Summit Minerals Limited (ASX: SUM), Australian-focused ASX-listed battery mineral exploration Company, is thrilled to share significant updates on its Stallion Project in Western Australia, the Castor Project in Quebec, Canada, and the Ahmed Antimony Project in Morocco. These developments reflect the Company's commitment to enhancing shareholder value through strategic project assessment, exploration, and commercial negotiations.
- Ongoing review and assessment of Summit's diverse project portfolio.
- Restatement and further exploration planned for the Stallion Uranium Project.
- Elevated gold and copper anomalies identified in the Castor Project.
- Advancement in commercial discussions for value accretive opportunities.
Stallion Project Update: Summit is excited to announce progress in the Stallion Uranium Project, located 175km ENE of Kalgoorlie, Western Australia. The project, which boasts an Inferred Resource of 9.9 million tonnes for 3.3 million pounds of uranium (U308), is undergoing a restatement of resources. The Company is also planning an exploration campaign to expand the uranium resource, in line with the increasing global demand for nuclear energy and rising uranium prices. Additionally, Summit is working towards an interim Maiden Mineral Resource for rare earth elements at the Stallion Project.
Castor Project Developments: The Castor Project in Quebec, Canada, has shown promising results from recent assays. The project, part of the Lithium-Cesium-Tantalum rich pegmatite system, has revealed significant gold and copper anomalies. Summit's contracted teams have utilized advanced LiDAR and aerial imagery techniques to enhance geological understanding and identify key exploration targets. Notable assay results include gold concentrations up to 7.31 g/t and lithium up to 54 ppm.
Ahmed Antimony Project Assessment: The Ahmed Antimony Project in Morocco, explored by Ashgill Exploration Morocco, has provided valuable insights into the mineralization of the region. However, the recent findings have led Summit to deprioritize this project, ceasing work until further notice due to the absence of significant antimony levels.
Looking Ahead: Summit Minerals Limited remains dedicated to advancing its portfolio through meticulous project assessment, strategic exploration, and robust commercial negotiations. The Company is poised to capitalize on these opportunities, aiming to deliver substantial value to its shareholders in the short, medium, and long term.
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.