Summit is well funded to accelerate exploration at the Equador project in Brazil with ~$3.6m in cash following a recent $2m placement. Pic via Getty Images
Mining
Special report: First assay results from the Equador project in Brazil have confirmed high-grade niobium and tantalum over a 1.2km strike length.
Summit Minerals (ASX:SUM) might still be in the early stages of its niobium exploration program at the Equador project in Brazil, but it has wasted little time getting off the mark with activities in the field.
Equador represents just one project within a wider niobium -rare earth tenement package covering 107.47km2 in Brazil’s Borborema Pegmatitic Province (BPP), Paraiba state, a region regarded as one of the world’s most important sources of tantalum, REEs and beryllium.
Due diligence on historical results have turned up stand out samples containing 303,400ppm Nb205 (30.34%) and 15,130ppm partial rare earth oxide (1.513%) while multiple pegmatite bodies and many historical workings have been identified during multispectral analysis work.
Equador is continuing to show its potential with first assay results returning partial rare earth oxides (PREO), niobium and tantalum from surface pegmatite rock chip sampling, including:
The rock chip samples were collected directly from outcropping pegmatite intrusions with the darker nodules separated out by hand and sent for assay.
Assays have been sent to another lab so that a full suite analysis can be contacted, which will enable the company to ascertain and thereafter announce the TREO percentage.
“These highly encouraging assays have given us tremendous confidence to accelerate our exploration program,” SUM managing director Gower He says.
“Our Equador project is located on an existing road within close proximity to established highways (20 km away), it also has direct access to water and renewable electricity supplied by a windfarm nearby.
“During my recent trip to the project, I had the opportunity to meet and engage with the local landowners,” he says.
“It was pleasing to learn that they are extremely supportive of mining in general and of Summit in particular.”
The field exploration program is ongoing with widespread mapping of new pegmatite occurrences, rock chip samples continuously being collected, and previously unmapped artisanal mines being located and cleaned out for further exploration.
SUM chief geologist Stuart Peterson is on his way to site to help guide the exploration program across the project.
A drone magnetic survey has kicked off to help establish a high-resolution picture of the geological structure and better map out the potential pegmatite pathways under shallow alluvial cover.
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.
