SUM 5.45% 26.0¢ summit minerals limited

After reading this report not too sure on how I feel. Looks like...

  1. 298 Posts.
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    After reading this report not too sure on how I feel. Looks like we are going to need more capital raising this year going by the expenditure.
    I would feel more comfortable if we kept more focus on one area but I am not the one running the show.

    Re Stallion,
    "The balance of the anticipated drilling results infills the widespread REE-enriched zone intersected in thePhase 1 program. The company has returned to Stallion to resolve some sampling issues beforereleasing the balance of the program results.Maiden Mineral Resource Estimate is expected for Stallion upon receiving the balance of the results.
    Planning is underway for another extension and infill drilling phase to be conducted in Q3 of this year asthe Company progresses with leach test work."

    I can't imagine what could be a 'sampling issue' in regards to a drill core. Hopefully nothing major and something stupid like logging the hole as the wrong number etc. MRE on balance of the results is a positive.

    Interestingly they've applied for more tenements too, which I am not so sure what the intention of is.
    E28/3251 Highway South is another Manhattan Corp project area SSE of Stallion that falls within the Queen Victoria nature reserve. Possible that SUM believes something simalar there to the Stalion project, REE potential identified by historical Uranium assay. Highway was part of Manhattans Uranium resource estimate for their collection of tenements in the area.
    E31/1350 Princess Bore - The name rings a bell and I know I have seen it somewhere in my research, but can't remember where it is. I will drag up the WA Tenement map later today and go looking for it. Targeting REE.
    EPM28647 Neerdie - Historic Antimony mining near Gympie QLD. Area is prospective for other Base metals as well, Gold, Copper, Lead, Silver. Don't know what to think of that. I have to do some digging back in my notes to see if Neerdie was held previously by Anchor Minerals (former owners of our Magwood and Windfall tenements) I remember that they had Antimony projects in QLD as well but can't remember where.

    Certainly shaping up to be something more than a one trick pony. Hopefully it works in our favour and not against us.
    Regards, OP.
 
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