**Exciting Acquisition: Summit Minerals Limited Expands Rare Earth Elements and Lithium Portfolio**
Summit Minerals Limited (ASX: SUM) is proud to announce the signing of binding agreements to acquire tenement packages in Brazil rich in rare earth elements (REE), niobium, and lithium. The agreements with vendors RTB Geologia & Mineracao Ltda, Sandro Arruda Silva Ltda, and Mineracao Paranal Ltda cover an expansive area of 29,267 hectares in Minas Gerais and Paraiba States.
**Key Highlights of the Acquisition**
– Acquisition of projects including JUAZEIRINHO, EQUADOR, ARATAPIRA, SANTA SOUSA, T1/T2, and HERCULES NORTH & SOUTH, strategically located in Minas Gerais & Paraiba states.
– The Niobium and REE package spans Juazeirinho, Equador, Aratapira, Santa Sousa, and T1/T2 Projects, covering a total area of 10,747.36 Hectares with exemplary grades in Niobium Pentoxide and rare earth oxides.
– Exceptional concentrations of niobium and rare earth elements were found in panned concentrates from pegmatite and sediment samples.
**Assay Results**
– **JUAZEIRINHO**
– Niobium & REE assays: 355,400ppm Nb₂O₅ + 14,080ppm PREO, and 107,010ppm Nb₂O₅ + 142,080ppm PREO.
– **EQUADOR**
– Niobium & REE assays: 303,400ppm Nb₂O₅ + 15,130ppm PREO.
– Artisanal mining activities indicate the presence of significant niobium and lithium deposits.
**Lithium Package Highlights**
– The acquisition includes the Hercules North and Hercules South projects, covering 18,519.44 hectares in the Lithium Valley of Minas Gerais.
– Presence of artisanal mines and pegmatites with economic quantities of lithium-rich minerals like spodumene, beryl, and aquamarine.
– A robust exploration team is tasked with accelerating exploration activities across all projects.
– Summit has a strong financial position with approximately A$2.2 million in cash reserves.
**Summit’s Managing Director, Gower He, remarked:**
*”Acquiring these projects will solidify Summit’s position as a critical mineral explorer. The exceptional grades and positive observational reports from our due diligence activities are promising. We look forward to rapid development and success in these projects.”*
For more detailed information, refer to the [full ASX Release](https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02798409-6A1203882).
This article has been sourced from Summit Minerals Limited and published on Investing News Australia. Please conduct thorough due diligence before making any investment decisions. [Read our full disclaimer here](https://summitminerals.com.au/).
