Summit Minerals (ASX:SUM) executed a binding letter of intent to acquire the Mundo Novo carbonatite project in Brazil, subject to due diligence, according to a Monday Australian bourse filing.
The underexplored project is prospective for niobium, rare earth elements, and phosphate mineralization based on shallow drill results.
It plans to prioritize niobium exploration in the area with drill permits in place and valid, the filing added.
Shares of Summit Minerals surged 37% on market close.
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