Scorpio Gold Extends Manhattan Mineralization With Black Mammoth Step-Out Hit

Scorpio Gold ( (TSE:SGN) ) has provided an announcement.

Scorpio Gold reported new drill results from Phase Two diamond drilling at its Manhattan District Project in Nevada, highlighted by hole 26MN-053 at the Black Mammoth target, which intersected 24.69 metres grading 0.75 g/t gold in a 250-metre step-out from the Goldwedge area. Additional notable intercepts from step-out drilling along the Reliance Trend included 14.95 metres grading 1.25 g/t gold in hole 26MN-049 and 19.96 metres grading 1.05 g/t gold in hole 26MN-052, all outside the current inferred resource constraining pit.

Management said the Black Mammoth results support its thesis of district-scale potential along the caldera margin and demonstrate that gold mineralization continues northwest of Goldwedge beyond the existing resource envelope. The company highlighted the strategic advantage of Black Mammoth’s proximity to the permitted Goldwedge underground workings, which could enable earlier underground access, more efficient exploration drilling, and staged development while it systematically expands mineralization along the Reliance and newly defined Zanzibar trends across the Manhattan property.

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-based gold exploration and development company focused on projects in Nevada, U.S.A. The company’s primary assets include the Manhattan District Project and the nearby permitted Goldwedge underground mine, where it is targeting both open-pit and underground development opportunities within a historically productive gold district.

Average Trading Volume: 658,355

Technical Sentiment Signal: Buy

Current Market Cap: C$121.5M

Find detailed analytics on SGN stock on TipRanks’ Stock Analysis page.