07:26 AM EDT, 06/20/2025 (MT Newswires) -- Scorpio Gold ( SRCRF ) on Friday said it has drilled four holes at its Manhattan District project in Nevada.

The company launched the Phase One diamond drill program totaling 3,400 meters over 12 holes on April 29. Scorpio plans to release an initial resource estimate for Manhattan in the third quarter. The estimate will incorporate recently digitized data for over 140,000 meters of drilling in 1,565 holes dating back to the 1950s.

Phase One drilling is focused on three target areas, including the Zanzibar Trend and Mustang Hill. Initial assay results are expected in July.

"This year will be a pivotal year for Manhattan as we plan to issue a maiden resource in Q3 and then expand on this in Q4 and going forward in 2026. Additionally, metallurgical testing will begin immediately using drill core from the ongoing program and continue in parallel with drilling, with the goal of confirming and improving on previous results," said Chief Executive Zayn Kalyan. "With the large amount of historic workings and past producing assets on the property, and Kinross' Round Mountain gold mine just 15 km to the north, on the north side of the Manhattan Caldera structure, I believe Manhattan has the potential to become a multi-million-ounce gold asset."