Sydney, Australia – Summit Minerals Limited (ASX: SUM, "Summit" or the "Company") an Australian-focused ASX-listed battery mineral exploration Company, is excited to announce the completion of a comprehensive review and restatement of the Mineral Resource Estimate (MRE) for the Stallion Uranium deposit, initially prepared by Manhattan Corporation in 2017. This significant milestone marks the beginning of a series of updates aimed at restating and delivering maiden MREs for all deposits within the Stallion Project.
The restated MRE, meticulously prepared in accordance with the JORC Code 2012 by H & S Consultants Pty Ltd (HSC) under the guidance of Mr. Arnold van der Heyden, a recognized independent competent person, outlines an Inferred Mineral Resource of 9.5 million tonnes (Mt) at a grade of 150 ppm U3O8. This translates to a contained uranium oxide (U3O8) quantity of approximately 3.2 million pounds (Mlb) at a cut-off grade of 100 ppm U3O8.
Summit Minerals is bolstered by the potential economic benefits of employing In Situ Recovery (ISR) techniques for uranium extraction from the Stallion deposit. ISR is renowned for its cost-effectiveness, with operating expenses estimated between AUD$15-25 per pound of uranium oxide, positioning the Stallion Project as a potentially low-cost uranium production site.
The restatement of the Stallion Uranium deposit's MRE is a critical step forward in Summit's strategic plan to unlock the value of its uranium assets. The company is committed to advancing the Stallion Project towards development, leveraging the latest in resource estimation and extraction technologies to ensure the project's success and sustainability.
Summit Minerals Limited looks forward to providing further updates as it progresses with the restatement and delivery of maiden MREs for the remaining deposits within the Stallion Project. The Company remains dedicated to adhering to the highest standards of reporting and transparency in accordance with the JORC Code 2012.
For further information, please refer to the detailed MRE report and JORC Table 1 included in Appendix 1 of this announcement.
Summit’s Chief Executive Officer, Gower He, said:
“The board is extremely pleased with the rapid advancements in restating the Uranium Resource at Stallion. Once our additional applications are granted, we are well equipped to quickly advance exploration work to expand our resources as we look to deliver value for our shareholders.
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.
Contact details:
Chloe Hayes