Axel REE hits up to 124g/t gallium at Caladão

• High-grade gallium up to 124 g/t has been intercepted from surface in Area B, mirroring results from Area A
• Current area of exploration covers just 20% of total 430km2 project area
• Strong REE mineralisation continues in Area B, up to 2718ppm TREO

Special Report: Gallium prices have climbed to all-time highs in recent months, hiking 23.2% since January last year and offering a lucrative opportunity for miners such as Axel REE chasing the critical mineral.

Axel REE (ASX:AXL) is well placed to take advantage of the gains, having struck several intervals of high-grade gallium in Area B, part of the Caladão project in the prolific mining province of Minas Gerais, Brazil.

AXL hit up to 2m at 124 g/t gallium from surface in its latest round of drilling.

The company encountered strong lateral and grade continuity in drilling results, indicating heightened potential to define an economical resource.

Results from surface included 15m at 70g/t gallium, 16m at 75g/t, 16m at 74g/t and 8m at 88g/t, with 11 individual intersections grading at or higher than 70g/t.

A round of auger drilling also revealed the presence of rare earth mineralisation, peaking at 11m at 2718 parts per million total rare earth oxide from 6m, with three more intersections grading above 1200ppm TREO.

“The latest gallium assay results from Caladão continue to demonstrate both high grades and remarkable lateral and vertical continuity across both Area A and now Area B,” Axel REE non-executive chair Paul Dickson said.

“This consistently mineralised profile supports our strategy to rapidly define a significant maiden gallium and REE resource in area B in addition to the mineral resource estimation for gallium and REE in area A, which is in the MRE calculation phase with SRK.

“These results highlight both the continuity and scalability of gallium mineralisation, supporting our strategy for rapid resource development for REE and gallium in the Caladão project.”

Existing exploration at Caladão covers only about 20% of the total 430km2 project area, offering plenty of potential for further discoveries.

Watch: Axel on the fast track with government support

Phase two drilling ongoing

The latest gallium results at Caladão come from AXL’s ongoing phase two auger drilling program.

Axel has completed 278 holes over 3654m so far, with assays continuing to flow as the drill continues its work.

The drilling results will support a maiden resource estimate for gallium and rare earth elements at Area B, with calculations for Area A’s mineral resource already underway via SRK Consulting, a mineral exploration services firm.

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.