Mining Co. Hits 45.19 g/t Gold in Nevada Step-Out Breakthrough

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Canadian mining company Scorpio Gold Corp. (SGN:TSX.V) released results from its five step-out holes Phase 2 drill program at the Manhattan District Project in Nevada, U.S. On April 16, 2026, Newsfile Corp. covered the news release, with highlights including:

• Hole 26MN-063 returned 2.09 g/t gold over 22.25 meters ("m") from 34.14 m, including 45.19 g/t gold over 0.85 m from 39.84 m along the Zanzibar Trend.
• Hole 26MN-061 returned 0.54 g/t gold over 18.07 m from 50.21 m at Stray Dog.
• Hole 26MN-059 returned 1.05 g/t gold over 13.26 m from 199.03 m and 1.05 g/t gold over 13.01 m from 281.61 m along the Reliance Trend.

The Phase 2 drilling program has covered 72 drill holes: 25MN-011 through 25MN-045, 26MN-046 through 26MN-077, 26MN-079, and 26MN-081, for a grand total of 20,518 meters. The company has reported assay results on 48 of these holes, while assays are pending for 16 more.

In the release, VP of Exploration at Scorpio Gold, Harrison Pokrandt, gave a quote: " The Zanzibar Trend has quickly emerged as a priority-one target for the company, representing a newly defined zone that splays off the main Reliance structure. Surface mineralization first demonstrated in hole 25MN-044, which returned 3.14 g/t gold over 49.62 meters, has now been successfully followed up with a step-out to the southeast along a 700-meter largely untested strike corridor extending from Goldwedge to Mustang Hill. Drill hole 26MN-063 further demonstrates continuity along the trend, particularly along the eastern limb of the Manhattan Anticline. As a splay off the principal structural corridor and with limited historical testing, we believe this trend has significant potential to be additive to the existing resource base, supported by the presence of promising grades encountered to date. We continue to allocate focused drilling to this area, with one of our three active rigs currently dedicated to advancing the Zanzibar Trend."

Notably, the Zanzibar Trend results show testing of the Ordovician Zanzibar Formation, with mineralization trending southeast of Goldwedge and toward Mustang Hill. The hole contains three intervals hosted in the Ordovician Zanzibar Formation limestones and fine gained meta-sedimentary units, including ". . . 0.45 g/t gold over 2.99 m from 13.41 m, 0.83 g/t gold over 4.63 m from 25.30 m, and 2.09 g/t gold over 22.25 m from 34.14 m; including 45.19 g/t gold over 0.85 m from 39.84 m."

Drill holes 26MN-059 and 26MN-062 in the Reliance Trend showed further promising results. 26MN-059 showed seven intervals of mineralization in the Cambrian Gold Hill Formation, to the north of the West Pit, showing ". . . 9.18 g/t gold over 0.91 m from 96.02 m, 0.48 g/t gold over 9.02 m from 156.91 m, 1.05 g/t gold over 13.26 m from 199.03 m, including 3.53 g/t gold over 3.20 m from 204.06 m, 0.46 g/t gold over 5.33 m from 221.59 m, 0.29 g/t gold over 4.42 m from 252.53 m, 7.16 g/t gold over 1.8 m from 281.6 m, and 1.05 g/t gold over 13.01 m from 281.61 m, including 0.72 g/t gold over 12.57 m from 298.63 m."

26MN-062 contains 5 intervals of mineralization in the same area, with results hosting in fine grained meta-sedimentary clastic and carbonate units, showing, ". . . 0.29 g/t gold over 15.21 m from 67.82 m, including 1.51 g/t gold over 2.16 m from 67.82 m, 0.29 g/t gold over 11.55 m from 126.19 m, and 0.7 g/t gold over 3.47 m from 224.19 m."

Finally, two holes at Stray Dog, 26MN-60 and 26MN-061, showed the following results:

"26MN-060 contains two intervals hosted in the Cambrian Gold Hill Formation to the southwest of the historic USD Pit. These intervals are hosted in fine grained meta-sedimentary clastic units containing 0.20 g/t gold over 21.03 m from 109.03 m and 0.28 g/t gold over 4.97 m from 212.2 m. 26MN-061 contains five intervals hosted in the Cambrian Gold Hill Formation to the southwest of the historic USD Pit. These intervals are hosted in fine grained meta-sedimentary clastic units containing 0.43 g/t gold over 8.63 m from 3.99 m, 0.20 g/t gold over 19.78 m from 21.64 m, 0.54 g/t gold over 18.07 m from 50.21 m, including 1.23 g/t gold over 5.82 m from 61.14 m, 0.30 g/t gold over 6.68 m from 107.59 m, and 0.81 g/t gold over 9.91 m from 188.45 m, including 3.5 g/t gold over 1.45 m from 196.91 m."

The Black Mammoth, April Food, Hooligan, Keystone, and Jumbo areas of Manhattan comprise 1.65 million tonnes, grading 5.89 g/t gold for a total of 303,949 oz contained gold. The historical Mineral Resource Estimate (MRE0 interprets this as a low-sulfidation, epithermal, gold-rich system.

Scorpio Gold is a Canadian mining company that holds a 100% interest in the Manhattan District located in the Walker Lane Trend of Nevada, U.S. Scorpio Gold's Manhattan District is ~4,780-hectares and comprises the advanced exploration-stage Goldwedge Mine, with a 400 ton per day maximum capacity gravity mill, and four past-producing pits that were acquired from Kinross Gold Corp. (K:TSX;  KGC:NYSE) in 2021.

The Strait of Hormuz Reopens, Gold Rallies

Gold investors have had shaky hands, watching inflation rates rise, and metal stocks wobble as the U.S.-Iran War continues. Simultaneous hints of coming peace and military aggression are making the market hard to predict. On April 17, 2026, Josh Chait interviewed unnamed Metals Focus analysts from the Silver Institute for Stockhead.

"Our base case is that the situation will be contained, and that the recent pressure that rising U.S. rate expectations have placed on precious metals prices will be temporary," they said. "Even if the conflict proves prolonged, though, over time, weaker growth, inflationary pressures, and fiscal strain would likely weigh on real yields. Coupled with a resurgence of safe-haven demand as pro-cyclical markets contend with liquidations, this should rekindle interest in both gold and silver." The analysts ended their positive suppositions with a warning: these estimates are based on a healthy physical investment demand, which has shown instability in Q1 2026.

But Matthew Piepenburg of Von Greyerz Gold has more faith in the market. On April 17, he argued, "Gold is rising because over-expanded, and hence diluted, paper currencies are falling. For thousands of years, gold, which is real money, has protected far-sighted investors in such repeated scenarios as a superior store of value to sovereign currencies. The USD is not, and will not be, an exception to this blunt fact."

With President Trump's Friday morning announcement on April 17 that the Strait of Hormuz has been fully reopened, gold stocks have soared today. With oil futures declining, gold has had a more than healthy day. After market open on April 17, Ernest Hoffman of Kitco wrote that, " Gold prices had been rallying since the spot price broke definitively above the US$4,800 per ounce resistance level shortly after 8:20 am Eastern, but the announcements of the reopening of the Strait added rocket fuel to the upward move, driving spot gold to a daily high of US$4,890.78 just five minutes later."

Experts Say Betty East 'Isn't Finished Telling Its Story'

Jeff Clark and Jeff Valks of The Gold Advisor discussed Scorpio Gold in an April 16, 2026, report, citing the company's newest land acquisition and most recent drill results as a ". . . fresh opportunity." Regarding the acquisition of the Betty East property, Valks and Clark had this to say: "Betty East hasn't seen much drilling lately, but it carries useful historical signals. Earlier reverse-circulation work identified near-surface gold mineralization and outlined deeper conceptual targets. Soil surveys later highlighted a north-south epithermal gold-arsenic signature and a second east-northeast trend extending more than 1.5 km long and up to 1 km wide with arsenic, mercury, silver, antimony, Molybdenum, zinc, copper, and tungsten anomalies."

They then asserted, "That combination usually means the system isn't finished telling its story."

Scorpio Gold earned a Buy rating from these experts, with Valks claiming that it is currently undervalued. Valks and Clark maintain a long view of the stock.

Drilling All of 2026

Scorpio Gold's investor presentation outlines the company's 2026 plans. The company will spend Q2 2026 continuing resource expansion drilling, with a goal of 50,000 meters this year. Key areas of interest include the Keystone Jumbo, Black Mammoth, Hooligan, and April Fool targets.

In Q3 2026, Scorpio Gold plans to complete a modern metallurgical program with a draft process and flow sheet.

Finally, in Q4, the company will evaluate historical estimates through drilling and technical work.

Ownership & Share Information¹

Scorpio Gold Corp. has a market cap of CA$108.83 million, with 302.30 million shares outstanding. The company's 52-week range is CA$0.11-CA$0.64.

Institutions own 6.72% of shares, while Management & Insiders own 3.41%. The remaining 89.87% of shares are held by Retail.