Scorpion Minerals Limited provided update the market in relation to its Option to Acquire 100% of two exploration tenement applications (E20/948 and E20/953 - together the Pharos Project) from Element 25. This initial release noted several significant historical gold intercepts from Rotary Air Blast (RAB) drilling undertaken by previous companies on the applications, including the following intersections from the Lantern prospect on E20/948: 12 m @ 7.40 g/t Au from 44 m, including 2 m @ 42.4 g/t Au; 16 m@ 3.09 g/t Au from 0 m, including 2 m @ 16.8 g/t Au. The two tenement applications cover 384 km, and are contiguous with 58 km of granted SCN tenure (E20/931), which contains the Mount Mulcahy copper-zinc volcanic-hosted massive sulphide (VMS) deposit, a zone of mineralisation with a JORC 2012 Measured, Indicated and Inferred Resource of 647,000 tonnes @ 2.4% copper, 1.8% zinc, 0.1% cobalt and 20g/t Ag. Highlights: review continues to identify highly prospective target areas for gold and base metals; native title objection over E20/948 withdrawn, Heritage; agreement and deed of assumption finalised awaiting final signing; E20/948 expected to proceed to grant imminently; company to undertake field reconnaissance late January and plan for drilling of priority targets at the earliest opportunity.