Welcome to our dedicated page for Scorpio Gold news (Ticker: SRCRF), a resource for investors and traders seeking the latest updates and insights on Scorpio Gold stock.
Company Overview
Scorpio Gold Corporation (SRCRF) is a Nevada-based gold exploration company committed to unlocking the potential of its two past producing mines in the Walker Lane Trend of Nevada. With a diversified portfolio anchored by the Manhattan District and the Mineral Ridge project, the Company has built a reputation for leveraging extensive historical data and modern exploration techniques to advance its properties in a mature mining jurisdiction.
Core Assets and Operations
Scorpio Gold holds 100% interest in the Manhattan Mine and the Mineral Ridge Mine. The Manhattan District comprises the advanced exploration-stage Goldwedge Project with a 400 ton per day gravity mill and an expansive land package that includes historically productive open pit areas and underground workings. The Mineral Ridge project, with its proven historical production and established infrastructure including permitting, water rights, and connectivity to adjacent exploration targets, represents a near-term opportunity that has been developed over years of mining operations.
Exploration and Technical Expertise
At the heart of Scorpio Gold's operations is a robust exploration program that integrates over 100,000 meters of historical drilling data with modern geological and geophysical techniques. The Company’s approach to exploration is underpinned by the use of advanced drill planning, detailed mapping, and sampling programs designed to support NI 43-101 compliant resource estimates. Specialized technical consultants help model historical drillholes and target extensions along structures such as the Reliance Fault and the Goldwedge Trend, ensuring that the resource potential is accurately defined.
Operational Strength and Management
The operational strength of Scorpio Gold is further enhanced by a dedicated management team and board of directors with deep industry experience in mining, exploration, and corporate finance. Recent strategic initiatives have led to a recapitalization and management restructure, positioning the Company with a strong financial foundation and an operationally efficient framework. This new management focus, combined with strategic financing efforts, underlines Scorpio Gold's commitment to disciplined exploration and value creation while remaining unbiased and fact-based in its reporting.
Market Position and Industry Context
Positioned within one of the world’s premier mining jurisdictions, Scorpio Gold competes in a robust market characterized by intricate geological settings and stringent technical regulations. The Company distinguishes itself by maintaining an extensive modern database that supports its exploration and resource definition efforts. This technical rigor and a clear focus on harnessing historic exploration data through updated methodologies emphasize the Company’s commitment to long-term operational excellence and transparency for investors.
Infrastructure and Permitting
Both of Scorpio Gold's key assets benefit from established permitting and operational infrastructure. The Manhattan District features permitting that supports multiple exploration drilling campaigns as well as the possibility of open pit mining, while Mineral Ridge’s proven history of production, coupled with developed infrastructure and water rights, contributes to its near-term development potential. This solid operational base is further enhanced by fiscal discipline and a track record of engaging experienced technical advisors.
Commitment to Transparency and Expertise
Scorpio Gold emphasizes transparency in its operational and strategic initiatives, coupling detailed technical reports with regular updates. The Company’s narrative is supported by comprehensive QA/QC protocols and is aligned with industry standards such as NI 43-101 disclosures. This approach not only instills confidence among market participants but also underscores the Company’s commitment to excellence in technical exploration and reporting.
Investor and Market Communication
While Scorpio Gold remains focused on definitive exploration and resource definition, its expanded trading presence, including listing on U.S. OTC platforms, ensures enhanced visibility and liquidity for investors. Consistent and detailed updates, combined with participation in key industry events and investor forums, illustrate the Company’s ongoing engagement with the investment community through unbiased and data-driven communications.
Scorpio Gold (SRCRF) has successfully completed its over-subscribed financing, raising total gross proceeds of $7,070,000 through the issuance of 88,375,000 common shares. The second and final tranche closed with the issuance of 21,292,645 shares at $0.08 per share, generating $1,703,411.
The company paid $107,588 in cash finder's fees and issued 3,364,850 finder's warrants, exercisable for 12 months at $0.08. The proceeds will fund property maintenance, exploration, and development of the Manhattan Projects, along with general working capital. Securities from the second tranche have a hold period ending August 22, 2025.
Scorpio Gold (SRCRF) reported key achievements for 2024 and outlined catalysts for 2025. The company successfully raised $8.5M through private placements, including a $6M placement with Altus Gold and a $2.5M placement with debt conversion. Major management changes included appointing Zayn Kalyan as CEO and strengthening the team with new advisory committee members.
The company more than doubled its land position in the Manhattan District, delivering strong drilling results including 1.69 g/t over 55.7m. A comprehensive drilling database has been compiled to support an upcoming maiden mineral resource estimate (MRE). For 2025, Scorpio Gold plans to drill minimum 10,000 meters in the Manhattan District, conduct detailed geophysical surveys, and perform regional geological mapping.
Additionally, the company announced the appointment of Andrea Yuan as Chief Financial Officer, replacing Chris Richards. The company also identified value-extraction opportunities at its Mineral Ridge project.
Scorpio Gold (SRCRF) has announced significant drilling results from its Manhattan District Project in Nevada. The key highlight is Hole 24MN-009, which returned 1.69 g/t gold over 55.7 metres, including higher-grade sections of 2.53 g/t Au over 8.7m and 4.71 g/t Au over 8.8m. The results demonstrate open-pit potential at the Goldwedge Underground Stope Trend, which remains open at depth and along strike.
The 2024 drilling campaign had two main objectives: supporting an open-pit focused maiden mineral resource estimate and testing expansion potential of the Goldwedge Trend. Hole 24MN-009 successfully extends mineralization 115m below surface, confirming the company's belief in Manhattan's potential as a multi-million-ounce gold resource in Nevada.
Scorpio Gold (TSXV: SGN) (OTCQB: SRCRF) has announced its participation in the upcoming 121 Mining Investment Dubai conference on November 19-20, 2024, along with a European roadshow in Zurich (November 12) and Paris (November 14). The company's management will discuss the ongoing Manhattan drill campaign in Nevada's Walker Lane Trend, including Phase 1 drill results, with Phase 2 results expected soon. They will also review upcoming catalysts, particularly the NI-43-101 compliant mineral resource estimate at Manhattan planned for Q1 2025.
Scorpio Gold (SRCRF) has appointed Jeffery Lindstrom as VP of Operations to manage its Manhattan and Mineral Ridge mines in Nevada. Lindstrom, an associate with Daniel Kunz and Associates (DKA), brings over 30 years of mining industry experience. The company announced that Christopher Zerga and Diane Zerga are no longer serving as COO and VP Operations respectively, though Christopher remains a director. Additionally, the company granted 4.3 million stock options at $0.135, 350,000 stock options at $0.15, and 900,000 restricted share units to consultants and employees.
Scorpio Gold has appointed Leo Hathaway as Technical Advisor to its advisory panel. Hathaway is a Professional Geologist with 30 years of industry experience, currently serving as Executive Chairman of Golden Shield Resources and Senior VP of Lumina Gold. His notable achievements include the $1.65bn sale of Lumina Copper projects and involvement in Ventana Gold's $1.5bn La Bodega project sale. The appointment aims to strengthen the company's technical team as it works toward filing a NI-43-101 compliant resource at Manhattan in Q1 2025 and advancing exploration in the Manhattan District along Nevada's Walker Lane Trend.
Scorpio Gold has announced significant drilling results from its 2024 Manhattan District campaign in Nevada. Notably, Hole 24MN-007 yielded 6.08 g/t Au over 9.4 metres, including 15.62 g/t Au over 3.4m and 63.70 g/t Au over 1.0m. Hole 24MN-006 returned 5.50 g/t over 1.5m and 5.33 g/t over 2.2m.
The drilling program demonstrates potential to connect high-grade gold mineralization from Goldwedge Underground through Echo Bay West and East Pits, spanning approximately 1.8 km. The company is working towards Manhattan's maiden mineral resource estimate, with additional assay results pending from Phase 1 and 2 drill holes.
Scorpio Gold (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) has announced its participation in two upcoming investor events. CEO and Director Zayn Kalyan will be attending the 121 Mining Investment New York conference on October 21-22, 2024, where he will speak on the Exploration Panel and conduct one-on-one meetings with investors. Additionally, Mr. Kalyan is scheduled to present at the 2024 Kinvestor Day Virtual Conference on October 24th at 11:45 am PST / 2:45 pm EST.
The Kinvestor Day 2024 (KD24) is a virtual conference featuring small and mid-cap public companies in mining and other sectors. It will include a roundtable panel on gold and precious metals with industry experts. Scorpio Gold recently closed a $2.5 million private placement on October 3, 2024, and is awaiting assay results from Phase 1 of the Manhattan Drill Campaign announced on August 1, 2024.
Scorpio Gold (TSXV: SGN) (OTCQB: SRCRF) has significantly expanded its land position at the Manhattan project, increasing from 2,063 hectares to approximately 4,779 hectares. This expansion includes the staking of over 2,716 hectares of new unpatented claims, driven by a review of historic exploration data compiled by Kinross Gold and Scorpio Gold.
The Manhattan District has historically produced over 600,000 ounces of gold from various mining operations. The area is characterized by low sulfidation epithermal gold and silver mineralization, as well as Carlin-type mineralization in certain parts. The new claims show anomalous metals in soils, particularly elevated gold, arsenic, and antimony, which are proximal to a low angle thrust contact between geological formations.
Scorpio Gold (TSXV: SGN) (OTCQB: SRCRF) (FSE: RY9) has announced its participation in the upcoming Metals Investor Forum in Vancouver on September 20-21, 2024. CEO Zayn Kalyan will deliver a corporate presentation on September 20th at 10:40am PT. The company has also completed two share-for-debt transactions, issuing 18,950,411 common shares to extinguish $4,098,099 in debt. Additionally, Scorpio Gold has engaged the Mining Stock Daily Podcast for priority dissemination and advertising services, agreeing to pay US$6,000 per month for 12 months, subject to TSX Venture Exchange approval.
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