Scorpion Minerals Limited announced that it has agreed an exploration programme with Fenix Resources Limited 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. Fenix recently requested Scorpion 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. Two target areas have been identified in or adjacent to the Weld Range at Iron Ridge Extension and Ulysses on E20/948, which is in the process of being transferred to Scorpion Minerals from holder Element 25; and a third at Milliwarrie in the south of the Pharos project area on E20/953, where SCN has an option to purchase 100% from Element 25. 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. The Company continues to assess the potential of additional targets within E20/948 and E20/953, including potential for gold mineralisation associated with the Ulysses stratigraphy and intends to update the market shortly with respect to these activities.