Scorpion Minerals Limited (ASX:SCN) is an Australian mineral exploration and resource development company focused on creating wealth for shareholders through the discovery of world-class deposits, with current efforts centred on its Pharos Projects in the Murchison Province of Western Australia. The company has today, 21 October 2026, announced an encouraging update for its Old Prospect Gold Deposit, revealing a significant 203% increase in contained gold compared to a previous assessment. This latest open pit optimisation outlines an enhanced production pathway and value proposition.
The revised optimisation, calculated at a gold price of A$6,000 per ounce, identifies 314,565 tonnes at 1.6 grams per tonne (g/t) gold, yielding 16,159 ounces from single open pits at Old Prospect North and South. This represents a substantial uplift from the April 2024 scoping study by Ozz Resources Limited, which, at A$3,000/oz gold, projected 82,224 tonnes at 3g/t gold for 7,964 ounces. The Old Prospect deposit holds a JORC 2012 compliant Mineral Resource Estimate of 312,400 tonnes at 2.15 g/t gold for 21,600 ounces, with 72% in the higher confidence Indicated category.
Scorpion CEO Michael Fotios stated that the updated optimisation, based on current gold prices, provides a compelling basis for assessing the opportunity, supported by the high-confidence Indicated resource. He noted the agreement with Andel Resources Pty Ltd, a related party of Gylden Resources, offers a clear pathway for processing Old Prospect material at the Kirkalocka plant. Additionally, the Mining Lease application M20/568 has progressed to the “Right to Negotiate” process. The company plans further scoping and mining studies to unlock the broader potential of this gold system, as mineralisation remains open along strike and at depth.
