Scorpio Gold Corp. (SGN:TSX.V) reported new assay results from its 2025 Phase Two diamond drilling program at the Manhattan District Project in Nevada. The latest results include data from three drill holes — 25MN-034 through 25MN-036, bringing the total number of reported holes to 26 out of 38 completed in the current program. In total, the company has drilled 11,906 meters, with results now disclosed for 8,584 meters. Assays for the remaining 12 holes, totaling 3,322 meters, are pending.
Hole 25MN-036, drilled along the Reliance Trend, returned 0.76 g/t gold over 25.02 meters from a downhole depth of 138.35 meters, including a higher-grade interval of 2.23 g/t gold over 7.47 meters. This hole also contained two additional intervals grading 0.31 g/t gold over 7.86 meters and 1.20 g/t gold over 2.16 meters. All three intervals fell within the Inferred Resource Constraining Pit (IRCP).
Hole 25MN-034, also along the Reliance Trend, returned three intervals: 0.51 g/t gold over 19.39 meters, 0.20 g/t gold over 5.49 meters, and 0.24 g/t gold over 9.8 meters. The first two intervals were located within the IRCP, while the third was located approximately 47 meters below it. Hole 25MN-035, drilled at the southern end of the West Pit, intersected 0.25 g/t gold over 7.01 meters within the IRCP.
According to the company, the mineralization reported is consistent with Scorpio Gold's existing geological model and remains structurally controlled. Oriented core drilling has improved structural understanding, and the focus remains on dilatational zones and intersections associated with low-sulphidation epithermal vein assemblages.
"We have started the year with strong operational momentum, with drilling progressing steadily across the Manhattan District and twelve completed holes currently in the lab awaiting results," said Zayn Kalyan, CEO and Director of Scorpio Gold, in a company news release. "In parallel with drilling within the current resource area, we are positioning one of our three active rigs to test targets outside the core resource footprint."
Global Instability and Central Bank Buying Fuel Gold Surge
Gold prices briefly surpassed US$4,700 per ounce, reaching US$4,937.50 at the time of writing, according to a January 20 report from GOLDINVEST. The article attributed the rise to intensifying geopolitical tensions and global trade uncertainty, describing gold as a traditional "safe haven" asset during periods of instability.
Citing the World Economic Forum's Global Risks Report 2026, GOLDINVEST noted that "geo-economic confrontation" was ranked as the top concern among global leaders.
Jeff Valks described the stock as still reading like a Buy, noting that it had risen 4% on the U.S. charts that day.
Referring to gold as the currency of "citizen kings," Thomson argued that rising demand is being fueled by growing distrust in governments and financial institutions. "The fundamentals in favour of gold are 'through the roof'," he wrote, pointing to increased central bank buying and widespread geopolitical unrest.
Further supporting the sector's momentum, GoldFix reported on January 21 that Poland's central bank had approved the purchase of up to 150 tons of gold. If completed, the transaction would bring Poland's total holdings to 700 tons. "This will place Poland among the elite 10 countries with the largest gold reserves in the world," the central bank stated. The move was linked to broader shifts in sovereign reserve strategies amid ongoing political and financial fragmentation.
Analyst Commentary Highlights New Zone and Expansion Potential at Manhattan Project
On November 24, Jeff Clark and Jeff Valks of The Gold Advisor published an update on Scorpio Gold Corp. following assay results from seven drill holes at the company's Manhattan District Project in Nevada. The analysts highlighted several notable intercepts, including 1.85 grams per tonne (g/t) gold over 24.67 meters, 1.52 g/t gold over 18.14 meters, and 0.94 g/t gold over 36.97 meters. One interval returned 21.82 g/t gold over 3.23 meters, with a subinterval of 0.43 meters grading 159.94 g/t gold, which was capped at 9.95 g/t using a 70 g/t top cut.
According to the report, Scorpio Gold identified a new mineralized zone at Mustang Hill that may represent an additional near-surface target adjacent to the current resource. The analysts stated that results from Mustang Hill, the Gap Zone, and the Reliance Trend indicated "significant expansion capability near the current Resource." Several step-out holes were reported to have intersected mineralization up to 100 meters outside the existing model.
Scorpio Gold CEO Zayn Kalyan, quoted in the report, said, "Encountering new zones of mineralization both near surface and at depth speaks to the true scale of the system, as well as the continuity we are rapidly defining across multiple target areas." He added, "Our confidence in a significantly expanded resource envelope continues to grow."
The analysts noted that the company was in the early stages of its 50,000-meter drill program, with only 10% of the results reported at the time of writing. They also pointed to strong market performance, stating the stock was up more than 268% year-to-date, and reaffirmed their view that Scorpio Gold had the potential to grow the Manhattan Project into a multi-million-ounce asset.
On January 23, Jeff Valks provided a follow-up update, highlighting new assay results from Scorpio Gold's Phase Two drilling at the Manhattan District. The report focused on hole 25MN-036, which intersected 0.76 g/t gold over 25.02 meters, including 2.23 g/t gold over 7.47 meters, starting at 138.35 meters downhole. Valks stated that the intercept adds thickness and continuity to mineralization previously defined along the Reliance Trend and falls within the Inferred Resource Constraining Pit.
The update also covered two additional holes from the same batch. Hole 25MN-034 returned three zones grading 0.51 g/t gold over 19.39 meters, 0.20 g/t gold over 5.49 meters, and 0.24 g/t gold over 9.8 meters, with the deepest intercept occurring approximately 47 meters below the modeled pit. Hole 25MN-035 intersected 0.25 g/t gold over 7.01 meters at the southern end of the historic West Pit.
The report noted that Scorpio Gold has now drilled 38 holes totaling 11,906 meters under its Phase Two program, with assays reported from 26 holes and 12 still pending. In a quote included in the update, CEO Zayn Kalyan said, "We have started the year with strong operational momentum, with drilling progressing steadily across the Manhattan District and twelve completed holes currently in the lab awaiting results." He added that one of the company's three active rigs is being repositioned to test areas outside the core resource, beginning with a two-hole program at Black Mammoth.
Valks stated that the results reinforce the scale and continuity of mineralization within the current resource shell while keeping attention on the pending assays. He described the stock as still reading like a Buy, noting that it had risen 4% on the U.S. charts that day. He disclosed that he had not taken a position, while Jeff Clark maintained his position with no plans to sell.
Pending Assay Results from 12 Drill Holes
Scorpio Gold has completed 12 additional drill holes (numbered 25MN-037 through 25MN-045 and 26MN-046 through 26MN-048) totaling 3,322 meters. These include follow-up and step-out holes in areas such as the Gap Zone, West Pit, East Pit, Goldwedge, Mustang Hill, and along the Reliance Trend. Assay results for all 12 holes are pending and will be reported when available.
The company is targeting a 50,000-meter drilling program over a 12-month period. This includes resource expansion drilling within the existing resource area and testing of historical zones with high-grade potential, such as Keystone Jumbo, Black Mammoth, Hooligan, and April Fool.
A two-hole drill program is scheduled to begin at Black Mammoth during the last week of January. This initiative is part of the company's effort to evaluate the broader district-scale potential of the Manhattan Project by exploring areas outside the current resource footprint.
A modern metallurgical program is underway to confirm that the mineralization is amenable to cyanidation. The program also aims to develop a preliminary process flow sheet based on historical recovery data.
Streetwise Ownership Overview*The company is targeting an updated Mineral Resource Estimate in the fourth quarter of 2026, with a goal of defining more than 2 million ounces of inferred gold resources at an average grade above 1 g/t.
According to the company's investor presentation, Scorpio Gold also plans to convert 400,000 ounces to inferred resources in the Goldwedge and Manhattan open pit areas, while bringing 300,000 ounces of historical resources into NI 43-101 compliance across zones, including Black Mammoth, April Fool, Hooligan, Keystone, and Jumbo.
Ownership and Share Structure1
8.65% of Scorpio Gold is held by the institution Euro Pacific Asset Management LLC.
4.12% is held by management and insiders, with Michael Townsend holding 1.54%, Ian Dawson with 1.18%, and Peter Hathaway with 1.03%.
The rest is retail.
The company has about 282.83 million shares outstanding. Scorpio Gold has a market cap of approximately CA$130.1 million and a 52‑week trading range of CA$0.08 to CA$0.50.
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- 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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- 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.
