Scorpio Gold - Shifts Focus to Manhattan District, Nevada: US$7.5M Asset Sale, Upsized Drill Program

In this KE Report company update, Scorpio Gold CEO Zayn Kalyan outlines the company’s strategic transformation: divesting the Mineral Ridge Project for US$7.5 million and ramping up exploration at the Manhattan District in Nevada.

Sale of Mineral Ridge Project:

• Total consideration of US$7.5M, paid in stages:
  
  
  
  
  • $700K deposit (due immediately)
    
    
  
  
  • $4.3M at closing (expected by August 25)
    
    
  
  
  • $2.5M in deferred payments over 12 months
    
    
  
  
  
  
• Decision driven by high holding costs and limited near-term value without significant mill investment
  
  
  
  

Drilling Focus at Manhattan:

• Phase 1: 6,300 meters nearly complete
  
  


• New goal: 15,000 meters by year-end
  
  
  
  
  • Second rig arriving in September, potential for a third
    
    
  
  
  
  
• Focused on the “gap zone” between Goldwedge and West Pit
  
  


• Targeting 200,000–300,000 ounces from this core zone
  
  

Catalysts on Deck:

• Initial NI 43-101 Resource Estimate coming soon
  
  


• Drill results imminent
  
  


• Targeting >2 million ounces within 12–18 months
  
  


• Resource will incorporate 140,000 meters of historic drilling across 1,800+ holes
  
  

Team Strengthening:

• Leo Hathaway, of Lumina Group fame, joins as Director and on the technical team
  
  


• Helping guide technical strategy and long-term development

Click here to visit the Scorpio Gold website to learn more about the Company.