Not bad SUM!

Summit flags more high-grade niobium at Brazilian project

Summit Minerals recently acquired the project which sits in the prospective Borborema Pegmatic Province. Pic: via Getty Images.

• By SPECIAL REPORT
• *
• 12:52PM JUNE 24, 2024

Special Report: Summit Minerals is reporting grades up to 53% niobium at its recently acquired Equador niobium-tantalum-rare earths project in Brazil.

Brazil is the world’s leading niobium producer, accounting for 91% of global active niobium reserves and 88% of global niobium production.

Summit Minerals’ (ASX:SUM) project is in the Borborema Pegmatitic Province (BPP) which is also one of the world’s most important sources of tantalum, rare earth elements (REEs) and beryllium.

The company’s second set of rock chip assays have been returned, with highlight results including:

• 53.07% Nb2O5, 18.32% Ta2O5 and 1956 ppm PREO;
• 42.08% Nb2O5, 26.07% Ta2O5 and 2780 ppm PREO;
• 40.88% Nb2O5, 25.27% Ta2O5 and 6367 ppm PREO;
• 40.86% Nb2O5, 26.58% Ta2O5 and 890 ppm PREO; and
• 38.65% Nb2O5, 26.41% Ta2O5 and 3810 ppm PREO.

Summit has also extended the pegmatite strike zone to ~3km in length based on the initial exploration results and visual pegmatite outcrops.

Importantly, the eastern pegmatites are located on a low laying area allowing easy access for more in-depth sampling and testing.

Multiple new pegmatite targets on the horizon

The ongoing exploration program also continues to add multiple new pegmatite outcrop targets, along with the historic mining workings that now span across the Equador tenement holding from the north through to the centre of the project.

“Our Equador Project continues to deliver beyond our initial expectations,” Summit managing director Gower He said.

“With the consistent high-grade assay results project wide, the company will be heavily focused on this project to fast-track its development.

“The availability and proximity to key infrastructure enables rapid exploration of the project whilst also significantly enhancing its value.”

Pic: Summit’s chief geologist Stuart Peterson next to an outcropping pegmatite at the Brazilian Equador project. Source: SUM.

More assays to come

Ongoing field exploration program continues with exploration of the southern strike extension to map new pegmatite occurrences with widespread rock chip samples being collected and assayed.

The Eastern Pegmatites will be the priority target for exploration, with additional mapping of pegmatite occurrences across the project to continue in parallel to enable a greater understanding of the project's potential size.

A Drone Magnetic survey to the north of the property has now been completed, with interpretation underway.

And while assays are pending, the company plans on performing an intense mapping program by performing Magnetic and LIDAR programs over the entirety of the project to identify additional pegmatite occurrences in low laying areas as well as those under alluvial cover.

Summit’s chief geologist Stuart Peterson recently spent time with the local team to enhance the exploration program across the project and says he saw first-hand hand the abundance of pegmatite outcrops - with all of them showing good signs of mineralisation with niobium and tantalum.

“The exploration team has plenty of targets still to sample and we will update the market as these results come through,” he said.

This article was developed in collaboration with Summit Minerals, a * 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.