Summit Minerals (ASX:SUM) is eyeing a potential interim maiden resource ahead of phase three drilling at its Stallion Rare Earth Element (REE) Project in Western Australia.
The $6.65 million market capitalisation company says the results of a recent ultrafine fraction (UFF) soil sampling program have confirmed the presence of an additional REE mineralised zone, dubbed the MHC target, north of Stallion.
Summit says this zone could unlock further potential at Stallion.
The soil sampling results correlate with historical and recent drill-indicated rare earth oxide (REO) mineralisation in the underlying basement rocks, validating Summit’s methodology.
These soils extend over 4km and are limited only by the low sampling density.
The company notes planning is now underway for another extension and infill drill campaign, which will include the adjacent Stallion North tenement and MHC target.
Drilling is being designed to grow the mineralised zone by expanding onto the adjoining tenement before moving north to confirm the MHC target on the Stallion North tenement.
Meanwhile, metallurgical work will continue, with Summit to trial stronger leaches on the mineralised material before advancing with beneficiation tests and characterisation work to define the REE species present and how they are held.
Soil sampling was conducted to test soils as a direct detection tool for REO mineralisation in the complex regolith at Stallion, as well as to determine if the company could reduce its discovery costs by minimising exploration drilling costs.
Speaking on the results, Summit Minerals Exploration Manager Jonathan King says: “The company is pleased to receive positive soil responses from these complex regolith environments. The strong spatial coincidence between the anomalous soils and drill-indicated REO mineralisation from recent and historical drilling, separated by up to 40 metres of cover, is an exciting development for Summit.
The knowledge gleaned from this campaign gives the company confidence as to the size and scale of the potential resource. It also helps us best target future drilling, which should significantly reduce future discovery and exploration costs across the tenement package.”
“The knowledge gleaned from this campaign gives the company confidence as to the size and scale of the potential resource”
Summit Minerals currently holds a portfolio of projects in ‘demand-driven’ commodities that it is focused on systematically exploring and developing to delineate multiple JORC-compliant resources.
The company’s Stallion project is located just north of the Queen Victoria Spring Nature Reserve and around 200km northeast of the regional mining centre of Kalgoorlie in Western Australia.
Summit Minerals had $2.46 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Summit Minerals
