Extract: SUMMIT PEGS 12,000km2 URANIUM TENEMENTS NEW BASIN PROSPECTIVE FOR URANIUM IN NORTHWEST QUEENSLAND
$5 MILLION FUNDING AGREEMENT IN PLACE
Summit Resources Limited (“Summit”) is pleased to announce today that it has applied for 16 Exploration Permits covering 12,000km2 of the Georgina Basin to the west of the Mount Isa Inlier in northwest Queensland.
A first year $1,000,000 fully funded exploration program is proposed, and based on initial success, $5 million in exploration funds over the first five years is being allocated to the project. Summit also has pleasure in announcing it has secured a $5.0 million funding agreement to explore the tenements with ASX listed Newland Resources Limited (“Newland”).
Newland has agreed to commit to sole fund the first $1.0 million of exploration expenditure and then has the right to sole fund a total of $5.0 million expenditure for a 50% interest.
Summit is manager and operator of the joint venture, has a casting vote whilst it is the manager, retains management whilst it holds 30% or greater interest in the Georgina Basin Uranium Project and has the rights to treat ores mined from the venture at its proposed Mount Isa uranium processing operations.
Summit has reached agreement with the Queensland government to immediately commence a detailed airborne EM geophysical survey, acquire night time satellite thermal imagery and combine this information base with detailed regional magnetic, radiometric and gravity data, known geology and stratigraphic drilling to select target areas for drilling and downhole radiometric logging.
SMM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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