Summit (ASX:SUM) make the climb to James Bay Lithium

Summit Minerals has signed a binding agreement to acquire an 80 per cent stake in the Castor Lithium Project, which remains unexplored for white gold in a James Bay region that has already emerged as Canada’s most exciting exploration hub.

Castor covers a mighty 33 kilometres of strike in the northern portion of the Yasinski Lake Greenstone belt, where 18 grab samples have recently averaged 2.65 per cent lithium oxide at the Mia Project, lying close to the well-laid infrastructure and significant discoveries which established the region as premier lithium territory.

Summit Exploration Manager Jonathan King said the acquisition presents shareholders with a fantastic opportunity in the world-class jurisdiction.

“The easy access to Castor, its proximity to other highly successful projects, and having lithium experts DGC involved and ready to start exploration for the remaining summer field season make this an obvious opportunity to create value for Summit investors,” Mr King said.

“We look forward to confirming the lithium potential and, subject to exploration success, advancing towards drilling at the project,” he added.

One of the project vendors, Mr Jody Dahorouge, said they looked forward to unlocking Castor’s potential alongside the Summit team.

“With spodumene pegmatites located along the southern end of the Yasinski Lake Greenstone Belt we
consider the project to have good potential for multiple commodities, include spodumene pegmatite,” he said.

Forward plan

Castor is considered to bear the potential for lithium-bearing pegmatite, orogenic gold, nickel, chromium, and platinum group elements. Summit stands fully funded for the year’s exploration after completing a heavily oversubscribed $1.5M placement.

The field program will focus on detailed prospecting, mapping, outcrop, and geochemical sampling across the third quarter to have Summit well-positioned to rapidly evaluate Castor’s lithium prospectivity and generate the first targets for drilling in the untapped territory.

Project location and surrounding projects

SUM.AX

SUMMIT FPO [SUM]

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SUMMIT FPO [SUM]

Sector: Basic Materials

Industry: Other Industrial Metals & Mining

Employees:

Summit Minerals Limited, together with its subsidiaries, engages in the acquisition, exploration, and development of battery mineral projects in Brazil, Canada, Morocco, and Australia. It explores for niobium, partial rare earth oxide, tantalum, rare earth element, uranium, antimony, and lithium pegmatite deposits. Summit Minerals Limited was incorporated in 2021 and is headquartered in Mount Hawthorn, Australia.

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