Further Outstanding Assays Increases Prospectivity at the Equador Niobium Project

Battery mineral exploration company, Summit Minerals Limited (ASX: SUM) (“Summit” or the “Company”) is pleased to announce that ongoing exploration field work has uncovered previously unknown Pegmatite outcrops and Garimpeiro’s (artisanal workings) across its recently acquired Equador Nb-Ta-REE Project (“Project”) located in northeast Brazil's Borborema Pegmatitic Province (BPP). In addition, further high-grade assay results continue to confirm the prospectivity of the project. 

The addition of new pegmatite discoveries running parallel to the known pegmatites indicated a much larger prospective system than what was previously understood and has greatly increased the prospectivity of the Equador Project. 

Highlights:

• Multiple additional Pegmatites have been discovered and mapped across the Equador Niobium and Tantalum project in northeastern Brazil 
• Further assay highlights including Partial Rare Earth Oxides (PREO) from surface pegmatite rock chip sample program includes:
  • 19.95% Nb₂O₅, 38.70% Ta₂O₅ and 4090 ppm PREO (SUMSS043)
  • 21.22% Nb₂O₅, 39.15% Ta₂O₅ and 4120 ppm PREO (SUMSS045)
  • 18.80% Nb₂O₅, 40.312% Ta₂O₅ and 3900 ppm PREO (SUMSS046)
• Additional artisanal, small-scale mining locations have been identified along strike further unlocking the projects potential at depth. Newly discovered Pegmatites sit on low laying ground close to sealed road that transects the tenement.
• Artisanal, small-scale mining locations at the Equador Project have previously mined and sold Niobium and Tantalum to offshore markets
• Widespread sampling programs underway to cover off newly discovered targets with multiple high-grade Niobium and Tantalum assays samples already confirming prospectivity of the Equador Niobium project in Brazil
• Expanded Magnetic and LIDAR surveys planned to cover the remaining tenement area to assist with mapping of prospective pegmatites in the lead up to drilling
• Detailed next phase Development Program Planning underway.

Summit’s Chief Geologist, Stuart Peterson commented: “I am more than pleased with what our exploration team continues to discover at our Brazilian based Equador Project. The prospectivity of the project now far exceeds my initial expectations as we uncover more and more potential across the project every day. We are now in a position to confidently commit resources and funds to further develop this exciting asset.”

Summit’s Managing Director, Gower He commented: “Our Equador Project appears to be the gift that keeps on giving, as we possibly have a multicommodity Project on our hands. Not only do we have amazing Niobium assay results, but we also have extraordinarily high Tantalum and REE results. The team has worked tirelessly with us to deliver these amazing results within 2 months since announcing this purchase. All hands-on deck, as we strive to put a comprehensive program in place at Equador for rapid development.”