High Grade Up To 7,099 TREO From First Batch of Assays Received at Pocos De Caldas
Sydney, Oct 23, 2024 AEST (ABN Newswire) - Axel REE Limited (
ASX:AXL) is pleased to announce the first batch of auger assay results from the Caldas Project, located in the world class Pocos de Caldas Alkaline Complex in Minas Gerais South, Brazil.
HIGHLIGHTS:
- First batch of assay results received for Caldas Project at the Pocos 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:
CAL-AUG-001: 11m @ 3,273ppm TREO (847ppm NdPr, 47ppm DyTb) from surface
including 1m @ 7,099ppm TREO (2,310ppm NdPr, 136ppm DyTb),
ending with 3m @ 5,609ppm TREO (1,821ppm NdPr, 108ppm DyTb)
CAL-AUG-002: 12.7m @ 2,222ppm TREO (530ppm NdPr, 35ppm DyTb) from surface
including 1m @ 3,033 ppm TREO (873ppm NdPr, 60ppm DyTb)
ending with 8m @ 2,602ppm TREO (725ppm NdPr, 47ppm DyTb)
CAL-AUG-003: 20m @ 3,082ppm TREO (805ppm NdPr, 48ppm DyTb) from surface
including 1m @ 6,536ppm TREO (1,935ppm NdPr, 143ppm DyTb)
ending with 11m @ 3,699ppm TREO (1,062ppm NdPr, 68ppm DyTb)
CAL-AUG-004: 9m @ 1,782ppm TREO (321ppm NdPr, 24ppm DyTb) from surface
including 1m @ 2,654 ppm TREO (695ppm NdPr, 43 DyTb)
ending with 3m @ 2,309ppm (588ppm NdPr, 35ppm DyTb)
- 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 Caladao 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 Pocos 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 Pocos de Caldas, emonstrates 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 Caladao 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 highgrade REE mineralisation at surface that warrant continued exploration in this area.
Caladao Project Update
The ongoing drilling campaign at Caladao Project in the Lithium Valley, Minas Gerais, continues with 77 auger and diamond drillholes completed across key target areas. Drill samples have been sent to SGS and are expected to return in batches progressively in the coming weeks. The data collected from these drillholes will be used to support a potential REE resource within this project area.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/14LQUU8F
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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