Summit continues to snap up ground around its Stallion rare earths project though its latest acquisition includes a tasty prize – an existing 3.3Mlb Inferred uranium resource.
The JORC 2012 resource within the new ELA 28/3241 licence application – and extending into the adjacent granted title E 28/2999 – was first defined by Manhattan Corporation back in 2017 and was based on the former owner’s 2010 and 2016 aircore and sonic drilling.
While Western Australia currently does not allow uranium mining, the same drilling which defined the uranium mineralisation also intersected REE enrichment in the granitic bedrock underlying the paleochannels which form the exploration focus at the Stallion project.
Summit Minerals (ASX:SUM) managing director Jonathan King said the company has been assessing the additional historical drill holes for further rare-earth opportunities while validating the developing targeting model at Stallion.
“In doing so, we confirmed the location of the historical uranium Mineral Resource, which extends southwards from the new application and onto the adjacent granted title,” he added.
“Though a great outcome for the company, given the inability to mine uranium in WA due to current government legislation, we remain focused on the rare earth opportunity present at Stallion. The uranium Mineral Resource essentially provides the company with a free option if the legislation in WA changes in the future.”
Same source rock
Summit believes that the source for uranium at Stallion – the “hot granites” that flank the drilled paleochannel – is the same parent rock as that of the rare earths.
Hot granites typically carry a strong radiometric signature as they are enriched in the radioelement’s uranium, thorium, and potassium.
This could help with targeting REEs as they are commonly associated with uranium and thorium through the phosphate minerals, apatite and monazite.
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.