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Gold Hits Continue Outside Nevada Resource Pit

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Source: Streetwise Reports (5/11/26)

Scorpio Gold Corp. (SGN:TSX.V) reported new drill results from the Black Mammoth target at its Manhattan District Project, including multiple gold intercepts beyond the current 2025 resource model.

Scorpio Gold Corp. (SGN:TSX.V) reported assay results from two step-out holes in the Phase Two drill program at its Manhattan District Project in Nevada, USA, including new mineralization identified at the Black Mammoth target area.

Hole 26MN-069 returned 0.62 g/t gold over 62.21 meters from 230.43 meters, including 3.17 g/t gold over 4.94 meters from 236.92 meters. Additional intervals in the hole included 0.39 g/t gold over 15.39 meters from 303.19 meters, 0.47 g/t gold over 10.79 meters from 323.27 meters, and 0.69 g/t gold over 3.96 meters from 353.33 meters.

Hole 26MN-072 returned 6.04 g/t gold over 4.86 meters from 308.23 meters, including 15.99 g/t gold over 1.78 meters from 308.23 meters. The hole also returned 0.91 g/t gold over 15.79 meters from 368.65 meters, including 16.43 g/t gold over 0.73 meters from 379.23 meters.

According to the company, holes 26MN-069 and 26MN-072 were drilled as 50-meter step-outs to the west and east of hole 26MN-053 at Black Mammoth. Both holes tested more than 250 meters beyond the Inferred Resource Constraining Pit, targeting mineralization outside the 2025 mineral resource estimate block model.

Scorpio Gold stated that the mineralization encountered in hole 26MN-069 was hosted within volcanics of the Manhattan Caldera. The company said this was similar to the setting at the Round Mountain Gold Mine, where broad zones of gold mineralization occur within volcanic units.

The company reported that all four drill holes completed to date at Black Mammoth intersected broad intervals of gold mineralization in an area that had not previously been drilled. Earlier holes 25MN-053 and 25MN-057 returned 0.75 g/t gold over 24.69 meters from 230.12 meters and 1.02 g/t gold over 40.23 meters from 195.68 meters, respectively.

Scorpio Gold stated that it has drilled 79 holes totaling 23,065 meters as part of its Phase Two diamond drilling program. Assay results have been reported for 60 holes totaling 19,694 meters, while assays remain pending for 19 holes totaling 3,371 meters.

"As we continue to build momentum at Zanzibar, we are now seeing similarly strong results emerging from Black Mammoth, where all four drill holes completed to date have intersected broad intervals of gold mineralization in an area that had never previously been drilled," said Harrison Pokrandt, VP Exploration for Scorpio Gold, in a company news release.

Pokrandt added that "much of this mineralization is hosted within the volcanics of the Manhattan Caldera," and stated that "the widths and continuity we are now seeing at Black Mammoth suggest the potential for a much broader mineralized system than previously recognized."

Gold Prices, Market Volatility, and Precious Metals Demand

According to a May 8 analysis from Adam Hamilton of Zeal LLC titled "High Gold Enduring," gold prices had remained elevated despite what he described as "the most extreme overboughtness in nearly a half-century." Hamilton wrote that "high gold prices are enduring," adding that gold had "largely consolidated high since" late January's rally.

Hamilton stated that gold had soared 37.1% in 2.8 months into late January and reached "43.4% above its baseline 200-day moving average on close," which he described as "gold's most extreme overboughtness in a staggering 45.9 years." He noted that historical precedent had pointed toward a potential "20%-to-25% drawdown," though subsequent price action differed from earlier cycles.

In the same report, Hamilton wrote that gold had rebounded following an 18.6% selloff over 1.8 months, which he said was "closer to the next-ten-largest cyclical gold bulls' average of 20.8% over 2.1 months." He stated that "high consolidations of recent years are readily apparent," and added that "potentially five in a row now is truly remarkable."

Hamilton also discussed supply and demand dynamics within the gold sector. He wrote that "global gold mined supplies only increase on the order of 1% per year," citing World Gold Council data that showed mined gold supplies had grown an average of 1.3% over the previous decade. He stated that "relatively-way-more currencies available to chase relatively-much-less gold certainly argues for a higher price regime."

He further wrote that investor allocations to gold remained limited, noting that "the total value of GLD+IAU+GLDM's gold was less than 0.5% of the S&P 500's value" even as gold peaked in late January. Hamilton stated that "investors' gold portfolio allocations remain incredibly low," while adding that "gold thrives in inflationary times."

Later on May 8, a Yahoo Finance report by Tim Manni stated that June gold futures opened at US$4,682.50 per troy ounce before rebounding in early trading. By 10:45 a.m. ET, the report stated that gold was holding at US$4,731.80, while silver futures were priced at US$81.30 per ounce.

According to the Yahoo Finance report, gold and silver prices had risen 2.22% and 7.29%, respectively, over the previous five days. The report stated that investors had approached trading cautiously ahead of the monthly jobs report and following "an exchange of attacks between Iranian missiles, drones, and small boats and U.S. naval ships."

The Yahoo Finance report also included commentary from several market participants regarding portfolio exposure to precious metals. Blake McLaughlin, executive vice president at Axcap Ventures, stated that "historical data support a gold allocation of 5% to 8%." McLaughlin added that "the metal holds a set of attributes that are increasingly hard to ignore," including "resilience amid economic uncertainty and geopolitical unrest."

Thomas Winmill, portfolio manager at Midas Funds, stated that "most investors will benefit from a long-term gold allocation of 5% to 15%," while Vince Stanzione, CEO and founder at First Information, stated that "gold keeps with inflation and gold retains its purchasing power."

Third-Party Commentary Highlighted Expansion Potential at Black Mammoth

According to a May 7 report from The Gold Advisor by Jeff Clark and Jeff Valks, Scorpio Gold reported additional Phase Two drill results from the Black Mammoth area at the Manhattan District Project in Nevada.

In the report, senior analyst Jeff Valks wrote that "Black Mammoth gets the spotlight" following the latest drill results. The report highlighted intercepts from holes 26MN-069 and 26MN-072, including "62.21 meters at 0.62 g/t gold, including 4.94 meters at 3.17 g/t gold" and "4.86 meters at 6.04 g/t gold, including 1.78 meters at 15.99 g/t gold."

The Gold Advisor report stated that both drill areas "were tested more than 250 meters beyond the Inferred Resource Constraining Pit," adding that this placed "new gold outside the current 2025 maiden resource block model."

The report also referenced comments from Scorpio Gold VP Exploration Harrison Pokrandt, stating that "all four Black Mammoth holes hit broad gold mineralization in an area that had never previously been drilled."

Additionally, Valks wrote that "Zanzibar already had the market's attention. Black Mammoth now gives Scorpio another growth front in Manhattan." He also stated that "good district stories get better when more than one zone starts throwing gold on the board."

Manhattan District Development Plans

According to the company's investor presentation, Scorpio Gold is targeting an expanded 50,000-plus meter drill program over 12 months at the Manhattan District Project.

The investor presentation stated that ongoing resource expansion drilling of more than 50,000 meters in 2026 is planned alongside work to define mineralization in historical resource zones, including Keystone Jumbo, Black Mammoth, Hooligan, and April Fool.

Streetwise Ownership Overview*

Scorpio Gold Corp. (SGN:TSX.V)

Restructures

Date	Old Symbol	Old Shares	New Symbol	New Shares
11/24/23	SGN	9	SGN	1
04/15/19	SGN	2	SGN	1
06/15/09	FIV.P	3	SGN	1

^*Share Structure as of 5/10/2026

The presentation also outlined plans for a modern metallurgical program with a draft process flow sheet and plan scheduled for Q3 2026, along with evaluation of historical estimates through additional drilling and technical work targeted for Q4 2026.

According to the investor presentation, Scorpio Gold's 12-month plan includes advancing drilling at Goldwedge and Manhattan open pit areas to define additional inferred resources, while also advancing exploration to test historical estimates at Black Mammoth, April Fool, Hooligan, Keystone, and Jumbo.

The presentation further stated that the company planned to continuously drill targets near Goldwedge and the Manhattan open pits as part of a program targeting an inferred resource of 2 million ounces of gold grading more than 1 g/t gold. The investor presentation noted that the 2-million-ounce target was conceptual in nature and referred to an exploration target only.

Ownership & Share Structure¹

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.

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Important Disclosures:

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.
James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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.

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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.

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