SYDNEY, AUSTRALIA: Summit Minerals Limited (ASX:SUM) has announced the acquisition of an excellent package of antimony tenements in Western Morocco. Through its Moroccan subsidiary, Summit Morocco, the company has acquired six Exploration Licences and has tendered for a seventh. The area acquired is 79 km2 and will grow to 95 km2 should the Company win its tender bid.

Site due diligence is complete, and the outstanding assay results, including 61.9%, 44.5%, and 39.4% Antimony (Sb) from sampling of rock chips at the historical workings within the project area, confirm the prospectivity (Figure 1).

Commenting on the acquisition, Managing Director Jonathan King said: “The acquisition of the Ahmed Project provides Summit with walk-up drill targets and a significant early mover advantage within proactive mining regulation in a safe jurisdiction. Additional to confirming high-grade antimony at Ahmed, we anticipate further opportunities through Morocco’s excellent exploration potential across various commodities. Outcropping mineralisation and direct shipping antimony grade returned from sampled rocks attest to the mineral prospectivity at Ahmed, which sits in a mineralised contact extending over several tens of kilometres.”

“The Company is very pleased to have partnered with local geological and exploration consultants, Ashgill Morocco. Ashgill will manage our work program in Morocco, providing us with a wealth of local knowledge and a partner that can get on the ground and get the work done on demand”

“Morocco’s new mining code is transparent and supportive of active exploration companies. We look forward to keeping our shareholders updated on our progress.”

About Summit Minerals Limited

Summit Minerals Limited is an Australian-based mineral exploration company with a focus on antimony. The Company has a portfolio of projects in Australia and Morocco, and is committed to developing a sustainable antimony business.

Antimony

Antimony is a critical mineral used in a wide range of applications, including batteries, electronics, and fire retardants. The global antimony market is expected to grow significantly in the coming years, driven by demand from these key end-use sectors.

Morocco

Morocco is a leading producer of antimony, and has a strong mining industry. The country’s new mining code is transparent and supportive of active exploration companies, making it an attractive jurisdiction for mineral exploration.

Conclusion

Summit Minerals Limited’s acquisition of antimony tenements in Western Morocco is a significant development for the Company. The acquisition provides Summit with walk-up drill targets and a significant early mover advantage in a safe jurisdiction with a strong mining industry. Summit is well-positioned to capitalize on the growth of the global antimony market, and we look forward to keeping our shareholders updated on our progress.

Fanatics to acquire PointsBet in $150 million deal

Aristocrat Leisure Limited to acquire NeoGames in $1.2 billion deal