Summit Minerals (ASX:SUM) is planning for another phase of extension and infill drilling in Q3 2023 at its Stallion Rare Earth Element (REE) Project in Western Australia.
The purpose of the phase three drilling is to grow the mineralised zone by expanding onto an adjoining tenement.
This announcement comes after Summit announced that its first batch of assays from reverse circulation (RC) phase two drilling has confirmed resource potential at the project.
Assays for 4 of the 14 holes have been returned, with results for 10 priority holes pending and expected soon.
Summit reports the ‘best’ results include hole STRC026 with 14m @ 938 parts per million (ppm) total rare earth oxide (TREO) from 23m and hole STRC028 with 5m @ 1,355.2ppm TREO from 39m.
The company adds that these results mirror the results returned from phase one drilling — particularly at the margins of the mineralised zone. The results confirm that the mineralised zone trends northwest onto Summit’s adjacent tenement.
Commenting on the results, Summit Minerals Exploration Manager Jonathan King says: “We are very pleased with these initial phase two results, and should the assays be similar to those from phase one, the balance of the anticipated drilling results will infill the intersected significant and widespread REE-enriched delineated in the phase one program.
“Based on the pending results, the company aims to report a maiden resource estimate for Stallion”
Based on the pending results, the company aims to report a maiden resource estimate for Stallion.”
Summit Minerals is an Australian-focused battery mineral explorer with a portfolio of projects in demand-driven commodities. As of 31 March 2023, Summit Minerals had cash and cash equivalents of $2.989 million, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Summit Minerals Ltd
