Summit Minerals Limited (ASX: SUM, “Summit” or the “Company”), a leading explorer in the mining sector, is excited to announce the commencement of a comprehensive geochemical soil survey at its Phillips River Lithium Project in Southwest Western Australia. This significant step marks the beginning of a strategic exploration program aimed at uncovering potential pegmatite-hosted lithium mineralization.
Key Highlights of the Phillips River Lithium Project:
Geochemical Soil Survey: The survey, set to begin next week, will focus on several intrusive bodies identified from the company’s high-resolution magnetic survey. This initiative is a crucial part of Summit’s exploration strategy to define potential lithium-bearing pegmatites in the area.
Strategic Location: The Phillips River Lithium Project is strategically located just 2.5KM southwest of Bulletin Resources’ (ASX: BNR) recent lithium discovery at its Ravensthorpe Lithium Project. This area is known for high-grade spodumene lithium, with concentrations up to 7.04% Li2O.
Innovative Exploration Techniques: Summit will employ an ultrafine soils program, conducted on 100 m centers along 400 m spaced lines. This program is designed to complement the proposed auger drilling program, providing valuable data to identify high-priority targets for potential drilling campaigns in 2024.
Timely Execution and Results: The soil sampling program is expected to be completed within two to three weeks, with assay results anticipated in early 2024. The commencement of the program is scheduled for next week, with preparations for access and contractors for the auger program currently underway.
About Summit Minerals Limited:
Summit Minerals Limited is a forward-thinking exploration company focused on the discovery and development of lithium and other battery minerals. The Company’s Phillips River project is situated over the Annabelle volcanic sequence, known for hosting spodumene-bearing pegmatites, including the Mt Cattlin Lithium mine and processing plant located 20km to the north.
Divestment of Windfall Antimony Project:
In line with its strategic focus, Summit has decided to divest from the Windfall Antimony Project, recognizing it as non-core to the Company’s objectives. Summit will maintain the tenements in good standing and is actively exploring divestment opportunities for the project.
Chief Executive Officer, Mr Gower He, stated,
“We are pleased to commence the geochemical soils program at our Phillips River Lithium Project. The region is highly prospective for multiple commodities, including lithium and a suite of other critical minerals. This has been demonstrated by the recent exploration successes of Bulletin Resources and other existing resource companies in the region.”
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.