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).


  • 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.


  • 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:


    • 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)


    • 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.


  • 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)
Iron ore sitting on Australia flag.

Australia’s 5 Most Valuable Mineral Exports (Updated 2024)

Australia’s economy is largely based on its natural resources, with the minerals sector making the greatest contribution to the nation’s exports at 62.5 percent. What are the top 5 natural resources in Australia in terms of export value?

Five of Australia’s states and territories rank in the top 20 mining jurisdictions in the world for investment attractiveness, according to the Fraser Institute’s latest annual survey of mining companies: Western Australia (fourth), Northern Territory (8th), Queensland (13th) and Southern Australia (19th).

These mining jurisdictions demonstrate a high level of investment attractiveness mainly due to their mineral-rich geology, solid infrastructure, stellar economic environment and government support for the resources industry at both the federal and state level.

Keep reading...Show less
West Cobar Metals Limited

Drilling Commenced at Salazar

West Cobar Metals Limited (ASX:WC1) (“West Cobar”, “the Company”) is pleased to announce drilling has commenced at the Company’s 100%- owned Salazar Project, 120 km north-east of Esperance in southern Western Australia.

Keep reading...Show less
Altiplano Begins Mining Operations at the 326 m Level at Farellon

Altiplano Begins Mining Operations at the 326 m Level at Farellon

Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report that a new production area has been established at the 326 m mining level at the Farellon copper-gold mine located near La Serena, Chile. Access to the 326 m level is part of the ongoing underground development of the Hugo Decline, used to access and extract copper-gold and iron material from Farellon.

Intersection of the 326 m mining level has been achieved through the advance of the Hugo Tunnel. This new level will provide opportunity to develop two new mining areas in the NE and SW directions where mining on the iron oxide copper gold vein structure has begun in these sub drift areas. This new access point will also provide opportunity mine the floors and roofs above on the 336 m and 344 m levels as part of the ongoing mining plan.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Firebird Metals

Substantial Low-Cost Financial Support for Battery Grade Manganese Sulphate Plant

Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to announce an update on the financing of its Stage 1 Battery Grade Manganese Sulphate Plant in China, which will utilise third party manganese ore to produce high-purity manganese sulphate.

Keep reading...Show less
  Rimfire Pacific Mining Limited

Melrose Leaching Test Work Generates up to 90% Scandium Recoveries

Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that 2 further leaching tests conducted on scandium - mineralised laterite material from the Melrose prospect have significantly improved the recovery of scandium into solution compared to previous leaching tests.

Keep reading...Show less

Fiery Creek Copper Expansion Georgetown Amended with Link

Emu NL hereby submits an amended ASX Release made earlier this morning in its entirety which now includes the following link to be able to view a video from CEO Doug Grewar on this announcement.ǪDOr

EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to provide an exploration update on the Fiery Creek Copper prospect located within the Georgetown Project in North Queensland. The Company’s mobilised and highly experienced exploration team is undertaking extended geochemistry and geophysics programmes at Fiery Creek to further investigate and build upon this potentially significant copper porphyry discovery.

Keep reading...Show less

Latest Press Releases

Related News