Axel REE Limited (ASX: AXL, “Axel” or “the Company”) is pleased to announce the first batch of auger assay results from the Caldas Project, located in the world class Poços de Caldas Alkaline Complex in Minas Gerais South, Brazil.
HIGHLIGHTS:
- First batch of assay results received for Caldas Project at the Poços de Caldas Alkaline Complex with exceptional concentrations of rare earth elements (REE) and high-value neodymium and praseodymium (NdPr) and dysprosium and terbium (DyTb)
- Confirmed high-grade project area with all of the initial auger drill holes returning excellent results and all ending in high-grade mineralisation indicating continuity at depth:
- Significant concentrations of high-value magnet rare earth oxides (MREO) up to 36% of TREO (CAL-AUG-001) and averaging 24% across all samples received to date
- Auger drill program continuing to further define the extent and continuity of mineralisation
- Assay results progressively returning and will be reported to market as batches arrive
- Significant progress at the Caladão Project in the Lithium Valley with up to 77 holes of combined auger and diamond drilling completed, batch samples sent to lab
Managing Director, Dr Fernando Tallarico, said:
“We are extremely pleased with our initial auger drill assay results showing high-grade TREO from our Caldas project within the Poços de Caldas Alkaline Complex. This first batch demonstrates the significant surface mineralisation of our project area and underscores the discovery potential of the project area.
The most exciting aspect of these initial results is that all holes returined increasingly high-grade TREO mineralisation at end of hole, which, similar to that of our peers at the Poços de Caldas, demonstrates the significant potential for a discovery zone at depth.
In addition, this is just the first batch as we expect to progressively receive auger results from our Caldas Project as well as diamond drill results at our Caladão Project in the Lithium Valley.”
The auger program was initiated to test surface and near-surface rare earth mineralisation, targeting areas with anomalous geochemical signatures identified through previous reconnaisance. 53 auger drill samples from the current program have been received from SGS Geosol laboratory and returned exceptional high- grade REE mineralisation at surface that warrant continued exploration in this area.
Figure 1 – Cross section of auger holes (potential fresh rock zone depth interpreted)
Figure 2 – Assay status map of Caldas tenement 830.88G/2023
REE assays from the auger program at Caldas returned consistently high grade TREO1 and significant MREO2 proportions (refer Table 1 below for significant results).
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