Sydney, Australia – 6 January 2025 | Summit Minerals Limited (ASX:SUM) ("Summit" or the "Company") is pleased to announce the execution of a binding letter of intent for the acquisition of the Mundo Novo Niobium-REE-Phosphate Carbonatite Project, located in central Brazil.
Highlights:
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Summit has executed an agreement to acquire the Mundo Novo IAC-Nb Alkaline Carbonatite project in Brazil, pending technical and legal due diligence.
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The project is enriched with niobium, rare earth elements (REE), and phosphate, with significant drilling results including:
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MN-RC-0009: 51m at 10,000ppm TREO from surface, including 14m at 15,800ppm TREO from surface & 6m at 23,800ppm TREO from 28m
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MN-TH-0009: 15m at 12,200ppm TREO from surface, including 5m at 23,700ppm TREO from 8m.
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MN-TH-0025: 20m at 12,100ppm TREO from surface.
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MN-RC-0010: 40m at 7,383 ppm TREO from the surface, including 30m at 8,681 PPM TREO from the surface and 10m at 12,500 ppm TREO from 21m.
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541 individual intersections grading above 5,000ppm TREO.
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MN-AC-0004: 9m at 1.23% Nb2O5 from 2m, including 4m at 1.62% Nb2O5 from 3m.
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The Mundo Novo project is drill-ready with all required permits in place.
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Located within Brazil's Goiás Alkaline Province, a region renowned for niobium production, including the world’s second-largest niobium mine.
This acquisition represents a strategic move into the niobium and rare earth element (REE) sector, which is aligned with the Company’s focus on critical metals for clean energy and electric vehicle markets.
The Mundo Novo project spans a 17.2 km² area and features significant multi-commodity potential, including confirmed niobium and REE mineralisation at shallow depths.
Commenting on the development, Managing Director, Gower He, stated: “The project is located adjacent to Highway 156 in Goiás State, providing excellent logistical access. Drilling data highlights significant potential for further resource delineation, with multiple high-grade intersections and areas open for expansion.
Summit plans to prioritise niobium exploration and conduct further drilling to expand the resource base and confirm its economic potential.
The acquisition terms include staged payments of cash and shares, contingent on due diligence and regulatory approvals. Summit will also grant a 2% net smelter return royalty to the vendors.”
Next Steps:
The Company will undertake an extensive due diligence process over the next 60 days.
For further information, please contact:
Gower He
Managing Director
info@summitminerals.com.au
Jane Morgan
Investor Relations
jm@janemorganmanagement.com.au
About us:
About Prospech Limited:
Prospech Limited is engaged in mineral exploration in Finland and Slovakia. It is focused on discovering, defining, and developing critical elements, such as rare earths, lithium, cobalt, copper, silver, and gold resources. It has a portfolio of 100% owned prospective cobalt and precious metals projects in Slovakia. It also holds 100% interest in prospective rare earth element (REE) projects. Its Finland Projects include Korsnas REE Project, Jokikangas, and Saarenkyla. The Company, through its wholly owned subsidiaries SLOK and Prospech SK, owns 100% of six exploration licenses, covering 161 square kilometers in Slovakia: Kolba exploration license with copper, cobalt, silver and nickel focus; Hodrusa-Hamre exploration license with gold and silver focus; Nova Bana exploration license with gold and silver focus; Pukanec exploration license with gold and silver focus; Cejkov-Zemplin exploration license with gold and silver focus, and Zlatno exploration license with copper and gold focus.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
jm@janemorganmanagement.com.au