Pharos Project Yields Up to 9.52 g/t Au Near Surface; Gylden MOU Signed

Shallow High-Grade Gold at Pharos

Scorpion Minerals Limited (ASX, SCN) has delivered encouraging assay results from its July 2025 reverse circulation drilling campaign at the Pharos Gold Project, located in the Murchison region of Western Australia. The drilling confirmed multiple zones of significant gold mineralisation near surface at the Cap Lamp prospect, with standout intercepts including 5 metres at 2.59 grams per tonne (g/t) gold from just 6 metres depth, and a high-grade 1 metre interval grading 9.52 g/t gold from 5 metres, attributed to clay-hosted enrichment.

These results sit adjacent to historic high-grade intercepts, reinforcing the prospectivity of the area along the Dalgaranga–Big Bell shear corridor, a structural feature known for hosting gold mineralisation. The company plans a follow-up drilling campaign targeting several historic high-grade zones at Lantern, Candle, and Candle North, aiming to delineate and expand these promising gold occurrences.

Strategic Partnership with Gylden Resources

In a significant corporate development, Scorpion has entered into a Memorandum of Understanding (MOU) with Gylden Resources Pty Ltd, the private owner of the Kirkalocka Project and its 2.1 million tonnes per annum carbon-in-leach (CIL) processing plant. This partnership aims to explore development and processing opportunities through toll milling, ore purchase agreements, or joint ventures, leveraging Gylden’s infrastructure and Scorpion’s regional expertise.

Scorpion’s CEO, Michael Fotios, highlighted the strategic value of this collaboration, noting that access to the Kirkalocka processing plant could accelerate the commercialisation of Scorpion’s gold assets. Additionally, Scorpion has secured three new exploration licences southeast of Kirkalocka, expanding its footprint in one of the last underexplored areas of the Murchison region.

Corporate and Exploration Outlook

Financially, Scorpion has strengthened its cash position through early exercise commitments on unlisted options, expected to raise approximately $700,000. Directors have also committed to exercising their options, signaling confidence in the company’s prospects. Meanwhile, the board is actively reviewing strategic options for the Mt Mulcahy copper-zinc-silver-gold deposit, including potential joint ventures or securitisation.

Looking ahead, Scorpion plans to ramp up exploration activities with approximately 1,500 metres of follow-up reverse circulation drilling, detailed geological mapping at a 1, 5,000 scale, and a 50-metre line spaced airborne magnetic survey. These efforts aim to refine lithostructural interpretations and advance multiple gold targets across its extensive tenement holdings.

Overall, Scorpion Minerals is positioning itself as a key player in the Murchison gold scene, combining promising exploration results with strategic partnerships and a solid financial footing to unlock value from its diverse mineral portfolio.