Scorpion Minerals Unveils New Gold Discovery at Olivers Patch Prospect
SCN (SCN) Share Update July 2024 Wednesday 24th
Scorpion Minerals Discovers Specimen Gold at Olivers Patch
Scorpion Minerals Limited (ASX:SCN) has exciting news for investors with the discovery of specimen gold and visible gold in vein quartz at their Olivers Patch Prospect, part of the broader Pharos Project in Western Australia.
Instant Summary:
- Specimen gold and visible gold in vein quartz discovered at Olivers Patch Prospect.
- Discovery lies within an 8km trend identified by historic exploration.
- Strategic review of gold targets within the broader Pharos Project area underway.
- Planned exploration includes geological mapping, soil geochemistry, and follow-up drill testing.
Discovery Details
Scorpion Minerals Limited (ASX:SCN) is thrilled to announce the discovery of specimen gold and visible gold in vein quartz at the Olivers Patch Prospect, which is part of the larger Pharos Project in Western Australia. This discovery lies within an 8km trend identified by historic exploration, further highlighting the gold potential of this region.
Olivers Patch is located approximately 60km northwest of Cue in the Murchison Mineral Field. The broader Pharos Project covers an area of 1,295 km² and has been the focus of extensive exploration activities. These activities include geological mapping, soil geochemistry, air magnetics, and various drilling methods.
Strategic Review and Exploration Plans
Scorpion Minerals is conducting a strategic review of gold targets within the Pharos Project area. The company plans to undertake geological mapping, auger-assisted soil geochemistry, and follow-up drill testing in the coming months. These efforts aim to identify and assess potential drill targets, with regular updates to be provided as exploration progresses.
Historical Context and Recent Findings
Previous exploration by Scorpion and other companies has revealed several high-grade gold targets along the 8km corridor at Olivers Patch. Significant drill results have been returned from various prospects within this trend, including Cap Lamp, Lantern, Candle, and Candle North. Recent prospecting activities have successfully identified over 18.8 grams of gold nuggets at Olivers Patch, with some nuggets weighing up to 25 ounces.
The discovery of gold nuggets at this location is particularly significant as historical surface soil and lag sampling surveys did not identify any gold anomalies in the area. This suggests that the area remains highly prospective for the discovery of gold mineralization under shallow cover.
The discovery of specimen gold at Olivers Patch is a positive development for Scorpion Minerals and its investors. This finding supports the company's ongoing exploration efforts and enhances the potential for future gold discoveries within the Pharos Project area. The market reaction is expected to be favorable, with potential increases in stock value as investors respond to the news.
Investor Reaction:
Analysts and investors have reacted positively to the discovery, noting the significant potential for further gold mineralization in the region. The strategic review and planned exploration activities are seen as proactive steps to maximize the project's value.
Conclusion:
Investors should keep a close eye on Scorpion Minerals' upcoming exploration updates and results. The company's strategic approach and recent discoveries position it well for future success. Stay informed and consider the potential long-term benefits of this promising gold prospect.