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Highlights
- JV Agreement with E79 Gold Mines: Scorpion to acquire up to a 70% stake in the Jungar Flats Gold Project in WA.
- $3 Million Investment Commitment: Includes $100K cash payment and exploration expenditure over five years.
- Significant Land Expansion: Now holding 1,600km² in the Dalgaranga–Big Bell shear corridor, a major gold exploration region.
- Capital Raise: Secured $1.5 million placement at a 33% premium to last traded price.
- Upcoming Drill Programs: RC drilling set for late February to early March, targeting high-grade gold zones.
Scorpion Minerals Ltd (ASX:SCN) shares soared 127% to AU$0.034 on February 14, following news of a binding farm-in and joint venture agreement with E79 Gold Mines (ASX:E79). The deal gives Scorpion the right to acquire up to a 70% stake in the Jungar Flats Gold Project in Western Australia's Murchison region by investing $3 million over five years.
Strategic Expansion in a High-Potential Gold Corridor
The Jungar Flats Project sits adjacent to Scorpion’s 100%-owned Pharos Project, consolidating a dominant 1,600km² landholding along the Dalgaranga–Big Bell shear corridor—one of WA’s most promising gold exploration belts.
Recent gold discoveries by Spartan Resources (ASX:SPR) and Caprice Resources (ASX:CRS) in the same region underscore the project's potential. Previous drilling has already intersected:
- 18m @ 1.49 g/t gold from 18m
- 6m @ 1.59 g/t gold from 26m
- 12m @ 7.40 g/t gold from 44m (including 2m @ 42.4 g/t gold at the Lantern prospect)
Aggressive Exploration and Capital Raise
To fund the project, Scorpion has secured:
- $1.5 million in commitments from investors at $0.02 per share (a 33% premium to the last traded price).
- $200,000 in drill-for-equity funding on the same terms.
- Debt-to-equity conversion of $332,000 to strengthen its balance sheet.
What’s Next?
Scorpion plans to begin RC drilling in late February to early March, targeting multiple high-grade gold zones identified from historical drilling.
