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Summit Minerals Limited (ASX: SUM, “Summit” or the “Company”) is pleased to announce that it has acquired exploration license application E28/3249 through the acquisition of Radiant Exploration Pty Ltd for $40,000. This acquisition is in addition to two other exploration license applications that the Company has applied for in the Ponton Creek region (E39/2469 and E28/3426), which when granted would significantly increase the land package of its 100% owned Stallion Project, 175 km east- northeast of Kalgoorlie. The Company’s applications lie over palaeochannels prospective for aquifer sand and lignite-hosted uranium mineralisation in the Ponton Mulga Rock uranium province of WA (Figure 1) and capture the historical Highway and Shelf uranium deposits and several advanced prospects, including East Arm and Narnoo.
HIGHLIGHTS
- Stallion Uranium endowment grows to 7 Mlb U3O8 from 3.3Mlb adding 3.7 Mlb U3O8 with the addition of the Highway and Shelf uranium deposits
- Summit adds three exploration applications to the project: E28/3429, E28/3426 and E39/2469, located between Manhattan’s Double 8 and Deep Yellow’s Mulga Rock uranium deposits in the prospective Ponton Creek region
- The applications also capture drill-indicated mineralisation at Narnoo and East Arm
- Summit’s land holdings in the highly prospective region increase to 361 km2 from 196 km2
- The Stallion Uranium Project resource restatement and project expansion targeted for the first half of 2024
On conferring titles, the uranium endowment secured at the now larger Stallion Project grows to 7 million pounds (Mlb) U3O8 from 3.3 Mlb U3O8, an uplift of 3.7 Mlb U3O8. The applications host an Inferred Resource (JORC 2012) for the Highway uranium deposit of 5.7 million tonnes (Mt), for 1.9 Mlb U3O8 and an Inferred Resource (JORC 2012) for the Shelf uranium deposit of 5.9 Mt, for 1.8 million pounds (Mlb) U3O8; both utilising a 100 ppm U3O8 cutoff. The resources were established by Manhattan Corporation Limited (Refer to MHC ASX Announcement dated 23 January 20171).
Including the applications, Summit expands its holdings in the highly prospective uranium region from 196 km2 to 361 km2 and increases the length of palaeochannel-hosted uranium mineralisation under assessment from 8km to 28 km.
MHC previously stated that “the uranium mineralisation is in shallow reduced sand hosted tabular uranium deposits in a confined palaeochannel with uranium mineralisation that is potentially amenable to in-situ metal recovery (“ISR”), the lowest cost method of producing yellowcake with the least environmental impact”.
The Company intends to restate the resource, advance resource expansion work, and accelerate the exploration of high-priority regional targets, including those within the applications.
Figure 1 - Summit controls 361 km2 of exploration tenements and applications underlain by Tertiary palaeochannels at Stallion. These palaeochannels are known to host several uranium deposits and drilled uranium prospects, including the3.3Mlb Stallion uranium resource, 1.9Mlb Highway Uranium resource and the 1.8Mlb Shelf uranium resource.
Cautionary Statement
The resource estimates contained herein were prepared in accordance with the JORC (2012) Code by Manhattan Corporation Limited in 2017. The information has not materially changed since it was last reported. Nothing causes Summit to question the accuracy or reliability of the MHC estimates. Summit accepts the quoted estimates and the Competent Person’s (Hellman and Schofield) view that the resource classification appropriately reflects the deposit’s knowledge level. Summit has not independently validated the former owner’s estimates and is not to be regarded as reporting, adopting, or endorsing those estimates.
Full disclosures are required to comply with ASX's “Mining Report Rules for Mining Entities: See Frequently Asked Questions” FAQ 37 (Appendix 1) and the attached JORC Table (Appendix 2).
Summit’s Managing Director, Gower He, said:
“Considering recent global trends towards utilising nuclear energy as a clean source of baseload power, we are excited to increase our uranium exposure in anticipation of potential uranium-friendly legislative changes in WA. These acquisitions more than double our historical uranium resources as we work towards a resource restatement over the coming months.”
New tenure and applications
The recently granted tenement (E28/3251) and the new applications cover 20 kilometers of palaeochannels known for their uranium mineralisation potential, including hosting several uranium deposits and drilled uranium prospects.
Highway South Prospect
The Highway South tenement (E28/3251), granted in October 2023, separates the Highway and Highway South deposits. It contains 374 accessible drill holes, including seven sonic holes and 367 air core holes for over 24,000m of drilling. The Manhattan developed holes were on 400 m spaced lines at 100-metre centres along each grid line across the palaeochannel.
The tenement captures the southern and western extensions of the Highway Deposit.
Nippon Application (E28/3429)
The Nippon Exploration Licence Application, E28/3429, contains the historical resources of the Highway and The Shelf deposits. The Highway Inferred Resource contains an estimated 860 tonnes (1.9Mlb) of uranium oxide at a 100 ppm U3O8 cutoff. The Shelf Deposit contains an Inferred Resource estimated at 810 tonnes (1.8Mlb) of uranium oxide at a 100 ppm U3O8. Expanded summaries of the work related to each estimate are available in the modified JORC table (Appendix 1)3.
Manhattan’s resource estimate for the Highway deposit is based on 304 drill holes totaling 18,236m of drilling. Drilling has been completed on 200m and 400m spaced lines with holes drilled at 100m centres along each grid line across the palaeochannel within mineralised zones. All drill holes were gamma- logged.
Apart from some shallow lignite-hosted uranium mineralisation encountered along the northern part of the palaeochannel at Highway, the geological controls and style of the channel sand-hosted uranium mineralisation is like the mineralisation encountered at Stallion.
Manhattan’s resource estimate for the Shelf deposit is based on 352 drill holes totaling 21,550m of drilling. At the Shelf, drilling on 200m x 100m centres identified shallower lignite-hosted uranium mineralisation within the upper sandstone and claystone.
The application includes the East Arm prospect, where wide-spaced reconnaissance drilling in the 1980s intersected anomalous uranium mineralisation with similar grades to those reported for Stallion and other known deposits in the region.
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IsoEnergy and Purepoint Confirm Uranium Discovery in Initial Drilling at the Dorado Joint Venture Project
IsoEnergy Ltd. (NYSE American: ISOU) (TSX: ISO) ("IsoEnergy") and Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint") are pleased to announce a highly encouraging start to the inaugural drill program at their 50/50 Dorado project ("Dorado" or the "Project"), located in Saskatchewan's world-class Athabasca Basin (Figure 1). Initial drilling at the Q48 target on the Project, completed by Purepoint as the operator of the program, intersected uranium mineralization in two holes, with downhole gamma probe readings up to 79,800 counts per second (CPS). The intercepts occur within strongly altered basement rocks – suggesting an active uranium-bearing hydrothermal system.
Highlights
- Initial drillholes at the Q48 target, located in the southern portion of the Project, have intersected uranium mineralization, confirming the zone as a significant uranium-bearing structure. (Figure 2).
- Drillholes PG25-04 and PG25-05 intersected a steeply dipping, north-south trending mineralized structure at vertical depths of 60 and 20 metres below the unconformity, respectively.
- Radioactivity readings from downhole probe measurements averaged 11,050 cps over 3.7 metres with a maximum of 74,800 in PG25-04, and 27,750 over 2.3 metres with a maximum of 79,800 in PG25-05 (See Table 1 for full details).
- Mineralization is hosted within strongly clay-altered basement rocks—considered key indicators of a uranium-bearing hydrothermal system consistent with known Athabasca-style deposits.
- Q48 was originally highlighted as a high-priority target based on historic drilling that encountered structurally disrupted, altered basement rocks with weak radioactivity, and further confirmed in 2022 by IsoEnergy's identification of brittle faults, shearing, and alteration along the conductive trend.
- A third follow-up hole is underway to further track the mineralized structure along the Q48 conductive corridor to the northeast. Approximately 5,400 metres in 18 drill holes are planned for the Project in 2025.
"This is exactly the kind of start we were aiming for. These early results suggest we're on the trail of something meaningful," said Chris Frostad, President and CEO at Purepoint. "These initial hits speak to the quality of the target and the systematic approach our team is taking to uncover its potential. We're moving quickly to follow up on these encouraging results as drilling continues."
Philip Williams, CEO and Director of IsoEnergy commented, "Our JV project was created to focus exploration where we see real discovery potential. This exploration success reinforces the strength of our partnership with Purepoint. By combining deep Basin experience with a focused, well-funded program, we believe we've positioned Dorado for continued success through a disciplined exploration effort. It's exciting to see that approach already delivering promising results."
DDHs PG25-04 and PG25-05
Drill hole PG25-04 targeted the Q48 conductor (Figure 1) approximately 800 metres northwest of IsoEnergy's 2022 drilling (Figure 2). The drill hole was collared with a dip of -60 degrees and encountered Athabasca sandstone to a depth of 321 metres. Clay altered granitic gneiss and pegmatites were drilled to 393 metres then garnet-rich pelitic gneiss, with local pyrite and graphite, was drilled to the completion depth of 489 metres. The reddish-brown altered radioactive gouge seams were hosted by a chloritized pegmatite (Figure 3) and returned an average of 64,220 cps over 0.4 metres (Table 1).
Hole PG25-05 was collared using the same azimuth as PG25-04 and intercepted the radioactive structure approximately 40 metres up-dip of that hole. The hole encountered the unconformity at 309 metres, clay altered granitic gneiss and pegmatites to 371 metres, then garnet-rich pelitic gneiss, locally with pyrite and graphite, to the completion depth of 498 metres. The central mineralized structure was hosted in a sheared / brecciated reddish-brown altered granitic gneiss (Figure 4) and returned an average of 75,660 cps over 0.4 metres.
Table 1: Downhole Gamma Results of Drill Holes PG25-04 and PG25-05
| Hole ID | From (m) | To (m) | Length (m) | Avg. cps | Max. cps |
| PG25-04 | 248.7 | 249.4 | 0.7 | 660 | 1,010 |
| 366.0 | 367.0 | 1.0 | 690 | 810 | |
| 374.5 | 275.4 | 0.9 | 810 | 1,050 | |
| 383.7 | 387.4 | 3.7 | 11,050 | 74,800 | |
| Includes | 384.7 | 385.1 | 0.4 | 64,220 | |
| PG25-05 | 296.7 | 297.7 | 1.0 | 790 | 960 |
| 325.0 | 327.3 | 2.3 | 27,750 | 79,800 | |
| Includes | 326.1 | 326.5 | 0.4 | 75,660 | |
| 328.8 | 329.8 | 1.0 | 730 | 1,000 | |
| 395.8 | 396.3 | 0.5 | 1,770 | 2,680 |
Note: Mt. Sopris 2PGA probe used to record downhole gamma readings
Q48 Zone
The Q48 zone lies within the southern portion of the Project and is characterized by a steeply dipping, north-south trending conductive package identified through geophysical surveys. Historic drilling in the area intersected strongly altered and structurally disrupted rocks at the unconformity and in the basement, including garnetiferous pelitic gneiss, graphitic pelitic gneiss, and semipelite, with local weak radioactivity and zones of intense clay alteration. These results, combined with the geophysical response, highlighted Q48 as a highly prospective but underexplored target.
Drilling by IsoEnergy in 2022 confirmed that the conductive trend at Q48 hosts structure, shearing, and alteration, characteristics of uranium-bearing hydrothermal systems in the Athabasca Basin. The current program is designed to systematically follow-up and fully test the Q48 conductive corridor.
Figure 1: Location of the Larocque Trend, host to the high-grade Hurricane deposit and multiple high-grade uranium occurrences within the newly formed Project. The Q48 Target Area, priority focus for the 2025 drill program is highlighted.
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* See Qualified Person Statement below.
Figure 2: Location Map of 2025 Drill Program at Q48 Target Area
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Figure 3: PG25-04 Mineralization
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Figure 4: PG25-05 Mineralization
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About the Dorado Project
Dorado is the flagship project of the IsoEnergy-Purepoint 50/50 joint venture, a partnership encompassing more than 98,000 hectares of prime uranium exploration ground. The Project includes the former Turnor Lake, Geiger, Edge, and Full Moon properties, all underlain by graphite-bearing lithologies and fault structures favorable for uranium deposition.
Recent drilling by IsoEnergy east of the Hurricane Deposit has intersected strongly elevated radioactivity in multiple holes. The anomalous radioactivity confirms the continuity of fertile graphitic rock package and further highlights the opportunity for additional high-grade discoveries across the region.
The shallow unconformity depths across the Dorado property-typically between 30 and 300 metres-allow for highly efficient drilling and rapid follow-up on results.
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Gamma Logging and Geochemical Assaying
A Mount Sopris 2PGA-1000 downhole total gamma probe was utilized for radiometric surveying. The total gamma results provided in Table 1 were selected using a cutoff of 500 cps over a 0.5 metre width. All drill intercepts are core width and true thickness is yet to be determined.
Core samples are submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in Saskatoon. The SRC facility is ISO/IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation #537). The samples are analyzed for a multi-element suite using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry.
Qualified Person Statement
The scientific and technical information contained in this news release relating to IsoEnergy and Purepoint was reviewed and approved by Dr. Dan Brisbin, P.Geo., IsoEnergy's Vice President, Exploration and Scott Frostad BSc, MASc, P.Geo., Purepoint's Vice President, Exploration, who are "Qualified Persons" (as defined in NI 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")).
For additional information with respect to the current mineral resource estimate for IsoEnergy's Hurricane Deposit, please refer to the Technical Report prepared in accordance with NI 43-101 entitled "Technical Report on the Larocque East Project, Northern Saskatchewan, Canada" dated August 4, 2022, available under IsoEnergy's profile at www.sedarplus.ca.
This news release refers to properties other than those in which IsoEnergy and Purepoint have an interest. Mineralization on those other properties is not necessarily indicative of mineralization on the Joint Venture properties.
About IsoEnergy Ltd.
IsoEnergy (NYSE American: ISOU) (TSX: ISO) is a leading, globally diversified uranium company with substantial current and historical mineral resources in top uranium mining jurisdictions of Canada, the U.S. and Australia at varying stages of development, providing near-, medium- and long-term leverage to rising uranium prices. IsoEnergy is currently advancing its Larocque East project in Canada's Athabasca basin, which is home to the Hurricane deposit, boasting the world's highest-grade indicated uranium mineral resource. IsoEnergy also holds a portfolio of permitted past-producing, conventional uranium and vanadium mines in Utah with a toll milling arrangement in place with Energy Fuels. These mines are currently on standby, ready for rapid restart as market conditions permit, positioning IsoEnergy as a near-term uranium producer.
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of advanced projects within the renowned Athabasca Basin in Canada. Highly prospective uranium projects are actively operated on behalf of partnerships with industry leaders including Cameco Corporation, Orano Canada Inc. and IsoEnergy Ltd.
Additionally, the Company holds a promising VMS project currently optioned to and strategically positioned adjacent to and on trend with Foran Mining Corporation's McIlvenna Bay project. Through a robust and proactive exploration strategy, Purepoint is solidifying its position as a leading explorer in one of the globe's most significant uranium districts.
For more information, please contact:
IsoEnergy Ltd.
Philip Williams, CEO and Director
(833) 572-2333
info@isoenergy.ca
www.isoenergy.ca
Purepoint Uranium Group Inc.
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". This forward-looking information may relate to additional planned exploration activities for 2025, including the timing thereof and the anticipated results thereof; and any other activities, events or developments that the companies expect or anticipate will or may occur in the future.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, that planned exploration activities are completed as anticipated; the anticipated costs of planned exploration activities, the price of uranium; that general business and economic conditions will not change in a materially adverse manner; that financing will be available if and when needed and on reasonable terms; and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Joint Venture's planned activities will be available on reasonable terms and in a timely manner. Although each of IsoEnergy and Purepoint have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current views of IsoEnergy and Purepoint with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by IsoEnergy and Purepoint, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include but are not limited to the following: the inability of the Joint Venture to complete the exploration activities as currently contemplated; uncertainty of additional financing; no known mineral resources or reserves; aboriginal title and consultation issues; reliance on key management and other personnel; actual results of technical work programs and technical and economic assessments being different than anticipated; regulatory determinations and delays; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions. Other factors which could materially affect such forward-looking information are described in the risk factors in each of IsoEnergy's and Purepoint's most recent annual management's discussion and analyses or annual information forms and IsoEnergy's and Purepoint's other filings with the Canadian securities regulators which are available, respectively, on each company's profile on SEDAR+ at www.sedarplus.ca. IsoEnergy and Purepoint do not undertake to update any forward-looking information, except in accordance with applicable securities laws.