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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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This article includes content from Axel REE Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling underway at Tanami Heavy Rare Earth Project
Highlights
- Maiden drilling program has commenced at the Tanami Heavy Rare Earth Project in WA, expected to comprise ~10,000m of Reverse Circulation (RC) and ~25,000m of air-core (AC) drilling.
- Initial focus of RC drilling is at the Castella (previously named Killi Killi East) and Watts Rise prospects, with the aim of extending areas of known Heavy Rare Earth Element (HREE) and gold mineralisation.
- Potential for extensive hydrothermal unconformity-related rare earth mineralisation identified along the 18km long Watts-Castella trend.
- Extensive target area with known REE and gold mineralisation and multiple discovery opportunities.
- Air-core drilling to commence in September targeting strike extensions at the Serpa and Nesa prospects.
- Program expected to continue through until approximately October/November 2022, providing strong news flow for PVW over the coming months.
The drilling program is expected to comprise approximately 10,000m of Reverse Circulation (RC) drilling and 25,000m of air-core (AC) drilling, with a primary focus on extending areas of known Heavy Rare Earth (HRE) mineralisation.
RC drilling is now underway at the Castella prospect (previously named Killi Killi East), where rock chip sampling undertaken by PVW Resources in 2021 returned high-grade results of up to 12.45% Total Rare Earth Oxides (TREO).
Following the completion of the Castella program, the RC rig will then move to the Watts Rise prospect, located 12km north-west of Castella, where rock chip results of up to 9.26% TREO have been returned. The RC program will be followed by AC drilling, which is expected to commence in September, targeting strike extensions at the Serpa and Nesa prospects.
PVW Resources considers the entire 18km of unconformity that extends between Nesa in the north-west and Castella in the south-east to have a favourable geological setting for further HRE discoveries, with this area to be the core focus of ongoing drilling and exploration programs.
Executive Director of PVW Resources, Mr. George Bauk, commented: “We are absolutely delighted to have drilling underway in the Tanami, providing the first real test of the string of high-priority targets generated by our 2021 field program and historical data analysis.
“The Tanami Project has all the right ingredients to deliver a significant rare earths discovery – with the right stratigraphy and structures and with known occurrences of heavy rare earth mineralisation.
“The initial focus of the drilling will be at the Castella and Watts Rise prospects, where rock chip results have already confirmed high-grade HRE mineralisation, before moving on to test other key targets along the 18km prospective corridor that extends between Nesa and Castella.
“We expect this drilling to continue until well into the December 2022 Quarter, providing shareholders with a steady stream of news flow over the remainder of the year.”
Figure 2: Drilling locations
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This article includes content from [Company Name][ticker symbol], licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
