Exhibit 4.7

SIGNATURES OF AUTHORS

CONTENTS

LIST OF TABLES

LIST OF FIGURES

The Manhattan Property consists of 678 federal lode claims, 28 patented lode claims, and three federal placer claims, 100% owned by Scorpio Gold Corporation (“Scorpio”) in the Manhattan Mining District, located in Nye County Nevada. The claims are located on Forest Service Land and registered with the Bureau of Land Management (“BLM”). The Manhattan Property consists of claims staked directly by Scorpio and several claim blocks acquired by Scorpio with varying royalty percentages.

The Property is located 53 km, north-northeast of Tonopah and can be accessed year-round from Nevada State Route 377, which is accessible from Nevada State Route 376. Unpaved roads, and numerous unmaintained 4x4 trails provide access to most areas on the Property. A 2,000 m long paved airstrip, is located at the town of Round Mountain, 17 km to the northwest.

The Manhattan Mining District was first prospected for silver and copper in the 1860s. A gold-rich outcrop was discovered in April 1905 and the first claims staked on what is known as the April Fool Mine. By the following year, numerous prospectors were working numerous claims in the area. The majority of production from the Reliance Mine occurred between 1932 and 1941, with an estimated production of 59,108 tons at a recovered grade of 0.435 oz/ton (14.91 g/t) (Kral, 1951). While the bulk of the early production occurred before World War II, both lode and placer mining continued until the early 1950’s.

In the 1980s, more than 150,000 ounces of gold was produced from open pit mines on the Property, by Huston Oil and Minerals Corporation, subsequently Tenneco Minerals Co., and Echo Bay Mines. In the early 1990’s Echo Bay merged with its partners at Round Mountain to form Round Mountain Gold, later operated by Kinross Gold. Kinross sold their interests in the Manhattan Property to Scorpio Gold in 2021.

The Goldwedge area has a history of being mined by both small-scale underground and placer methods. In 1997, the project was sublet to Royal Gold who in 2001, Royal Standard Metals acquired the property and consolidated the area. In 2003, RSM began construction of an exploration decline to collect a bulk sample. Scorpio obtained the Goldwedge Property from Royal Standard Metals in 2012.

The Manhattan Property covers two main lithologic assemblages. The older quartzite-siltite-phyllite-argillite assemblage assigned to the Cambrian age Gold Hill Formation hosts the mineralization in the southern end of the Goldwedge deposit and extends south into the open pits. While the overlying thin-bedded limestone assemblage, assigned to the Ordovician Age Zanzibar Limestone, hosts the majority of the deposit to the north. The Zanzibar Limestone assemblage grades upward into an interbedded sequence of micritic limestone-laminated calcareous siltstone-black chert-argillite which is characteristic of a restricted basin type deposition. To the northeast, these sedimentary rocks abruptly cut by Tertiary volcanic rocks forming the Manhattan Caldera.

Mineralization in the Manhattan district represents the superposition of a 25 to 15Ma low-sulphidation epithermal gold-silver system over a complex architecture of Oligocene volcanic cover and strongly deformed Paleozoic basement. The mineralization appears dominated by fault zones that cut the basement (and also the volcanics), some of which are clearly ‘standard’ normal faults with surrounding steeper-dipping vein arrays.

Since acquiring the property, Scorpio has largely focused on drilling, both from surface and underground. Surface exploration has been limited to mapping, and grid-soil sampling over the Keystone Jumbo.

Since acquiring the property in 2012, Scorpio has drilled 121 holes, totaling 15,820.39 metres on the property (Table 10-1). This includes 31 diamond drill holes from surface, 39 diamond drill holes from underground, and 51 reverse circulation (“RC”) holes from surface. In addition to drilling completed by Scorpio, there has been more than 2,000 drill holes completed on the Property by previous operators since 1973. At the time of this report Scorpio has compiled and validated 1,435 of these drill holes, totaling 102,254.20 metres of drilling. The majority of this drilling has been reverse circulation or rotary, with only a limited amount of diamond drilling.

At this stage of the study, no current metallurgical testing has been performed on any samples from the mineral deposit. However, the Manhattan area has a long history of mining and production, including a few metallurgical tests that have been performed. These tests were conducted on samples whose origins are difficult to track and may not satisfy current sampling standards. Nevertheless, these historical records indicate a mineral deposit that appear to have a conventional path to metallurgical recovery.

The Manhattan resource model was prepared by Loury Geoscience Consulting LLC and Matthew Dumala. Geologic and estimation domains were constructed using Leapfrog Geo v. 2024.1.3, including input from analyses completed in ioGAS v.8.3. Geostatistical evaluations and EDA, including topcut selection, declustering, and variography, were completed using Snowden Supervisor v.9.0. Resource estimation was prepared using Leapfrog EDGE v.2024.1.3. Pit optimization was completed by Fuse Advisors using Datamine NPVS software.

The Mineral Resource Estimate (“MRE”) is based on a total of 92,635 meters of drilling completed in 1,341 drillholes. Estimates of Mineral Resources were completed using a three-dimensional block model with a regular block size of 5x5x5 meters, with estimation domains constructed based on modeled mineralization controls and geostatistical analysis of the drill sample data. The effects of potentially anomalous high-grade sample data are controlled using traditional top-cutting as well as limiting the distance of influence during block grade interpolation. Blocks were classified under the “Inferred” category, in accordance with the 2014 Canadian Institute of Mining, Metallurgy, and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the “CIM Definition Standards”). Measured or Indicated resources were not classified. Inferred resources were classified based on a drill data spacing of 50 meters or less (25 meters to the closest drillhole), considering blocks which were estimated using two or more drillholes only. Model validation for the final reported Inverse Distance Cubed (“ID3”) estimate includes statistical validation using Ordinary Kriging (“OK”) and Nearest Neighbor (“NN”) estimates, Swath plot comparisons between composite data and the three estimation methods, visual validation on cross sections and plan levels, and grade-tonnage envelopes from Sequential Gaussian Simulation.

Mineral Resources are reported below the most recent light detection and ranging (“LiDAR”) topographic surface and are contained within economically constrained pit shells generated using the Hochbaum Pseudoflow algorithm implemented in Datamine’s Studio NPVS software. Open pit Mineral Resources are reported in Table 1-1 using a 0.3 g/t Au cutoff grade.

Table 1-1: Manhattan Project Mineral Resource Statement

Notes:

At Manhattan, most high-grade gold mineralization occurs in high-angle structures that range in thickness from metres to tens of metres wide. Where these structures intersect adjacent zones of fracture induced permeability it can form breccias or strongly veined mineralised bodies. Similarly, where they intersect receptive, often flat-lying carbonate beds, the gold mineralization can “blow-out” to form breccias or along the beds forming stacked mantos. Surrounding the high-grade structures, there is an envelope of progressively lower gold grades that can extend up to hundreds of metres of the central structural “feeder” zone.

Additional infill diamond drilling in conjunction with surface exploration is recommended at the Manhattan property. Metallurgical testing should be completed on drill samples produced from this program. Efforts to collect and digitize historical data should continue.

All existing permits and authorizations should continue to be maintained and kept current.

An initial exploration program, including diamond drilling and metallurgic testing is estimated at $2,782,991. All prices are expressed in $US.

Scorpio Gold Corporation (“Scorpio”) commissioned the Authors to prepare a Mineral Resource Estimate (“MRE”) for the Manhattan Property (“Property”). The Property, located in Nye County, Nevada, comprises 678 federal lode claims located on Forest Service Lands, 28 patented claims, and three federal placer claims. The MRE was prepared in accordance with Canadian disclosure requirements of National Instrument 43-101 (“NI 43-101”) and the requirements of Form 43-101 F1.

The purpose of this report is to present the results of a Mineral Resource Estimate and provide a summary of the Manhattan Property.

Mineral Resources are estimated in accordance with the 2019 edition of the Canadian Institute of Mining, Metallurgy and Exploration (“CIM”) Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (2019 CIM Best Practice Guidelines).

This report is based on data provided to the Authors by Scorpio, on or before June 4, 2025. The sources of data include historical data and reports compiled by the Company and previous contractors.

The References section of this report contains a list of all reports and sources of data that was used in the preparation of this report.

The Qualified Persons for this report are listed in Table 2-1. All of Qualified Persons are independent of the Scorpio Gold Corporation.

Table 2-1: Qualified Persons

Unless otherwise stated, measurements are reported in metric unit, and all monetary values are in US dollars.

All UTM coordinates are in NAD 83 Zone 11.

Units of measure, and conversion factors used in this report include:

Frequently used acronyms and abbreviations:

The Qualified Persons are not qualified to provide an opinion or comment on issues related to legal agreements, royalties, permitting, or environmental matters. Accordingly, the Authors of this technical report disclaim portions of Section 4 of this Report pertaining to Property Description and Location, and underlying royalty agreements.

The QP has relied, in respect to legal aspects pertaining to Property ownership, agreements, and royalties, upon Sales Agreements provided by Harrison Pokrandt, Vice President of Exploration of Scorpio Gold Corporation, via Sharepoint on May 15, 2025. Full reliance following a review of the information provided pertains to agreements and obligations summarized in Section 4.4.

The Project is located in Nye County in south-central Nevada, approximately 34 air miles north of Tonopah and 1 mile west of the unincorporated town of Manhattan (Figure 4-1). The Project is accessible via State Route 377, which connects the town of Manhattan to State Route 376 in the Big Smoky Valley.

Figure 4-1: General Location

The Project, which focuses on the maiden resource (including Scorpio holdings as of June 4, 2025) includes approximately 11,514 acres of patented and unpatented mining claims on both Bureau of Land Management (BLM) and US Forest Service (USFS) land, as further detailed in the following sections and in Appendix I: Claim Locations.

As of June 4, 2025, the project mineral tenure holdings consist of 28 patented lode claims, 652 unpatented lode claims, and three unpatented placer claims, all in Nye County. The majority of unpatented lode claims are 20.66 acres in size though claim size varies for both patented and unpatented claims. The total area of Project claims is approximately 11,514 acres. Project claims are summarized in Table 4-1 and a geographic overview of claims blocks is provided below in Figure 4-2. A detailed map and list of project claims currently held by Scorpio (i.e., transferred to Scorpio via a legal document from the prior owner) are provided in Appendix I: Claim Locations and Appendix II: Claim List .

In some cases, the previous owner is still named as the owner on the claim on the BLM’s Mineral & Land Records System (MLRS), pending Scorpio’s application to officially transfer ownership and/or per the terms of the agreement. Property acquisitions are discussed in Section 4.4. Individual contract terms have not been reviewed for this report.

Table 4-1: Summary of Claims

All unpatented claims are subject to an annual BLM maintenance fee (currently $200) due September 1 of each year. Patented claims are subject to Nye County tax payments, as assessed annually, with no known current outstanding balances¹.

¹ Property tax payments and outstanding balances are available to view by Survey Number via the Advanced Parcel Search on the Nye County Assessor website: https://nyenv-assessor.devnetwedge.com/. Note: tax records for some parcels may include claims that were not included as part of the transaction to Scorpio. 

Figure 4-2: Claim Locations

Project holdings include several properties and claim blocks with previous mining and exploration history that have been acquired by Scorpio Gold, including the Goldwedge Mine, Manhattan Mine, Keystone-Jumbo Mine, and other miscellaneous claim blocks. The individual properties are briefly discussed in the following subsections with respect to their historical/current land use status and legal access. Royalties associated with the various transactions are discussed in Section 4.4. Access considerations are further discussed in Section 5.

The Goldwedge property includes the Goldwedge Mine and additional associated patented and unpatented lode claims. As discussed in Sections 5 and 6, the Goldwedge Mine consists of a single-decline underground mine and various surface facilities located north of State Route 377 and two rapid infiltration basins (RIBs) located south of the highway. Surface facilities are located on patented claims bordering USFS land (to the north) and BLM land (to the south). The mineral processing circuit has been in temporary closure status with the Nevada Division of Environmental Protection (NDEP) since 2015. An overview of historical mine features is provided in Figure 5-1.

All active Goldwedge Mine facilities are accessible from the highway via constructed roads and mine roads. Currently permitted exploration activities on Manhattan claims in the Goldwedge vicinity, north of State Route 377 and adjacent to the Goldwedge Mine, are discussed in Sections 4.3.2 and 4.5.

The Manhattan property includes the closed Manhattan Mine and additional associated patented lode and unpatented lode and placer claims. The closed mine property includes an unreclaimed pit lake (West Pit Lake) and various reclaimed mine facilities including a tailings impoundment, waste rock dump, heap leach facilities, and other smaller pits. The majority of Manhattan facilities are located on BLM land and several patented claims, though the far southern portion of the property extends onto USFS land (Figure 4-2). The pit lake dewatering pumps were reportedly turned off in 1992 (SRK, 2019), and reclamation of the mine site occurred from 1994 through 2001.

All historic Manhattan Mine features are located south of State Route 377 (Figure 6-1). The West Pit Lake and other active monitoring facilities are accessible via constructed roads which are assumed to be included in the active reclamation bond. Scorpio maintains an active exploration bond with BLM for drilling and access roads on portions of this property, as further discussed in Section 4.5. Access considerations are further discussed in Section 5.

The Keystone-Jumbo property includes the historical Keystone-Jumbo Mine (which includes two surface pits, the Keystone Pit, and Jumbo Pit) and additional associated unpatented lode claims. The claim block is located on USFS land approximately 2 miles southeast of the town of Manhattan and is generally accessible via the Spanish Springs Road and existing mine access roads (as further discussed in Section 5).

Reclamation of this property has not yet occurred due to the potential for further exploration and/or resource extraction, and Scorpio maintains an active exploration bond for drilling and access roads on this property with USFS, as further discussed in Section 4.5.

As shown on Figure 4-2, Scorpio holds several large blocks of (primarily unpatented) lode claims outside of the core historical mining/exploration areas discussed above, including the Big Apple claim block to the south and southwest of the Manhattan Mine (see figure in Appendix I: Claim Locations). The majority of these claims are located on USFS land, though some claims also include portions of BLM land. Aerial photography and maps indicate the presence of numerous existing roads throughout the area but access and terrain conditions are expected to vary, as further discussed in Section 5.

Collectively, the Manhattan Property consists of several claim blocks acquired by Scorpio with varying royalty percentages, as summarized herein. An overview of Project royalties, as described in legal claims transfer documents, is shown below in Figure 4-3.

Scorpio Gold completed its acquisition of the Goldwedge & Keystone Jumbo Properties, comprising 78 BLM lode claims and seven patented claims, from Royal Standard Minerals Inc. (“Royal Standard” or “RSM”) in December 2012. In connection with the acquisition, the Company entered into a royalty agreement with Waterton. Under the terms of the New Royalty Agreement, the Company granted Waterton a 2% net smelter return (“NSR”) royalty on the Goldwedge Property. Scorpio has the ability to buy back the first 1% of the NSR for $1 million, and the final 1% NSR for an additional $2 million. In 2021 Sandstorm Gold Royalties acquired the Waterton 2% NSR from Waterton (Figure 4-3). The Orphant claim, included in the RSM agreement, is subject to a further 1% royalty payable to Anglogold and a 3% royalty payable to a private individual.

In March 2021, Scorpio completed the acquisition of the Manhattan Property from affiliates of Kinross Gold Corporation (“Kinross”). The property comprised 121 BLM load claims and 21 patented claims, subject to a 2% NSR royalty.

Figure 4-3: Project Royalties

Numerous previous exploration programs have been completed for various components of the Project. Recent exploration activities have been permitted by Notices of Operations (Notices) on BLM and USFS land (Goldwedge, Manhattan, and Keystone-Jumbo properties) and a Categorical Exemption (CE) under a Plan of Operations (PoO) for drilling at the Keystone-Jumbo property on USFS land. Scorpio indicates that all previous exploration activity and/or bonding is currently reflected in these two authorizations, as discussed in the following paragraph and further detailed in Sections 20.2 and 20.5, though this has not been independently verified based on provided records.

The current ongoing exploration plan for the Manhattan/Goldwedge vicinity was authorized by the BLM under Notice (N100427; unknown date), as subsequently amended in 2022. Notice N100427 currently authorizes drilling on eight unpatented mineral lode claims on BLM land with a maximum disturbance limit of 4.32 acres. The Keystone-Jumbo CE authorizes an additional 1.44 acres of disturbance on unpatented claims on USFS land. Some of the authorized drilling on the 4.32 and 1.44 acres has been completed but the actual disturbance acreage to date has not been verified. Drilling on the approximately 1 acre of patented land is also currently occurring.

Beyond the active Notice/CE, additional disturbance could potentially be permitted under a subsequent Notice amendment, up to the 5-acre limit allowed by BLM, if approved. As disturbed areas are successfully reclaimed and released, additional subsequent drilling could potentially subsequently be authorized (up to the 5-acre Notice maximum), and additional drilling on patented lode claims could also potentially occur without additional federal authorization. Beyond this, any further project-related exploration drilling on federal lands would likely require separate authorization under the National Environmental Protection Act (NEPA) under a Plan of Operations and completion of an Environmental Impact Analysis (EIS), Environmental Assessment (EA), or CE.

Proposed or future exploration activities on unpatented federal lands must be permitted by the federal authority(ies), as discussed above. As further discussed in Section 20, maintenance of historic facilities must comply with existing permitting obligations, and any potential future mining, milling, or exploration activities must comply with applicable federal, state, and local permits and regulations.

Water rights associated with drilling and other potential uses are available for project use, within the permit terms, as discussed in more detail in Section 20. The project is currently subject to four reclamation bonds, as further discussed in Section 20.5, including for the Goldwedge Mine facilities, the Manhattan Mine West Pit Lake, and two exploration projects. No additional environmental liabilities that may affect access, title, or the right or ability to perform work on the property have been identified with respect to the maiden resource; however, additional due diligence is recommended due to the varied history and previous ownership of claims associated with the project.

The Property is located 55 km (34 miles) north-northeast of Tonopah and can be accessed year-round from Nevada State Route 377, which is accessible from Nevada State Route 376. State Route 377 is a paved road that bisects the property. Unpaved roads, and numerous unmaintained 4x4 trails provide access to most areas on the Property. A 2,000 m long paved airstrip, is located at the town of Round Mountain, 17 km to the northwest.

The town of Manhattan is located immediately west of the property, and has few year-round residents. Electrical power is available at the Property, supplied by Sierra Pacific Power Company, a subsidiary of NV Energy.

In the early 2000s, Royal Standard Minerals constructed a mill and other support facilities at the Goldwedge mine. These include an office, maintenance shop, and 400 tpd mill. This existing infrastructure is used to support Scorpio’s exploration activities.

The Goldwedge Mine surface facilities include waste rock disposal facilities (“WRDFs”), a concrete-lined ore stockpile pad (“OSP”), a crushing and screening circuit and gravity separation plant, two double-lined and leak-detected ponds (which also serve as storm event ponds), a fines/oversize tailings storage facility (“TSF”), conveyors, maintenance shop, process laboratory, and haul/access roads. The locations of these facilities and other infrastructure are shown on Figure 5-1. Several upgrades and modifications have occurred over the years, including repair/maintenance to the TSF following an independent integrity evaluation of the TSF performed in 2013. Underground infrastructure includes ventilation, electrical, and telephone communication systems.

Figure 5-1: Goldwedge Mine Infrastructure 

Goldwedge LLC (Goldwedge), an affiliate company of Scorpio Gold Corporation, holds five active groundwater permits (Table 20-2) within Nevada Division of Water Resources (“NDWR”) Hydrographic Basin 137A, Big Smoky Valley-Tonopah Flat. The five Goldwedge water rights comprise a total combined duty (“TCD”) of 3,272.74 AFA, of which 134.74 AFA is authorized for consumptive use (i.e., not required to be returned to the basin via the RIBs). The five Goldwedge permits have two authorized points of diversion (“PODs”) – one at dewatering well DW-1 and one at the decline portal entrance.

The Goldwedge mine presently extends below the water table. Intermittent dewatering has occurred since 2003 (SRK, 2019) to allow for mining below the groundwater table. Water not used for consumptive purposes is discharged back into the groundwater system via the two RIBs. According to SRK (2019), Goldwedge well MW-1 was used as a dewatering well from 2003 to 2011 until DW-1 was constructed. The overall pumping volume has been reduced since 2017 due to pump failures and temporary closure status. Minimal dewatering has reportedly taken place in 2024 or 2025.

The Property has a typical dry desert climate with hot summers and cold winters. There is no public weather station at Manhattan. The nearest station is at the Tonopah airport, located 53 km to the south. Approximate monthly daytime average temperatures range from 7°C in December to 34°C in July. In the evening, temperatures regularly drop below freezing during the winter months.

Precipitation is limited to an average of 20 cm to 30 cm per year, generally coming as snow or rain during the winter months or as rain in the summer. February is typically the wettest month. Strong winds are common in the area and peak in April.

The Property is located at the southern end of the Toquima Range, approximately 5 km southwest of Bald Mountain. Bald Mountain has a peak elevation of 2,829 m (9,274’).

The topography is gently rising to rolling and ruggedly steep along the north-south trending mountain crest. Elevations range from about 2,075 m (6,800’) on the pediment facing Smokey Valley to approximately 2,425 m (7,950’) in the central portion of the district. Above elevations of 2,135 m (7,000’), slopes are forested with juniper and pinon pine.

The property lies within the Southern Nevada Basin and Range Major Land Resource Area 28B (“MLRA”). The area consists of nearly level, aggraded desert basins and valleys between a series of mountain ranges trending north to south (USDA NRCS, 2025).

Manhattan is located within the Austin Ranger District of the Humboldt-Toiyabe National Forest. The Humboldt-Toiyabe National forest is a 6.3 million acre forest administered bye The U.S. Department of Agriculture, Forest Service. It comprises numerous fairly large but non-contiguous sections scattered across most of the state of Nevada and a portion of eastern California.

The habitat zone for the project area is classified as Lower Montane Woodlands and Chaparral by NDOW for Nevada’s State Wildlife Action Plan. Vegetation in this zone comprises a diverse ecosystem characterized by a mix of trees, shrubs and grasses. The diverse range of terrain in the area of the property is home to elk, mule deer, desert bighorn sheep, and antelope.

The Manhattan mining district has had a long and productive mining history. The area was first prospected for silver and copper in the 1860s. A gold-rich outcrop was discovered in April 1905 and the first claims staked on what is known as the April Fool Mine. By the following year, numerous prospectors were working numerous claims in the area. The majority of production from the Reliance Mine occurred between 1932 and 1941, with an estimated production of 59,108 tons at a recovered grade of 0.435 oz/ton (Kral, 1951). While the bulk of the early production occurred before World War II, both lode and placer mining continued until the early 1950's.

Production was not always recorded, but the records available indicate the Manhattan district produced more than 194,000 ounces of lode and placer gold between 1907 and 1921 (Ferguson, 1924). Total historical production for the Manhattan district through 1959 is estimated at 486,340 ounces (The Booktable, 1988)

The discussion below focuses on work completed after 1955 in the Manhattan, Goldwedge, and Keystone Jumbo areas (Figure 6-1).

Figure 6-1: Historical Locations

The Summa Corporation (“Summa”) acquired property in the Manhattan mining district in 1967. They pursued exploration activities and conducted limited mining operations until 1977, when Huston Oil and Minerals Corporation (“Houston Oil”), subsequently Tenneco Minerals Co. purchased the property. Summa reported processed 66,400 tons of ore, producing approximately 1,545 oz of gold.

Huston Oil Production began in May 1980, but was suspended in January 1982 due to high production costs and falling gold prices.

Tenneco resumed production during the fall of 1983 and Echo Bay Mines purchased the property in September 1986. Mineable reserves were exhausted in March 1988. In January 1989 Echo Bay Mines and its partners at Round Mountain merged their independently held properties in the vicinity of Round Mountain.

The Manhattan mill comprised a batch cyanide leach circuit followed by Merrill-Crowe precipitation. Between 1980 and 1982 it operated at 750 tons per day and was increased to 3,000 tons per day in 1983. Heap leaching of low-grade stockpiles and mill rejects was conducted between 1989 and 1990.

The stacking of heap leach ore from low-grade stockpiles at Manhattan was completed in October 1990; however, leaching of the existing heaps continued. Milling of high-grade ores from Round Mountain was suspended in December 1990, when the capacity of the tailings pond was reached. Leaching of the existing heaps was completed during 1993. Currently three pits and two smaller adjacent shallow pits (scrapings) remain.

A summary of production at Manhattan is shown below in Table 6-1.

Table 6-1: Manhattan Production 1984-1983 (Nevada Department of Taxation)

Production records were compiled from the Nevada Department of Taxation for the years 1984 thru 1993. These records were publicly available until March 2025, at which point the department determined that these records “contained confidential taxpayer information that identified tax information for the respective mines” and so “has been deemed confidential”. As of the effective date of this report, an Assembly Bill (AB277) was in consideration that would explicitly exempt this data from the state’s confidentiality statue and once again make it public.

Reclamation of the Manhattan mine site from 1994 through 2001 earned Round Mountain Gold Corporation the BLM Hardrock Mineral Environmental award in 2004 for its innovative reclamation designs and new technique for treating water used in the mining process.

Scorpio obtained the Manhattan Property from Kinross Gold Corporation in 2021.

The Goldwedge area has a history of being mined by both underground and placer methods. The underground potential has been considered for development by such companies as Freeport Exploration (1983-1985), Echo Bay Mines, Sunshine Mining (1986), Crown Resources (1990-1992), and New Concepts Mining (1995-1997). In 1997, the project was sublet to Royal Gold who continued drilling widely spaced holes to test for a larger tonnage deposit. In 2001, Royal Standard Minerals (“RSM”) acquired the property and consolidated the area.

In 2003, RSM began construction of a 689’ exploration decline to collect a bulk sample. A 150 tpd gravity wash plant installed 2005 (Strachan and Master, 2005) while development continued. By 2012, there was a total of 600 m of mine development, reaching a vertical depth of 150 m, and the mill upgrade to achieve a throughput of 400 tpd.

Scorpio obtained the Goldwedge Property from Royal Standard Minerals in 2012.

The Keystone Jumbo property is located approximately 1 km southeast of the Manhattan Property. The property comprises two deposits, the Keystone and the Jumbo. Both are geologically similar. Limited historical references were available to the Author regarding this property at the time of this report.

Historical references found in a 1951 report cites glory hole mining and some production from the Jumbo from 1937 to 1940, continuing to 1950. Nevada Goldfields, Inc. conducted limited open pit mining at the Keystone Jumbo mine in 1990, resulting in the recovery of 5,750 ounces of gold (Berry and Willard, 1997).

Nevada Goldfields, Inc. and Freeport Mining Company conducted reverse circulation drilling on the property in the 1980’s. In the 1990’s New Concept Mining, Inc. continued exploration.

Scorpio obtained the Keystone Jumbo Property along with the Goldwedge Property from Royal Standard Metals in 2012.

New Concept Mining completed initial mineral resource estimates for five satellite deposits in 1997 (Berry and Willard, 1997). These include the Hooligan, Black Mammoth, April Fool, Keystone, and Jumbo. Figure 6-2 shows the locations of each of these resources. The Hooligan resource is located outside of the claim boundary as of the effective date of this report; however, subsequent actions by Scorpio have further consolidated the district.

Mineral resources were estimated with a polygonal method using uncapped fire assay gold grades. , while Table 6-3 summarizes the geology of each area and data used in the estimates.

Table 6-2 summarizes these resources, while Table 6-3 summarizes the geology of each area and data used in the estimates.

Table 6-2: Keystone Jumbo Historical Resources

Although the Qualified Person believes these estimates met industry best practices at the time, they are considered historical in nature and not considered a current mineral resource or mineral reserve. The Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate on the t can be classified as a current resource. There can be no assurance that any of the Historical MRE, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any mineral resources being upgraded to another category. 

Figure 6-2: Historical Resource Areas

Table 6-3: Basis of Historical Resource Estimate

New Concept categorized mineral resources as proven, probable, and possible as was recommended by the worldwide Society of Economic Geologists in 1956 and standard practice of the U.S. Securities Exchange Commission at the time (Cowdery, 1991). The approximate search ranges for each category are shown in Table 6-4.

Table 6-4: Historical Resources Estimation Ranges

The following definitions were used to classify the mineral resources.

Proven for which tonnage is computed from dimensions revealed in outcrops, trenches, workings, and drill holes and for which the grade is computed from the results of detailed sampling. The sites for inspection, sampling, and measurement are so closely spaced and the geologic character is so well-defined that the size, shape, and mineral content are well-established. The computed tonnage and grade are judged to be accurate within limits which are stated, and no such limit is judged to differ from the computed tonnage or grade by more than 20%.

Probable for which tonnage and grade are computed partly from specific measurements, samples, or production data and partly from projection for a reasonable distance on geologic evidence. The sites available for inspection, measurement, and sampling are too widely or otherwise inappropriately spaced to outline the ore completely or to establish its grade throughout.

Possible for which quantitative estimates are based largely on broad knowledge of the geologic character of the deposit and for which there are few, if any, samples or measurements. The estimates are based on an assumed continuity or repetition for which there is geologic evidence; this evidence may include comparison with deposits of similar type. Bodies that are completely concealed may be included if there is specific geologic evidence of their presence. Estimates of inferred ore should include a statement of the spatial limits within which the inferred ore may lie.

The Manhattan mining district lies on the western flank of the southern Toquima Range. Highly folded and faulted Paleozoic sedimentary and metamorphic rocks are widespread in this region
(Figure 7-1).

The district is located along the margin of the Manhattan Caldera, a part of a much larger scale north-south alignment of nested calderas, intrusive and volcanic centers starting at Northumberland to the north and trending south through Round Mountain, Manhattan and to Tonopah. The district is characterized by a broad swath of folded, faulted and much-deformed Paleozoic marine metasediments. The sediments crop out at surface between Tertiary volcanics, part of a collapse caldera complex to the north, and a Cretaceous pluton to the south. It is believed that the Tertiary Age Caldera formation and volcanic centers indirectly control all of the deposits in the north-south trend.

Pre-Tertiary country rocks consist of latest Precambrian (?) through Ordovician sedimentary strata. From oldest to youngest, these rocks include the Lower Cambrian Harkless Formation (Ch), Cambrian (?) Mayflower Schist (Cms), Lower Cambrian Gold Hill Formation (Cg), Middle Ordovician Zanzibar Formation (Oz), and Middle to Upper Ordovician Toquima Formation (Ot). Detailed descriptions of these units are presented in Section 7.1.1.

The oldest rocks exposed in the Manhattan area are of the Cambrian Gold Hill formation, a thick series of quartz-mica schist, quartzite, marble, limestone, sandstone and grayish-green to light brown sandy phyllite. Sandy phyllite has been major gold-ore host at Manhattan. It contains abundant silt to sand-sized detrital quartz grains in a mica-chlorite matrix.

The Gold Hill formation is unconformably overlain by the Ordovician Mayflower schist, a less quartzose, "knotty", more chloritic schist than that of the Gold Hill, and the Ordovician Zanzibar formation, an assemblage of blue-gray limestones that may be tightly folded locally, interbedded jasperoidal chert, argillite and black carbonaceous shale (Ferguson, 1924). In some locations, folded Zanzibar limestones appear intercalated in the Mayflower schist. Basal quartzites and argillites of the Ordovician Toquima formation occur stratigraphically above the Zanzibar limestones in the district.

South of Manhattan, the Paleozoic rocks have been intruded by the granite of Pipe Springs (Kp). The Paleozoic rocks are conformable with the intrusive contact and dip away, rendering the unroofed granite and skirt of metasediments domed in appearance (Shawe, 1986). The granite is porphyritic, with feldspar phenocrysts up to an inch or more in diameter. A contact metamorphic rind of skarn containing diopside, epidote and garnet bas formed where limestone bas been intruded, while other units of argillite and phyllite have been altered to biotite schist.

On the north side of the district, flanking Black Mammoth Hill and the Gold Wedge property and forming a roughly arcuate contact zone extending east and west, the Paleozoic rocks are truncated and overlain by Tertiary volcanic and volcaniclastic rocks of the Manhattan caldera (Tr). They consist predominately of rhyolite, tuffaceous flows and heterolitic pyroclastic megabreccia.

Within a few square miles of the town of Manhattan the metasediments show evidence of early folding, high angle faulting, and low angle thrusting and imbrication. Major deformation probably occurred during the Antler and Nevadan orogenies that preceded platonic activity in the Cretaceous, and extensional activity and volcanism in the Tertiary.

The following descriptions are taken from the U.S. Geological Survey’s geological map of the Manhattan Quadrangle (Shawe, 1999).

Harkless Formation (Lower Cambrian)-Phyllitic schist and silicified argillite, with minor siltstone, sandstone, limestone, and dolostone deposited as marine sediments and subsequently metamorphosed. Forms a thrust plate overlying thrust plates of the Toquima and Zanzibar Formations in southwest part of map area.

Mayflower Schist (Cambrian?)-Mostly knotted schist (Cms) with minor interlayered quartzite (Cmq), and limestone (Cml). Extremely deformed by shearing and isoclinal folding. Underlies other thrust plates at thrust fault contacts in south part of quadrangle.

Gold Hill Formation (Lower Cambrian)-Phyllitic schist and quartzite deposited as shale and sandstone in a marine environment and subsequently metamorphosed. Forms a thrust plate overlying the Mayflower Schist and underlying thrust plates of the Toquima and Zanzibar Formations and probably a thrust plate of Cambrian(?) siltite. The Gold Hill Formation has been subdivided into: schist (Cgs), interlayered schist and quartzite (Cgsq), interlayered quartzite and schist (Cgqs), quartzite (Cgq), limestone (Cgl), calc-silicate mineralized limestone (Cglc), and dolostone (Cgd)

Zanzibar Formation (Middle Ordovician)-Generally thin- to medium-bedded, interlay ered marine limestone, cherty limestone, argillaceous limestone, argillite, limy argillite, siliceous argillite, and siltstone. Near granite contacts, limestone has been metamorphosed to marble and calc-silicate-mineralized limestone. Locally else where, limestone has been jasperized and argillite has been metamorphosed to schist. Locally strongly sheared, folded, and brecciated as a result of thrust faulting, and quartz veined and iron mineralized as a result of hydrothermal alteration. Forms a thrust plate overlain by a thrust plate of the Toquima Formation and underlain by a thrust plate of Cambrian(?) siltite, a thrust plate of the Cambrian Gold Hill Formation, and the Mayflower Schist. The Zanzibar Formation has been subdivided into: limestone (Ozl), jasperized limestone (Ozlj), dolostone (Ozd), and argillite (Oza)

Toquima Formation (Upper and Middle Ordovician)-Generally thin-bedded, interlayered marine argillite, siliceous argillite, limy argillite, argillaceous limestone, lime stone, siltstone (or siltite), and quartzite (mostly massive), as well as jasperized and (or) metamorphosed equivalents. Strongly deformed, probably in several episodes from late Paleozoic to Late Cretaceous time. Commonly sheared, tightly folded, and brecciated; quartz is veined, silicified, and iron stained as a result of hydrothermal alteration. Exposed in south part of quadrangle. Forms a thrust plate overlain by thrust plate of the Cambrian Harkless Formation and underlain by a thrust plate of the Ordovician Zanzibar Formation.

Figure 7-1: Simplified Regional Geology

Mappable rock units on the Property can be grouped into two main lithologic assemblages (Figure 7-2). The older quartzite-siltite-phyllite-argillite assemblage assigned to the Cambrian age Gold Hill Formation hosts the mineralization in the southern end of the Goldwedge deposit and extends south into the open pits. The overlying thin-bedded limestone assemblage, assigned to the Ordovician Age Zanzibar Limestone, hosts the majority of the deposit to the north. The Zanzibar Limestone assemblage grades upward into an interbedded sequence of micritic limestone-laminated calcareous siltstone-black chert-argillite which is characteristic of a restricted basin type deposition. To the northeast, these sedimentary rocks abruptly cut by Tertiary volcanic rocks forming the Manhattan Caldera.

The Gold Hill and Zanzibar Formations form a broad anticline plunging northwest with the north limb of the fold dipping 40-45 degrees north. The limb of the anticline is also folded into a secondary anticline plunging north and is crosscut along the axis by a steeply dipping fault zone called the Reliance Fault. A generalized cross section through the Property is shown on Figure 7-3 while Figure 10-2 to Figure 10-5 show a series of cross sections through the deposit area from north to south. From these sections, it can be seen how the southern part of the deposit area is deeper in the stratigraphic sequence and entirely Gold Hill Formation.

Mineralization crosscuts through the Gold Hill Formation into the overlying Zanzibar Limestone along a steeply dipping fault zone and exhibits partial stratigraphic control by becoming more disseminated and higher grade in the limestone sequence. Evidence of this dissemination in the limestone is the massive jasperoid replacement at the surface on Black Mammoth Ridge, west and adjacent to the known deposit. This dissemination progresses upward through the Zanzibar Limestone into the overlying Ordovician age Toquima Limestone-Argillite and Quartzite.

Drilling to date has restricted the high-grade mineralization (>0.15 opt) to within 20 feet of the fault margins. Lower grade mineralization is disseminated along bedding up to 200 feet from known mineralized faults.

The Reliance Fault Zone is the most continuous mineralized fault zone in the Manhattan District and is mapped by drilling and mining along more than 1,000 m of strike length, starting at the north end of Goldwedge and continuing south through the pits. At the Goldwedge, the fault trends N30 degrees west and dips 75-80 degrees west and east. The overall dip of the fault zone is determined to be west, based on cross sections constructed through the deposit; however, Sunshine Mining, based on less drill control, interpreted the fault zone to be dipping approximately 80 degrees east. The Reliance Fault Zone contains more than one mineralized shear. Vertical displacement in any one fault is small to moderate (3 to 30 metres) based on correlation of the Zanzibar/Gold Hill contact across the deposit.

Figure 7-2: Property Geology

Figure 7-3: Generalized Cross Section

Alteration in the Goldwedge area is similar to alteration seen in the pits. The one primary difference is that late calcite flooding of open fractures has occurred in the Goldwedge area. This late calcite occurs with the highest-grade gold mineralization and also occurs in barren structures. This flooding has cemented many open fractures, improving the rock competency in the mineralized zone. Clay gouge is common in the shear zones and is also mineralized. There is little alteration of the wall rock.

Adularia has been identified in the pits but has not been noted in drill core from Goldwedge, although it is likely present.

Oxidation is present at all levels drilled in the Goldwedge Deposit. Silicification is veined and the higher gold values are not commonly found in the more intensely silicified zones. Quartz veining is white to gray and more abundant in the deeper mineralized zones.

Mineralization in the Manhattan district represents the superposition of a 25 to 15Ma epithermal gold-silver system over a complex architecture of Oligocene volcanic cover and strongly deformed Paleozoic basement. The mineralization appears dominated by fault zones that cut the basement (and also the volcanics), some of which are clearly ‘standard’ normal faults with surrounding steeper-dipping vein arrays. Many of which are exploiting and reactivating both Paleozoic and Oligocene structures that were initially developed before the main mineralization event (Oliver, 2025).

Because of the complex pre-existing architecture, the epithermal mineralization does not appear to have focussed into thick siliceous high-grade veins. Instead, mineralization is dominated by breccia-bearing fault networks with adjacent altered fracture-veinlet-dominated damage and stockwork zones, such that most known resources to date tend to have only local high-grade pockets amongst broader lower grade zones. Moderate grade (0.3 to 4g/t Au typically, rarely 10-20g/t) fault-fracture-breccia zones are flanked or overprinted by irregular sided centimetre-wide veins with local internal breccia and common bladed calcite with low sulphide abundance. The specific spatial relationship of the boiling textures to the high grade is not yet clear.

In a targeting sense, two main orientations of fault zones are prominent, moderate to steeply dipping and generally striking NNW and ENE. These steeply dipping faults and fault zones, are exposed in the East and West Pits. The well documented “Little Grey” fault in the West Pit is part a major Northwest trending fracture zone which corresponds to the Reliance fault zone north of the highway at the Goldwedge deposit.

Intersections of faults with each other, carbonate and quartzite parts of the Cambro-Ordovician metasediments, and with surrounding phyllites near such junctions, are considered particularly prospective.

The basement rocks also contain pyrite-bearing orogenic-style veins, inferred to be emplaced and deformed in the Devonian-Carboniferous Antler Orogeny, and some Paleozoic host metasediments (although not specified at Manhattan) are thought by some previous workers to have contained elevated syngenetic gold. There are also small possibilities of some gold pre-enrichment during Cretaceous intrusive activity and ~40Ma Carlin-aged hydrothermal activity. There has not been any work to date assessing these early events regarding their gold potential. Irrespective of the potential for pre-enrichment of gold prior to epithermal mineralization, the Paleozoic to Mesozoic structural evolution involved tight recumbent folding, thrusting and later upright open folding and faulting creating the complex architecture that the later epithermal gold system has interacted with.

Scorpio gold has identified 17 targets for follow up work, listed in below. Scoprio’s main exploration focus while delineating this mineral resource has been over an area 1.8 km long and 650 m wide, to a depth of approximately 200 m.

Table 7-1: Mineralized Zones

Figure 7-4: Property Targets

The geological setting, mineralization, and alteration found on the Property are typical of low-sulphidation epithermal deposits. These are hydrothermal systems emplaced at shallow depths, generally <1 km, in the earth’s crust. A brief review of this deposit type is provided here, but the reader is referred to Buchanan (1981), Hedenquist et al (2000), and Simmons et al (2005) for a more in-depth review. Figure 8-1from Buchanan (1981) shows a conceptual model of a low-sulphidation deposit.

Figure 8-1: Epithermal Deposit Model (Hedenquist et al, 2000)

Low-sulphidation deposits are developed in a geothermal or hot springs environment versus “high-sulphidation” epithermal systems which are formed in a volcanic hydrothermal environment. Gold and silver mineralization in low-sulphidation vein deposits are found in veins, vein stockworks and as minor disseminations. Major deposit examples in the region include: the Round Mountain mine, the Aurora – Bodie District, and the Tonopah and Rawhide Districts. The Paradise Peak deposit and Goldfield District are classic examples of high-sulphidation mineralization, while the Santa Fe and Isabella Pearl deposits exhibit high or intermediate sulphidation (Albino and Boyer, 1992).

Structural controls are most important in the formation of low-sulphidation deposits, as they provide channels for fluid ingress and open spaces for ore deposition. Low-sulphidation deposits are typically found in districts where regional sub-parallel and intersecting structures define stress fields related to shallow crustal movement resulting in opening and reopening of the structures. These districts can me multiple 100s of km in length. At a deposit- or deposit-cluster-scale that is on the order of several kilometres in length, the local structural regime controls the rupturing of strata and deposition of subsequent mineralization. Ore shoots typically develop within dilatant zones where veins bend or structures intersect and are best developed in local extensional settings. In a vertical view, many vein structures horsetail or split near surface and commonly have stockwork zones developed in the hanging wall side.

The metals component of the vein filling material is zoned with respect to the boiling level. Base metals (Pb, Zn, Cu) tend to be deposited below it, while gold and silver are mostly deposited above the boiling level. Boiling may occur at different elevations for different mineralizing episodes. A broad zone, or entirely separate zones, may be developed. The result may be composite veins, repetitions of the zoning, and/or barren zones in stacked veins.

Veining is typically banded where Au<Ag with gold pathfinder (Zn, Pb, Cu, As, Hg) signatures. Alteration mineralogy shows lateral zoning from proximal quartz-chalcedony-adulara in mineralized veins to illite-pyrite to distal propylitic alteration assemblages. Vertical zoning in clay minerals varies from shallow, low-temperature kaolinite-smectite assemblages to deeper, higher-temperature illite.

Like mineralization, alteration is also zoned with respect to the boiling level and the paleosurface. Alteration tends to be confined to a “neck” with depth and spreads out laterally and upwards from the primary fluid conduits. Towards the paleosurface, structural horse-tailing and stockwork zones are common. The overall lateral alteration extends outwards from a central vein zone towards areas of propylitic alteration, while the vertical zonation progresses from silicification to advanced argillic alteration to siliceous residue. Near-paleosurface alteration may generate advanced argillic alteration minerals such as kaolinite, alunite and buddingtonite. A cap of fine-grained silica (silica sinter) deposited on or directly below the surface is common in preserved systems. This surficial silicification is much finer grained than the deeper silica vein (zones) and is often colloidal or opaline, occurring with cinnabar and very fine-grained pyrite.

Since Scorpio acquired the Property in 2012, most of its exploration activities have comprised historical data compilation, and drilling. Surface and underground drilling is discussed in Section 10.0.

A small soil sample program was conducted over the Keystone Jumbo area by Scorpio 2016. At Goldwedge, Scorpio conducted an underground channel sampling program in 2020 in preparation to collect a bulk sample for metallurgical purposes.

Scorpio has collected a total of 205 soil samples from the Keystone Jumbo area. A 100 m by 100 m soil grid was placed over the entirety of Property, excluding areas within the existing pit and waste piles. Along the main northwest trending mineralized fault, the grid density was increased to 60 m by 60 m.

Figure 9-1 shows the locations of Scorpio’s soil sampling at Keystone Jumbo, while Table 9-1 summarizes the results from the soil sampling program over Keystone Jumbo area.

Table 9-1: Keystone Jumbo soil sample statistics

No soil sampling has been completed over the Manhattan Property by Scorpio. Historical grid soil sampling has been completed by various operators over the Manhattan Property between 1981 and 2009. A total of 2,783 soil samples are included in the historical database. The Qualified Person has not verified the historic soil samples; however, they are believed to be adequate to demonstrate the expected tenor of soil geochemical values across the Property and highlight trends at Keystone Jumbo. Elevated gold values are visible (Figure 9-1) along a north-west trend, similar to the known trend within the main part of the Manhattan property.

Table 9-2: Historical gold soil sample statistics

Figure 9-1: Keystone Jumbo Gold Soil Geochemistry

Scorpio completed an underground chip sampling program in late 2020 in the Goldwedge Mine. Chanel samples were collected along ribs at 1.5 m intervals, along a 2.7 m by 2.7 m drift driven for bulk sampling purposes. A total of 53 samples were collected during this program. Significant intervals are listed in Table 9-3 and shown on Figure 9-2.

Table 9-3: Underground Channel Sampling - Significant Results

Figure 9-2: Channel Sample Locations – AxCut (Scorpio, 2020)

The following section describes drilling completed by Scorpio Gold and all historical drill hole information that has been validated by the Qualified Person. The drill hole database includes 1,556 holes, drilled between 1973 and 2024, totaling 118,096.77 metres.

Since acquiring the property in 2012, Scorpio has drilled 121 holes, totaling 15,820.39 metres on the property (Table 10-1). This includes 31 diamond drill holes from surface, 39 diamond drill holes from underground, and 51 reverse circulation (“RC”) holes from surface. Locations of these drill holes are shown on Figure 10-1. In 2024, Scorpio conducted a surface diamond drilling program and completed 10 drill holes totaling 1,785.91 m. This program tested targets on both the Goldwedge and Manhattan sides of the property. Significant highlights from Scorpio’s drilling are presented in Table 10-2.

Table 10-1: Scorpio Gold drill hole summary

Figure 10-1: Drill Hole Locations

Table 10-2: Scorpio Gold drill hole highlights

The following section describes drilling and core logging procedures performed by Scorpio Gold. Detailed descriptions of methods and procedures are available for historical drilling, which has been summarized in Section 11.1.

The RC chips travel up the drill string to a cyclone, producing 20-30 lbs of sample which is then split at the rig to produce two separate 10-15 lb samples. Samples are collected on 5 ft intervals from a rotating wet splitter assembly attached to the drill rig. The rotary splitter discharges through two ports, one of which empties into the primary sample bag (“A” sample, which is sent for analysis) and the other discharges into the reject sample bag (“B” sample, which is kept on site).

Chip tray samples are collected from the reject B material. Each A sample bag has a sample identification tag stapled to it along with a duplicate sample tag placed inside the bag. The sample ID is also written on the outside of each bag. The samples are then placed in separate lockable containers to be submitted for analysis.

A minimum of one duplicate sample per 20-25 samples is coded and submitted for assay along with the rest of the submission as a blind check of the laboratory. These duplicate samples are collected from the reject B sample and checked against the original A sample when the assays are received. For quality assurance, one standard and one blank is inserted for every 20-25 samples and checked upon receipt of assay data. Scorpio Gold uses standards representing typical waste, low-grade, mid-grade and high-grade ore prepared from certified reference material by RockLabs laboratories of Australia.

Diamond drilling in 2024 was conducted with a skid mounted drill using HQ-size equipment. Core samples were placed in a cardboard box and transported to a central processing area on the Property where the core is photographed, and geotechnical and geological logging were performed. All logging data has been entered directly into a GeoSpark digital database.

Drill core was processed using the following procedures:

Sample intervals are determined by the site geologist and are typically between 1.5 and 5 ft (0.46 and 1.5 m) in length within homogeneous zones or less as dictated by lithology. Sample intervals are marked and the core is sawn into symmetrical halves. One half is sampled and the other half retained in the core box for future reference. For quality assurance, one standard is inserted for every 15 to 20 samples; one blank for every 30 to 50 samples; and one duplicate for every 30 to 50 samples.

The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. In practice, Scorpio Gold uses certified reference materials approximating expected high grade, run of mine grade and low grade from underground mining which have been obtained from commercial suppliers.

Once processed, core boxes are placed on pallets and stored on the Property.

Figure 10-2: Goldwedge Section A-A' (Loury, 2025) 

Figure 10-3: Goldwedge Section B-B' (Loury, 2025)

Figure 10-4:West Pit Section C-C' (Loury, 2025)

Figure 10-5: USD and East Pit Section D-D' (Loury, 2025) 

In addition to drilling completed by Scorpio, there has been more than 2,000 drill holes completed on the Property by previous operators since 1973. At the time of this report Scorpio has compiled and validated 1,435 of these drill holes, totaling 102,254.20 metres of drilling (Figure 10-1). The majority of these are vertical reverse circulation or rotary drill holes, with only a limited amount of diamond drilling. Some of the drill holes with assay data are blastholes completed during mining operations.

All but 30 of the historical drill holes were drilled from surface, many of which pre-date mining. Between 1973 and 1988, 1,246 of these holes (69,597.26m) were drilled by Summa Corporation, Huston Oil, Tenneco, and Echo Bay. These holes were used to guide the development of the open pit mines.

Of the 1,435 of historical drill holes validated, 1,258 were considered reliable for use in the mineral resource estimate (Table 10-3). All other were excluded either due to uncertainty in assay, survey, or collar information for historical holes, or due to the drillhole location falling outside the resource model extents.

Of the subset used, 6.8% are diamond drillholes (DD), 11.9% are reverse circulation drillholes (“RC”), 39% are rotary drillholes (“RD”), 1.6% are top hammer percussion drillholes (“TH”), and 33.4% of drillholes are of an unknown drill type. Blastholes (“BH”) and rotary air blast (“RAB”) drillholes were also included in the dataset but were used only for validation purposes and are not used in the final block model estimation.

Except for diamond drilling, samples were collected on 5 foot intervals by the driller. Diamond drill samples were split based on geological and mineralogical changes identified by the geological staff.

Validation efforts are ongoing and may add additional drill holes that could be used in future resource estimations. Data compilation efforts to date have focused on the areas to be included in the mineral resource estimate.

Results from this drilling were used to guide the geological model shown in Figure 10-2 to Figure 10-5 and are consistent with more recent drilling completed by Scorpio Gold. Highlights from this historical drilling include 70.1 m of 12.22 g/t gold in MH83-016 and 10.7 m of 4.38 g/t gold in 86-038. Both of these holes are from steeply inclined holes targeting fault structures, the true thickness is believed to be 60-70% of the true thickness.

This drilling has shown that widespread gold mineralization occurs on the property, and that nuggety high-grade intervals exist throughout. Future drilling and sampling methods should account for the nuggety nature of the mineralization.

Drilling by past and present operators has delineated a 1.8 km long by 650 m wide corridor of gold bearing low-sulphidation epithermal veins, which are the subject of this mineral resource estimate. Results from the drilling demonstrate consistent mineralization within this target area.

Table 10-3: Historical Drilling Methods

This section describes the principles and procedures used in the collection, security, preparation, and chemical analysis of samples collected during Scorpio’s work programs. Sampling methods and procedures for work programs conducted by other operators are summarized from historical reports and other company documents where available.

Routine gold analysis in all years was performed by Fire Assay, with over limits by gravimetric method. Multi-element and silver analysis were often not performed. Table 11-1 lists the laboratories known to have been used, where laboratory certificates of analysis have been reviewed by the QP.

Table 11-1: List of Laboratories

The following descriptions are taken from available reports and outline methods utilized by historical operators and believed to reflect standard acceptable industry practices at the time. Detailed descriptions are not available for all of the historical work and inferred to be similar to the methods described below.

A detailed writeup describing Huston Oil’s 1982 drilling program (Patton et all, 1982). Reports describing other years of drilling by Huston Oil are not available. The QP has been able to discuss drilling operations with the original project manager and other geologists for Huston Oil present during operations and confirmed that procedures outlined in the 1982 report adequately reflect all other year’s operations by Huston Oil and its successor, Tenneco.

Drilling in 1982 utilized an Ingersoll-Rand T-4-W 6.75 inch down-the-hole hammer drill rig. Each hole was cased to a minimum depth of 7.5 feet. After casing was, sampling began at 2.5 foot intervals. The hole was blown after each 2.5 foot advance. All material recovered was channeled into an 8 to 1 splitter. The smaller sample, approximately 10 pounds, was combined on 5 foot intervals and sent for assay. A 1.5 pound sample was removed from the larger split for geological logging.

Assays were completed at the Huston Oils Tonopah Lab for fire assay. Samples were crushed to -10 mesh and three separate splits created. Split A was analyzed routinely. For each interval that was considered mineralized based either on favorable geology or assay results, splits B and C were also analyzed.

Sampling for the reverse circulation holes was to split the drill cuttings from each five-foot interval as the cuttings are recovered from the drill hole. Approximately 88 pounds of cuttings were recovered from each five-foot interval of drilling and are passed through different types of splitters based on whether the sample was wet or dry. A dry splitter, called a Jones Splitter, was used for dry samples and a rotary "pie splitter" was used for the wet samples. Both splitters contain dividers that reduce the sample size to a representative fifteen pounds for transport and analysis.

Samples were bagged by the contract driller under the supervision of a company employee. The samples were either transported to the lab by company or lab personnel. A standard chain of custody form was delivered to the lab along with the samples. Once at the lab, the samples were dried, split, pulverized and analyzed. The labs used were well known for quality analytical work and utilize duplicate, blank and check assays.

The following description of drilling and sampling by Royal Standard Metals was taken from the 2005 technical report authored by Strachan and Master.

During the 2004 drilling, the entire sample from the mineralized interval was collected. Normally, the sample recovery was not good in the mineralized zone. There is potential for significant mineralization to not have been recovered in the drilling where lost circulation was encountered.

Drill samples were bagged by the contract driller and picked up at the drill site by the lab. After drying, samples were crushed in a primary jaw crusher and then a secondary cone crusher to reduce the sample to roughly I 0-mesh. The sample was then split to I00 grams using a riffle splitter and pulverized with a ring pulverizer to -150 mesh. The sample was then split to 30 grams or a I assay ton and fire assayed. Many of the gold samples were analyzed by atomic absorption spectroscopy (AAS) with sample decomposition by fire assay fusion, which is a routine analytical procedure for gold analyses.

Prior to 1992, QA/QC was limited to duplicate sampling. Many of the mineralized intervals were run in duplicate or triplicate. The variance between the original and duplicate samples is within an expected range given the nature of the deposit and support the original analysis. The use of duplicates and triplicate samples reduces the impact of nuggety gold, which is common at Manhattan.

Starting in 1992, samples processed at external laboratories were subject to the laboratory QA/QC program, results of which are presented on assay certificates. With the exception of drilling by Round Mountain Gold, companies relied upon laboratory QA/QC and duplicate sampling, no additional standards or blanks were inserted.

Round Mountain Gold routinely inserted standards, blanks, and duplicates into their sample stream. No anomalies were observed within their QA/QC program.

Much of the historical drilling was used to successfully guide mining operations and was done to a high standard.

The QP is of the opinion that the sample collection, security, and analytical procedures met or exceeded industry best practices at the time and are reliable for use in the mineral resource estimate. Given the nuggety nature of the mineralization, it is recommended that additional drilling be completed in proximity to some historical high-grade intervals within the resource model prior to upgrading parts of the model to the indicated category. This will further validate past drilling and analytical procedures.

Soil samples for gold and associated trace elements were taken in a grid pattern of ~100m x 100m except along a structurally prospective corridor where grid spacing was reduced to ~50m x 50m. Samples were not taken from disturbed ground, including existing roadways, dumps or dry creek beds. In the case of a planned sample station falling in one of these areas, the sample location was moved at least 2m uphill away from any disturbance. Actual sample locations were recorded as waypoints using a handheld GPS unit with an accuracy of +3m.

All samples were taken from a depth of at least 15cm below the ground surface to a maximum of 40cm below the surface. The samples were sieved in the field during collection using a stack of two certified test sieves. Plus 2mm material was kept as the “A” split. Minus 2mm to +80mesh material was kept as the “B” split. Minus 80mesh material was kept as the “C” split. Soil was collected and sieved until the “C” sample reached a weight of 1-2kg. All samples were collected in spun polypropylene sample bags. One out of every 12 sample stations is a randomly located field duplicate. At these locations, two sets of “A”, “B”, and “C” samples were taken from the same sample pit and labelled with consecutive sample numbers. Each time the sieve stack was emptied, the respective fraction was split evenly between the routine and duplicate sample to avoid any depth bias between the two. A minority of the Phase III samples were collected as bulk samples and sieved using the same stack on a mechanical shaker at the Goldwedge mill due to ground moisture at the time of collection. The same sample classification and retention procedure was used.

Samples were removed from the field each day and stored in a locked outbuilding at the Goldwedge facility. “B” and “C” samples were transported by Scorpio Gold personnel directly to the Bureau Veritas (BV) lab in Reno, NV. Upon receipt, the assay lab logs in the samples and checks against the submittal form. Un-submitted “A” samples are stored at the Goldwedge facility for future use.

Each sample shipment was accompanied by both blanks and certified reference materials (CRMs) at a density of one blank and one CRM for every 10 field samples. The blanks used are in-house blanks prepared from the same material used during Scorpio drill programs at the Mineral Ridge property. Two CRMs, OREAS 45d and OREAS 25a, were used alternately as both a high-grade and

a low-grade standard certified for Au, Ag, As, Hg and a number of other elements of interest. All of the QA/QC samples were inserted blind, with any identifying differences between the QA/QC samples and the routine samples obliterated as thoroughly as possible.

Upon arrival at the lab, the “B” and blank QA/QC samples were pulverized to at least -80mesh and riffle split to 100g aliquots for analysis. The “C” and CRM samples were already fine enough for the analytical method and so were only riffle split into 100g aliquots for analysis. The analytical splits were then sent to the BV Vancouver lab for analysis while the reject material was retained at the Reno facility

Both the “B” and “C” sample aliquots were analyzed using BV’s AQ254 protocol. A 100g sample was leached using concentrated aqua regia and the resulting liquor diluted and analyzed for a suite of elements using an ICP-MS instrument. Bureau Veritas Vancouver and Bureau Veritas Reno are ISO/IEC 17025:2005 accredited testing laboratories. Each facility incorporates its own in-house quality management and control systems to ensure reliability, accuracy and consistency of its analytical results. Scorpio Gold geologists also evaluated the analyses returned for the blind QA/QC samples to validate the efficacy of the lab’s handling and analysis of the soil samples.

The RC chips travel up the drill string to a cyclone, producing 20-30 lbs of sample which is then split at the rig to produce two separate 10-15 lb samples. Samples are collected on 5 ft intervals from a rotating wet splitter assembly attached to the drill rig. The rotary splitter discharges through two ports, one of which empties into the primary sample bag (“A” sample, which is sent for analysis) and the other discharges into the reject sample bag (“B” sample, which is kept on site). Chip tray samples are collected from the reject B material. Each A sample bag has a sample identification tag stapled to it along with a duplicate sample tag placed inside the bag. The sample ID is also written on the outside of each bag.

The samples are then placed in separate lockable containers to be submitted for analysis. A minimum of one duplicate sample per 20-25 samples is coded and submitted for assay along with the rest of the submission as a blind check of the laboratory. These duplicate samples are collected from the reject B sample and checked against the original A sample when the assays are received. For quality assurance, one standard and one blank is inserted for every 20-25 samples and checked upon receipt of assay data. Scorpio Gold uses standards representing typical waste, low-grade, mid-grade and high-grade ore prepared from certified reference material by RockLabs laboratories of Australia.

Sample intervals are determined by the site geologist and are typically between 1.5 and 5 ft (0.46 and 1.5 m) in length within homogeneous zones or less as dictated by lithology. Sample intervals are marked and the core is sawn into symmetrical halves. One half is sampled and the other half retained in the core box for future reference. For quality assurance, one standard is inserted for every 15 to 20 samples; one blank for every 30 to 50 samples; and one duplicate for every 30 to 50 samples. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data.

In practice, Scorpio Gold uses certified reference materials approximating expected high grade, run of mine grade and low grade from underground mining which are prepared by RockLabs Laboratories of Australia.

All core logging and sample collection is performed at the GoldWedge mine site, within a gated compound. Core logging takes place in the mill building and is secured each evening.

Collection and packaging of samples for shipping is undertaken by Scorpio Gold personnel under the supervision of the site geologist. Sample preparation and analytical work is conducted either by ALS Minerals (“ALS”) in Reno, Nevada or American Assay Laboratories (“AAL”) in Sparks, Nevada.

Upon receipt, the assay lab logs in the samples. This sample list is checked against the submittal and discrepancies, if any, are noted.

The assay labs perform fire assays on 50-g aliquots of sample pulps. The sample is mixed with 100 g to 180 g of flux (the assayer determines the flux composition). The fused sample is poured while an assayer makes notes on the quality of each fusion. The lead button is separated and an assayer reports any low weights or slag composition problems. The button is cupelled and an assayer records any cupellation problems. For gravimetric finish analysis, the bead is weighed and parted and the analyst reports any parting problems. For instrument finish analysis, the bead is dissolved and the solution is examined for any undissolved prill. The solution is read by AAS/ICP.

When requested, the assay labs re-assay samples returning >10 ppm (0.073 troy oz/st) Au utilizing fire assay with gravimetric finish.

Both AAL and ALS are ISO/IEC 17025:2005 accredited testing laboratories, and are independent of Scorpio Gold. Each facility incorporates its own in-house quality management and control systems to ensure reliability, accuracy and consistency of its analytical results.

During the 2024 drill program, a total of 1,287 core samples were collected. Samples were divided into 12 batches for analysis and QA/QC samples inserted into each batch. A total of 18 coarse blanks, 23 fine blanks, 18 field duplicates, 39 laboratory duplicates, and 41 certified reference material (“CRM”) samples were inserted into the sample stream. Results from the QA/QC program were reviewed by the Company’s QP as they became available and any concerns investigated and addressed.

Duplicate samples generally compared well to the original samples. Field duplicate samples showed the greatest variability when compared to the original analysis, averaging a variance of 34%. Laboratory duplicates performed much better, with an average variance of 6%. There does not appear to be any bias in the duplicate samples.

All of the blank samples returned gold values below the analytical detection limit.

All of the CRMs were obtained from a commercial supplier in 2.5 kg jars. A list of CRMs used by Scorpio in 2024 is shown in Table 11-2. Scorpio personnel divided the jars into 50 g sachets, in a clean environment. When inserted into the sample stream, two sachets (100 g total) were submitted. The variance for each CRM analyzed by Scorpio is greater than the expected variance; however, for each CRM the results are relatively consistent. Results show a bias towards under-reporting gold values for the CRMs by approximately 1.5% of the certified value.

Table 11-2: 2024 Certified Reference Material

The QP recommends Scorpio source new, prepackaged CRM material to avoid any potential contamination. Packages should contain enough material to for the laboratory to perform multiple analysis on without the need to combine multiple CRMs.

The Authors have reviewed the information provided by the Company and publicly available historical documents. Original downhole survey files were made available to the Author, for Scorpio’s 2024 diamond drill program. Certificates of analysis from all of Scorpio’s exploration activities were made available to the QP directly from the external laboratories.

The Author also reviewed Scorpio’s drill core logging, sampling, and QA/QC procedures.

All of the available historical data dating back to the early 1970s was made available to the QPs for validation purposes. The QP reviewed these historical reports, drill logs, assay certificates, company reports and any other applicable documents and databases.

Scorpio Gold is actively reviewing and digitizing historical drill hole and other data from all available data. The Mineral Resource Estimate reported in this report uses only data that has been digitized as of the reports effective date. Historical mine and exploration records should continue to be searched for any additional documentation that would support collar coordinate, down-hole survey, assay, and other drill-hole data.

Drill hole locations were historically reported in a variety of coordinate systems, including a local mine grid. All locations were converted to UTM NAD83, Zone 11. A transformation was derived, by Scorpio Gold, to convert the mine grid by using known survey monuments. The monuments were physically located and surveyed using a differential GPS. Once converted, the transformations were validated by obtaining a GPS position of physical collars and cross checking this against the transformed locations.

Many of the historical drill hole collar locations pre-date mining and no exist or are inaccessible. GPS locations of historical collars that were re-visited are located less than 3 m from the transformed coordinates. It is the QP’s opinion that the collar locations are suitable for the purposes of this report.

Original certificates or drill hole logs with the compiled digital database, which comprises a total of 103,701 samples collected from 2221 holes drilled prior to 2024. This database includes holes drilled outside of the resource area. Collar locations and survey information has not yet been located for all of the holes included in this initial database.

The QP manually cross-checked 88,064 of the pre-2024 samples stored within the database with original logs or certificates. Original certificates from the Scorpio Gold drilling were made available to the QP directly from the original external laboratories.

Collar locations for many of the holes in the assay database are not currently available in the current collar database. These assays were also validated for the possibility that locations may at some point become available.

Within the database, 55,574 samples were cross-checked against original laboratory certificates. Assay results for 39,165 samples were only available from original drill hole logs. These were mostly limited to drilling prior to 1989, the majority from Round Mountain Gold Corp. and Echo Bay Minerals between 1984 and 1988. Some certificates of analysis are available for these years and were able to be cross-checked against drill hole logs. No discrepancies were identified during this review.

During the QPs review, each sample was assigned a confidence value ranging from zero to ten. With zero being low-confidence where assay values could not be confirmed and ten being high-confidence where assay values were confirmed by comparing original certificates obtained directly from a laboratory with the database. All samples with a confidence of four or greater were visually validated against historical documentation. Samples with original certificates were assigned a confidence of eight, while samples processed at an internal company or unknown laboratory were assigned a confidence of seven.

The existing digital assay database accurately reflects the original data. Few errors were identified during the review and were immediately corrected. The most common issue identified was inconsistencies with denoting missing samples or samples below detection limit. This was corrected such that no assay values are present for missing samples and below detection limit is indicated using negative values.

No independent check assaying has been completed by the QP for any of the historical drilling. However, considering many of the drill holes were completed for the purposes of production and at a very close spacing, the QP believes the data in the database is reliable.

Prior to 1992, QA/QC was limited to duplicate sampling. Many of the mineralized intervals were run in duplicate or triplicate. The variance between the original and duplicate samples is within an expected range given the nature of the deposit and support the original analysis. Starting in 1992, samples processed at external laboratories were subject to the laboratory QA/QC program, results of which are presented on assay certificates.

It is the opinion of the QP that the existing database is suitable for use for exploration planning and interpretation. Samples with a confidence value of five or greater are considered suitable for use for mineral resource estimation.

The author has reviewed all available historical metallurgical reports. Tests were conducted on samples whose origins are difficult to track and may not satisfy current sampling standards. Although no current metallurgical testing has been performed to validate these results, historical production methods and records support the testwork.

The existing data is adequate for the current project stage and suggests that a conventional path to metallurgical recovery exists. The QP believes further testing is required prior to refining the mineral resource estimate or advancing towards a preliminary economic assessment or pre-feasibility study.

Data collected by Scorpio Gold prior to 2024 was included with the historical data for validation. Original assay certificates from all external laboratories was obtained and cross checked against the database.

For work conducted in 2024, in addition to cross checking original assay data against the database, site visits were conducted by the QP at which time logging procedures and QA/QC protocols were examined.

To evaluate the reproducibility of results in a known nuggety gold system, Scorpio submitted seven samples from three holes, for analysis by a screened metallic method. Table 12-1 shows results of this analysis against the original results from a standard gravimetric analysis.

Table 12-1: Screen metallics results

The screen metallic results typically align well with the original analysis, with only one significant deviation of from a high-grade sample. Overall, the results are consistent with a nuggety gold system. The QP recommends Scorpio continue with its practice of submitting high-grade samples for reanalysis and that an appropriate top-cut is employed for mineral resource estimation.

During Mr. Loury’s site visit, 14 intervals were selected from four holes for check analysis. Check samples were prepared by collecting half of the remaining intervals, resulting in ¼ core samples. These samples were submitted to ALS for analysis. Results from the check samples are shown in Table 12-2 along with the results from the original analysis.

Table 12-2: Check sample results

Although there is some significant variation in some of the results, a direct comparison of ½ core to ¼ core samples is not possible. In general the results indicate higher-grade samples will show greater variability. One sample with visible gold along a fine structure originally yielded 8.36 g/t gold, the check assay returned a result significantly lower. This result is not unexpected given the nature of the visible gold and possible sampling bias. The QP recommends Scorpio conduct regular duplicate analysis of high-grade samples.

It is the opinion of the QP that data collected by Scorpio meets or exceeds industry best practices and is suitable for use.

Mr. Dumala visited the property on August 5, 2024, and again on April 10, 2025. During both visits he was accompanied by Harrison Pokrandt, Vice President of Exploration for Scorpio Gold. On his first visit, Mr. Dumala reviewed the Company’s logging and sampling procedures, reviewed core from 24MN-006, and visited the drill at 24MN-009. During the second visit, Mr. Dumala attempted to relocate and validate some of the historical drill sites from 1990 and 2014. Several drill sites from the 1990 and 2014 were located and align well with the database. Many of the drill sites for drilling prior to 1980 are located within the mine area and now are either buried beneath waste piles or mined out, making further validation difficult.

The QPs verified that data summarized in this, and other sections of this report is acceptable as used in this report, specifically for project description, to exploration guidance and to support resource estimation. Collar, survey and assay data from drilling was evaluated and verified with respect to the most original documentation available.

A manual audit was performed on approximately 84% of the drill hole database against scans of original assay certificates. The audit yielded an acceptable error rate. All of Scorpio’s 2024 data was compared to original assay certificates downloaded directly from the laboratories. No significant errors were identified.

At this stage of the study, no current metallurgical testing has been performed on any samples from the mineral deposit. However, the Manhattan area has a long history of mining and production, including a few metallurgical tests that have been performed. These tests were conducted on samples whose origins are difficult to track and may not satisfy current sampling standards. Nevertheless, these historical records indicate a mineral deposit that appear to have a conventional path to metallurgical recovery.

Early mining was reported in the Manhattan area after the discovery of silver in the 1800s until the 1890s. The discovery of gold in the 1900s brought back mining leading to the establishment of the town of Manhattan in 1905. Despite the presence of gold in lode outcrops, initial mining comprised placer mining, which was then considered as the second largest placer gold production in Nevada. Subsequently, a 75-ton per day mill was built in the 1910s to process gold from lode deposits. Mining slowed down in the 1920s until the Manhattan Gold Dredging Company operated at the site from 1938 to 1946 (Western Mining History, cited Dec 2024).

The Summa Corporation acquired the property in 1967, further explored the area and conducted some mining. A consultant’s correspondence in 1975 suggests that a heap leaching operation and carbon adsorption-electrowinning plant was operated. In 1977, Houston Oil and Minerals Company (which was later acquired by Tenneco Minerals Co.) purchased the property. Houston began operations in May 1980 until January 1982 when falling gold prices forced them to shut down. Production resumed in the fall of 1983.

In September 1986, Echo Bay Mines purchased the property and operated the mine until the reserves were exhausted in March 1988. In January 1989, Echo Bay Mines and Round Mountain merged their properties around Round Mountain and started processing high-grade Round Mountain ores at the Manhattan Mill by March of the same year. This continued until December 1990, when the capacity of the tailing storage facility was exhausted.

Heap leach production from low-grade stockpiles at Manhattan began in August 1989 with feed coming from the low-grade stockpiles at Manhattan. Stacking ended in October 1990, but leaching continued until 1993. Final reclamation of the Manhattan mill site and dedicated leach pad began in 1994.

The historical descriptions of the Manhattan Mill are rather vague. It involved at least one crushing stage, followed by a wet scrubber to remove gold from surfaces by attrition. From the scrubber, the ore was screened at ¾”, where the +¾-inch fraction was rejected and not processed. The -¾-inch fraction underwent a combination of screening, grinding in a ball mill, classification by hydrocyclones, flotation of the hydrocyclone overflow, and gravity separation of the hydrocyclone underflow consisting of jigs and Wilfley shaking tables. Tailing from the gravity circuit were recycled to the ball mill.

Flotation consisted of rougher, rougher scavenger and cleaning stages. Cleaner tailing was returned to the rougher cells, while the cleaner concentrate was thickened and pumped to a disc filter for dewatering. The dewatered concentrates were leached in 48-hour batches with cyanide solution in three agitated tanks. Gold from the pregnant solutions was recovered by Merrill-Crowe precipitation. A 1,000 ton/day leach agitation circuit was added to the facility in 1988.

Heap leaching of low-grade stockpiles and mill rejects began in August 1989, using a dedicated leach pad. The precious metals were recovered by a carbon adsorption plant.

Table 13-1 below summarizes available metal production at the Manhattan from 1980 through 1990. While mill the capacities were reported, no production numbers could be found from 1980 through 1985.

Table 13-1: History of Production at Manhattan.

Echo Bay operated the mine starting in the last quarter of 1986. Ore was mined from two open pits using what was then referred to as “conventional milling,” which differs slightly from the previous description. The process started by crushing the ore and segregating the smaller pieces that contained majority of the gold. This fraction was sent to the mill where gold was first recovered by gravity separation, then by flotation followed by cyanide leaching.

The coarse fraction was tumbled in water to scrub off gold to produce a gold-rich attrition product that was combined with the finer-sized fraction for milling. The scrubbed coarse fraction, deemed uneconomic, was rejected.

The Echo Bay Annual Reports from 1986 through 1988 do not mention the use of grinding or cyanidation. However, historical reports, including the reference used in the previous subsection, mention a conventional cyanide mill from 1986 through 1990 in addition to the use of cyanide for heap leaching from 1990 through 1993.

Table 13-2 below shows Echo Bay’s production from the last three months of 1986 through the first three months of 1988 based on their annual reports. The recoveries obtained were in the 70% range, which is low probably due to the rejection of the coarse fraction during the washing/attrition process.

Table 13-2: Echo Bay Operating Data from 1986 through 1988.

The time of Summa’s operation of Manhattan was in the early days of heap leaching and carbon adsorption technologies. Correspondence in 1975 from Summa’s metallurgical consultant discusses the use of sodium hydroxide to control heap leach pH and sodium sulphide to strip loaded carbon, neither one of which is in current use.

A sample of Manhattan ore was crushed to 10 mesh and panned. The panned concentrate contained 28.7% of the original gold, 80.73% of which were recovered by bottle-roll cyanidation as shown in Table 13-3 below.

Table 13-3: Results of Bottle-Roll Cyanidation of Panned Concentrate.

The panned tailing gave a gold extraction of 61.73% after 24 hours of bottle-roll cyanidation. Overall, the recovery was 67.18%.

Tenneco’s Houston International Minerals Corporation (HIMCO) conducted metallurgical tests for Manhattan deposit for an economic study in 1983. Thet tests were performed at both the Colorado School of Mines Research Institute (CSMRI) and the HIMCO’s Tonopah Laboratory.

Bulk samples for testing were collected from the blasted face of the pit walls from both the Big Four and Little Grey pits. The Big Four sample contained quartzite, wacke, quartz-mica-schist, sandy phyllite and clean phyllite. Numerous drusy quartz veins and veinlets cut through these rock types. The Little Grey sample contained numerous rock types consistent with the common lithologies found in the Big Four (i.e., quartzite, wacke, quartz mica schist, sandy phyllite, clean phyllite). Drusy quartz and quartz pseudomorphs after calcite line the fracture surfaces.

Testing consisted of (a) crushing and scrubbing to reject a large fraction of coarse materials that contained up to a quarter of the gold, (b) gravity concentration, (c) flotation, and (d) cyanide leaching.

Large-scale tests were performed on Big Four Samples. Approximately 25 tons were crushed to minus 4-inch, scrubbed and screened at CSMRI. The Tonopah Laboratory treated about 10 tons of minus 4-inch material by scrubbing and screening also. The Little Grey crushing and scrubbing tests were performed at laboratory scale only. The results are shown in Table 13-4 below. The full screen assays may be found in the feasibility study report listed in the Section 27 (Houston International Mineral Corporation, 1983).

Table 13-4: Results of Scrubbing Tests.

The scrubbing and screening procedure did remove 50% or more of the material with a smaller percentage of gold lost. This may have made sense at the time, but at current metal prices, this scheme would not maximize revenue at it automatically limits the recoveries to the amount left in the – ¾-inch materials.

Results of gravity concentration tests conducted at CSMRI on minus 10 mesh feed is summarized in Table 13-5.

The results indicate that 50% of the gold was recovered in the gravity concentration. The loss of gold was in the coarse fractions where gold had not been fully liberated. An examination of the gravity tailing assays shows that the recovery could be improved if the material were ground to – 65 mesh, as both the +200 mesh and -200 mesh fraction assays were essentially the same, 0.018 and 0.019 oz/st, and about 4.5 times less than the +65-mesh assay of 0.083. The gravity feed probably came from Big Four, but the report was not clear about it.

Table 13-5: Results of Gravity Concentration Tests

Actual plant results for the gravity concentration during Manhattan operations in late 1981 indicate that 55-60% of the gold was recovered in the gravity concentrate.

A summary of flotation results is presented in Table 13-6. The results indicate that flotation should produce final concentrates in the range of 25 oz/ton gold at overall recoveries of approximately 70%. Again, it is not clear where this sample came from. The conditions of the flotation tests, namely grind size, reagents used, and pH, were not included in the report.

Table 13-6: Results of Flotation Tests

ROUGHER FLOTATION

CLEANER FLOTATION

Eleven cyanide leach tests were performed at different cyanide dosages and leach times, presumably on Big Four samples. Other than pH 11, no other test parameters were provided, such as grind size, % solids, temperature, mode of agitation (bottle rolls?), and leach kinetics. The report suggests a 48-h leach at 1 g/L NaCN to attain 98% recovery (Figure 13-1).

Figure 13-1: Results of Cyanide Leach Tests, Fort Lowell Consulting 2025, using Tenneco data 1983

In 1986, Freeport McMoran Corporation submitted 47 samples from the Goldwedge deposit for testing by Heinen-Lindstrom Consultants. The samples were composited and blended and tested by gravity concentration and cyanide leaching.

The gravity concentration tests were rudimentary, using a hand panner for the rougher stage and a D.A.M. bowl concentrator (a.k.a. “the Blue Bowl”) for the cleaning stage, at a grind of 35 mesh. The gold concentration in the cleaner concentrate was upgraded 10 times from a head grade of 0.092 oz/st (3.15 g/t) to 0.901 oz/st (30.9 g/t) at a recovery of 11.7%.

Microscopic examination revealed visible gold, 150 microns or finer, in the cleaner concentrate and two cleaner tail products. The gold particles were about 150 microns or finer and looked flattened. Some sulphide particles, mostly pyrite, were present in the cleaner concentrate, but silica comprised over 90 percent of the concentrate. Some silica encapsulation of gold was apparent, which is expected with the coarse grind of the material. The report suggested the possibility of gold trapped in sulphide minerals as a solid solution with no evidence offered.

Amenability of the sample to cyanide leaching was tested using the bottle-roll procedure at 40 weight percent solids, pH 10.5 with lime addition, 2.0 pounds NaCN per ton of solution at a grind of 8 mesh and a head grade of 0.108 oz/st (3.7 g/t) Au. The results of the tests are plotted in Figure 13-2 below, which shows that leaching was essentially complete after 24 hours. The maximum recovery was 57.4% attained after 120 hours of leaching time.

Figure 13-2: Cyanide Leaching Kinetics of 8-mesh Goldwedge Composite, Fort Lowell Consulting 2025 using data from Heinen-Lindstrom Consultants, 1986.

Clearly, the low recovery obtained was due to the coarseness of the material being leached. Table 13-7 below are the screen assays of the leach tails showing that 93% of gold lost was in the plus 35-mesh fraction. Looking at the individual assays, a relatively large decrease in assays can be seen from +100-mesh fraction to the -100-mesh fraction, which indicates that this material should have been ground to at least 100 mesh.

Table 13-7: Screen Analysis of Cyanide Leach Residue