Summit Minerals Limited reported receiving exceptional assay results from its proof-of-concept drilling at the Stallion REE Project. The results validate and significantly improve upon the historical drilling results of Manhattan Corporation. Above all, the step-out drilling, mainly west of the palaeochannel, has outlined a kilometre square zone of potential REE mineralisation that remains open in all directions. The mineralisation conceivably trends west to northwest into the company's adjacent application, E28/3241, providing substantial scale to the opportunity. The drilling program involved 177 weathered bedrock samples from 14 holes for 741 metres. Background information Rare earths are amongst the most resource-critical raw materials: they are of the highest economic importance and, at the same time, feature a high supply risk, as China dominates the supply chain. Ion Adsorption Deposits (IAD) are a significant source of Heavy Rare Earth Elements (Gd ­Lu; HREE) to global markets. They are formed by weathering igneous rocks (typically granites) containing certain REE-bearing minerals, such as sphene, zircon, apatite, and the REE fluorcarbonates, eudialyte and allanite. Due to surface weathering, the REE minerals decompose, and the released REEs are absorbed by clay minerals such as halloysite and kaolinite in the upper regolith. Most currently known IADs are hosted in thick regolith profiles developed in various granitic rocks that have experienced varying degrees of metasomatic alteration. The absorbed REEs are recovered by a dilute electrolyte solution such as ammonium sulphate solution and precipitated by oxalic acid solution. Because the mining and recovery processes are simple and inexpensive, REEs are commercially produced from low-grade (typically up to 2000 ppm REE) weathered clays. Results Review Summit's drilling has outlined a broad mineralised zone of rare earth oxides (REO) that measures 1km x 1.25km, with a thickness averaging 18m and grade averaging 1,750ppm TREO (utilising a 450 ppm TREO cut-off). The zone remains open in all directions, with the intersected mineralisation presenting as a broad wedge that shallows westward away from the palaeochannel, towards the company's adjacent tenement application, and thickens to the
south. The clay-rich upper sections of the weathering profile, where IADs mostly form, are mostly absent at Stallion. Thus, the elevated TREO are present in the base of the locally preserved upper regolith, at the redox zone (an approximation of the water table) and in the lower saprolite. The grade generally peaks towards the redox front, where the iron and clay contents are greatest and lessens (but not always) with depth. However, the nature of the host remains unclear. Unlike many potential Ion Adsorption plays, Stallion is dominated by LREE, including cerium, lanthanum, neodymium, praseodymium, and scandium. Yttrium is the only heavy rare earth contributing significantly to the TREO pool. Weak enrichment in phosphorous, uranium, thorium, scandium, iron, and aluminium accompany TREO enrichment. The tenor of the deleterious elements (uranium and thorium) is insignificant. Critical permanent magnet metals, neodymium (Nd) and praseodymium (Pr), or NdPr, averages 23.63% - substantially above the industry average of 16%. Dysprosium (Dy) and terbium (Tb), or DyTb averages 1.32%. The combined ratio of the highest value, critical magnet metals: NdPr, DyTb, + Sm, Gd, and Ho, averages 29.68%. The world's most powerful electric motors, used in wind turbines and electric vehicles, rely on the critical and valuable magnet rare earths: neodymium, praseodymium, and dysprosium. Next Steps: Summit will use the existing coarse reject from the recent drilling to undertake accelerated metallurgical and mineralogical programs to progress towards a geometallurgical model for Stallion. The company will utilise the available POW-approved drilling to build further certainty and definition within the identified zone as a precursor to developing its potential maiden resource.