Scorpion Minerals Limited announced that Reverse Circulation (RC) drilling has commenced at its recently acquired Youanmi Lithium Project (Youanmi) in Western Australia. The highly prospective Youanmi Project comprises E57/978, E57/1049 and E57/1056 (the Tenements) and covers an area of 279km2 located 450km northeast of Perth in the East Murchison Mineral Field. The RC drill programme at Youanmi comprises up to 12 holes for approximately 1,500 metres.

Drilling will test down dip of mineralisation intersected in historic drilling on a number of east -west traverses. One drill section will test targets west and east across strike from the existing outcropping pegmatites. Initial field reconnaissance work competed by Scorpion has confirmed extensive stacked LCT pegmatites at Youanmi.

Individual pegmatites are up to 1000m long and surface exposures suggest widths from 5m to 15m wide. The pegmatites are shallow east dipping and exhibit mineral zonation both of which are important characteristics of significant LCT systems. Following the initial project assessment and a detailed technical review by Scorpion's lithium technical advisor, Youanmi presented as an opportunity to actively participate in a region of growing significance for lithium mineralisation in WA. Youanmi sits at the northern end of a 20km long corridor of Lithium, Caesium, Tantalum ("LCT") pegmatite intrusions that have delivered significant results for other explorers at the southern end of the trend.

Limited historic exploration at Youanmi includes: Geological mapping Rock chip sampling, Airborne magnetic surveys, Reverse Circulation (RC) drilling Geological mapping has identified a 3km long zone of intermittent outcropping LCT pegmatites located about 1km east of a contact between a late stage granite and the Youanmi Layered Mafic Complex. The late stage granite exhibits course grained textures and enrichment in elements such as fluorine suggesting that it is the source of the LCT pegmatites to the east. This relationship appears to hold regionally as LCT pegmatite swarms have been discovered by Aldoro Resources on the west side of the late granite within the Windimurra complex.

Rock chip sampling was completed in two phases within the zone described above, identifying significant lithium mineralisation at Youanmi. A total of 24 rock chip samples were taken with 18 samples returning values ranging from 0.58% to 4.22% Li2O. Preliminary evaluation of airborne photography indicates there are zones of outcrop north of this zone that warrant follow up mapping and sampling.

RC drill testing at Youanmi consisted of 54 holes (19MYRC005 to 19MYRC058) drilled in wide spaced fences along the 3 km long zone with the majority drilled in the southern half of the trend. Significant intercepts included: 8m @ 1.39% Li2O from 8m, 6m @ 1.61% Li2O from 22m, 7m @ 1.42% Li2O from 20m, 7m @ 1.38% Li2O from 0m, 6m @ 1.64% Li2O from 11m, 6m @ 1.35% Li2O from 62m Mapping and RC drilling have so far has confirmed multiple LCT zones that are oriented sub-parallel to the granite contact and are shallow dipping to the east or oriented east-west of unknown dip requiring further detailed investigation. It is important to note that exploration by other explorers to the south has identified significant LCT mineralisation in east-west oriented pegmatites.

Shallow dipping pegmatite orientation is a characteristic of significant LCT pegmatite systems. Exploration at Youanmi and in the region has confirmed the presence of lepidolite, petalite and possible spodumene suggesting the presence of zonation within the LCT pegmatites either across their width and/or along strike. Future exploration will focus on determining the zonation trend in order to identify high priority targets. In addition, the tenements are prospective for PGE-Ni-Cu, Base Metal (Zn-Cu-Ag-Au) and Vanadium mineralisation hosted by either the Youanmi Layered Mafic Complex or the adjacent greenstone sequence.

South of Youanmi lies Metal Australia's Manindi project (PGE-Ni Cu and Base Metals) and Venus Metal's Vidure prospect (BGE- Ni-Cu). The northern part of Youanmi contains the western extension of the sequence that hosts Venus Metal's Youanmi Vanadium deposit. Further evaluation of the potential for Vanadium, PGE-Ni-Cu and Base Metal mineralisation will be undertaken simultaneously with lithium exploration.

Scorpion plans to undertake the following work programmes in First Quarter 2023 and regular updates on progress will be provided:RC drilling of existing targets down dip and across strike to identify parallel pegmatites. Follow up geological mapping and rock chip sampling (underway).High resolution Airborne photography if required. Auger soil geochemistry aimed at identifying additional pegmatites under shallow soil cover.

Initial Diamond drill testing of existing targets at depth. Airborne and/or Ground EM surveys.