Scorpion Minerals Limited (ASX:SCN), an Australian mineral exploration and resource development company focused on creating wealth for shareholders through the discovery of world-class deposits, has announced a binding option agreement with Ozz Resources Limited to acquire the Old Prospect tenements within its Pharos Gold Project. This strategic move allows Scorpion to consolidate ownership along the highly prospective 5km Cap Lamp to Middle Bore trend in Western Australia’s Murchison region. The Pharos and adjacent Jungar Flats JV Project cover the northern extent of the highly prospective Big Bell–Dalgaranga shear corridor.
The Old Prospect (North and South) tenements include a combined JORC 2012 compliant Mineral Resource Estimate of 312,400 tonnes grading 2.15 g/t Au for 21,600 ounces of contained gold. Notably, 72% or 15,600 ounces are classified in the higher confidence Indicated Resource category. Historic drilling at Old Prospect has yielded significant high-grade gold intercepts, including 8m @ 8.78 g/t Au from 41m and 7m @ 9.10 g/t Au from 81m, highlighting the prospect’s potential.
OZZ Resources has agreed to advance a mining lease application over the tenement areas during the option period, allowing for concurrent advancement of mining studies. Recent results include 6m @ 12.44 g/t Au from 70m at Maguires and 8m @10.99 g/t Au from 44m at Lantern. Scorpion has designed a follow-up drilling campaign to infill and extend existing drilling along a 650-metre zone at Old Prospect North and South and down dip/plunge.
‘Scorpion is delighted to have secured the opportunity to acquire the highly strategic Old Prospect gold tenements,’ said CEO Michael Fotios. He added that the Old Prospect agreement with OZZ further supports the recent collaboration with Gylden Resources which will provide Scorpion with access to the Kirkalocka plant; a valuable future processing solution.
