Scorpion Minerals (ASX:SCN) and Fenix Resources (ASX:FEX) hit new targets at Pharos

• A review of historic data within Scorpion Minerals’ (SCN) and Fenix Resources’ (FEX) Pharos iron ore joint venture yields new drill targets warranting “immediate” follow up
• The companies identified two new gold and iron targets within the Western Australian situated Ulysses prospect
• An additional iron ore target was also discovered with Fenix Resources’ Iron Ridge Extension
• The joint venture says it plans to commence drill testing on both discoveries
• Scorpion Minerals shares are up 13.5 per cent to trade at 8.4 cents, while Fenix Resources shares are up 0.61 per cent to trade at 41.3 cents at 12:48 pm AEST

A review of historic data within Scorpion Minerals’ (SCN) and Fenix Resources’ (FEX) Pharos iron ore joint venture has yielded new drill targets warranting “immediate” follow up.

Further technical analysis on open-file gold data revealed two new gold and iron targets within the Ulysses prospect of the joint project, which spans 373 square kilometres and contains 15 kilometres of iron ore strike.

The companies are looking to accelerate the drilling programme currently underway at the Western Australian prospect to test the oxidised zones of iron formation to a depth of 100 metres.

In addition, the analysis confirmed a significant iron ore target at Fenix Resources’ Iron Ridge Extension prospect.

Fenix said it plans to reprocess this magnetic data as a priority to push ahead with a reverse circulation drilling programme to test the prospective targets for iron ore mineralisation.

Scorpion Minerals Non-Executive Director Bronwyn Barnes commented on the update.

“Our detailed technical review of the available historical data from Pharos has
identified several compelling iron ore drill targets within our JV tenements that warrant immediate follow-up drill testing,” she said.

“Scorpion’s Pharos Iron Ore JV is in a highly sought-after and proven mining jurisdiction and we look forward to quickly advancing our exploration strategy with Fenix to unlock the full potential both Ulysses and Iron Ridge Extension.”

Scorpion Minerals shares were up 13.5 per cent to trade at 8.4 cents, while Fenix Resources shares were up 0.61 per cent to trade at 41.3 cents at 12:48 pm AEST.