Expansion of Equador Niobium and Tantalum Project

Summit Minerals Limited (ASX:SUM) has successfully acquired a new strategic tenement, 848158/2010, directly adjoining its existing Equador North mining lease. The rock chips collected during due diligence analysis indicated exceptional grades similar to the existing Equador project results, with a focus on an expedited initial drilling program to validate the quality and determine the potential scale of the Equador Niobium and Tantalum Project.

Executive Commentary on Expansion

Summit's Managing Director, Gower He, expressed satisfaction with the acquisition, highlighting the exceptional geological significance and proven results of the new strategic tenement. He commended the team for their efforts in making the acquisition possible and emphasized the project's potential and areas of growth.

Summary of Expansion and Outlook

Summit Minerals Limited has expanded its Equador Niobium and Tantalum Project with the acquisition of a new strategic tenement, demonstrating the company's commitment to strategic growth. The rock chip samples have shown promising results, and the company is focused on an expedited initial drilling program to validate the quality and determine the potential scale of the project. The Metallurgical Test Program aims to test the ability to create an economical Niobium and Tantalum concentrate, driving decisions around the next stages of the development plan. The acquisition terms include a total consideration of $50,000 in cash payment and 800,000 fully paid ordinary shares, with completion conditional upon the satisfaction of the Application being granted on or before 31 December 2024. Summit Minerals' expansion reflects its dedication to unlocking previously unrealized value in its projects.