Axel expands rare earths footprint at promising Caldas project in Brazil

• AXL reports more high-grade rare earths results at Caldas project in Brazil
• Project in same neighbourhood as MEI and VMM discoveries
• Company confident of expanding REE footprint in the region

Special Report: Axel REE says auger drilling at its Caldas project in Brazil continues to return high grade rare earth elements including high-value neodymium and praseodymium (NdPr), and dysprosium and terbium (DyTb).

Axel REE’s (ASX:AXL) 100% owned project sits within a proven rare earth rich intrusive in the southwest of mining-friendly Minas Gerais.

Caldas’ neighbours Meteoric Resources (ASX:MEI) and Viridis Mining and Minerals (ASX:VMM) both boast high end discoveries and Axel is fast proving up one for itself, with its latest hits going close to 20,000ppm TREO.

The shallow auger drilling was conducted both inside and around the northern extents of the Poços de Caldas alkaline complex, highlighting a large prospect along the weathered zone at the northern contact point of the Caldera which returned encouraging REE mineralisation.

Best results include:

• 8.8m at 5309ppm TREO (26% MREO) from surface including 1m at 8100ppm TREO (29% MREO) from 4m ending with 0.8m at 6289ppm TREO (27% MREO) from 8m
• 10.8m at 3683ppm TREO (32% MREO) from surface including 1m at 6726ppm TREO (38% MREO) from 6m ending with 0.8m at 3452ppm TREO (32% MREO) from 10m; and
• 11.4m at 3608ppm TREO (21% MREO) from surface including 1m at 7480ppm TREO (32% MREO) from 9m ending with 1.4m at 5994ppm TREO (32% MREO) from 10m.

The program tested multiple prospects inside the alkaline Caldera and along its northern prospects along weathered profiles developed over two key lithologies – the Botelhos leucogranite and the São João da Mata gneissic complex.

AXL said both of these exhibit characteristics favourable for REE enrichment and potential ionic adsorption style mineralisation.

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District scale REE footprint

Axel’s northern caldera prospects along the contact zone and the adjacent host rocks returned encouraging results, confirming the company’s concept of REE mineralisation present along this weathered zone of the caldera – a depression formed from the collapse post-eruption of a volcano which commonly hosts rare earth minerals.

The company says the mineralised zone is interpreted to remain open along strike and across the broader weathered profile.

This means that Axel’s extensive tenure along the northern, southern, and eastern margins of the caldera offers kilometres of underexplored ground, directly contiguous with these early intercepts.

That in turn positions the company to significantly expand its rare earth footprint and build a district-scale exploration portfolio focused on potentially leachable clays enriched in magnetic rare earths at Caldas.

“The consistent flow of high-grade TREO results continue from our shallow auger drilling program inside the Poços de Caldas alkaline complex,” AXL’s board said.

“The grades reported are consistent with major discoveries made by neighbours including Meteoric Resources and Viridis Mining and Minerals.

“Importantly, the high-grade TREO mineralisation is increasing at the end of auger holes, demonstrating the mineralisation is open at depth and amenable to deeper drilling.”

This article was developed in collaboration with Axel REE, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.