Summit, which is looking to raise up to A$5.5 million at 20c, has flagged an initial focus on the Stallion rare earth element-uranium and Phillips River lithium plays in Western Australia.
Other projects include the Northern lithium/REE and Bridgetown lithium tenements in WA, and a large antimony position at Windfall, at New South Wales' Hillgrove mineral field.
While WA no longer allows development of new uranium mines, at least under the current government, Stallion is prospective given it covers an extension of Manhattan Corporation's Ponton project, which hosts the Double 8 uranium deposit, and is targeting an extension of the known paleochannel mineralisation.
Stallion is located 180km northeast of Kalgoorlie, on the edge if the Great Victoria Desert, and includes the 3.3 million pounds at 150 parts per million Stallion inferred resource, previously worked on by Manhattan.
Windfall, Summit's largest project, covers some 234sq.km of ground close to where Red River Resources is redeveloping gold and antimony production using the existing Hillgrove plant.
Summit is looking at the same kind of mineralisation, in areas where past exploration has defined antimony occurrences, and where the metal was mined on a small scale at Munga Creek prior to 1974.
The workings have seen little exploration for decades.
Phillips River, Northern, and Bridgetown all have largely untested potential for lithium-bearing pegmatites but are lifted by nearology.
Phillips River, in the Ravensthorpe area, is just 20km from Allkem's Mt Cattlin mine, and is close to where Bulletin Resources recently confirmed the presence of lithium at Phillips South. Summit's lease has no recorded exploration due to transported cover
The Bridgetown tenements are south of the giant Greenbushes mine, and are notionally along strike from the operation.
The Northern projects are located in the Gascoyne mineral province, which is emerging as a REE region, with the three licences are located along strike and adjacent to the Nardoo pegmatite district, close to the recently resurrected Wodgina mine.
There are documented lithium, rubidium, and niobium geochemical anomalies, as well as tantalum, tungsten, and tin occurrences. Past exploration tended to focus on uranium, but it was found to be non-commercial, at least under an Athabasca Basin model.
The assets are being vended in by Sebastian Jurd, a former PAC Partners advisor who now heads up Sydney-based GBA Capital. Jurd will own around 30% of the stock after listing.
Summit's board includes King as managing director and two independent non-executive directors: Torian Resources and Monger Gold capital markets identity Peretz Schapiro as chair and PepinNini Minerals chair and geologist Stephen Ross.
Founders of Summit also include retail investor Peter Proksa, ex-Okapi Resources executive David Nour, Michael Shaw-Taylor's Sandton Capital, and Ananda Kathiravelu .
