Jun 24 2024Reviewed by Lexie Corner
Summit Minerals Limited (ASX: SUM) is excited to announce the latest results from its ongoing exploration activities at the Equador Niobium and Rare Earth Elements (Nb-REE) Project located in the Borborema Pegmatitic Province (BPP) of northeast Brazil. These new assay results further underscore the high prospectivity of the project.
Highlights:
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Significant Assay Results: The second set of rock chip assay results continue to highlight high-grade niobium (Nb2O5) and tantalum (Ta2O5) mineralisation. Notable results include:
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53.07% Nb2O5, 18.32% Ta2O5, and 1956 ppm PREO (SUMSS007)
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42.08% Nb2O5, 26.07% Ta2O5, and 2780 ppm PREO (SUMSS021)
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40.88% Nb2O5, 25.27% Ta2O5, and 6367 ppm PREO (SUMSS023)
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And several other significant assays.
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Extended Pegmatite Outcrops: New pegmatite outcrops have been located on the eastern side of the ridge, extending the strike length to approximately 3.0km with some outcrops up to 20m wide. These pegmatites are easily accessible due to their location on low-lying ground close to infrastructure.
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Ongoing Exploration: Field exploration continues to expand the identified pegmatite targets. Additional rock chip assays from newly sampled locations are expected in the coming weeks. The Company is also planning extensive magnetic and LIDAR surveys to further map and verify the project’s potential.
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Strategic Location: The Equador Project benefits from proximity to key infrastructure, including direct access to energy and water, and a sealed road connecting to a major highway just 20km away.
Managing Director, Gower He, commented: “Our Equador Project continues to deliver beyond our initial expectations. With the consistent high-grade assay results project wide, the Company will be heavily focused on this Project to fast-track its development. The availability and proximity to key infrastructure enables rapid exploration of the project whilst also significantly enhancing its value.”
Chief Geologist, Stuart Peterson, remarked: “Having been on the ground this past week I was able to see first-hand the abundance of pegmatite outcrops across the Equador Project with all of them showing good signs of mineralisation with Niobium and Tantalum. The exploration team has plenty of targets still to sample and we will update the market as these results come through.”
The Equador Project lies within the BPP, one of the world’s most important sources of tantalum, REEs, and beryllium. The pegmatites in this region are hosted within heavily altered and enriched mica schist, which has been intruded by mineralised pegmatite fluids, forming high-grade zones of niobium and tantalum.
Summit Minerals remains committed to systematic exploration and development of its projects to delineate JORC-compliant resources. The Company will continue to keep the market informed regarding further exploration results as they become available.