Scorpio Gold - Shifts Focus to Manhattan District, Nevada: US$7.5M Asset Sale, Upsized Drill Program
In this KE Report company update, Scorpio Gold CEO Zayn Kalyan outlines the company’s strategic transformation: divesting the Mineral Ridge Project for US$7.5 million and ramping up exploration at the Manhattan District in Nevada.
Key Interview Highlights:
Sale of Mineral Ridge Project:
- Total consideration of US$7.5M, paid in stages:
- $700K deposit (due immediately)
- $4.3M at closing (expected by August 25)
- $2.5M in deferred payments over 12 months
- Decision driven by high holding costs and limited near-term value without significant mill investment
Drilling Focus at Manhattan:
- Phase 1: 6,300 meters nearly complete
- New goal: 15,000 meters by year-end
- Second rig arriving in September, potential for a third
- Focused on the “gap zone” between Goldwedge and West Pit
- Targeting 200,000–300,000 ounces from this core zone
Catalysts on Deck:
- Initial NI 43-101 Resource Estimate coming soon
- Drill results imminent
- Targeting >2 million ounces within 12–18 months
- Resource will incorporate 140,000 meters of historic drilling across 1,800+ holes
Team Strengthening:
- Leo Hathaway, of Lumina Group fame, joins as Director and on the technical team
- Helping guide technical strategy and long-term development
Click here to visit the Scorpio Gold website to learn more about the Company.
