Situated on the southern periphery of the Manhattan Caldera, approximately 16 km south of the over 15-million-ounce Round Mountain Mine is the 100% owned Manhattan property. 

This 6,071-acre property encompasses the Goldwedge Mine, the recently acquired Kinross Manhattan properties with two past producing gold mines, and the Keystone and Jumbo deposits.

The Goldwedge Mine is a fully permitted underground mine with over 600 meters of excavation. Drilling has outlined mineralization over a 335-meter strike length and to a vertical depth of over 150 meters (open).

Considerable exploration work on the Manhattan properties has been conducted by various operators since production ended at the Manhattan Mine in 1990.

2025 Drill Program:

• Phase One diamond drill program totalling 3,400 metres in 12 holes commenced on April 29, 2025.
• Three holes have been drilled to date (June 19, 2025), totalling 914 m.
• Phase One drilling is focused on three target areas, the Gap Zone, located between the historic Goldwedge and West Pit mines the Zanzibar Trend, connecting the Goldwedge to the third target zone at Mustang Hill’s historic underground mines.
• Drilling aims to follow up on the intercepted Zanzibar Trend in hole 24MN-009, with an interval of 1.69 g/t gold over 55.6 m (see news release dated December 11, 2024), and Mustang Hill which was intercepted with an interval of 3.89 g/t Au over 41.2 m (see news release dated October 6, 2022 and Figure 3). 

Figure 1 - Regional Location Map

Figure 2 - Plan view map of 2025 Phase 1 drill hole collars and target locations, with significant previous results noted.  

Figure 3 – Cross section of 2022 drilling results from drill hole MWRC22-021. See news release dated May 12, 2022. 

2025 Resource Estimate:

• Targeting to announce the Maiden Resouce Estimate by Q3 2025.

Scorpio has also digitized an enormous quantity of historical data, dating back to the 1950s, for incorporation into the resource estimate, as well as property scale exploration and other work, such as planned metallurgical studies. In terms of previous drilling, approximately 140,000 m in 1,568 holes have been added to the digital database that have not previously been used for resource estimation. Using current costs, the replacement value of this drilling is estimated to be approximately US $50,000,000.

Drill Hole Highlights:

Project Highlights:

• Phase 1 drilling commenced on June 4, 2024 and consisted of five drill holes totalling 1,178 meters.
• First batch of assays from Phase 1 drilling (see news release October 24, 2024):
  • Hole 24MN-007 provides strong results confirming mineralization associated with the Reliance Fault.
  • Hole 24MN-009 confirms mineralization 115 meters below surface that is open at depth, along strike, and to the east (see Figure 2).
• Manhattan has had over 100,000 meters of drilling historically, across 1,100 drill holes, by Echo Bay Mines and Kinross
• The Echo Bay West Pit and Goldwedge have the potential to be a single body of mineralization and drilling between these deposits returned significant high-grade gold intercepts.
• There is potential to connect the Goldwedge Mine, the Echo Bay West Pit, the Echo Bay East Pit and the new Caldera Splay Zone into a single large gold deposit.

Quick Facts:

• Mining in the Manhattan District dates to the 19th century.
• Combined placer and underground production is estimated at 640k oz gold.
• The Reliance Mine produced ~59k tons grading 12.3 g/t gold from 1932-1941.
• The Manhattan Mine East & West pits produced ~236k oz from 1974 to 1990.
• Total land position includes 4,971+ hectares across the entire Manhattan district.
• Includes 100,000 meters of historic drilling and multiple geophysical surveys, including gravity, magnetics and resistivity surveys.
• Compilation of historic drill results is currently in process and going through QA/QC.