Scorpion Minerals to Drill at Pharos

Scorpion Minerals Limited (ASX:SCN) has secured a drilling contractor to commence RC drilling at its Pharos Gold Project in the Murchison region of Western Australia. The drilling program aims to follow up on multiple historical high-grade gold results at the Cap Lamp, Lantern, and Candle prospects. Drilling is expected to commence in late March, with first assays anticipated in April. The Murchison ground position was recently expanded to 1600km² via a farm-in/JV agreement with E79 Gold Mines (ASX:E79) adjacent to the existing 100% owned Pharos Project. The RC drilling will test walk-up high-grade gold targets identified through systematic soil geochemistry and detailed mapping. Historic intercepts include 12m @ 7.40 g/t Au from 44m at Lantern, and 5m @ 8.28 g/t Au from 9m at Cap Lamp. Additional targets have been identified within the recently secured Jungar Flats JV. Heritage Survey work is underway prior to drilling. Scorpion has the largest landholding along the Dalgaranga–Big Bell shear corridor, which is largely untested by historic exploration. CEO Michael Fotios noted the increased exploration and corporate activity in the Murchison, citing the merger between Ramelius and Spartan Resources. He stated Scorpion is well-positioned to leverage its significant position in the Murchison by delivering exploration success from multiple gold targets. The company continues to assess other strategic consolidation opportunities in the region. Scorpion is well funded following the recent completion of a $1.5M share placement plus $200K drill for equity. Historic drilling within the Jungar Flats JV intersected significant flat-lying supergene mineralisation, including 18m @ 1.49 g/t Au from 18m, and gold mineralisation in fresh rock including 6m @ 1.43 g/t Au from 148m.