Scorpio Gold Reports Broad Gold Intercepts From Goldwedge Drilling

Important Disclosures:

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of  Scorpio Gold Corp.
2. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

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.

Key Takeaways

• Hole 26MN-115 returned 3.02 g/t Au (gold) over 48.92 m (meters) at Goldwedge, including a rich section of 19.29 g/t Au over 5.24 m.
• Hole 26MN-118 intersected 1.19 g/t Au over 99.94 m, highlighting a long, continuous mineralized interval within the Goldwedge zone.
• Hole 26MN-116 stepped out about 50 m along the Zanzibar trend and hit two solid zones grading 0.93 g/t and 0.84 g/t Au.
• Scorpio Gold has drilled 114 holes so far at Manhattan, with 107 assayed and seven still pending.
• Manhattan already hosts a maiden inferred resource of 740,000 ounces of gold, and these results support a possible near-term underground start at Goldwedge.
• The Manhattan District spans 8.5 km (kilometers) of strike near the historic Round Mountain mine, which has produced over 15 Moz (million ounces) of gold.

Phase 2 Program Tests Areas Beyond Existing Resource

On September 2, 2026, Scorpio Gold Corp. (SGLD:TSX.V; SRCRF:OTCQB; SGLD:NASDAQ; RY9:FSE) reported assay results from four holes drilled as part of its Phase 2 program at the Manhattan District Project in Nevada, with the strongest results coming from the Goldwedge target. At Goldwedge, drilling has shown gold mineralization along the Reliance Fault, especially within the Ordovician Zanzibar Formation. Holes 26MN-115 and 26MN-118 were roughly 50 m step-outs along the projected fault from previously identified high-grade mineralization.

The company reported the following results:

• Hole 26MN-115 returned 3.02 g/t Au over 48.92 m from 118.87 m, including 19.29 g/t Au over 5.24 m. The hole also returned 5.14 g/t Au over 10.15 m from 173.58 m at the faulted contact between the Zanzibar Formation and Manhattan Caldera Volcanics, as well as 0.46 g/t Au over 16.70 m from 210.92 m within the volcanic rocks.
• Hole 26MN-118 returned 1.19 g/t Au over 99.94 m from 98.61 m, including 5.13 g/t Au over 4.16 m within the Zanzibar Formation.
• Hole 26MN-116, drilled along the Zanzibar Trend, returned 0.93 g/t Au over 22.16 m from 95.71 m, including 3.72 g/t Au over 3.75 m, and 0.84 g/t Au over 25.05 m from 205.07 m, including 3.63 g/t Au over 3.47 m.

Scorpio Gold said that the mineralization discovered to date is concentrated within a structurally complex zone of faulted and brecciated limestones and limey mudstones in the Zanzibar Formation. The company interprets the Goldwedge target as a "flower structure" associated with a dextral strike-slip fault zone. According to the press release, Scorpio Gold believes that it contains individual fault planes hosting higher-grade mineralization surrounded by broader moderate-grade zones.

The Zanzibar Trend is located between Mustang Hill and Goldwedge along the faulted contact between Paleozoic metasediments and the younger volcanic rocks of the Manhattan Caldera. Scorpio Gold believes the new results support multiple controls on mineralization, including structures parallel to the main contact fault and gently to moderately dipping bedding within the Gold Hill and Zanzibar formations.

The 2026 drilling program has tested areas both within and beyond the Inferred Resource Constraining Pit, targeting mineralization outside the 2025 Mineral Resource Estimate (MRE).

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.

Gold Market Provides Support for Exploration Activity

Junior miners and exploration companies hit the ground running this year after gold rallied to above US$5,500 per ounce in January. Many companies chose to begin exploration or production amid these highs. While prices have since fallen, and even dipped below US$4,000 in June, prices are still up 21% compared to August 2025, and Gold.org wrote that: "[T]he stage is set for a possible breakout. On the upside, clear catalysts — a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying — could reignite gold's momentum and lift it back towards US$4,500/oz or above." More bullish still, JPMorgan set a year-end 2026 target of US$6,300 per ounce in February, citing sustained central bank and investor demand.

On September 8, 2026, Trading Economics reported that gold was trading around US$4,400 per ounce, with the article calling its action "cautious" due to rising bets on a Federal Reserve rate hike and a weaker dollar as the nation waits for new U.S. inflation data this week. The continuing conflict between the U.S. and Iran are also affecting inflation. "Oil extended gains to multi-week highs amid escalating Middle East tensions after Yemen's Iran-backed Houthis attacked energy facilities and cities in Saudi Arabia, a key U.S. ally," Trading Economics said. 

On the economic news front, the article finished by asserting: "Meanwhile, Friday's stronger-than-expected jobs report pointed to a strengthening labor market, prompting traders to price in about a 60% chance of a Fed rate hike at the September meeting. While gold is traditionally viewed as a hedge against inflation, higher interest rates tend to weigh on the appeal of the non-yielding asset. Investors now await producer price data on Thursday and consumer price figures on Friday for further clues on the Fed's policy outlook."

The metals sector as a whole is also showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today  said that the World Bank Group has projected that its metals and minerals price index will rise 17% in 2026.

Expert Excited to "Book Some Profits"

On September 2, 2026, Chen Lin of What is Chen Buying? What is Chen Selling? weighed in on Scorpio Gold, writing: " SGLD (SGLD.v) jumped over 100% in the U.S. on good drilling results and [a] U.S. listing. It is halted as I am typing. This should be very good news for other Canadian stocks seeking a listing in the U.S. As a shareholder, I am using this opportunity to book some profits."

More Drilling Results and Technical Work Ahead

Scorpio Gold's investor presentation outlines the company's 2026 plans. Scorpio Gold plans ongoing resource expansion drilling totaling more than 50,000 meters in 2026, alongside work to define mineralization in historical resource zones, including Keystone Jumbo, Black Mammoth, Hooligan, and April Fool.

The company has drilled 114 holes totaling 32,585 m during its Phase 2 program. Assays have been reported for 107 holes totaling 30,889 m, with results from seven holes totaling 1,696 m still pending.

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

Finally, in Q4, the company plans to evaluate historical resource estimates through drilling and technical work.

Ownership & Share Information¹

Scorpio Gold Corp. has approximately 303 million shares outstanding, with a market value of approximately CA$115 million based on its September 4 TSXV closing price of CA$0.38 per share. The company's 52-week range is CA$0.235-CA$0.64. Institutions own 6.46% of shares, while Management & Insiders own 5.92%. The remaining 87.62% of shares are Retail.

Frequently Asked Questions

Where is Scorpio Gold's Goldwedge project?

Goldwedge is part of Scorpio Gold's 100%-owned Manhattan District in Nevada's Walker Lane Trend. The Manhattan District covers approximately 4,780 hectares and includes the Goldwedge Mine and several past-producing pits.

What is the Zanzibar Trend?

The Zanzibar Trend extends between the Mustang Hill and Goldwedge targets along a faulted contact between Paleozoic metasediments and younger volcanic rocks associated with the Manhattan Caldera.

What is Scorpio Gold's Phase 2 drilling program targeting?

Scorpio Gold's 2026 Phase 2 drilling program is testing areas both inside and beyond the Inferred Resource Constraining Pit, including mineralization outside the company's 2025 Mineral Resource Estimate.

How much has Scorpio Gold drilled in its Phase 2 program?

Scorpio Gold has drilled 114 holes totaling 32,585 m as part of its Phase 2 program. Assays have been reported for 107 holes totaling 30,889 m, with results from seven holes totaling 1,696 m still pending.

Why are Scorpio Gold's Goldwedge drilling results important?

The new results provide additional evidence of gold mineralization along the Reliance Fault and Zanzibar Trend, while drilling beyond the existing resource area could help Scorpio Gold evaluate the potential for resource expansion.

What is the outlook for gold prices?

Gold prices remain an important factor for gold exploration and development companies. The World Gold Council has identified several potential catalysts for gold, including economic weakness, geopolitical shocks, changing interest-rate expectations, and renewed investor buying.