Scorpion Minerals Defines New Gold Exploration Target at Old Prospect

New Exploration Target Highlights Scale and Continuity

Scorpion Minerals Limited (ASX:SCN) has put a fresh spotlight on its Old Prospect gold zone within the Pharos Project in Western Australia's Murchison region, unveiling a new Exploration Target ranging from 1.0 to 3.0 million tonnes grading between 1.5 and 2.0 grams per tonne gold. This target extends to a depth of approximately 170 metres below surface and underscores the potential scale and continuity of mineralisation along a 700-metre strike length.

The Exploration Target complements an existing JORC 2012-compliant Mineral Resource Estimate of 312,400 tonnes at 2.15 g/t Au, containing around 21,600 ounces of gold, with 72% of this classified as higher confidence Indicated Resources. Notably, the mineralisation remains open both along strike and at depth, suggesting further upside beyond current estimates.

Robust Drilling Data Underpins Target and Resource

The target is underpinned by extensive drilling campaigns, including 61 Reverse Circulation (RC) holes totaling 5,021 metres and 4 Diamond drillholes (DDH) for 922 metres, with thousands of assay results integrated into detailed 3D wireframe models. Historic drilling highlights include high-grade intercepts such as 8 metres at 8.78 g/t Au from 41 metres, including 2 metres at 30.8 g/t, and 7 metres at 9.10 g/t Au from 81 metres, featuring a 1-metre interval at 56.1 g/t Au.

These intercepts demonstrate the deposit's steep west-dipping and north-plunging geometry, with widths varying between 5 and 15 metres and mineralisation extending at least 140 metres below surface. The geological setting involves shear-hosted lode-style gold mineralisation within mafic and volcanic sequences, consistent with other prolific gold systems in the Murchison region.

Strategic Positioning Along a Major Shear Corridor

Old Prospect lies within a 5-kilometre-long structural corridor stretching from Cap Lamp to Middle Bore, which remains largely underexplored historically. Scorpion has consolidated the largest landholding along the Dalgaranga–Big Bell shear corridor, a key structural feature controlling gold mineralisation in the region.

The company’s strategic MOU with Gylden Resources Pty Ltd aims to secure access to the Kirkalocka processing plant, potentially streamlining future mine development and processing logistics. This partnership adds a valuable dimension to Scorpion’s growth strategy at Pharos.

Next Steps: Drilling and Mining Lease Progression

Scorpion plans an aggressive follow-up drilling campaign designed to infill and extend the existing mineralisation footprint at Old Prospect North and South, as well as test down-plunge extensions. The program will include approximately 1,500 metres of RC drilling and diamond drilling for geotechnical and metallurgical sampling.

Concurrently, the company is advancing mining studies and progressing the application to convert the Old Prospect tenements into a mining lease, a critical step toward eventual resource extraction. Complementary exploration activities such as detailed geological mapping and an airborne magnetic survey are also underway to refine structural interpretations and target generation.

This announcement builds on recent milestones including the acquisition of Old Prospect tenements and the mining lease application submitted in April 2026, reflecting Scorpion’s steady progress in unlocking value in the Murchison region Old Prospect acquisition and partnerships and Mining lease application and drilling plans.