Perth, Australia – 8 August 2024 | Summit Minerals Limited (ASX: SUM) ("Summit" or "the Company") is pleased to announce the acquisition of six new tenements, expanding its strategic landholding at the 100% owned Equador Niobium and Rare Earth Elements ("REE") Project in the Borborema Pegmatitic Province ("BPP"), in the northeast of Brazil. The acquisition includes a key tenement that directly adjoins the existing project area, significantly enhancing the project’s exploration potential.
Highlights:
-
Strategic Tenement Acquisition: Summit has acquired six new tenements, covering a total area of 1,555 hectares in the Paraíba and Rio Norte States of Brazil. This acquisition includes tenement 848283/1999, known as "Equador North," which is situated directly north of Summit’s existing Equador Niobium and Tantalum Project.
-
Geological Continuity: Internal studies suggest that the Equador North tenement is likely a continuation of the geology from the existing Equador project, offering significant exploration potential for niobium-bearing pegmatites.
-
LiDAR and Magnetic Surveys: The LiDAR survey over the Equador Project has been completed, with results currently under interpretation. A drone magnetic survey is set to commence this month, which will aid in the identification of preliminary drill targets.
-
Drilling Permits Advancing: Summit is in the advanced stages of obtaining drilling permits, with trenching and drilling activities expected to begin shortly. These efforts are part of an expedited drilling program funded by the Company’s recent capital raise.
-
Exploration Plans: Once formal Government approval is received, exploration work on the newly acquired tenements will commence.
Gower He, Managing Director of Summit Minerals, stated: “We are pleased to have secured the additional tenement packages to expand our Equador Project. The tenement to the North of Equador has been a key strategic priority for Summit for some time, as it holds an existing mining lease directly situated to the North, providing Summit with significant exploration potential to host further Niobium bearing pegmatites given its geological similarities to our existing Project area.”
“With the completion of the LiDAR survey and upcoming commencement of the Drone Magnetic Survey, Summit remains well positioned to fast-track the development of our Project.”
“All these accomplishments within a ~3-month timeframe is a testament to all the hard work the team is doing. I thank our team for their work ethic, and our shareholders for their support.”
The Equador Niobium and REE Project is situated in a region known for its extensive pegmatite deposits. The recent acquisition of tenement 848283/1999, an existing granted mining lease, is particularly significant as it extends the prospective strike length of the project. The tenement includes a large feldspar-dominant pegmatite, which has shown geological similarities to the existing niobium and tantalum mineralisation at Equador.
Exploration efforts will focus on mapping and sampling the newly acquired tenements to identify mineralisation potential. The Company plans to integrate the results of ongoing LiDAR and magnetic surveys to refine drill targets and advance exploration.
Acquisition Terms: Summit acquired the tenement package through a Government-led auction for a total consideration of $93,075 AUD ($346,518.00 BRL). Settlement of the tenements is expected in October 2024.
Gower He
Managing Director
info@summitminerals.com.au
Dayna Louca
Media & Investor Relations
dayna@janemorganmanagement.com.au
About us:
About Summit Minerals Limited:
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 niobium, REE and lithium projects in Brazil, Castor Lithium Project in the prolific James Bay District, Quebec, Canada, 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
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au