Summit (ASX:SUM) confirms initial promise at Munga Creek
January 23, 2023Summit Minerals’ first look reveals promising signs at its Munga Creek Group prospect, part of the Windfall Antimony Project near Kempsey in New South Wales.
Early-stage surface prospecting, soil and rock chip sampling, and assays across historical workings have indicated possible discovery areas for the little-understood critical mineral in outcrops of quartz breccia, up to three meters wide and 350 meters in length.
Antimony prospects in southern parts of the Windfall Project, location with historical workings and occurrences on geology
Some identified east-west trending veins plausibly represent discoveries, expanding the mineralised trends to the east.
“Based on our new geological understanding, the Company has re-entered the field to test the identified locally mineralised veins and their extensions beneath recent cover using UltraFine+TM soils,” the Company said.
“Additionally, we are considering various geophysical approaches to promote targeting and help overcome the heavy scrub, which makes exploration and visualisation of outcrops difficult. Also, the company has expanded its focus to the Pinnacles and Tooroka Groups and anticipates completing similar exploration soon.”
Price Action
The Company’s ASX-listed shares are 14.5c at pre-Market Open.
Next Steps
Fieldwork continues to test the identified locally mineralised veins and their extensions beneath younger covers using UltraFine+TM soils.
The best geophysical method for targeting areas of challenging terrain is under consideration.
Meanwhile, discussions with landholders for access at the Pinnacles and Tooroka Groups are progressing.
About Summit Minerals
Summit Minerals Limited is an Australian-focused ASX-listed battery mineral exploration company with a portfolio of projects in demand-driven commodities. It is focused on systematically exploring and developing its projects to delineate multiple JORC-compliant resources.
Summit’s projects include the Windfall Antimony Project in the antimony-gold province of the southern New England Fold Belt region in NSW, the Stallion REE Project in Ponton River WA, the Phillips River Lithium Project in Ravensthorpe WA, the Bridgetown Lithium Project in Bridgetown WA, strategically located along strike of Talison’s Greenbushes Mine and the Northern REE / Lithium Projects in Gascoyne and Pilbara WA. Through focus, diligence and execution, the board of Summit Minerals is determined to unlock previously unrealised value in our projects.
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