Summit Minerals Ltd (ASX: SUM), an Australian battery mineral exploration company, has announced exceptional high-grade assay results from initial sampling at its Equador Niobium and Rare Earth Elements (REE) Project in northeastern Brazil.
The promising results reinforce the project’s significant potential and set a solid foundation for accelerated exploration.
Highlights of the assay results include:
- Exceptional high-grade concentrations of Niobium (Nb2O5) and Tantalum (Ta2O5) across multiple samples, including standout assays of 40.84% Nb2O5 and 15.74% Ta2O5.
- Discovery of new pegmatite formations indicative of significant mineralization, alongside previously unmapped artisanal mining sites.
- Commencement of a drone magnetic survey to enhance geological mapping and identify potential pegmatite pathways under the shallow alluvial cover.
The Equador Project is strategically located with direct access to power and water supplies, and is easily accessible via a major local highway, facilitating efficient ongoing exploration and future development.
Summit’s Managing Director, Gower He, commented: “The highly encouraging assays from Equador thus far have further solidified the prospectivity of the project and have 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.”
He added: “Our Equador project is 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.”
Summit Minerals Limited 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.
