Perth, Australia – 23 September 2024 | Summit Minerals Ltd (ASX: SUM) (“Summit” or “the Company”) is pleased to announce the acquisition of an additional tenement at its Equador Niobium and Tantalum Project in the Borborema Pegmatitic Province, in the Northeast of Brazil. The newly acquired tenement has returned some of the highest-grade niobium assays reported at the project to date, further enhancing the potential of this world-class asset.
Highlights:
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Tenement Acquired: Summit has acquired tenement 848158/2010, located directly adjacent to the existing “Equador North” mining lease (848283/1999) at the site.
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Exceptional Assay Results: Rock chip samples from this tenement has yielded the highest niobium grades at the Equador Project to date, including:
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42.93% Nb₂O₅, 11.39% Ta₂O₅, and 33,310 ppm PREO (Garimpo 2-2010)
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21.21% Nb₂O₅, 79.49% Ta₂O₅, and 199,150 ppm PREO (Garimpo 1-2010)
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Emerging Drilling Plans: The acquisition strengthens Summit’s portfolio as the Company prepares for an initial drilling program to validate the quality and potential scale of this project.
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Bulk Sampling Program Completed: Summit also completed a bulk sampling program across the Equador Project, providing representative samples for metallurgical testing which will aim at creating an economic niobium and tantalum concentrate.
Gower He, Managing Director of Summit Minerals, commented: “Summit continues to add strategic holdings to our premier Equador Niobium and Tantalum Project. This is another exceptional acquisition for the company to add areas of geological significance which has proven results. This project just continues to amaze us on its potential and areas of growth. The team has done a wonderful job to make this happen.”
Acquisition Terms:
The acquisition of tenement 848158/2010 was completed via a binding Heads of Agreement with RTB Geologia and Mineracao Ltda. The total includes a cash payment of $50,000 and the issuance of 800,000 fully paid ordinary shares, half of which will be escrowed for a six-month period.
Gower He
Managing Director
[email protected]
Dayna Louca
Media & Investor Relations
[email protected]
About us:
About Summit Minerals Ltd:
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
[email protected]