Scorpion Minerals Limited reported that an ongoing technical data review has extended the strike zone of significant rare metal and Lithium, Caesium, Tantalum ("LCT") pegmatite potential within the company's Pharos Project to 50km. The Pharos Project is 100% owned by Scorpion and covers an area of 1,544km located 60km northwest of Cue in the Murchison Mineral Field, Western Australia. The interpreted LCT Pegmatite Emplacement Zone (`PEZ') has now been extended east of the recently acquired Poona Prospect into the Jacksons Reward Prospect area within Pharos.

Historic gold exploration programmes were conducted in the Jacksons Reward Prospect area by Australian Consolidated Minerals Ltd. (1982) and CRA Exploration Ltd. (1988) targeting a north-trending splay off the Big Bell structure. These programmes were limited, only covering discreet areas, and included soil, loam and rock chip geochemistry. Scorpion's ongoing technical review of previous work completed at Pharos has focused on LCT pegmatite potential and has now extended the strike to a 50km corridor of inferred emplacement, with the PEZ containing mostly greenstone-hosted pegmatite intrusions adjacent to a contact with a Rb+Cs-enriched altered late granite.

This area has seen previous historic exploration and small-scale production activity for Sn, Ta, W, Beryl and Emeralds (Poona and Aga Khan), all of which are typically present in most significant rare metal provinces (e.g. Pilbara and Greenbushes, WA). The current technical review has highlighted significant LCT pegmatite potential in the central part of the Pharos Project. It is worth noting that the balance of the project area has seen little or no exploration for pegmatite occurrences.

Historic exploration was spasmodic/non-systematic and where present included stream sediment sampling, soil sampling, rock chip sampling and limited recent RC drilling. Pacminex and Newcrest completed wide-spaced stream sediment sampling analysing for Sn, W and base metals in the Jacksons Reward area, whilst CRA completed a 1km x 1km regional grid of wide-spaced loam sampling. The loam samples were tabled to remove clay, with the remnant heavy mineral concentrate (HMC) then assayed for a suite of elements including rare metals.

A significant regional tantalum and niobium anomaly was identified by this work, but never followed up. Modern exploration activities resumed in 2016 when the project was acquired by Venus Metals Limited. Venus undertook some exploration targeting rare metal pegmatites including rock chip sampling with some spodumene occurrences noted in hand specimen descriptions Venus also identified the Jackson's Reward Pegmatite from drainage sampling for tantalite and estimated the main zone at 1.3km length and 300m width, with beryl occurrences observed, and a swarm of smaller pegmatite dykes flanking the main zone.

No further significant work was undertaken, and the zone remains undrilled. Geological mapping completed by ACM has extended the zone of mapped pegmatites to about 8km. The Company considers the entire pegmatite intrusive zone a priority target that warrants considerable additional exploration focus.

The Pharos Project is considered highly prospective for LCT pegmatite mineralisation, and will require further systematic exploration to effectively evaluate the potential and extent of the entire interpreted PEZ. Significant targets relating to rock chip/soil anomalies remain to be followed up by RC drilling after relevant approvals are gained.