“Hole 57 is a Discovery Hole”: Scorpio Gold Hits at Black Mammoth Target explains Leo Hathaway
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In this episode of Mining Stock Education, host Bill Powers welcomes back Leo Hathaway, executive technical director of Scorpio Gold, and Zane Callion, CEO and director of Scorpio Gold, to discuss the company's latest exploration success at the Black Mammoth target in Nevada's Manhattan district. Leo recounts how a site visit after selling his previous company, Lumina Gold, in Ecuador led him to recognize Scorpio Gold's potential, particularly due to its 13-kilometer land position, historic gold workings, and high-grade potential in a stable jurisdiction. The team highlights Hole 57 as a 'discovery hole' with 43 meters of over 1 gram per tonne gold, confirming a promising geological model involving a feeder structure beneath cap rock. The episode also covers successful hits at Iron Queen and the strategic use of the existing Gold Wedge underground mine to access deeper targets. With three active drills and 72 holes drilled since early 2024, Scorpio aims to reach 2 million ounces of inferred resources by year-end. The hosts emphasize the high-risk, high-reward nature of junior mining stocks, urging disciplined research and caution against emotional investing.
Hole 57 at Black Mammoth is a discovery hole with 43 meters of over 1 g/t gold, confirming a high-potential geological model.
Scorpio Gold is targeting 2 million ounces of inferred resources by year-end through aggressive drilling across 18 targets.
The Black Mammoth site lies on strike of the Reliance Fault and features cap rock jasperoid breccias—ideal for high-grade mineralization.
The company leverages existing underground infrastructure at Gold Wedge to drill deeper and more cost-effectively.
Investors should conduct thorough due diligence and avoid emotional attachment to mining stocks due to extreme volatility.
Introduction and Guest Reunion
Host Bill Powers welcomes back Leo Hathaway and Zane Callion, discussing their return to Scorpio Gold after previous appearances and the company's strategic positioning in Nevada.
Leo Hathaway’s Journey to Scorpio Gold
Leo explains how his post-sale visit to Scorpio’s Nevada site—after selling Lumina Gold in Ecuador—led him to join the company due to its stable jurisdiction, high-grade potential, and underexplored district.
Black Mammoth: A Discovery Target
“Hole 57 is a discovery hole. It confirms the idea and we might have just clipped the edge of something.”
Exploration Strategy and Resource Goals
Scorpio is balancing resource expansion around existing pits with aggressive testing of new targets like Black Mammoth and Iron Queen, aiming for 2 million ounces of inferred resources by year-end.
Technical and Operational Advantages
The company leverages the existing Gold Wedge underground mine for cost-effective drilling into Black Mammoth, while also planning future development scenarios that integrate underground and open-pit operations.
“Don’t fall in love with stocks and don’t get too overly confident because that’s a recipe for disaster.”
“Hole 57 is a discovery hole. It confirms the idea and we might have just clipped the edge of something.”
“The mining sector is a very risky sector. It can take your money very, very quickly.”
Host
Guests
Scorpio Gold
organization
Leo Hathaway
person
Zane Callion
person
Black Mammoth
other
Hole 57
other
Nevada
other
Manhattan District
other
Iron Queen
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Reliance Fault
other
April Fool's Target
other
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