Scorpion Minerals Limited (ASX: SCN) (“the Company” or “SCN”)”) is pleased to advise that it has completed all due diligence activities associated with the binding Heads of Agreement (“theAgreement”) with eMetals Limited (ASX:EMT) (“eMetals” or “EMT”) to acquire tenements E20/885, E20/896, E20/963 and E20/964 (“Tenements”) which cover a combined 904km² in the Murchison Goldfield of Western Australia (see Figure 1).


HIGHLIGHTS

  • Scorpion has completed all due diligence activities to acquire the Poona Project from eMetals Limited (ASX:EMT)
  • SCN has acquired 100% interest in tenements E20/885,E20/896,E20/963 and E20/964 which cover a combined 904km²
  • SCN’s footprint in the Murchison now stands at1,544km²
  • Technical review of historic data substantially completed–key targets to be drill tested as part of the broader program this quarter
  • SCN targeting PGE-Ni-Cu and lithium mineralisation across several priority targets within Murchison portfolio

SCN will now move to issue 4,000,000 fully paid ordinary shares in SCN to EMT to complete the acquisition of 100% interest in the Tenements. The shares will be subject to a holding lock pending receipt of completed Deeds of Assignment from EMT. EMT will also receive a 0.5% net smelter return (“NSR”) royalty in respect of minerals mined from the Tenements, should commercial mining be undertaken.

The four Tenements (Poona Project) are contiguous and south of SCN’s Pharos tenements. The Poona Project contains the Mughal Ni-Cu target plus the Poona and Jackson’s Reward Rare Metal Pegmatite occurrences, all of which are located immediately south of SCN’s high priority PGE-Ni-Cu targets at Pallas.

Click here for the full ASX Release

This article includes content from eMetals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

EMT:AU
eMetals Limited

eMetals Limited


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