Scorpio Gold Announces Significant Results from Underground Channel Sampling at its Goldwedge Mine, Manhattan, Nevada

VANCOUVER, Feb. 17, 2021 - Scorpio Gold Corp. ("Scorpio Gold" or the "Company") (TSX-V: SGN) is pleased to announce significant results from underground channel sampling following completion of the bulk sampling program at its 100% owned Goldwedge Mine located in Manhattan, Nevada. As announced in its October 13, 2020 news release, the bulk sampling program was designed to drift through an area of high-grade mineralization intersected in 2020 drill hole GWUG20-001, which returned 7.6 m averaging 12.47 g/t gold and 176.23 g/t silver, including 1.52m grading 53.49 g/t gold and 0.15m grading 3,960 g/t silver.

The bulk sampling program incorporated a 2.7 x 2.7m drift driven for 34m to a vertical depth of 34m (near horizontal length of 34m) with chip-channel samples collected along the ribs at 1.5m intervals. Results from the sampling have confirmed that high-grade gold mineralization is associated with subparallel quartz and calcite veins and veinlets within foliation and bedding (Figures 1 and 2). The mineralization appears to be stratabound and is hosted within sheared metamorphosed interbedded limestones, argillites and phyllites of late Cambrian age. This mode of occurrence of mineralization appears to show significant potential.

Significant gold mineralization was encountered in two zones from 9.2 to 10.7m and 21.3 to 24.4m along the drift as presented in Table 1. Bulk samples from these zones will be collected for metallurgical test work.

Table 1. Underground Channel Sampling - Significant Results

*Field duplicate of sample no. 114326. Samples widths represent true widths of mineralization. Analytical results were performed by American Assay Laboratory Inc. in Sparks, Nevada, an ISO/IEC 17025:2005 accredited facility.

Scorpio Gold is continuing its underground drilling at the Goldwedge Mine utilizing its own core drill. The Company intends to employ another surface drill between the Goldwedge Mine and the Kinross property once government approval is received for the purchase of the 4300 acre Kinross land adjacent to the Goldwedge property.

About Scorpio Gold

Scorpio Gold holds a 100% interest in the advanced exploration-stage Goldwedge property in Manhattan, Nevada with a fully permitted underground mine and a 400 ton per day mill facility and a 100% interest of the Manhattan Property situated adjacent and proximal to the Goldwedge property. The Company is in the process of finalizing the acquisition of the adjacent Kinross Manhattan property.

Scorpio Gold is party to an earn-in option agreement with Titan Mining Corporation whereby Titan can earn an 80% joint venture interest on the Company's 100% owned Mineral Ridge gold project located in Esmeralda County, Nevada. To maintain the option Titan must spend a total of US$35 million over a staged period of five years. If Titan spends the initial US$7 million of expenditures by January 1, 2022, it will also have the right to acquire a 100% interest by paying Scorpio Gold US$35 million on or before December 31, 2022.

The technical information contained within this release has been reviewed and approved by independent geological consultant, Mohan R Vulimiri, M.Sc., P.Geo., a Qualified Person as defined by NI 43-101.

ON BEHALF OF THE BOARD
Scorpio Gold Corp.

Brian Lock,
CEO & Director

For further information contact:

Brian Lock, CEO
Tel: (604) 889-2543
Email: block@scorpiogold.com

Diane Zerga, General Manager
Tel: (775) 401-1637
Email: dzerga@scorpiogold.com

Anthony Simone, Investor Relations
Tel: (416) 881-5154
Email: ir@scorpiogold.com

Website: www.scorpiogold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration of its Goldwedge project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks involved in mineral exploration programs and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.

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