Scorpio Gold Reports Final Results from Phase I Exploration Drilling at the Manhattan Mine Property, Nevada

VANCOUVER, BC / ACCESSWIRE / January 4, 2022 / Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSXV:SGN) is pleased to provide the final results of its surface RC drilling program at the Manhattan West and East pits at the recently acquired Kinross Manhattan Property in Manhattan, Nevada.

Thirty-one holes (6907m) were completed in this Phase I program, including 19 holes in the West Pit area and 12 holes in the East Pit area (Figure 1). Assay results for 12 holes drilled in the West Pit and 5 holes in the East Pit area were reported in the Company's July 20, September 7, November 2 and December 9, 2021 news releases.

Scorpio Gold's geological staff are in the process of compiling and reviewing the analytical and geological data in context with historical results to build a better understanding of the controls to mineralization and structural complexity of the East and West pit areas. Planning for a Phase II drilling program is in progress and will focus on defining the extent and continuity of the multiple mineralized zones intersected to date.

Table 1: Manhattan Mine Drilling - Remaining Significant Results

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. 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.

Figure 1. Geological plan map of the West and East pits in the Manhattan Mine area

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

Chris Zerga
CEO & Director

For further information contact:

Chris Zerga, CEO & President
Email: [email protected]

Diane Zerga, General Manager
Tel: (775) 401-1637
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.

SOURCE: Scorpio Gold Corporation