BRAZIL — Summit Minerals Limited (ASX:SUM) has reported significant progress on its flagship projects in Brazil, demonstrating its commitment to delivering critical minerals for global markets.
The company has achieved key milestones in both its Equador Niobium-Tantalum Project and the recently acquired Barra Lithium Project.
At the Equador Niobium-Tantalum Project, Summit has submitted all documentation for Stage 1 drilling permits and completed bulk sampling, with samples now undergoing detailed analysis in Perth.
Encouraging high-grade results from the Quadrangle tenement at Equador North have been reported, including samples with up to 40.08 per cent Nb₂O₅ and 11.33 per cent Ta₂O₅.
A drone-based aero-magnetic survey is scheduled to map pegmatites and provide geological insights.
Summit’s Managing Director, Gower He, expressed enthusiasm about the company’s progress: “While we eagerly await the results from the bulk samples from the Equador Project, we are excited to explore the Barra Lithium Project which is in line with Summit’s strategy to expand its presence in the growing critical minerals sector including lithium.”
The Barra Lithium Project, a recent acquisition, comprises four strategically located tenements adjacent to an operating lithium mine.
Summit has scheduled a maiden Reverse Circulation (RC) drilling program for late November, which will test lithium pegmatite potential over 2,500 metres.
Initial exploration of lithium-bearing pegmatite zones has commenced, and a drone-based aero-magnetic survey has been completed, with results expected soon to aid mapping and project planning.
The company is also engaged in active discussions with neighbouring lithium mines for potential collaborative development.
Mr He added: “Our acquisition of these strategically located tenements, adjacent to active lithium mining operations, reflects our forward-looking approach to identifying high-potential assets.
“With the proximity to existing spodumene deposits and promising initial exploration results, we are well-positioned to unlock significant value from this project.”
Summit Minerals’ advancements in both the Equador Niobium-Tantalum and Barra Lithium projects underscore its commitment to fast-tracking the supply of critical minerals essential for global technological and energy advancements.
The company plans to provide ongoing updates as these projects progress toward their next phases of exploration and analysis.
