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Mount Isa North Uranium Project

The Mount Isa North Uranium Project is located 10 to 70km north and east of Mount Isa and contains numerous uranium anomalies, most of which still have to be investigated thoroughly. The area is 100% held and managed by Summit Resources (Aust) Pty Ltd (SRA). SRA is a wholly owned subsidiary of Summit Resources Limited (ASX Code: SMM) of which the Company owns 82.08%.

Exploration continues on Mount Isa North Project where Summit holds 1,356km² of granted tenements that are prospective for uranium, copper and base metals. The tenements are centred on the city of Mount Isa. The project includes the Bikini, Watta and Anderson uranium deposits as well as numerous other uranium prospects.

BIKINI URANIUM DEPOSIT

Following completion of drilling at the Bikini deposit in late 2010, an updated Mineral Resource estimate conforming to the JORC (2004) and NI 43-101 guidelines has been finalised. The resource dataset contains 180 drill holes for a total of 52,236m. The updated Mineral Resource estimate is 5.77Mt at a grade of 497ppm U3O8 for 2,868t (6.3Mlb) U3O8 in the Indicated Mineral Resource category and 6.7Mt at a grade of 493ppm U3O8 for 3,324t (7.3Mlb) U3O8 in the Inferred Mineral Resource Category. Resources are quoted at a cut-off grade of 250ppm U3O8 and represent an 18% increase in contained metal over the previous resource. The updated Mineral Resource represents the inaugural Indicated Mineral Resource estimate for the deposit. Modelling parameters and estimation techniques are similar to those used in the previous Mineral Resource estimate.

Updated Bikini Mineral Resource as at April 2011 (at 250ppm U3O8 Cut-off)

. Mt Grade ppm
U3O
8
Tonnes 
U3O8

Mlb
U3O8

Indicated Resources 5.77 497 2,868 6.3
Inferred Resources 6.7 493 3,324 7.3

(Figures may not add due to rounding)

On 15 March 2012, SMM released to the Australian Securities Exchange an updated Mineral Resource for Andersons Uranium Deposit and an initial Mineral Resource estimate for Mirrioola Uranium Deposit. For further information please refer to the Summit Resources website.

Latest prices

ASX A$ 0.0470
TSX C$ 0.0000

Latest Prices

TradeTech U3O8 spot US$20.40/lb
TradeTech U3O8 long term US$34.00/lb

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