Summit set to acquire American polymetallic mine

Peppermint Grove-based Summit Minerals has filed a binding heads of agreement to secure the Keystone gold-silver-tungsten mine in northern Nevada for an undisclosed amount. 

Summit, a junior which has multiple interests in Brazil and Australia, said Keystone – located around 190km north of Reno – was situated in a region known for several commodities. 

“I am incredibly excited by the acquisition of Keystone,” Summit managing director Matthew Cobb said.

“This project provides a highly prospective entry point into an exciting, emerging precious and critical metals trend within the tier-one, well-established, and mining-friendly state of Nevada. 

“The polymetallic nature of the project is particularly compelling and appears to result from the favourable intersection of the major gold trends for which Nevada is renowned. 

“Importantly, the broader skarn system also includes a mine that was once the largest domestic producer of tungsten in the United States, further underscoring the district’s exceptional mineral endowment. 

“This transaction is an outstanding opportunity to build value within Summit’s portfolio. 

“The combination of high-grade silver and high-grade tungsten mineralisation is a fantastic complement to Summit’s existing portfolio, and positions the company well for ‘future metals’ focused success.”

Mr Cobb said the junior’s initial focus at the Keystone mine will be conduct a preliminary fieldwork campaign to validate the project’s historical data. 

This is particularly significant, given that from its discovery in 1872 and 1937, no official production records were kept.

Aside from conducting a $1.67 million capital raise during the September 2025 quarter, Mr Cobb also conducted a series of visits across Summit’s Brazilian interests within the state of Minas Gerais, in order to confirm preliminary work programs at these projects. 

As of 11.34am AWST, Summit shares were down 15 per cent to 3.3 cents.