Mining Co. Uncovers Bulk-Tonnage Gold at Nevada's Black Mammoth Project

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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.

Scorpio Gold Corp. (SGN:TSX.V) announced drilling results from two step-out holes of the Phase 2 drill program at its Manhattan District project in Nevada on June 2, 2026. So far, Scorpio Gold has drilled 91 holes in its Phase 2 program at a grand total of 25,838 meters. As of the time of the press release, data have been reported for 73 of these holes, with assays pending for 18 more.

Highlights from the assay results include:

• Hole 26MN-078 returned:
• 0.58 g/t gold over 18.04 meters (m) from 311.05 m at Black Mammoth.
• Mineralization found in hole 26MN-078 is hosted within volcanics of the Manhattan Caldera — similar to the setting at the Round Mountain Gold Mine, where broad zones of gold mineralization occur within volcanic units.
• Hole 26MN-088 returned:
• 0.35 g/t gold over 17.4 m from 185.96 m at Black Mammoth.
• Holes 26MN-078 and 26MN-088 follow up on previous Black Mammoth holes that returned:
• 0.75 g/t gold over 24.69 m from 230.12 m (26MN-053)
• 1.02 g/t gold over 40.23 m from 195.68 m (26MN-057)
• 0.62 g/t gold over 62.21 m from 230.43 m (26MN-069)
• 0.91 g/t gold over 15.79 m from 368.65 m (26MN-072).

VP of Exploration at Scorpio Gold, Harrison Pokrandt, said in the release: "We continue to intersect gold mineralization within the volcanic tuffs of the Oligocene Round Rock Formation — the caldera-fill volcanics — at Black Mammoth. Multiple holes drilled at Black Mammoth have now returned mineralization in these volcanic units, and the intercepts are wide, consistent, and remain open. This is similar to the geological setting at Round Mountain, where broad, disseminated gold mineralization is hosted within the caldera-fill volcanics and has supported decades of open pit mining."

Pokrandt went on to say: "At Black Mammoth, we are now drilling into the northern end of the current defined deposit where the caldera margin — the contact between the Ordovician sediments and the Oligocene volcanic package — becomes an increasingly dominant feature. Critically, this zone had never been tested with modern drilling prior to our program, making these results all the more significant. The repeatability of mineralization within the volcanic tuffs across multiple holes gives us confidence that this has the potential to not just be a narrow vein system. If the analogy to Round Mountain holds, the potential for wide, bulk-tonnage zones within the caldera volcanics at the north end of the Manhattan District is a genuinely compelling exploration target that we have only begun to test. Alongside our continued success at Zanzibar, we believe Black Mammoth is emerging as a second major growth front capable of adding meaningful ounces to the Manhattan District."

The Manhattan District is a historical producer located along the Walker Lane Trend in Nevada and just south of the Round Mountain Gold Mine, which is currently in operation and has produced more than 15 million ounces of gold in its lifetime. Manhattan holds several past-producing mines, which Scorpio Gold has consolidated under one entity that holds permitting and water rights for them all.

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.

War Manipulates Gold Prices

Gold remains a safe haven asset but is still vulnerable to fears of inflation and geopolitical uncertainties, as was evidenced by its drop in price after the U.S. and Iran exchanged fire on June 3, 2026. Spot gold hit a low of US$4,451.70 per ounce after oil prices shot up when U.S. military forces disabled an Iranian tanker, and Iran launched missiles at U.S. bases in Bahrain and Kuwait.

Still, most investors aren't too worried. In April, S&P Global wrote, "Gold is expected to remain volatile but structurally supported, with central bank demand and geopolitical risk helping to establish a price floor above recent correction lows."

Despite the volatility of gold, the sector as a whole is only showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has predicted that overall global metals prices will rise by 17% in 2026, which would mark the first overall market increase since 2022.

Expert Says Geography is Key

Jeff Valks, senior analyst at The Gold Advisor, assessed Zodiac's latest news, calling the results "not the loudest, but useful." Valks argued that location and geology were the homeruns of these assay results rather than mineral grades, saying, "That gives Black Mammoth a different flavor from the higher-grade, narrower hits Scorpio has been reporting at Zanzibar and Goldwedge."

The stock received a "Buy" rating from Valks, who holds a long position with no plans to sell.

A 2026 Packed with Catalysts

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$102.91 million, with 302.66 million shares outstanding. The company's 52-week range is CA$0.16-CA$0.64.

Institutions own 7.21% of shares, while Management and Insiders own 6.77%. The remaining 86.03% of shares are held by Retail.