Summit Resources

Odin Uranium Deposit

The Odin uranium deposit is located (1km) north of Valhalla at EPL17514. A 99 hole resource definition drilling programme totalling 16,044m was completed at Odin by September 2010 with a maiden Mineral Resource completed in December 2010.

The Odin uranium deposit has a strike length of 600m and contains two mineralised lenses. The main lens trends north-north-east and dips 50° – 60° to the east. The smaller southern lens strikes north-south and dips steeply to the east.

Resource delineation drilling was completed for 2011 with an additional 28 Reverse Circulation holes. Mineralisation plunging 20-30° to the south was drilled over widths of 20-30m with grades in the range of 300-6,000ppm eU3O8 about 400m north of Valhalla. This mineralisation was highlighted by hole VR0432 (340m-371m/31m @ 1,006ppm eU3O8). High-grade intervals occur within brecciated and albitised sandstones near contacts with basalt. Down-dip drilling to the east identified thick (40-70m) mineralised zones that flatten from -70°E to -40°E; grades in this area range from 200-700ppm eU3O8.

A Mineral Resource update has now been completed and is reported below at a 250ppm U3O8 cut-off grade. For the first time Indicated Mineral Resources have now been defined.

The total Mineral Resource represents a 70.3% increase on the previous, all Inferred category, Mineral Resource. The Mineral Resource estimation was completed using the same methodology (Multi Indicator Kriging within a wireframe envelope) as the previous estimate, with the dataset derived from a combination of assays and downhole radiometric logging using company owned, calibrated equipment. The radiometric grades have also been extensively validated against laboratory assays.