Summit Minerals Limited

Summit to Acquire Transformational Brazilian Niobium, Rare Earth & Lithium Portfolio

Summit Minerals Limited (ASX: SUM) (“Summit” or the “Company”) is excited to announce that it has signed binding agreements (“Agreements”) to acquire tenement packages highly prospective for rare earth elements (REE), niobium, and lithium. Term sheets were signed with vendors RTB Geologia & Mineracao Ltda (RTB), Sandro Arruda Silva Ltda. (SAS), and Mineracao Paranal Ltda (MPL) to acquire legal ownership and title over certain Exploration Permits and Applications for Exploration covering an area of 29,267 hectares in Minas Gerais and Paraiba States, Brazil (Figure 1; Table 2).


HIGHLIGHTS

  • Summit has entered into a binding purchase agreement to acquire 100% of JUAZEIRINHO (Nb, REE), EQUADOR (Nb, REE), ARATAPIRA (REE), SANTA SOUSA (REE), T1/T2 (REE) & HERCULES NORTH & SOUTH (Li) Projects situated in the mining friendly and commodity-rich states of Minas Gerais & Paraiba.

NIOBIUM AND REE PACKAGE HIGHLIGHTS

  • The Niobium and REE tenement package consists of Juazeirinho, Equador, Aratapira, Santa Sousa and T1/T2 Projects, covering a combined strategic area of 10,747.36 Hectares (107.47 km2) across 11 granted tenements.
  • Exceptional grades in Niobium Pentoxide (Nb2O5) and partial rare earth oxide (PREO) were produced in panned concentrates from pegmatite and sediment samples at Juazeirinho and Equador (Paraiba State).1:

JUAZEIRINHO ASSAYS (Niobium & REE)

    • 355,400ppm or 35.54% (Nb2O5) + 14,080ppm PREO or 1.408% PREO (SID 099/24)
    • 107,010ppm or 10.7% (Nb2O5) + 142,080ppm PREO or 14.208% PREO (SID 098/24)

EQUADOR ASSAYS (Niobium + REE)

    • 303,400ppm or 30.34% (Nb2O5) + 15,130ppm PREO or 1.513% PREO. (SID 100/24)
  • Nine of 17 rare earth elements were analysed by the previous owner and used in PREO calculations, implying higher TREO (total rare earth oxide) values are probable.
  • Numerous LCT-pegmatite bodies were observed at Equador and Juazeirinho, indicating good potential for columbite/tantalite, lithium, with significant concentrations of niobium across these projects.

LITHIUM PACKAGE HIGHLIGHTS

  • The lithium tenement package consists of the Hercules North and the Hercules South projects, covering 18,519.44 hectares (185.19 km2) across 14 licenses (granted and applications) situated in the prolific Jequitinhonha or Lithium Valley (Minas Gerais), where 85% of Brazil’s lithium resources are located.
  • Numerous artisanal mines exist within & near the tenement boundaries, where large LCT pegmatites have been identified that produced beryl, aquamarine, and spodumene in economic quantities, as evidenced by local stockpiles from garimperios production.
  • Artisanal surface mining has been prominent across all projects, providing priority drill targets for deeper-level pegmatite-related mineralisation.
  • Summit has established an in-country exploration team ready to conduct an aggressive exploration program on all tenements concurrently.
  • Summit has a strong balance street, having ~A2.2m AUD in the treasure as of the last quarterly cash report2.

Summit Managing Director, Gower He, commented:

“We are extremely pleased to acquire these highly prospective projects. We anticipate acquiring these niobium, REE and lithium projects will enhance our company’s status as a critical mineral explorer and developer.

Over the last few months, we have assessed many options for project acquisition and have chosen these highly prospective and large-scale projects within the established mining-friendly jurisdiction of Brazil. Additionally, Brazil, being a relatively geopolitically neutral jurisdiction, should provide us with unrestricted access to global off-take and funding options, giving our projects the best chance of success within the macro environment.

In addition to some of the strong historical grades, we received great observational reports from our recently completed on-site DD, from which we await rock chip and soil assay results. Expansive exploration programs are already being planned as we look to rapidly develop our projects, giving ourselves the highest chance of success.

I would like to personally thank all our loyal shareholders for their ongoing support. We look forward to regularly informing the market of our progress.”


Click here for the full ASX Release

This article includes content from Summit Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

The Conversation (0)
Apollo Minerals Limited

Exploration Update - Visible Gold Intersected at Salanie

Apollo Minerals Limited (ASX: AON) (‘Apollo Minerals’ or ‘the Company’) provides an update on its exploration activities at the Salanie Gold Project (“Salanie”) in Gabon and the Belgrade Copper Project in Serbia. The first round of drilling has now been completed at both projects. Visible gold has been intersected at the A1 Prospect at Salanie, an area that has not seen exploration or modern drilling in 70 years.

Keep reading...Show less
Metal Bank Limited

Wadi Al Junah VMS-Style Copper-Zinc-Gold-Silver Project in Saudi Arabia

Metal Bank Limited (ASX: MBK) (‘Metal Bank’, ‘MBK’ or the ‘Company’) is pleased to announce further details regarding the Wadi al Junah Copper-Zinc-Gold-Silver Project (‘Wadi al Junah’ or ‘the Project’), which has been awarded to Consolidated Mining Company (CMC) following a highly competitive Saudi government exploration licensing Round 6.

Keep reading...Show less
Octava Minerals Limited

Octava to Commence Drilling at Yallalong High-Grade Antimony Project

Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals antimony, REE’s, Lithium and gold, is pleased to report that the drill rig is relocating to site at the Yallalong antimony project and will commence drilling this weekend. Drilling will focus on two antimony targets, Discovery and Central, with No.4 and North targets to be drilled in the new year.

Keep reading...Show less
Warriedar Resources

Targeted Exploration Focus Delivers an Additional 471koz or 99% Increase in Ounces, and a Higher Grade for Ricciardo

Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on an updated MRE for its flagship Ricciardo Gold Deposit, part of the broader Golden Range Project located in the Murchison region of Western Australia.

Keep reading...Show less
Octava Minerals Limited

Octava Selects Drilling Contractor for its Yallalong Antimony Project in Western Australia

Australian mineral exploration company Octava Minerals (ASX:OCT) has selected the drilling contractor for the exploration work commencing at its 100-percent-owned Yallalong antimony project, according to an article by Business News - Australia. The deal will kick off the company’s 3,000-metre program focused on the Discovery target.

Keep reading...Show less
Australian flag with "economy" and "growth" blocks.

Western Australia Allocates AU$14 Million to Improving Environmental Approval Process

Western Australia's governmentsaid on Monday (November 11) that it is allotting AU$14 million to support the employment of additional staff at the Environmental Protection Authority (EPA) and the Office of the Appeals.

The boost comes in response to the Vogel-McFerran Review commissioned by the government in 2023. It recommended various steps to speed up the state's environmental approval system and secure major projects.

According to the government, employing additional staff will help address existing backlogs and provide faster decisions “without impacting the high standard for protecting WA's unique environment.”

Keep reading...Show less

Latest Press Releases

Related News

×