Summit expands Equador niobium project with key strategic acquisition

SUM picks up six tenements in Brazil increasing landholding by 1,555 hectares
‘Equador North’ is an existing mining lease to the north of and adjoining SUM’s Equador niobium and tantalum project
Trenching and drilling permits are advancing well and expected to be issued during this month

Special Report: Summit Minerals has acquired six new tenements in Brazil, including one strategic tenement adjoining its Equador niobium and tantalum project.

The tenements in the Paraiba and Rio Norte States were acquired for A$93,075 and extend the company’s landholding by 1,555 hectares.

Tenement 848283/1999 (or Equador North) was a key strategic priority as it’s an existing mining lease situated to the north of and adjoining the Equador project.

Previous feldspar mining activities were conducted at Equador North, and feldspar is the primary host rock of the niobium and tantalum at the Equador project.

The company says internal studies indicate it’s a likely continuation of geology from Equador.

The other tenements won in the auction process are situated immediately along strike from the Maranda lithium mine, with exploration to concentrate on potential extensions of the lithium mineralisation.

Looking for a northern extension

“We are pleased to have secured the additional tenement packages to expand our Equador project,” Summit Minerals (ASX:SUM) managing director Gower He said.

“The tenement to the north of Equador has been a key strategic priority for Summit for some time, as it holds an existing mining lease directly situated to the north, providing Summit with significant exploration potential to host further niobium-bearing pegmatites given its geological similarities to our existing project area.”

Settlement of the additional tenements is expected in October 2024 with exploration works to commence on them immediately thereafter.

Pic: Newly acquired tenements. Source: SUM

Equador exploration underway

Summit continues to focus its efforts on an expedited initial drilling program to validate the quality of the project, with a LiDAR survey now completed and a magnetic survey planned in the near term.

“With the completion of the LiDAR survey and upcoming commencement of the drone magnetic survey, Summit remains well positioned to fast track the development of our project,” He said.

“All these accomplishments within a roughly three-month timeframe is a testament to all the hard work the team is doing.

“I thank our team for their work ethic, and our shareholders for their support.”

Trenching and drilling permits are advancing well and expected to be issued during this month, with drilling to be targeted based on recent exploration results coupled with the LiDAR and magnetic survey interpretation, the company said.

This article was developed in collaboration with Summit Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.