Perth, Australia – 17 September 2024 | Summit Minerals Ltd (ASX: SUM) ("Summit" or "the Company") is pleased to announce the completion of a bulk sampling program at its 100%-owned Equador Niobium, Tantalum, and Rare Earth Elements (REE) Project, located in the Borborema Pegmatitic Province in northeast Brazil. This newly acquired lease has returned the highest grade niobium assays to date, confirming the project’s significant potential for further resource expansion.
Highlights:
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Highest Grade Niobium Assays To Date: New rock chip sample results from the Equador North mining lease include:
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64.61% Nb2O5, 10.56% Ta2O5 and 2,830 ppm PREO (SUMSS081)
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62.42% Nb2O5, 11.82% Ta2O5 and 38,440 ppm PREO (SUMSS099)
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61.09% Nb2O5, 6.86% Ta2O5 and 15,430 ppm PREO (SUMSS080)
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50.47% Nb2O5, 12.00% Ta2O5 and 87,970 ppm PREO (SUMSS082)
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45.89% Nb2O5, 19.36% Ta2O5 and 11,720 ppm PREO (SUMSS078)
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44.60% Nb2O5, 21.10% Ta2O5 and 3,690 ppm PREO (SUMSS063)
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43.97% Nb2O5, 23.38% Ta2O5 and 12,840 ppm PREO (SUMSS079)
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42.09% Nb2O5, 7.19% Ta2O5 and 11,820 ppm PREO (SUMSS060)
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36.64% Nb2O5, 15.98% Ta2O5 and 25,400 ppm PREO (SUMSS061)
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Bulk Sampling Program: The Company has completed the collection of 14 bulk samples (up to 80kg each) from the Equador Project, with metallurgical test work on these samples is now underway. The test work aims to optimise niobium and tantalum recovery, with the goal of developing a flow sheet to produce an economic concentrate.
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LiDAR and Magnetic Survey: The Company plans to expand its LiDAR and magnetic survey coverage over the newly acquired Equador North mining lease (Tenement 848283/1999), providing further data to inform the next phase of exploration.
Gower He, Managing Director of Summit Minerals, commented: “With the addition of Equador North, the whole continues to grow beyond our initial expectations. We are focused on fast tracking this Project as much as possible within the constraints of local service providers and the legal mining framework specific to the region.
The team is working as hard as possible to expedite our Project. We thank everyone for their continued support and patience.”
Next Steps:
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Permitting Process: Summit is nearing the finalisation of the permitting process at the Equador Project, with several landowner agreements signed and relevant documents submitted to local authorities.
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Future Exploration: Additional exploration work, including fieldwork at the Equador North mining lease, will continue alongside the ongoing permitting and metallurgical testing activities.
Gower He
Managing Director
info@summitminerals.com.au
+61 8 9426 0666
Dayna Louca
Media & Investor Relations
dayna@janemorganmanagement.com.au
+61 409 581 972
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
