Pharos Iron Ore Jv

Scorpion - Fenix

Scorpion Minerals Limited has agreed an exploration programme with Fenix Resources Limited (Fenix) (ASX: FEX) for the Iron Ore JV at its Pharos Project. The JV area totals around 373 km2 and is immediately adjacent and contiguous to Fenix’s Iron Ridge operation, with iron ore targets totalling 15 strike kilometres already identified.

Scorpion will manage, plan and execute the early phase of exploration at the Pharos Iron Ore JV. This early phase of exploration will include detailed airborne air photography/magnetics, geological mapping, rock chip sampling and RC drilling of targets identified.

For more details on the JV arrangement click here

Agreed Exploration Activities & Targets

Planned Exploration programme includes:

  1. Airborne detailed photography and magnetics
  2. Detailed Geological mapping
  3. Rock chip sampling
  4. RC drill testing (~1000 m programme) of targets identified

Two target areas have been identified in or adjacent to the Weld Range at Iron Ridge Extension and Ulysses on E20/948, and a third at Milliwarrie in the south of the Pharos project area on E20/953.

Iron Ridge Extension has been identified through interpretation of available air magnetic surveys that have highlighted a southwestern extension of the favourable iron formation stratigraphy.

The Ulysses target has resulted from the interpretation of historic Air Core, RC and Diamond drilling targeted at gold and base metal geochemical anomalies that also intersected significant widths of weathered Banded Iron Formation beneath an area of cover to the south of the Weld Range.