{"id":1536,"date":"2023-11-16T02:51:54","date_gmt":"2023-11-16T02:51:54","guid":{"rendered":"https:\/\/economicherald.net\/?p=1536"},"modified":"2023-11-16T02:51:54","modified_gmt":"2023-11-16T02:51:54","slug":"could-a-thin-layer-of-cover-be-concealing-a-lithium-payday-at-summits-phillips-river","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1536","title":{"rendered":"Could a thin layer of cover be concealing a lithium payday at Summit\u2019s Phillips River?"},"content":{"rendered":"

Summit Minerals set to start soil sampling at its Phillips River lithium project, near Allkem\u2019s Mt Cattlin mine
\nUltrafine soils program will cover areas outside proposed auger drilling area
\nResults will be used to identify high-priority targets ahead of potential drilling in 2024<\/p>\n

\u00a0<\/p>\n

Special Report:<\/em> Summit Minerals is poised to commence a geochemical soil survey to define potential pegmatite-hosted lithium mineralisation at its Phillips River project in southwestern WA.<\/strong><\/p>\n

Phillips River comprises two exploration tenements covering 45km2 just 2.5km southwest of Bulletin Resources\u2019 (ASX:BNR) recent lithium discovery at the Ravensthorpe project where rock chips returned high-grade spodumene grading up to 7.04% Li2O.<\/p>\n

It is also 20km south of Allkem\u2019s (ASX:AKE) Mt Cattlin lithium operations.<\/p>\n

And yet \u2013 despite containing\u00a0 the same rock sequence that hosts spodumene-bearing pegmatites at Mt Cattlin \u2014 little historical lithium exploration has been completed at Summit Minerals\u2019 (ASX:SUM)<\/strong><\/a> project due to a layer of transported cover, which conceals the location of potential orebodies.<\/p>\n

\u00a0<\/p>\n

Jumping into exploration<\/strong><\/h2>\n

The company is now bringing exploration into the forefront with an early stage soil sampling program, which will cover several intrusive bodies interpreted from the company\u2019s high-resolution magnetic survey.<\/p>\n

Results from the survey will enable SUM to identify high-priority targets and enable a potential drill campaign in 2024.<\/p>\n

The ultrafine soils program will cover areas outside the proposed auger drilling program and assist in identifying targets.<\/p>\n

\u00a0<\/p>\n

Proposed Ultrafine soil geochemistry survey. Pic: Supplied (SUM).<\/p>\n

\u00a0<\/p>\n

\u201cWe are pleased to commence the geochemical soils program at our Phillips River lithium project,\u201d chief executive officer Gower He said.<\/p>\n

\u201cThe region is highly prospective for multiple commodities, including lithium and a suite of other critical minerals. This has been demonstrated by the recent exploration successes of Bulletin Resources and other existing resource companies in the region.\u201d<\/p>\n

\u00a0<\/p>\n

Divestment considered for non-core project<\/strong><\/h2>\n

Separately, the company is actively considering divestment opportunities for the Windfall antimony project after recognising that it is non-core to its strategic objectives.<\/p>\n

It has decided not to commit further resources to this project other than to maintain the tenements in good standing.<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with Summit Minerals, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Could a thin layer of cover be concealing a lithium payday at Summit\u2019s Phillips River?<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Summit Minerals set to start soil sampling at its Phillips River lithium project, near Allkem\u2019s Mt Cattlin mine Ultrafine soils program will cover areas outside [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":1537,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nCould a thin layer of cover be concealing a lithium payday at Summit\u2019s Phillips River? - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=1536\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Could a thin layer of cover be concealing a lithium payday at Summit\u2019s Phillips River? 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