High-Grade Gold Hits Strengthen Case for Nevada Discovery Amid Record Prices
Scorpio Gold Corp. (SGN:TSX.V) reported additional assay results from its 2025 drilling program at the Manhattan District Project, including 7.38 meters of 2.21 g/t gold and 2.77 meters of 3.54 g/t gold. Read how the company has completed 35 holes this year and continues to advance exploration across key zones within its consolidated Nevada district.
Scorpio Gold Corp. (SGN:TSX.V) announced further assay results from its ongoing 2025 drilling program at the Manhattan District Project in Nevada. The latest results, covering seven diamond drill holes from the second phase of drilling (25MN-027 through 25MN-033), build on the company's previously reported activity and include intervals located both within and outside the inferred mineral resource constraining pit (IRCP), which was modeled using a gold price of US$2,500 per ounce.
Among the key results, drill hole 25MN-030 intercepted 7.38 meters grading 2.21 grams per tonne (g/t) gold, including 2.29 meters of 6.64 g/t gold, approximately 100 meters below the IRCP. Hole 25MN-031 returned multiple intercepts, including 20.54 meters at 0.54 g/t gold, with a subinterval of 8.95 meters at 1.34 g/t gold, and another intercept of 2.77 meters grading 3.54 g/t gold.
Drilling targeted areas such as the Gap Zone, the West Pit, and the Reliance Trend. Hole 25MN-033 returned 1.37 meters at 4.17 g/t gold near surface, while hole 25MN-028 intersected 2.53 meters of 2.71 g/t gold at depth. Scorpio Gold stated that the drilling intercepted both previously mapped and newly identified mineralized structures, enhancing its understanding of the deposit's structural framework.
According to Scorpio Gold CEO Zayn Kalyan in the news release, "the results reported to date demonstrate that this drilling is additive to the existing mineralized system, with multiple intercepts extending mineralization beyond the current inferred resource footprint." He added that the company has completed 35 holes to date in 2025, totaling 10,880 meters of drilling, with 23 holes now reported and assays pending from the remaining 12 holes.
The current inferred mineral resource estimate at Manhattan includes 18.3 million tonnes grading 1.26 g/t gold for 740,000 ounces of contained gold, according to the NI 43-101 technical report effective June 4, 2025. The Manhattan District, located approximately 20 kilometers south of the Kinross Gold Corp. (K:TSX; KGC:NYSE) Round Mountain mine, has a historical production record of about 700,000 ounces of gold from both placer and lode operations.
Gold Approaches US$4,500 as Market Momentum Lifts Exploration Activity
Gold prices continued their upward trajectory in late December, reaching new all-time highs and contributing to renewed momentum in the precious metals exploration sector. On December 21, Bloomberg reported that spot gold had risen above US$4,383 per ounce during Asian trading, driven by escalating geopolitical risks and increasing expectations of interest rate cuts. According to the report, ongoing central bank purchases and rising interest in gold-backed exchange-traded funds (ETFs) were also key factors behind the rally.
By December 22, gold had gained further, climbing to US$4,429 per ounce. Market analyst Phoebe Shields described the advances in both gold and silver as "blinding rallies," highlighting the growing investor appetite across the broader materials sector. The continued strength in precious metals has also supported exploration-stage equities, particularly those focused on high-grade projects in established jurisdictions.
Jeff Clark and Jeff Valks of The Gold Advisor remarked that the market response had been positive, with the stock up over 268% year-to-date, and expressed continued confidence in Scorpio Gold's ability to grow the Manhattan Project into a multi-million-ounce asset.In a December 24 commentary, Bloomberg columnist Ven Ram acknowledged the current bullish sentiment while noting potential headwinds. He pointed to seasonal buying trends in India and China and noted that several banks are now forecasting US$5,000 gold.
"At almost US$4,500 an ounce now, that would be an upside of less than 12%," Ram wrote, referencing long-term inflation-adjusted returns for gold that have historically averaged 3.5% annually.
Gold ended 2025 with its strongest annual performance since 1979, climbing more than 70% to over US$4,500 per ounce. According to The Guardian on December 28, the month's rally was driven by expectations of interest rate cuts by the U.S. Federal Reserve in 2026, as investors moved toward hard assets to hedge against inflation and currency debasement.
The surge in gold prices mirrored similar gains across the broader precious metals market, with heightened geopolitical risks and continued central bank demand further supporting the metal's safe-haven appeal. The article noted that the current environment has drawn parallels to what analysts described as a "debasement trade," where capital inflows into gold and other stores of value accelerated amid economic uncertainty.
Analyst Coverage Highlights Continued Resource Growth and Scale Potential
On November 24, Jeff Clark and Jeff Valks of The Gold Advisor published an update on Scorpio Gold Corp. following assay results from seven new drill holes at the company's Manhattan District Project in Nevada. The analysts highlighted multiple high-grade intervals, 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 intercept returned 21.82 g/t gold over 3.23 meters, including a subinterval of 0.43 meters grading 159.94 g/t gold, which was capped to 9.95 g/t using a 70 g/t top cut for conservatism.
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 existing resource. The analysts noted that results from Mustang Hill, the Gap Zone, and the Reliance Trend all pointed to "significant expansion capability near the current Resource." The report emphasized that several step-out holes intersected mineralization up to 100 meters from the existing model, supporting the potential for a larger resource envelope.
In a quote included in the analysis, Scorpio Gold CEO Zayn Kalyan stated, "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 that "our confidence in a significantly expanded resource envelope continues to grow."
The analysts referenced the company's ongoing 50,000-meter drill program and stated that only 10% had been reported at the time of publication. They remarked that the market response had been positive, with the stock up over 268% year-to-date, and expressed continued confidence in Scorpio Gold's ability to grow the Manhattan Project into a multi-million-ounce asset.
Resource Expansion and Structural Mapping Continue in Historic Nevada District
Scorpio Gold's Phase Two drill program is part of a broader strategy to define and potentially expand the mineralized footprint at Manhattan. With results continuing to delineate mineralization both laterally and at depth, the ongoing work supports the company's stated 12-month plan to advance the project. This includes converting approximately 400,000 ounces to inferred resources at the Goldwedge and Manhattan open pit areas and evaluating historical resource zones such as Black Mammoth and April Fool for compliance with current NI 43-101 standards.
The company has outlined a goal of 50,000 meters of drilling across 2025-2026. According to its corporate presentation, the consolidated district includes geologically contiguous targets with shared infrastructure and historical development. The proximity of the project to past-producing mines, such as Round Mountain, adds to the geological significance of the area.
Streetwise Ownership Overview*
Scorpio Gold Corp. (SGN:TSX.V)
*Share Structureas of 12/31/2025Additionally, Scorpio Gold completed a US$7.5 million asset sale of the Mineral Ridge Mine and secured US$8 million in private placement funding earlier in 2025, reinforcing its balance sheet and funding future exploration work. The upcoming assay results from the remaining 12 holes, along with further structural analysis and metallurgical testing, are expected to inform the next stages of project development heading into 2026.
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.
Scorpio Gold has a market cap of CA$93.57 million, 212.99 million free-float shares, and a 52-week trading range of CA$0.08 to CA$0.50.
| Want to be the first to know about interestingGold investment ideas?Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
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.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.