Summit Minerals Limited (ASX: SUM, “Summit” or the “Company”), a leading explorer in the lithium and battery minerals sector, is excited to announce the successful completion of a comprehensive soil and rock chip geochemistry program at its Phillips River Lithium Project. This significant milestone marks a pivotal step in the Company's exploration strategy, aimed at uncovering the potential of lithium and associated battery minerals in this promising region.
The recently concluded program involved the collection of 727 soil samples and 13 rock chips, meticulously gathered for detailed assaying. These samples are currently undergoing analysis, with results eagerly anticipated in the first quarter of 2014. LabWest Analytical Services, renowned for their expertise in mineral analysis, has been entrusted with the task of conducting multielement sample analysis using the cutting-edge Ultrafine soil technique.
This geochemical program is strategically designed to delineate potential pegmatite-hosted mineralisation, particularly in areas adjacent to Bulletin Resource’s (ASX:BNR) Phillips South Lithium discovery. The soil sampling initiative is expected to play a crucial role in identifying high-priority targets and trends, which will be integral for drill testing in the upcoming 2024 field season.
Summit’s Phillips River project, located a mere 2.5 km southeast of Bulletin Resources' Phillips South lithium discovery, is situated in a region known for its rich mineral endowment. The project encompasses parts of the Annabelle volcanic sequence, which is notable for hosting the spodumene-bearing pegmatites at BNR. This geological setting is similar to that of Alkem’s (ASX:AKE) Mt Cattlin Lithium mine and processing plant, located approximately 20km to the north, further underscoring the project's potential.
Summit Minerals Limited is committed to advancing its exploration efforts at the Phillips River Lithium Project, with the aim of contributing significantly to the growing demand for lithium and other battery minerals. The Company believes that this project, given its strategic location and geological setting, holds the promise of becoming a key player in the global lithium supply chain.
Chief Executive Officer, Mr Gower He, stated,
“We are delighted to have commission and completed a comprehensive soil sampling program at Phillips River. The recent exploration success of BNR coupled with the existing lithium resources in the area has highlighted the prospectively of the region is highly prospective for multiple commodities, including a suite of critical minerals and lithium, as demonstrated by recent exploration successes by BNR and proven by existing resources in the region. We anticipate that the program will help identify high-priority targets and trends suitable for drill testing during 2024.
The program took slightly longer than expected due to rain and the extremely thick vegetation around the Phillips River Project. We look forward to updating the market on our results which are expected in the new year, which in turn will guide future exploration at the project.”
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.