SMM 0.00% 18.0¢ summit resources limited

+ data and comment +

  1. 22,691 Posts.


    Shares: 150.2 mill. Unlisted options: 12 mill. Current share price: 13.5 cents.

    21 Oct: Annual Report:

    28 Oct: First Quarter Activities & Cashflow Report: Outflow: $0.447 mill. Cash: $0.649 mill.

    1. MT ISA--Uranium.
    20 Oct: Summit to resume uranium exploration:

    Summit is in the process of reviewing its uranium assets and resources at Valhalla, Skal and Andersons in the Mount Isa area. The three deposits contain measured and indicated resources of 50 million pounds of U3O8 and inferred resources of 75 million pounds of uranium.

    The plan is to double the Company’s uranium resource base and recommence prefeasibility studies in preparation for mine development when the change of government in Queensland occurs, or the current government changes its policy on uranium mining.

    The Valhalla and Skal deposits are located between 25 and 40 kilometres north of Mount Isa. Valhalla has drilled measured and indicated resources of 11.5Mt containing 36.5 million pounds of U3O8 with an inferred resource of over 55 million pounds U3O8. Skal, 10 kilometres east of Valhalla, has a drilled indicated resource of 2.7Mt containing 7.6 million pounds of U3O8 with an inferred resource in the order of 10.0 million pounds U3O8.

    The Valhalla and Skal deposits are covered by the Isa Uranium Joint Venture Agreement ("IUJV") between Summit (manager) and Resolute Limited (50% contributing participants).

    The Andersons uranium deposit is centred 15 kilometres east of Mount Isa City. The EPM covering this deposit, controlled 100% by Summit, is in the process of being offered for grant by the DNRM. The Andersons uranium deposit has an indicated resource of 4.5 million pounds, and inferred resources of 10 million pounds, grading 1.67kg/t or 3.67lb/tU3O8 previously drilled by Queensland Mines Ltd. This resource, whilst not sufficient for a stand alone operation, could provide additional open pittable mill feed to a future milling and processing operation at Valhalla"

    2. MT ISA--Copper/gold/base metals.

    3 June 2002: Mount Isa Mines Limited Agreement (Farming out to 75%):

    30 Oct. 2003: First to successfully negotiate Native Title Agreements (NW Queensland):

    28 July, 2004: Aquires New Mount Isa Tenements & Projects

    7 Sept, 2004: Mount Isa Drill Results Scorpion & Pipeline Trusts

    Readers, please do your own research and you decide if and when to buy, hold or sell any stocks. To visit archived posts, please use the Search button.

watchlist Created with Sketch. Add SMM (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.