Summit Minerals Ltd (“Summit”) is pleased to announce the acquisition of an additional tenement at its Equador Niobium and Tantalum Project in the Borborema Pegmatitic Province, in the Northeast of Brazil. The newly acquired tenement has returned some of the highest-grade niobium assays reported at the project to date, further enhancing the potential of this world-class asset.
Highlights:
- Tenement Acquired: Summit has acquired tenement 848158/2010, located directly adjacent to the existing “Equador North” mining lease (848283/1999) at the site.
- Exceptional Assay Results: Rock chip samples from this tenement has yielded the highest niobium grades at the Equador Project to date, including:
- 42.93 % Nb2O5, 11.39 % Ta2O5, and 33,310 ppm PREO (Garimpo 2-2010)
- 21.21 % Nb2O5, 79.49 % Ta2O5, and 199,150 ppm PREO (Garimpo 1-2010)
- Emerging Drilling Plans: The acquisition strengthens Summit’s portfolio as the Company prepares for an initial drilling program to validate the quality and potential scale of this project.
- Bulk Sampling Program Completed: Summit also completed a bulk sampling program across the Equador Project, providing representative samples for metallurgical testing which will aim at creating an economic niobium and tantalum concentrate.
Gower He, Managing Director of Summit Minerals, commented: “Summit continues to add strategic holdings to our premier Equador Niobium and Tantalum Project. This is another exceptional acquisition for the company to add areas of geological significance which has proven results. This project just continues to amaze us on its potential and areas of growth. The team has done a wonderful job to make this happen.”
Acquisition Terms:
The acquisition of tenement 848158/2010 was completed via a binding Heads of Agreement with RTB Geologia and Mineracao Ltda. The total includes a cash payment of $50,000 and the issuance of 800,000 fully paid ordinary shares, half of which will be escrowed for a six-month period.