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The latest update is out from Scorpio Gold ( (TSE:SGN) ).
Scorpio Gold Corp. reported new Phase Two drill results from its Manhattan District project in Nevada, highlighted by hole 26MN-057 at the Black Mammoth target, which intersected 40.23 metres grading 1.02 g/t gold, including several higher-grade intervals. Additional significant intercepts were returned from step-out holes at the Iron Queen and Reliance Trend targets, extending mineralization beyond the current inferred resource constraining pit.
Management said the results reinforce continuity of mineralization and suggest the potential for a sizable, stacked mineralized body that could integrate with or materially expand the existing Goldwedge resource. Given Black Mammoth’s proximity to Scorpio Gold’s permitted underground workings at Goldwedge, the company sees an opportunity to accelerate resource delineation and potential future development, which could be highly additive to its district-scale gold inventory in the Manhattan area.
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 company focused on gold exploration and development in Nevada, particularly within the Manhattan District near its Goldwedge underground mine. The company advances district-scale targets around historic workings, aiming to expand its mineral resource base through step-out and exploration drilling in established gold-bearing formations.
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.