Axel REE (ASX: AXL) is accelerating exploration at its Caldas rare earth project in Brazil after reviewing historical drilling results in response to a proposed takeover in the surrounding Poços de Caldas district.
The company has identified follow-up targets across approximately 228 square kilometres of licences within the alkaline complex and its weathered margins in Minas Gerais.
The reassessment follows Lynas Rare Earths (ASX: LYC) proposing to acquire Meteoric Resources (ASX: MEI), whose Caldeira project occupies the same regional geological complex.
Previously reported high-grade intersections and holes ending in mineralisation have prompted plans for additional drilling and leach testing, although Axel has reported no new exploration results.
Caldera Auger Testing
Historical auger drilling at the Caldera prospect intersected 13 metres grading 5,735 parts per million total rare earth oxides (TREO) from surface, including 4m at 11,568ppm TREO from 9m.
Other intersections returned 8.8m at 5,309ppm TREO, 20m at 3,082ppm TREO and 23m at 2,692ppm TREO, each starting at surface.
The highlighted intervals contained magnet rare earth oxides proportions of between 25% and 28%, with neodymium, praseodymium, dysprosium, and terbium among the identified elements.
“The proposed acquisition of Meteoric by Lynas prompted us to fast track our plans at Caldas,” managing director Patience Mpofu said.
“Several holes ended in mineralisation, making testing below the existing auger drill depths an important objective, [and] we intend to use the geological and assay data to prioritise the most prospective areas for the follow-up program.”