What Could Scorpion’s Latest Drilling Results Mean for Murchison Gold?
Scorpion Minerals has completed initial drilling at its Pharos Gold Project with assays expected soon, while expanding its Murchison footprint through a strategic JV. The company also explores options to unlock value from its Mt Mulcahy copper asset.
- Completed 35-hole RC drilling program at Pharos Gold Project
- Assay results expected early this quarter with further drilling planned
- Expanded Murchison landholding to 1,600km² via farm-in JV with E79 Gold Mines
- Ongoing heritage surveys to facilitate exploration at Jungar Flats JV
- Evaluating strategic options for Mt Mulcahy copper resource
Pharos Project Drilling Progress
Scorpion Minerals Limited (ASX, SCN) has reported significant progress in its exploration activities during the June quarter, notably completing a 35-hole reverse circulation (RC) drilling program totaling 1,691 metres at its 100%-owned Pharos Gold Project in Western Australia. This initial phase targeted multiple high-grade gold prospects along the highly prospective Dalgaranga–Big Bell shear corridor, a region known for its rich gold mineralisation but historically underexplored in this specific area.
The company’s technical team undertook extensive fieldwork prior to drilling, refining targets such as Olivers Patch, Cap Lamp, and Maguires North. These efforts included rock chip sampling and structural analysis to optimise drill hole placement. Assay results from this program are anticipated early in the current quarter, with a follow-up drilling campaign planned to test additional targets including Terry’s North, Nick’s Find, Lantern, Candle, and Salt Flat.
Strategic Expansion in the Murchison Region
Beyond Pharos, Scorpion has expanded its footprint in the Murchison Mineral Field to approximately 1,600 square kilometres through a farm-in and joint venture agreement with E79 Gold Mines Ltd (ASX, E79) at the adjacent Jungar Flats Project. This JV positions Scorpion as the largest landholder along the Dalgaranga–Big Bell shear corridor, consolidating a contiguous and strategically significant land package.
Heritage surveys at Jungar Flats are advancing, clearing the way for future exploration activities. The JV area is prospective not only for gold but also for copper and lithium, broadening Scorpion’s exposure to multiple commodities in a region with recent high-grade discoveries.
Unlocking Value from Mt Mulcahy Copper Asset
Scorpion is actively assessing options to unlock value from its Mt Mulcahy Copper Prospect, located within the Pharos Project. This asset hosts a substantial copper-zinc resource, with a JORC-compliant resource estimate of 647,000 tonnes grading 2.4% copper and 1.8% zinc. The deposit remains open at depth and along strike, with multiple untested geophysical conductors suggesting further upside potential.
The company is considering various strategic pathways to advance Mt Mulcahy amid a strengthening copper market, although details remain forthcoming. This diversification into base metals complements Scorpion’s gold-focused exploration and could enhance its long-term value proposition.
Financial Position and Outlook
During the quarter, Scorpion reported operating cash outflows of A$393,000 and held cash reserves of A$681,000 at quarter-end. The company maintains an unsecured loan facility of A$2.5 million, with A$1.275 million drawn. Payments to related parties amounted to approximately A$75,000, covering directors’ fees and company secretarial services.
CEO Michael Fotios emphasised the company’s commitment to advancing exploration rapidly, leveraging its dominant land position and the robust gold market. With assay results pending and further drilling planned, Scorpion is positioning itself to unlock significant value from its Murchison projects in the months ahead.
Bottom Line?
As assay results loom and exploration accelerates, Scorpion Minerals stands at a pivotal point to validate its extensive Murchison holdings and copper ambitions.
Questions in the middle?
- What will the initial assay results reveal about the high-grade gold targets at Pharos?
- How will the Jungar Flats JV progress once heritage surveys are complete?
- What strategic options will Scorpion pursue to develop the Mt Mulcahy copper resource?
