- Summit Minerals (SUM) secures the Magwood tenement, expanding its antimony footprint in New South Wales
- The new tenement includes the historic Magwood antimony mine, which historically produced around 5000 tonnes of antimony concentrate at an average grade of 8.3 per cent stibnite
- Summit Managing Director Jonathan King says there remains significant untapped potential at the tenement
- The company confirms its future exploration will focus on the historically-worked antimony, gold, and copper mineralisation, commencing at Magwood
- Shares in SUM are down 4.29 per cent, trading at 17 cents at 11:39 am AEDT
Summit Minerals (SUM) has expanded its antimony footprint in New South Wales after securing a new tenement.
The Magwood tenement includes the historic Magwood antimony mine, which lies 45 kilometres northeast of Hillgrove and 65 kilometres northwest of Summit’s Windfall antimony project.
The Magwood mine historically produced around 5000 tonnes of antimony concentrate between 1920 and 1969, at an average grade of 8.3 per cent stibnite.
Summit secured the new 160-square-kilometre tenement through its wholly-owned subsidiary, Bow Island Resources.
SUM Managing Director Jonathan King said there remained significant untapped potential at the tenement.
“As with Windfall, no significant exploration has happened since the 1980s, attesting to the tremendous discovery potential latent in the project,” Mr King said.
“The Magwood addition furthers our ambition to build a strong portfolio of exploration assets in the New England region that is highly prospective for antimony and gold.”
The project area also contains other historic workings, including the Rock Abbey mine, the Abroi and Allingham deposits, Faulkner’s gold prospect and Drovers copper mine.
Summit confirmed future exploration would focus on the historically uncovered antimony, gold, and copper mineralisation, beginning at Magwood.
The company said it would complete a detailed mapping and geochemical sampling campaign to delineate any potential along-strike extensions to the antimony-rich zone and outline drill positions to commence the testing of the existing mineralisation at depth and any prospective extensions or parallel systems.
Shares in SUM were down 4.29 per cent and trading at 17 cents at 11:39 am AEDT.