Summit picks up strategic new tenement at Brazilian niobium project

SUM picks up new tenement at Brazilian niobium and tantalum project
Tenement acquired for total consideration of $50,000 in cash and 800,000 shares
Company has completed bulk sampling program at the project

Special Report: Summit Minerals has expanded its Equador niobium and tantalum project in Brazil with the acquisition of a 2km² tenement directly east and north of the project.

The tenement (848158/2010) has existing outcropping pegmatites that have returned promising results plus several small-scale artisanal mines that are known to be associated with niobium and tantalum occurrences.

The land adjoins the “Equador North” area, which consists of an existing granted mining lease with previous feldspar mining activities having been conducted on it – feldspar being the primary host rock of the niobium and tantalum at the project.

Notably, rock chips collected as part of due diligence analysis indicated exceptional grades similar to the existing Equador project results, including:

42.93% niobium, 11.39% tantalum and 33,310 ppm PREO; and
21.21% niobium, 79.49% tantalum and 199,150 ppm PREO.

Map of the newly acquired tenement at the Equador project, including assay results from the new tenement and previous results from the project. Source: SUM

Eyes on growth potential

Summit Minerals (ASX:SUM) continues to focus its efforts on an expedited initial drilling program to validate the quality and to determine the potential scale of the project.

“Summit continues to add strategic holdings to our premier Equador niobium and tantalum project,” SUM managing director Gower He said.

“This is another exceptional acquisition for the company to add areas of geological significance which have 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.”

In addition, the company has completed its bulk sampling program to provide a sufficient representative sample for the Metallurgical Test Program.

This will test the ability to create an economical niobium and tantalum concentrate and assist in driving the decisions around the next stages of the development plan for the overall project.

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.