Scorpio Gold’s Phase II Drilling Program Encounters Significant Intercepts; 16.80 meters Grading 27.16 g/t Au, Including 3.1 meters Grading 145.74 g/t Au

VANCOUVER, May 12, 2022 - Scorpio Gold Corp. ("Scorpio Gold" or the "Company") (TSXV:SGN) is pleased to announce the commencement of a phase II reverse circulation (RC) drilling program at its Goldwedge property located in Manhattan, Nevada.

Boart Longyear was selected to conduct the RC drilling program which commenced on March 29, 2022. The planned program consists of 59 RC drill holes with a total of 10,800m and drilling is expected to continue for the next 6-7 months. The program was designed around results encountered in the 2021 Phase I program. The target areas are situated around the Manhattan West and East pits, and between the Goldwedge underground and the open pits. The proposed drill holes on section will be targeting the lateral extent and continuity of the mineralization trending toward NW strike direction of the West Pit. The drilling will also be used to confirm the underground continuity potential in down dip direction of the Reliance Fault zone which is host to high-grade gold mineralization targets. Additional prospective areas expected to be tested during this campaign of drilling, include the SE continuity of the mineralization structure from the West Pit towards East Pit area and identified new parallel structures at both NE and SW sections of West Pit.

Additional planning to confirm structural continuity for some areas with a diamond drill holes (DDH) have been designed and consist of 33 holes with total of 7400m of core drilling.

A total of 12 RC drill holes have been completed to date, which represents 22% (2,350 m) of the planned RC drill program.

Table 1: Manhattan Mine Drilling - Significant Results for completed Phase II drill holes

*Analytical results were by FA/Gravimetric finish procedure by Scorpio Gold's in-house analytical laboratory, which does not have ISO/IEC 17025 accreditation but implements a quality management system compatible with the ISO/IEC 17025 standards and maintains a paperwork trail suitable for future ISO/IEC 17025 accreditation. Duplicate samples were taken at the drill rig, samples with significant results >= 0.020oz/t are available to be sent to an external lab to certify all results. Further details of the Company's quality assurance and quality control program for the Goldwedge project are available at: GW QAQC.

Phase II drilling at the West pit area confirms strong mineralization trends with high-grade interceptions along the northwestern and southwestern sections. Highlights of the significant intercepts are as follows:

• MWRC22-003 - intercepted 27.16g/t over 16.8m including 145.74g/t over 3.1m from 59.5m along the drill hole depth. Additional intercepts contain 2.12g/t over 16.8m including 9.3m over 1.5m from 80.8m depth along the drill hole.
• MWRC22-008 - intercepted 4.52g/t over 4.6m from 147.9m along the drill hole depth and 9.36g/t over 1.5m from 115.9m depth along the drill hole.
• MWRC22-010 - intercepted 11.98g/t over 13.7m including 39.43g/t over 3.1m from 134.2m along the drill hole depth. Additional intercepts contain 1.17g/t over 9.2m from 71.7m depth along the drill hole.
• MWRC22-011 - intercepted 26.62g/t over 1.5m from 48.8m along the drill hole depth.

Details of all assay results for completed drill holes reported in Table 1 above and locations depicted on Figure 1 below.

Gold mineralization at northwestern section of the West Pit have been identified within two different trends which are structurally controlled by the Brugher Cross fault striking in the NE-SW direction. Mineralization intercepted in MWRC22-003 are strongly associated with 'West Pit Main Trend' (Figure 1) which is predominantly drusy quartz-adularia veins occurring with coatings on fracture surfaces and oxidized Fe-stained pyrite within the Gold Hill Quartzite ±Phyllite units. This trend may be trending parallel to the Reliance Fault Zone (shear zone) which is host to high-grade mineralization.

Other mineralization trends were identified at the southwestern section of the West Pit during the drilling campaign which are presumably parallel structures striking in the NW-SE direction. Drill holes MWRC22-008 and MWRC22-009 located furthermost to the southwest intercepted mineralization structure anticipated to be a separate structure related to the 'Thrust Fault Trend' (Refer to Figure 1). The holes were predominantly drilled within the Gold Hill Formation and mineralization consists of fine disseminated pyrite, and minor quartz-pyrite veins with Fe staining and generally confined within the fault zone. Drill hole data reviewed indicated that no historical drilling has been conducted to confirm the continuity of the trend, so this opens a new prospective area for exploration in both NW and SE direction of the structure.

About Scorpio Gold

Scorpio Gold now holds a 100% interest in the consolidated Manhattan District in Nevada comprising 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.

Scorpio Gold also holds 100% interest in the Mineral Ridge gold project located in Esmeralda County, Nevada.

The technical information contained within this release has been reviewed and approved by independent geological consultant, Peter Hawley, B. Eng., BSc., P.Geo., a Qualified Person as defined by NI 43-101.

ON BEHALF OF THE BOARD
Scorpio Gold Corp.

Chris Zerga
CEO & Director

For further information contact:
Chris Zerga, CEO & President
Email: czerga@scorpiogold.com

Diane Zerga, General Manager
Tel: (775) 401-1637
Email: dzerga@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 Manhattan Mine property. 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 a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.

SOURCE: Scorpio Gold Corp.