During the evaluation, the partners identified two iron ore target areas within the JV’s southern Weld Range region, specifically at the Iron Ridge Extension and Ulysses prospects.
As a result, a reverse circulation (RC) campaign planned for the Ulysses target will be accelerated to test oxidised iron ore formations to 100 metres below the surface.
Looking ahead, both companies have an extensive exploration campaign planned for the Pharos JV in the coming months, with the expedited RC drill testing slated to take place in either September or October.
The Pharos JV is near Fenix's Iron Ridge operations and is being investigated as a possible source of future material.
Targets warrant follow-up testing
Scorpion non-executive director Bronwyn Barnes said: “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.
“As a result, we have expedited our plans to drill test these high-quality targets across both the Ulysses and Iron Ridge Extension prospects.
“Scorpion’s Pharos Iron Ore JV is in a highly sought-after and proven mining jurisdiction, nearby to Fenix’s high-grade Iron Ridge iron ore mining operation, and we look forward to quickly advancing our exploration strategy with Fenix to unlock the full potential of both the Ulysses and Iron Ridge Extension.”
Two key target areas
Essentially, revision work over the Pharos JV has generated two iron ore targets for further exploration.
To pinpoint the Ulysses target, Fenix and Scorpion revised historical aircore, diamond and RC drilling that originally targeted gold and base metal geochemical anomalies. Importantly, this work also intersected substantial banded iron formation widths to the south of the JV’s Weld Range zone.
Further historical drill data evaluation at Ulysses helped both the ASX-listers zone in on a prospective iron formation at the target, with a follow-up RC drilling program now accelerated.
The Ulysses Project has previously been a gold exploration focus for Mt Isa Mines and later Newcrest Mining Limited (ASX:NCM), while Scorpion continues to evaluate the high-grade gold potential aside the iron ore prospectivity of the exploration asset.
Meanwhile, an airborne magnetic survey interpretation has highlighted a southwestern extension to an iron formation, leading the partners to the Iron Ridge Extension target.
Specifically, historical analysis of 50-metre, line-spaced helimag work confirmed the prospect's significant iron ore target.
Fenix and Scorpion are now moving ahead with magnetic data reprocessing as a priority, with work to inform RC drilling that will test for high-grade iron ore mineralisation at the Iron Ridge Extension.
In tandem with work over the new iron ore targets, Fenix and Scorpion intend to conduct a suite of other exploration activities across the September quarter.
This month, they will conduct detailed airborne photography and magnetic data reprocessing across July and August.
Next month, both parties will turn their attention to heritage survey and clearance work, while roughly 1000 metres of RC drilling across the iron ore targets will take place over September and October.
Fenix can earn 70% of the iron ore rights at the Pharos JV by sole funding exploration and resource definition drilling to identify up to 10 million tonnes. Alternatively, the iron ore developer can earn 70% of a portion of the tenements by funding a feasibility study on a resource of at least one million tonnes of iron ore.
Overall, Fenix must spend at least $350,000 before its withdrawal, while a Scorpion-managed exploration program has been established for the six months ending October 30, 2021.