Summit Minerals seeks Windfall for divestment

Summit Minerals (ASX:SUM) is actively considering divestment opportunities for its Windfall Antimony Project, following an extensive review of the company’s portfolio.

The company says it has recognised Windfall is non-core to the company’s strategic objectives moving forward and has decided not to commit further 

Meanwhile, Summit is set to begin a geochemical soil sampling program next week at the Phillips River Lithium Project in Western Australia. 

The company aims to define potential pegmatite-hosted lithium mineralisation in areas within the project. The survey will cover several intrusive bodies interpreted from Summit’s high-resolution magnetic survey. 

An ultrafine soils program will also be commissioned and conducted on 100m centres on 400m spaced lines. This program will cover areas outside of the proposed auger drilling program. 

Summit says assays from both programs will support the company in uncovering potential drill targets for a 2024 drilling campaign. 

The project-wide soil campaign is anticipated to be finalised within 2-3 weeks, with assay results expected early next year. 

Summit Minerals Chief Executive Officer (CEO) Gower He says the Phillips River project’s region is considered ‘highly prospective’ for several battery and critical minerals commodities, which has been demonstrated by recent exploration activities conducted by Bulletin Resources (ASX:BNR).

Summit Minerals is an Australia-focused battery minerals explorer with a portfolio of projects in demand-driven commodities. The company’s projects are located in Canada, Morocco and across Australia.

As of 30 September 2023, the company had about $3 million cash and cash equivalents at hand, according to its latest quarterly report.

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Images: Summit Minerals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.