Scorpion Minerals advances toward gold production at Pharos Project
Scorpion Minerals (ASX:SCN) has taken a step towards gold production in the Murchison region, announcing the formal submission of a mining lease application for the Old Prospect tenements within its Pharos Gold Project.
The milestone follows a shareholder meeting on April 17, where Ozz Resources investors approved the 100% sale of the Old Prospect area to Scorpion under an existing binding option agreement.
The Old Prospect North and South zones currently boast a JORC 2012-compliant mineral resource estimate of 312,400 tonnes grading 2.15 g/t Au, totalling 21,600 ounces of contained gold.
72% of this estimate sits within the high-confidence indicated resource category.
Recent drilling highlights further underscore the project's high-grade potential, with intercepts including 8m @ 8.78 g/t Au from 41m and 7m @ 9.10 g/t Au from 81m.
Exploration remains aggressive, with mineralisation still open along strike and at depth.
Scorpion has designed a follow-up infill and extensional drilling campaign targeting a 650-metre zone to further expand the resource.
Beyond exploration, the company is solidifying its development pathway through a strategic memorandum of understanding with Gylden Resources.
As the owner of the nearby Kirkalocka Project and its 2.1Mtpa CIL processing plant, Gylden offers a viable, immediate processing solution for Old Prospect ore.
At the time of reporting, Scorpion Minerals' share price was $0.034.
