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Finance Investment, Oil Mining Resources

Summit Minerals Limited (ASX: SUM) – Strategic Expansion of the Stallion Uranium Project

Summit Minerals Limited (ASX: SUM) 2 mins read

Summit Minerals Limited (ASX: SUM, "Summit" or the "Company"), an Australian-focused ASX-listed battery mineral exploration Company, is thrilled to announce a significant expansion of its Stallion Uranium Project, marking a new era of growth and exploration potential for the company and its stakeholders.

The Stallion Project, strategically located 175 km east-northeast of Kalgoorlie in the uranium-rich Ponton Creek region, has seen its uranium endowment more than double, growing from 3.3 million pounds (Mlb) U3O8 to an impressive 7 Mlb U3O8. This substantial increase comes with the addition of the Highway and Shelf uranium deposits to the project's portfolio.

In a strategic move to bolster its exploration footprint, Summit has successfully acquired exploration license application E28/3249 through the purchase of Radiant Exploration Pty Ltd for $40,000. This acquisition, alongside the application for two other exploration licenses (E39/2469 and E28/3426), significantly expands the Stallion Project's land package in a region known for its high uranium prospectivity.

The newly added exploration applications are strategically positioned between the notable Manhattan’s Double 8 and Deep Yellow’s Mulga Rock uranium deposits. They encompass drill-indicated mineralisation at Narnoo and East Arm, promising areas for future exploration and development.

With these additions, Summit's land holdings in the region have surged from 196 km² to an expansive 361 km². The project now boasts an increased length of palaeochannel-hosted uranium mineralisation under assessment, from 8 km to 28 km, enhancing the project's potential for significant uranium discoveries.

The Highway and Shelf uranium deposits, captured within the new applications, host Inferred Resources (JORC 2012) of 5.7 million tonnes (Mt) for 1.9 Mlb U3O8 and 5.9 Mt for 1.8 Mlb U3O8, respectively, both utilizing a 100 ppm U3O8 cutoff. These resources underscore the project's substantial growth and development potential.

Summit is committed to advancing the Stallion Uranium Project with an environmentally conscious approach, focusing on in-situ metal recovery (ISR) techniques. ISR is recognized as the lowest cost and least environmentally impactful method of producing yellowcake, aligning with Summit's dedication to sustainable mining practices.

The Company anticipates the resource restatement and project expansion to be completed in the first half of 2024, setting the stage for a transformative year for Summit and its stakeholders.

Summit’s Managing Director, Gower He, said:

“Considering recent global trends towards utilising nuclear energy as a clean source of baseload power, we are excited to increase our uranium exposure in anticipation of potential uranium-friendly legislative changes in WA. These acquisitions more than double our historical uranium resources as we work towards a resource restatement over the coming months.”

About us:

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.

Summit's projects include the Castor Lithium Project in the prolific James Bay District, Quebec, Canada; The Ahmed Antimony Project in central Morocco; Windfall and Magwood Antimony Projects in the antimony-gold province of the southern New England Fold Belt region in NSW; the Stallion REE Project in Ponton River WA; and, the Phillips River Lithium Project in Ravensthorpe WA. Through focus, diligence and execution, the board of Summit Minerals is determined to unlock previously unrealised value in our projects.

Contact details:

Chloe Hayes


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