Northward Continuity Of Near-Surface Mineralization In Ongoing Underground Drilling At Goldwedge

VANCOUVER - Scorpio Gold Corporation reported results from 5 holes drilled to test the northwestern extension of mineralization at the d Goldwedge property, located in Nevada. The current program is focused on defining the on-strike and down-dip continuity of mineralization intersected in the 2020 drilling program (July 27, 2020 news release) as well as testing new areas with the potential to define a mineral resource base.

Drilling has already confirmed the southward extension of mineralization within sheared, metamorphosed, interbedded limestones and argillites with quartz, and calcite veining. Drill hole GWUG21-006 was included in this previous reporting with assay results reported by Scorpio Gold’s in-house analytical laboratory.

Drilling completed to date at the northwestern extension also indicates on-strike continuity of mineralization in two separate shear zones. Significant results include 9.88 g/t Au over 0.5m in hole GWUG21-008, 4.31 g/t Au over 2.9m in hole GWUG21-010 and multiple intersections in hole GWUG21-011 including 5.93 g/t Au over 4.0m, 10.36 g/t over 0.6m and 14.72 g/t over 0.5m. Current results from the 2021 program have confirmed continuous mineralization in this particular area over an approximate horizontal length of 30m with an average thickness of ~7m along the strike direction of the shear zones, further confirming the trend of mineralization identified by historical drilling. The mineralization is situated at an average depth of ~25m from topographic surface and is located ~200m northwest of the mine portal. Drilling to further test the extent of mineralization along strike and at depth below the existing mine workings is ongoing. The planned meterage for this drill program is 2066 meters with 828 meters (40%) completed to date.

In conjunction with previous drilling undertaken by Scorpio Gold as well as historic drilling, mineralization within the Goldwedge deposit has been traced over a total strike length of approximately 350m and 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.