Summit Minerals Limited (ASX:SUM) has reported significant progress at its Equador Niobium and Tantalum Project in Brazil during the September quarter of 2024.
The company has expanded its strategic holdings and uncovered high-grade mineralisation, positioning itself for future growth in the critical minerals sector.
In July, ongoing fieldwork at the 100 per cent owned Equador Project revealed previously unknown pegmatite outcrops and artisanal workings.
This discovery indicated a much larger prospective system than initially understood, with new pegmatites running parallel to known deposits.
Summit capitalised on these findings by acquiring six new strategic tenements in August, followed by an additional area in September.
These acquisitions have substantially increased the company’s footprint in the highly prospective region.
The newly acquired mining lease at Equador North has yielded the highest-grade hand sample results to date for the project. Notable assays include:
- 64.61% Nb2O5, 10.56% Ta2O5, and 2,830 ppm PREO
- 62.42% Nb2O5, 11.82% Ta2O5, and 38,440 ppm PREO
- 61.09% Nb2O5, 6.86% Ta2O5, and 15,430 ppm PREO
These exceptional grades underscore the potential of the expanded project area.
Summit has completed bulk sampling collection at Equador, and metallurgical test work is set to commence.
Additionally, LiDAR surveys have been conducted across both the Equador and Juazeirihno Niobium Projects, revealing previously unknown pegmatite trends.
The company successfully raised $2.4 million through a heavily oversubscribed placement, with funds earmarked for accelerating exploration and drilling programs at Equador.
Summit has also strengthened its management team with the appointments of Leonard Math as Chief Financial Officer and Company Secretary, and Jamie Wright as Non-Executive Director.
Gower He, Summit’s Managing Director, expressed enthusiasm about the quarter’s achievements: “The September Quarter was an outstanding period for Summit.
“We now realise that the system is substantially larger and more prospective than we had originally understood. New discoveries of pegmatites running parallel to known systems position us well for exciting future growth.”
He added: “I would like to thank all shareholders for their continued support during the Quarter and we look forward to updating shareholders as we progress our projects towards the end of 2024.”
As Summit Minerals continues to advance its Equador Project, the company appears well-positioned to capitalise on the growing demand for critical minerals in the battery and technology sectors.
