Summit Minerals Limited Stock Market Press Releases and Company Profile
High Grade Assay Results Confirm Niobium Potential at the Equador Project, Brazil
High Grade Assay Results Confirm Niobium Potential at the Equador Project, Brazil

Perth, June 11, 2024 AEST (ABN Newswire) - Summit Minerals Limited (googlechartASX:SUM) is pleased to provide an update on exploration activities related to its recently acquired Equador Nb-Ta-REE Project in northeast Brazil's Borborema Pegmatitic Province (BPP), Paraiba State. The province is one of the world's most important sources of tantalum, rare earth elements (REEs), and beryllium.

HIGHLIGHTS

- First assay results from the Equador Niobium and REE Project confirm High Grade Niobium and Tantalum over a 1.2km strike length

- Assay highlights including partial rare earth oxides (PREO) from surface pegmatite rock chip sample program includes:

o 40.84% Nb2O5, 15.74% Ta2O5 and 4,660 ppm PREO (SUMSS001)
o 34.45% Nb2O5, 26.73% Ta2O5 and 5,330 ppm PREO (SUMSS004)
o 22.01% Nb2O5, 34.16% Ta2O5 and 3,020 ppm PREO (SUMSS003)
o 25.67% Nb2O5, 25.92% Ta2O5 and 9,070 ppm PREO (SUMSS002)

- Multiple new potential pegmatites have been identified across the Equador Project

- Previously unmapped artisanal mines have been discovered in multiple locations across the Equador Project

- Additional locations across the Equador project have been sampled with numerous rock chip assays pending

- Field exploration program is ongoing with widespread mapping of new pegmatite occurrences, rock chip samples continuously being collected, and previously unmapped artisanal mines being located and cleaned out for further exploration.

- A drone magnetic survey has commenced to help enable a high-resolution picture of the geological structure and better map out the potential pegmatite pathways under shallow alluvial cover.

- The Equador Project is located close to existing infrastructure, with direct access to energy and water, and has a road running directly to the project from a major local highway (20km away).

- Summit's Chief Geologist, Mr Stuart Peterson is on his way to site, to guide the development of a comprehensive exploration program across the project.

- Brazil is the world's leading niobium producer accounting for 91% of Global active Niobium reserves and 88% of Global niobium production.

- Summit is well funded to accelerate exploration with ~$3.6M in cash following a recent $2M placement.

The ongoing exploration sampling program has discovered multiple new pegmatite and historic mining workings that now span across the Equador tenement holding. (Figure 1) These new sites were visually identified as containing the same specific minerals that host the Niobium (Nb2O5), Tantalum (Ta2O5) and REE's as reported in the previous assay results.

The Equador Project has shown that it contains a large scale, multiple stacked pegmatite system with samples taken from over 1.0km strike length to date. The pegmatites contain crystals of Columbite and Tantalite along with associated Tourmaline and Mica mineralisation that are clearly visible in outcrop as dark nodules and veins ranging in size from sub 1cm to 40cm in size.

The rock chip samples were collected directly from outcropping pegmatite intrusions with the darker nodules separated out by hand and sent for assay. The Niobium, Tantalite and other REE elements are known to be hosted within these darker coloured minerals of Columbite, Tantalite, Tourmaline and Mica that reside within these types of pegmatite formations.

Separation of the host minerals from the surrounding Quartz and Feldspar in the pegmatite samples before assay, enables the Company to more accurately identify the potential end grade of the host pegmatite.

The selected samples have returned a high grade for both Niobium and Tantalum plus other elevated REE elements of note. Assays have now been sent to another lab so that a full suite analysis on the sample can be contacted, which will enable the company to ascertain and thereafter announce the TREO percentage as well as potentially other elements contained within the samples.

These first results give the company confidence to accelerate its exploration program across this project with the focus on performing more widespread sampling programs and mapping out the known pegmatite occurrences.

Additionally, the program to date has uncovered multiple new artisanal mining sites that were previously unknown to the Company. The old workings from the small-scale artisanal mining are positive signs of fertile pegmatites in the area and they have allowed the Summit ground crew to access the pegmatites at depth.

Summit's Managing Director, Gower He, commented, "The highly encouraging assays from Equador thus far has further solidified the prospectivity of the project and has given us tremendous confidence to accelerate our exploration program.

We eagerly anticipate the results of further rock chip assays and look forward to keeping the market updated with the results as they are received.

Our Equador project in located on an existing road within close proximity to established highways (20 km away), it also has direct access to water and renewable electricity supplied by a windfarm nearby. During my recent trip to the project, I had the opportunity to meet and engage with the local landowners. It was pleasing to learn that they are extremely supportive of mining in general and of Summit in particular. We look forward to advancing our project and providing employment opportunities to the local communities in the region."

Ongoing Exploration Programs

The current exploration and sampling program will continue to explore the remaining unexplored areas of the Equador project. Assays are pending for numerous sampling sites, and they will be reported as they come through over the coming weeks and months.

Mapping the Pegmatite occurrences across the project will continue in parallel with the sampling program to enable a greater understanding of the project's potential size.

A Drone Magnetic survey is currently underway and will enable a high-resolution picture of the geological structure to be produced, to better map out the potential pegmatite pathways under shallow alluvial cover.

*To view tables and figures, please visit:
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About Summit Minerals Limited

Summit Minerals Ltd ASX:SUMSummit Minerals Limited (ASX:SUM) 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.

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Contact

Summit Minerals
info@summitminerals.com.au
T: +61 8 9426 0666
www.summitminerals.com.au

Jane Morgan
Media and Investor Relations
jm@janemorganmanagement.com.au
T: +61 405 555 618



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