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Scorpio Gold ( (TSE:SGN) ) has shared an announcement.
Scorpio Gold Corp. reported new Phase Two drill results from its Manhattan District Project in Nevada, highlighting a strong intercept at the Black Mammoth target, where hole 26MN-057 returned 40.23 metres grading 1.02 g/t gold, including higher-grade subintervals. Additional step-out drilling at the Iron Queen and along the Reliance Trend also intersected notable gold mineralization, all outside the current inferred resource constraining pit.
Management said the results reinforce the continuity of mineralization and suggest the potential to define a sizable, stacked, mineralized body that could significantly expand the existing Goldwedge resource footprint. The proximity of Black Mammoth to Goldwedge’s permitted underground workings presents a strategic opportunity to accelerate delineation and development, potentially adding materially to the Manhattan District’s overall gold inventory and enhancing the company’s growth prospects.
The most recent analyst rating on (TSE:SGN) stock is a Hold with a C$0.37 price target. To see the full list of analyst forecasts on Scorpio Gold stock, see the TSE:SGN Stock Forecast page.
Spark’s Take on SGN Stock
According to Spark, TipRanks’ AI Analyst, SGN is a Neutral.
The score is held down primarily by weak financial performance, marked by persistent losses and significant ongoing cash burn despite currently low leverage. Technicals are a positive offset with price strength above key moving averages and positive MACD, but high volatility (beta) increases risk. Valuation is also limited by negative earnings and no provided dividend yield.
To see Spark’s full report on SGN stock, click here.
More about Scorpio Gold
Scorpio Gold Corp. is a Canadian precious metals exploration and development company focused on advancing its gold projects in Nevada, particularly the Manhattan District and the adjacent Goldwedge mine. The company targets district-scale gold resources through step-out and infill drilling, aiming to expand existing mineral resource estimates and leverage permitted underground infrastructure at Goldwedge for potential future production synergies.
Average Trading Volume: 664,799
Technical Sentiment Signal: Hold
Current Market Cap: C$117M
For a thorough assessment of SGN stock, go to TipRanks’ Stock Analysis page.