Scorpio Gold Corporation announced the commencement of a phase II reverse circulation (RC) drilling program at its Goldwedge property located in Manhattan, Nevada. Boart Longyear was selected to conduct the RC drilling program which commenced on March 29, 2022. The planned program consists of 59 RC drill holes with a total of 10,800m and drilling is expected to continue for the next 6-7 months.

The program was designed around results encountered in the 2021 Phase I program. The target areas are situated around the Manhattan West and East pits, and between the Goldwedge underground and the open pits. The proposed drill holes on section will be targeting the lateral extent and continuity of the mineralization trending toward NW strike direction of the West Pit.

The drilling will also be used to confirm the underground continuity potential in down dip direction of the Reliance Fault zone which is host to high-grade gold mineralization targets. Additional prospective areas expected to be tested during this campaign of drilling, include the SE continuity of the mineralization structure from the West Pit towards East Pit area and identified new parallel structures at both NE and SW sections of West Pit. Additional planning to confirm structural continuity for some areas with a diamond drill holes (DDH) have been designed and consist of 33 holes with total of 7,400m of core drilling.

A total of 12 RC drill holes have been completed to date, which represents 22% (2,350 m) of the planned RC drill program. Phase II drilling at the West pit area confirms strong mineralization trends with high-grade interceptions along the northwestern and southwestern sections. Highlights of the significant intercepts are as follows: MWRC22-003 ­ intercepted 27.16g/t over 16.8m including 145.74g/t over 3.1m from 59.5m along the drill hole depth.

Additional intercepts contain 2.12g/t over 16.8m including 9.3m over 1.5m from 80.8m depth along the drill hole. MWRC22-008 ­ intercepted 4.52g/t over 4.6m from 147.9m along the drill hole depth and 9.36g/t over 1.5m from 115.9m depth along the drill hole. MWRC22-010 ­ intercepted 11.98g/t over 13.7m including 39.43g/t over 3.1m from 134.2m along the drill hole depth.

Additional intercepts contain 1.17g/t over 9.2m from 71.7m depth along the drill hole. MWRC22-011 ­ intercepted 26.62g/t over 1.5m from 48.8m along the drill hole depth. Gold mineralization at northwestern section of the West Pit have been identified within two different trends which are structurally controlled by the Brugher Cross fault striking in the NE-SW direction.

Mineralization intercepted in MWRC22-003 are strongly associated with `West Pit Main Trend' which is predominantly drusy quartz-adularia veins occurring with coatings on fracture surfaces and oxidized Fe- stained pyrite within the Gold Hill Quartzite ±Phyllite units. This trend may be trending parallel to the Reliance Fault Zone (shear zone) which is host to high-grade mineralization. Other mineralization trends were identified at the southwestern section of the West Pit during the drilling campaign which are presumably parallel structures striking in the NW-SE direction.

Drill holes MWRC22- 008 and MWRC22-009 located furthermost to the southwest intercepted mineralization structure anticipated to be a separate structure related to the `Thrust Fault Trend'. The holes were predominantly drilled within the Gold Hill Formation and mineralization consists of fine disseminated pyrite, and minor quartz-pyrite veins with Fe staining and generally confined within the fault zone. Drill hole data reviewed indicated that no historical drilling has been conducted to confirm the continuity of the trend, so this opens a new prospective area for exploration in both NW and SE direction of the structure.