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Highlights
- Scorpion Minerals (SCN) secures a joint venture with E79 Gold Mines (E79).
- Earn-in agreement grants Scorpion up to 70% interest in Jungar Flats Project.
- Drilling set to commence soon, expanding exploration in the Murchison region.
Scorpion Minerals (ASX:SCN) has entered into a strategic earn-in and joint venture agreement with E79 Gold Mines (ASX:E79), securing a pathway to expand its exploration footprint in Western Australia. The agreement centers around the Jungar Flats Project, a prospective gold asset in the Murchison region.
Under the terms of the deal, Scorpion Minerals can earn up to a 70% interest in the project by committing $3 million in exploration expenditures over a five-year period. This includes an upfront cash payment of $100,000 and a series of spending milestones. With this agreement, Scorpion Minerals will assume the role of project manager, increasing its total landholding in the Murchison region to an extensive 1,600km².
To support its exploration activities, Scorpion Minerals is conducting a capital raise of $1.5 million through a placement. The issue price of $0.02 per share represents a 33% premium over its last traded price of $0.015 per share. The raised funds will not only facilitate ongoing exploration across its Murchison gold portfolio but will also help cover the costs of the newly established partnership.
According to Scorpion Minerals CEO Michael Fotios, this deal establishes the company as the largest landholder along the highly prospective Big Bell-Dalgaranga shear corridor. He also confirmed that drilling contractors have been secured, with plans to mobilize rigs by the end of February. This marks a significant step forward in unlocking the resource potential of the region.
For E79 Gold Mines, this joint venture provides an opportunity to optimize its technical and financial resources while maintaining exposure to any potential exploration success at Jungar Flats. CEO Ned Summerhayes highlighted that the agreement enables the company to focus on other high-priority projects, including Laverton South in Western Australia and Mountain Home in the Northern Territory.
At the Laverton South Gold Project, E79 Gold Mines is gearing up for aircore drilling to test new targets in the coming months. Meanwhile, at Mountain Home, preparations are underway for initial drilling under the project’s gossan, with regulatory approvals in progress. Drilling is expected to commence between May and November 2025.
E79 Gold Mines holds a substantial 1,838km² land package considered prospective for gold and copper, while Scorpion Minerals continues to expand its portfolio with a diversified approach to mineral exploration and resource development. This partnership marks a significant move for both companies as they advance their exploration efforts in key gold-rich regions.
