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Scorpio Gold Confirms Round Mountain (16M AuOz) Mineralization in New 5 sq km Target – Zayn Kalyan

MiningStockEducation.com Jun 26, 2026

Summary

Early drilling confirms gold mineralization in a new 5 sq km Manhattan caldera target, echoing Kinross' nearby 16-million-ounce Round Mountain producer.

A caldera (collapsed volcano) can host wide, low-grade gold: the best volcanic intercept runs about 0.6 g/t (grams per tonne) over 60 metres.

About 27,000-28,000 of 50,000 planned metres are drilled; an updated resource estimate is targeted for December-January toward the two-million-ounce goal.

Management is evaluating historic Manhattan tailings and leach pads for partner-funded, non-dilutive cash flow, with roughly six months needed to size the opportunity.

A second Mineral Ridge payment arrived in May, the final US$1 million is due in August, and a U.S. uplisting nears completion.

Key points on Kinross Gold

  • The CEO argues Scorpio's new caldera target shows mineralization directly analogous to Kinross' Round Mountain mine, a 15-16 million ounce gold producer sitting 10 miles north on the same Manhattan caldera.
  • He points to Round Mountain's geology — epithermal veins hosted in porous volcanic rock that let grade bleed out into wide 0.4-0.6 g/t volcanic halos — as the model he believes also applies at Manhattan.

Key points on Scorpio Gold

  • The CEO reports early proof-of-concept gold mineralization in volcanic/tuff units of a new 5-square-kilometer caldera target, analogous to Kinross' Round Mountain mine 10 miles north, which he argues could support bulk-tonnage resource expansion at scale.
  • The best volcanic-unit intercept to date is about 0.6 g/t gold over roughly 60 meters near Black Mammoth, which he calls early stage and outside the current resource model.
  • He maintains the target of 2 million ounces of resource by the end of 2026, up from the prior 740,000-ounce inferred resource at 1.26 g/t, with an updated resource targeted for December 2026-January 2027.
  • As of June 2026, about 27,000-28,000 meters of the 50,000-meter drill program had been completed year to date with three rigs and roughly 100 holes reported, none of it yet in the resource, with news flow of one press release every one to two weeks expected to continue.
  • The company is evaluating historic Manhattan tailings and leach pads as a potential non-dilutive cash flow source to be developed with partners and without balance sheet or production risk, needing about six months to define grade and volume.

Bill Powers's takeaways

  • Top takeaway As host, he sets the market backdrop, noting the gold price had dipped below $4,000/oz shortly before the June 2026 interview and that junior gold speculators were panicking, and asks how management can advance the company without relying on the market.
  • He presses on the 2-million-ounce target, noting the company is more than halfway through its 50,000-meter program and asking whether the goal can be adjusted up or down.

Zane Callyan's takeaways

  • Top takeaway He argues the newly confirmed mineralization in the Manhattan caldera's volcanic units is analogous to Round Mountain and gives Scorpio a large-scale, bulk-tonnage expansion opportunity that previous operators ignored as mapped-barren ground.
  • He reports three rigs running, roughly 100 holes and about 27,000-28,000 meters drilled year to date as of June 2026, and stands by the 2-million-ounce resource goal for the end of 2026 with an updated resource due December 2026-January 2027.
  • He describes the best volcanic intercept to date — about 0.6 g/t gold over roughly 60 meters near Black Mammoth — as early proof of concept in what is still a grassroots target outside the core resource model.
  • He is evaluating the historic Echo Bay tailings and leach pad at Manhattan for low-risk, non-dilutive cash flow through partners rather than company-run production, with about six months needed to understand grade and volume.
  • On financing and catalysts, he cites the final US$1 million Mineral Ridge payment due at the end of August 2026 and says the U.S. uplisting is nearly done, with definitive news expected within weeks.