Summit (ASX:SUM) rear rare earths at Stallion

Summit Minerals’ latest exploration drilling has intercepted significant new rare earth mineralisation from its exciting Stallion project near Ponton River in Western Australia.

Eyes are likely to turn to the Company’s maiden JORC resource with the first four assays from the 14 RC hole exploration campaign revealing shallow rare earth mineralisation up to 1355ppm TREO – validating earlier high-grade results, expanding the target area, and confirming the mineralised zone stretches onto Summit’s adjoining territory.

Phase One drilling struck high end mineralisation up to 3780ppm TREO over thicker stretches, and Summit Exploration Manager Jonathan King said the remaining ten holes could be defining.

“We are very pleased with these initial Phase 2 results, and should the assays be similar to those from Phase 1, the balance of the anticipated drilling results will infill the intersected significant and widespread REE-enriched zones delineated in the Phase 1 program. Based on the pending results, the Company aims to report a Maiden Resource Estimate for Stallion,” Mr King said.

The remaining assays are expected soon, and planning is already underway for Phase 3 extension and infill drilling directed at expanding mineralisation onto Summit’s adjoining tenement.

In the pipeline

Summit is also advancing on international antimony ambitions, holding a Windfall Project in New South Wales which covers multiple historic mines and the highest grades ever recorded in Australia and an Ahmed Project in Morocco which has shown exceptional early returns and immediate drill targets.

Fieldwork is ongoing in Morocco and Summit will continue exploration and improved drill targeting at Windfall, with reconnaissance drilling planned as soon as practicable. But for now, Summit’s attention is directed at bringing in a new rare earth resource to Australia as acquiring the elements increasingly becomes an issue of geopolitics.

Key intercepts and pending holes at the Stallion Project

SUM.AX

SUMMIT FPO [SUM]

ASX

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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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