Scorpion Minerals (ASX:SCN) has executed a binding option agreement with Ozz Resources (ASX:OZZ) to acquire the Old prospect tenements within its Pharos Gold Project, located northwest of Cue in Western Australia's Murchison region.
The agreement provides Scorpion with the exclusive right to consolidate ownership along the highly prospective 5-kilometre Cap Lamp to Middle Bore trend, which remains open along strike and at depth.
The Old prospect (North and South) holds a combined JORC 2012-compliant mineral resource of 312,400 tonnes at 2.15 g/t gold for 21,600 ounces, with 72% classified as indicated.
Historic drilling has returned high-grade intercepts, including 8m at 8.78 g/t Au and 7m at 9.10 g/t Au, highlighting the significant potential for expansion.
Under the option period, Ozz will proceed with a mining lease application while Scorpion advances exploration, including infill and extension drilling, down-plunge diamond drilling, and regional target follow-up.
The acquisition further strengthens Scorpion's position along the Dalgaranga–Big Bell shear corridor, complemented by a strategic MOU with Gylden Resources to access the Kirkalocka processing plant.
CEO Michael Fotios emphasised that the deal "cements Scorpion’s position as a leading gold explorer in the Murchison region" and positions the company for accelerated exploration and development across a highly prospective gold corridor.
At the time of reporting, Scorpion Minerals' share price was $0.031.