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.