Summit Minerals (ASX:SUM) reports exceptional drilling results at Stallion REE project

Summit Minerals (ASX:SUM) has announced "exceptional" results from its proof-of-concept drilling at the Stallion REE (rare earth elements) project, which it says validates and improves upon the historical drilling results by Manhattan Corporation (ASX:MHC). 

Summit Minerals says standout results from the assays include 23m @ 2,162 ppm TREO from 24m, 15m @ 3,088 ppm TREO from 39m, and 17m @ 3,783 ppm TREO from 61m including 1m @ 1.52% TREO from 73m. 

It also says drilling has outlined a broad, relatively shallow mineralised zone that measures 1km x 1.25km, with a thickness averaging 18m and grade averaging around1,750ppm TREO.

The company also highlighted the critical permanent magnet metals, neodymium (Nd) and praseodymium (Pr), or NdPr, averages 23.63% which is substantially above the industry average of 16%.