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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 934km² of granted tenements that are prospective for uranium, copper and base metals.  The project includes the Bikini, Watta, Mirrioola and Andersons uranium deposits as well as numerous other uranium prospects.

BIKINI URANIUM DEPOSIT

The current Bikini Mineral Resource estimate conforming to the JORC (2004) and NI 43-101 guidelines is tabled below. The resource dataset contains 180 drill holes for a total of 52,236m. The 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.

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$ 0.18

Latest Prices

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

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