Summit Minerals To Acquire Rare Earth And Lithium Portfolio In Brazil

Summit Minerals Ltd (ASX: SUM) is acquiring a portfolio of projects in Brazil that are highly prospective for rare earth elements (REE), niobium and lithium.

The projects are spread across an area of 29,267 hectares in the mining-friendly and commodity-rich states of Minas Gerais & Paraiba.

Niobium and REE package

The Niobium and REE tenement package consists of Juazeirinho, Equador, Aratapira, Santa Sousa and T1/T2 projects.

These projects cover a combined strategic area of 10,747.36 hectares.

Notably, exceptional grades in niobium pentoxide (Nb2O5) and partial rare earth oxide (PREO) were produced from samples at Juazeirinho and Equador.

These include 35.54% Nb2O5 + 1.408% PREO (Juazeirinho) and 30.34% Nb2O5 + 1.513% PREO (Equador).

It is worth noting that Summit has purchased REE and niobium-rich opportunities in a country that hosts ~98% of the world’s active niobium reserves.

Lithium package highlights

The lithium tenement package consists of the Hercules North and the Hercules South projects, covering 18,519.44 hectares.

These projects are situated in the prolific Jequitinhonha or Lithium Valley (Minas Gerais), where 85% of Brazil’s lithium resources are located.

Numerous artisanal mines exist within and near the tenement boundaries, where large LCT pegmatites have been identified.

Exploration program

Summit has established an in-country exploration team ready to conduct an aggressive exploration program on all tenements concurrently.

The company has a strong balance street, having ~A$2.2 million in the treasure as of the last quarterly cash report.

Summit Managing Director Gower He said: “We anticipate acquiring these niobium, REE and lithium projects will enhance our company’s status as a critical mineral explorer and developer.”

 

 

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