Summit Minerals Limited (ASX: SUM, “Summit” or the “Company”) is excited to announce that it has entered a binding option agreement to acquire 80% of the Castor Lithium Project. This strategic acquisition covers a landholding of over 118km² in the prolific James Bay lithium district of Québec, Canada.
This Project, which is located in the northern part of the Yasinski Lake Greenstone Belt, is backed by a heavily oversubscribed $1.5M investment from institutional and sophisticated investors. The financial support will ensure the project's 2023 exploration program is fully funded, paving the way for the comprehensive field studies by Dahrouge Geological Consulting (DGC), who have been contracted for the inaugural field program.
Summit’s Exploration Manager, Mr Jonathan King, said, “The acquisition of the Castor Lithium Project presents Summit shareholders with a fantastic opportunity within the world-class lithium jurisdiction of James Bay. The Project provides substantial scale and lies over an impressive 33km of lithium prospective greenstone. The easy access to Castor, its proximity to other highly successful projects, and having lithium experts DGC involved and ready to start exploration for the remaining summer field season make this an obvious opportunity to create value for Summit investors. We look forward to confirming the lithium potential and, subject to exploration success, advancing towards drilling at the project.”
The Project vendors, which include DG Resource Management (DGRM) – the team that previously identified, acquired, and vended the original Corvette Property to Patriot Battery Metal’s predecessor, and mining entrepreneur Kal Malhi of Bullrun Capital, are eagerly awaiting the commencement of the exploration program.
Mr Jody Dahrouge, one of the Project’s vendors, added, “We look forward to unlocking the lithium potential of the Castor Lithium Project with the Summit team. With spodumene pegmatites located along the southern end of the Yasinski Lake Greenstone Belt we consider the project to have good potential for multiple commodities, including spodumene pegmatite.”
The Castor Lithium Project's strategic location offers easy access to major infrastructure. Its southwestern portion is located on the all-weather James Bay Rd, just 30km from the Grand River Airport, and 60km from the town of Radisson.
Situated within the same greenstone belt are Q2 Metals’ Mia Lithium Project and Ophir Gold’s Radis Lithium Project, both of which have shown promising lithium mineralization. James Bay district, the home of Allkem’s James Bay Deposit, Nemaska’s Whabouchi Deposit, and Patriot Battery Metals' developing Corvette Property, has proven to be a world-class lithium-pegmatite district.
Summit Minerals Limited will provide further updates on the project as the exploration program progresses.
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About SUM:
Summit Minerals Limited is an Australian-focused ASX-listed battery mineral exploration Company with a portfolio of projects in demand-driven commodities. It is focused on systematically exploring and developing its projects to delineate multiple JORC-compliant resources.
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Jane Morgan