Summit Minerals Secures A$2.5M To Progress Niobium-Tantalum Project In Brazil

Summit Minerals Ltd (ASX:SUM) has completed a heavily subscribed equity placement, securing a firm commitment to raise A$2.5 million.

Shares will be issued to institutional and sophisticated investors at an issue price of A$0.25 each.

Funds from the placement will be used to accelerate an aggressive and systematic exploration program at the Equador Niobium and Tantalum Project in Brazil.

This will include a maiden drilling campaign as well as bulk sampling and metallurgical studies.

Rock chip sampling

Summit recently uncovered previously unknown pegmatite outcrops across the Equador Project.

Read: Summit Minerals discovers additional pegmatites at Equador Niobium Project

Assay highlights from the pegmatite rock chip sampling program include:

  • 9.95% niobium, 38.70% tantalum and 4090 ppm PREO (partial rare earth oxides); and
  • 21.22% niobium, 39.15% tantalum and 4120 ppm PREO.

Highly prospective environment

The addition of new pegmatite discoveries running parallel to the known pegmatites indicates a much larger prospective system than what was previously understood.

The increased knowledge base for the distribution, strike length and direction of the niobium and tantalum hosting pegmatites across the Equador Project has enabled a more detailed mapping of the interpreted pegmatite trend lines.

Additionally, pegmatites have been observed running perpendicular to the main trend along cross faults in the basement rock.

This indicates a potentially larger and stronger depositional event when the pegmatites were intruded allowing a highly prospective environment for mineral enrichment to occur.

Significant prospectivity

Summit Managing Director Gower He said: “In the two and a half months since we have announced our Brazilian portfolio acquisition, our initial exploration program has already uncovered significant prospectivity at our 100% owned Equador Niobium and Tantalum Project in Brazil.

 “This raise was overwhelming supported by new and existing investors alike, and I want to personally thank everyone for their support.

 “We look forward obtaining our permits to commence our trenching, bulk sampling, met testing and drilling programs as we look to maintain our position as the most advanced ASX listed Niobium and Tantalum exploration company in Brazil.”

  

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