Mount Hawthorn, WA – April 23, 2024 – Summit Minerals Ltd (ASX:SUM), an ASX listed battery mineral exploration Company, is thrilled to announce the signing of binding agreements to acquire extensive niobium, rare earth elements (REE), and lithium tenements in the mining-friendly jurisdictions of Minas Gerais and Paraíba, Brazil.
This transformative acquisition includes 100% ownership of the Juazeirinho, Equador, Aratapira, Santa Sousa, and T1/T2 projects for niobium and REE, as well as the Hercules North and South projects for lithium, covering a total area of 29,267 hectares. The region, known for its substantial niobium and lithium resources, positions Summit at the forefront of critical mineral providers essential for various high-tech and green technologies.
High-Grade Mineral Potential Confirmed
The acquired projects have demonstrated exceptional grades:
- Juazeirinho project has yielded assays up to 35.54% niobium pentoxide (Nb2O5) and 1.408% partial rare earth oxide (PREO).
- Equador project assays have confirmed 30.34% Nb2O5 and 1.513% PREO.
- Additionally, the Hercules projects are situated in Brazil’s Lithium Valley, which hosts 85% of the country's lithium reserves, underscoring significant production potential.
Strategic and Operational Excellence
Summit Minerals has already mobilized an in-country exploration team to initiate an extensive exploration program across these tenements. "These acquisitions mark a significant milestone in Summit’s strategy to enhance our portfolio of critical minerals. The potential of these assets aligns perfectly with our growth objectives and strengthens our position in the global market," said Gower He, Managing Director of Summit Minerals.
Summit’s strong financial position, with approximately A$2.2 million in cash reserves, ensures a solid foundation for the rapid development of these projects.
Summit Managing Director, Gower He, commented:
“We are extremely pleased to acquire these highly prospective projects. We anticipate acquiring these niobium, REE and lithium projects will enhance our company’s status as a critical mineral explorer and developer.
Over the last few months, we have assessed many options for project acquisition and have chosen these highly prospective and large-scale projects within the established mining-friendly jurisdiction of Brazil. Additionally, Brazil, being a relatively geopolitically neutral jurisdiction, should provide us with unrestricted access to global off-take and funding options, giving our projects the best chance of success within the macro environment.
In addition to some of the strong historical grades, we received great observational reports from our recently completed on-site DD, from which we await rock chip and soil assay results. Expansive exploration programs are already being planned as we look to rapidly develop our projects, giving ourselves the highest chance of success.
I would like to personally thank all our loyal shareholders for their ongoing support. We look forward to regularly informing the market of our progress.”
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 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:
Jane Morgan
jm@janemorganmanagement.com.au
