Element 25 Ltd (ASX:E25) is closer to finalising the sale of the Pharos Gold and Base Metals Project in the Murchison region of WA to Scorpion Minerals Ltd (ASX:SCN).
Native Title agreements are close to being concluded by E25 for one of two tenements that make up the Pharos project adjoining Scorpion’s Mount Mulcahy copper-zinc volcanic-hosted massive sulphide (VMS) deposit.
Finalisation of a heritage agreement for E20/948 is imminent and the tenement is expected to progress to grant shortly due to progress with the Native Title process.
Objection withdrawn
Agents for the Native Title Party have advised the National Native Title Tribunal that the parties have entered into an agreement in relation to the tenement.
They requested the withdrawal of the expedited procedure objection application, which the tribunal then withdrew on January 14, 2020.
E25 also advises that the Native Title Party is executing the Exploration and Heritage Agreement for E20/948, as well as a Deed of Assignment, Assumption and Consent (DOAAC) for all parties, which has been signed by Scorpion.
Contiguous with Mt Mulcahy
The two tenement applications cover 384 square kilometres and are contiguous with 58 square kilometres of granted Scorpion tenure, which contains Mt Mulcahy.
The South Limb pod at this project has a JORC 2012 measured, indicated and inferred resource of 647,000 tonnes at 2.4% copper, 1.8% zinc, 0.1% cobalt, 20 g/t silver and 0.2 g/t gold.
Location of Pharos project in relation to Mt Mulcahy, with known mineral occurrences and drilling highlights.
In anticipation of imminent access, Scorpion has planned ground reconnaissance at advanced targets on E20/948 for late January, along with early drilling of targets in the Lantern area after grant, heritage clearance and program of work (PoW) approval is received.
Scorpion believes that there is potential for new gold and base metal deposits within the expanded project area.
Future exploration
Planned future exploration includes:
- Reprocessing of existing air magnetics and completion of a regional geologic interpretation;
- Detailed geological mapping of selected target areas;
- Systematic auger soils geochemical sampling of the project initially focusing on high priority targets; and
- Follow-up RC drilling of historic drill intercepts at Candle, Lantern, Mustang Sally, Ulysses and Laterite Hill.