with abundant argillaceous clays within the zone. Associated. Cross-sections showing key sections of the borehole within the Mustang Hill and Reliance fault zones are shown in Figure 1. Figure 3 When Figure 4 under.

Figure 3: Section A-A’ looking northwest through MWRC22-016, 017, and 021 drill holes.

Figure 4: Section B-B’ looking northwest from drill hole MWRC22-018 targeting the Reliance Fault Zone in the northwest section of West Pit.

MWRC22-014 formed a parallel structure and intercepted a significant mineralized zone that appears to lie northwest of the “Main West Pit Trend” (Figure 2). Mineralization is likely to continue in the northwest and southeast strike directions, following the same trends as the previous holes drilled in the strike direction (MWRC21-003 and 004). Northwest of the West Pit will be explored to investigate whether the mineralization consists of a similar Quartz Adularia style or other types of mineralization.

About Scorpio Gold

Scorpio Gold currently owns the advanced exploration-stage Goldwedge property in Manhattan, Nevada, with a fully licensed underground mine and 400 tonne per day milling facility, and a 100% interest in the Manhattan property, which is owned by the State of Nevada. owns a 100% interest in the integrated Manhattan district of Located adjacent to and proximal to the Gold Wedge property.

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

The technical information contained in this release has been reviewed and approved by an independent geological consultant, Peter Hawley, M.Sc., P.Geo., a Qualified Person as defined in NI 43-101.

On behalf of the Board of Directors
Scorpio Gold Corporation

Chris Zelga

CEO

For more information, please contact:
Chris Zerga, CEO and President
Email: [email protected]

Diane Zelga, General Manager
Phone: (775) 401-1637
Email: [email protected]

Website: www.scorpiogold.com

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

We rely on litigation to protect our forward-looking statements. This news release contains forward-looking statements that are based on our current expectations and estimates. Forward-looking statements include “plans,” “expects,” “anticipates,” “intends,” “believes,” “anticipates,” “estimates,” “suggests,” “suggests.” It is often characterized by the term Or, a statement that a particular event or condition “may” or “will occur.” This includes, but is not limited to, statements regarding the Company’s plans for exploration of Manhattan Mine assets. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events or results to differ from the risks and risks associated with the mineral exploration program. Risk factors outlined in company management’s discussion and analysis submitted to SEDAR. Forward-looking statements speak only as of the date they are made and, except as required by applicable securities laws, we may not make any forward-looking statements, whether as a result of new information or otherwise. We disclaim any intention or obligation to update any forward-looking statements. , future event or outcome, or otherwise. Forward-looking statements are not guarantees of future performance and due to the inherent uncertainties, undue reliance should not be placed on such statements.

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