Axel REE (ASX:AXL) has been granted three new exploration licences at the Caladão Project in Minas Gerais, Brazil by the Agência Nacional de Mineração (ANM).
The new tenements span 867 hectares and are contiguous with Area A, which shares the same geological setting to the area hosting the inferred resource estimate of 233 million tonnes @ 2,143 parts per million (ppm) total rare earth oxide (TREO) and where 100 million tonnes @ 41ppm gallium-bearing laterite is defined.
Currently held by Lobo Guara Mineracao e Representacao Eire, Axel REE non-executive Chairman Paul Dickson says the three licences expand the company’s footprint at Caladão.
“We will commence a 49-hole auger program immediately to delineate gallium-rich laterites and REE-enriched horizons,” Dickson says.
“With licence transfers and drilling underway, our focus at Caladão is on resource growth and advancing Axel as a leading REE-gallium explorer in Brazil.”
Located in the Lithium Valley district of Minas Gerais, the Caladão Project has a landholding of 400km2 consisting of 25km of strike featuring rare earth elements mineralisation, remaining open in all directions.
Axel REE is a mineral explorer focused on its four rare earths projects in Brazil.
Write to Maddison Elliott at Mining.com.au
Images: Axel REE
