Widespread High-Grade REE Confirmed at Flagship Caladao Project
Sydney, Dec 3, 2024 AEST (ABN Newswire) - Axel REE Limited (
ASX:AXL) is pleased to announce its horizontal channel sampling program recently completed at the Company's flagship Caladao REE Project located in the Lithium Valley region of Minas Gerais, Brazil, has returned consistently high-grade total rare earth oxide (TREO) assay results and significantly high proportions of magnetic rare earth oxides (MREO) up to 41% MREO/TREO. The channel sampling results further confirm that the high-grade REE at Caladao is continuous and consistently present across a widespread zone that covers over 30km2, which represents less than 10% of the total Caladao Project target area.
HIGHLIGHTS:
- Channel sampling program over a linear 8km (East-West) area confirms continuous highgrade TREO mineralisation at the flagship Caladao Project in the Lithium Valley
- Over 40% Magnetic Rare Earth Oxides (MREO) proportion of TREO with an average of 32% MREO across 8km of sampling supports the potential for Caladao to be a district-scale high-grade discovery
- Assays received from seven channel samples taken from inactive artisanal mines returned exceptional high-grade TREO and MREO widths:
CLDCHN 001: 15m @ 3,784ppm TREO (34% MREO)
CLDCHN 002: 15m @ 2,013ppm TREO (30% MREO)
CLDCHN 003: 15m @ 1,564ppm TREO (22% MREO)
CLDCHN 004: 20m @ 3,128ppm TREO (29% MREO)
CLDCHN 005: 30m @ 5,568ppm TREO (40% MREO)
CLDCHN 006: 30m @ 5,742ppm TREO (39% MREO)
CLDCHN 007: 40m @ 3,019ppm TREO (28% MREO)
- Mineralisation occurred in weathered saprolites
- Channel sampling results further confirm the widespread and laterally persistent REE mineralisation covering the entire ~30km2 drilled zoned completed to date, representing less than 10% of the total Caladao Project target area
- The 20,000m drill campaign continues, with results progressively being released once received
Managing Director, Dr Fernando Tallarico, said:
"The channel sampling program at the Caladao Project was conducted in conjunction with our Phase 1 2,600m diamond drill program, to test the lateral extent of REE mineralisation and speed up our process to a target resource area. These channel samples, which covered an 8km EastWest linear area, coupled with our high-grade diamond and auger drill results to date covering over 30 km2 , confirm that we are in a huge REE-mineralised system.
This validates our exploration approach and positions Caladao closer to a development-ready opportunity. The extensive TREO mineralisation and high proportion of the high-value MREO in weathered saprolites not only offers near-surface continuity but also aligns with cost-efficient mining techniques, making it a highly attractive proposition.
Our team is pleased to be sharing these results with our shareholders, and we are excited to continue our exploration efforts to define the quality and potentially large scale of this project further."
The channel samples were taken at widths between 15m to 40m from inactive aquamarine artisanal workings on the Company's tenements and within weathered saprolites. The results spanned across 8km and consistently returned high grade REE continuity, which demonstrates the significant scale, continuity and grade of the Caladao Project. The high proportion of high-value MREO averaging 31% further demonstrates that the minerlalised zone could be a key target area for resource development.
Overview of the Caladao REE Project
The Caladao Project is located in the Lithium Valley, in the northeast of the State of Minas Gerais. The region spans ~150,000km and is known for major pegmatite-hosted lithium discoveries, including Sigma Lithium Corporation's (NASDAQ:SGML) Grota do Cirilo lithium mine and Latin Resources Limited's (ASX:LRS) Colina deposit. Importantly, this region is well-serviced by infrastructure, hydroelectric power, water, and major ports. Axel is the first company to recognise the potential for REE mineralisation in this region.
On 31 July 2024, the Company announced a 20,000m drill campaign with Phase 1 (2,600m) drilling in progress. Consistently high TREO and MREO results have been reported to date including:
CAL-DDH-001: 12.4m @ 5,454ppm TREO (1,142ppm NdPr, 46ppm DyTb) from 14m,
including 2m @ 12,454ppm TREO (2,678ppm NdPr) from 18m
CLD-DDH-003: 32.1m @ 5,295ppm TREO (837ppm NdPr, 41ppm DyTb) from 13m,
including 10m @ 9,944ppm TREO (987ppm NdPr, 48ppm DyTb) from 18m,
and 1m @ 13,492ppm TREO (493ppm NdPr, 37ppm DyTb) from 20m CLD-DDH-005: 3.85m @ 2,512ppm TREO (600ppm NdPr, 30ppm DyTb) from 54m,
including 1m @ 4,988ppm TREO (1,281ppm NdPr, 45ppm DyTb) from 55m
CLD-AUG-069: 14m @ 4,032ppm TREO (1,154ppm NdPr, 49ppm DyTb) from surface to EOH,
ending with 3m @ 3,688 ppm TREO (907ppm NdPr, 55ppm DyTb) from 11m
CAL-AUG-065: 11m @ 4,014ppm TREO (1,266ppm NdPr, 108ppm DyTb), and
ending with 6m @ 3,940 ppm TREO (752ppm NdPr, 72ppm DyTb) from 5m
Each phase of drilling is designed to build towards establishing a maiden JORC-compliant mineral resource estimate. This is one of three programs currently in progress under the Company's comprehensive Brazilian exploration strategy (Caladao REE, Caldas REE and Itiquira Niobium/REE).
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/SD8BF042
About Axel REE Limited
Axel REE Limited (ASX:AXL) is a public listed company on the Australian Stock Exchange. 100% owner of four highly prospective rare earth elements projects in Brazil.
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