"• RESOURCE DRILLING FOR THREE URANIUM DEPOSITS REPORTED
• RESOURCE DRILLING AND EVALUATION CONTINUES ON EIGHT URANIUM DEPOSITS AT MOUNT ISA
• 57 MILLION POUND JORC COMPLIANT RESOURCE ESTIMATE RELEASED FOR VALHALLA
• FULLY FUNDED $5 MILLION GEORGINA BASIN URANIUM PROJECT UNDERWAY
• SPIN OUT OF PACIFIC MINES LIMITED CONSTANCE RANGE IRON ORE PROJECT ANNOUNCED
• CAPITAL RAISING OF OVER $14 MILLION AT $1.50 SHARE
• EXECUTIVE DIRECTOR CORPORATE APPOINTED
• URANIUM OXIDE NOW US$56 POUND"
"In addition to the deposits being drilled Summit has fifteen uranium prospects within its Mount Isa Project area on which exploration is yet to commence. Each of the prospects will be progressively explored and drill tested as rigs become available.
In August Summit also announced the fully funded $5 million greenfields Georgina Basin uranium project covering 12,000km2 of new tenement applications to the west of Mount Isa.
Data compilation is underway and contracts have been executed to fly an extensive airborne EM survey to search for basin controlled uranium deposits. Encouraging rock chip samples of the Constance Range iron formations identified several areas with greater than 50%Fe (maximum values of 59%Fe), silica between 8% and 17%, and low Al and P contaminants.
Listing of Summit’s subsidiary, Pacific Mines Limited the company holding the assets, is now planned.
SMM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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