SYDNEY – Australian explorer Summit Minerals Ltd said on Tuesday it agreed to acquire the historic Keystone polymetallic mine in Nevada, a site with documented high-grade silver and tungsten mineralization, as it seeks exposure to critical and precious metals.
The ASX-listed company signed a binding heads of agreement to purchase 100% of the Keystone Project, located south of Winnemucca in an emerging mineral trend. The project covers 1,036 acres, including 625 acres of patented land.
Historical records from 1937-1943 show the mine produced 36,000 ounces of silver at an average grade of 909 grams per tonne, alongside gold, lead and zinc. Notably, a 1942 reassay of a diamond drill core revealed a 7-meter interval with tungsten trioxide (WO3) grades between 0.5% and 2.25%, a potentially high-grade result that has never been followed up with modern exploration.
“The combination of high-grade silver and high-grade tungsten mineralization is a fantastic complement to Summit’s existing portfolio,” said Managing Director Dr. Matthew Cobb in a statement.
The company highlighted the project’s location within a prolific mining district that hosts the Rochester silver-gold mine and the former Springer Tungsten Mine. The U.S. currently has no domestic tungsten production and relies entirely on imports, while silver was added to the U.S. Critical Metals list in 2025.
Summit cautioned that the historical tungsten data, sourced from state geological archives, was not produced under modern reporting standards like the JORC Code and requires validation. The firm plans immediate fieldwork to verify the historical results upon completion of the acquisition.
The deal involves a total consideration of $1.235 million, split between cash payments and the issue of Summit shares, subject to shareholder and regulatory approvals. Completion is conditional on due diligence and is expected within 60 days.
Summit’s portfolio includes battery mineral projects in Brazil and Canada. Its shares last traded at AUD 0.025.