19,493ppm TREO at High Grade Caldas Project
Released
Released
Announcement PDF
ASX ANOUNCEMENT
ASX : AXL
28 January 2025
19,493ppm TREO Recorded at Poços de Caldas
HIGHLIGHTS:
•
Second batch of auger drill results returned from Axel’s Caldas Project in the Poços de
Caldas Alkaline Complex, neighbouring Meteoric Resources (ASX:MEI) and Viridis Mining &
Metals (ASX:VMM) world class REE Deposits
•
Exceptionally thick, consistent high grade intercepts at surface from shallow auger holes
include:
CAL-AUG-003:
20m @ 3,082ppm TREO (26% MREO) from surface
including:
8m @ 4,053ppm TREO (31%) from 9m
with:
1m @ 6,536ppm TREO (32%) from 15m
CAL-AUG-009:
including:
with:
CAL-AUG-014:
including:
with:
CAL-AUG-019:
including:
with:
13m @ 5,735ppm TREO (25% MREO) from surface
5m @ 10,526ppm TREO (30% MREO) from 8m
1m @ 19,493ppm TREO (33%) from 11m
14m @ 3,051ppm TREO (25% MREO) from surface
5m @ 4,666pm TREO (30% MREO) from 9m
3m @ 6,118ppm TREO (35%) from 11m
10m @ 4,874ppm TREO (34% MREO) from surface
6m @ 6,730pm TREO (38% MREO) from 4m
1m @ 7,166ppm TREO (40%) from 11m
•
High value magnetic rare earths consistently over 40% MREO
•
20 auger holes completed to date with assays averaging 3,229ppm TREO
•
All holes ended in mineralisation, limited only by the shallow augur drill depth capacity and
are expected to continue at depth
•
Auger drilling at Caldas continues whilst the Caladão REE+Gallium discovery progresses
towards Maiden Resource calculation
Axel REE Limited (ASX: AXL, “Axel” or “the Company) is pleased to announce the results of the second
batch of assays from the ongoing auger drill program at its 100% owned Caldas Project. The Caldas Project
is located in the Poços de Caldas Alkaline Complex, a world-class rare earth element (REE) intrusive in the
southwest portion of the State of Minas Gerais.
ASX : AXL
ACN: 665 921 273
832 High St
Kew East VIC
Australia 3102
www.axelreelimited.com.au
info@axelreelimited.com.au
Managing Director, Dr Fernando Tallarico, said:
“We are extremely excited with the latest results of our ongoing auger drill program at
Caldas. The REE mineralisation continues to be consistent, high grade and with
excellent high-value magnetic rare earth proportions over 40%.
The deepest hole we have drilled so far only reached 23 meters as auger drilling typically
has a limited depth of penetration. It is exciting that these auger holes have all ended in
increasingly high grade mineralisation, highlighting the exploration upside at depth.
Axel shareholders have a lot to look forward to. The Caldas project is in a well-known
world class alkaline complex and is already delivering excellent results replicating the
major adjacent discoveries by Meteoric Resources and Viridis. Meanwhile at our flagship
Caladão REE and Gallium discovery, we are progressing to JORC Resource estimation
and metallurgical testing.
We look forward to continuing our consistent newsflow as further progress is made.”
Figure 1 – Plan view of consistently high grade auger drill intercepts at Axel’s Prospect at Caldas
ASX : AXL
ACN: 665 921 273
832 High St
Kew East VIC
Australia 3102
www.axelreelimited.com.au
info@axelreelimited.com.au
2
This unique Alkaline Complex has a diameter of over 30km and hosts globally significant ionic adsorption
clay (IAC) REE discoveries including Meteoric Resources NL’s (ASX: MEI) Caldeira Mineral Resource
Estimate (MRE) of 740Mt @ 2,572ppm TREO (Measured + Inferred + Indicated) 1 and Viridis Mining & Minerals
Limited’s (ASX:VMM) Colossus MRE of 493Mt @ 2,508ppm TREO (Measured + Indicated + Inferred) 2.
Mineralisation is associated with the weathering profile that produces abundant clay minerals such as
kaolinite, that are typically rich in rare earth elements.
Axel holds a significant position at this Alkaline Complex, with 23,200 hectares in exploration permits and
applications at the Caldas Project. So far, the company has completed 29 auger holes, totalling 330 meters.
The chemical assays confirm the presence of an extraordinary concentration of Total Rare Earth Element
Oxides (TREO), including an impressive concentration of magnetic rare earth oxides (MREO), particularly
high value Neodymium (Nd) and Praseodymium (Pr).
The assays to date at Caldas have returned excellent results with assays from all 20 auger holes mineralised
averaging 3,229ppm TREO and 100% of assays returning above the cutoff 1,000ppm TREO (1m interval
assays). The intercepts show that the clay-hosted mineralisation at Caldas is thick over 20 meters, highgrade and open at depth.
Figure 2 - Cross section A-B highlighting auger hole CAL-AUG-019 and CAL-AUG-020 (CAL-AUG-023
and CAL-AUG-024 assays pending). Note increasingly high grade mineralisation at end of hole.
1 Meteoric Resources NL ASX release 5 August 2024 “Updated Figueria Mineral Resources Estimate”
2 Viridis Mining and Minerals Limited ASX release 22 January 2025 “Colossus Hits Largest M&I and Highest-Grade MREO Resource”
ASX : AXL
ACN: 665 921 273
832 High St
Kew East VIC
Australia 3102
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3
Figure 3 - Cross section C-D highlighting auger hole CAL-AUG-007, CAL-AUG-008 and CAL-AUG-009
From
To
Interval
TREO
MREO
MREO
NdPr
DyTb
HoleID
(m)
(m)
(m)
(ppm)
(ppm)
(%)
(ppm)
(ppm)
CAL-AUG-001
0
11
11
3,273
894
24
847
47
including
7
11
4
4,978
1,678
33
1,586
92
with
9
10
1
7,099
2,466
34
2,310
89
CAL-AUG-002
0
12.7
12.7
2,275
578
23
543
35
CAL-AUG-003
0
20
20
3,082
853
26
805
48
including
9
17
8
4,053
1,268
31
1,195
74
with
15
16
1
6,536
2,077
32
1,935
143
CAL-AUG-004
0
12
12
1,865
398
20
370
27
CAL-AUG-005
0
16
16
2,416
425
16
393
32
CAL-AUG-006
0
18
18
3,577
635
17
602
33
including
15
18
3
4,927
1,254
26
1,205
49
CAL-AUG-007
0
12
12
4,652
1,386
28
1,323
63
including
6
10
4
6,761
2,241
33
2,136
106
with
8
9
1
8,286
2,864
35
2,717
147
CAL-AUG-008
0
16
16
3,692
836
19
793
43
including
10
16
6
5,441
1,526
28
1,465
61
CAL-AUG-009
0
13
13
5,735
1,412
18
1,359
54
including
9
13
4
11,568
3,229
30
3,132
97
with
11
12
1
19,493
6,462
33
6,289
172
ASX : AXL
ACN: 665 921 273
832 High St
Kew East VIC
Australia 3102
www.axelreelimited.com.au
info@axelreelimited.com.au
4
From
To
Interval
TREO
MREO
MREO
NdPr
DyTb
HoleID
(m)
(m)
(m)
(ppm)
(ppm)
(%)
(ppm)
(ppm)
CAL-AUG-010
0
12
12
2,961
856
28
807
50
CAL-AUG-011
0
13
13
2,090
444
21
419
25
CAL-AUG-012
0
3
3
1,328
93
7
83
11
CAL-AUG-013
0
5.3
5.3
1,737
219
13
203
16
CAL-AUG-014
0
14
14
3,051
759
20
717
42
including
11
14
3
6,118
2,126
35
2,017
109
CAL-AUG-015
0
23
23
2,692
742
21
711
31
including
18
23
5
2,209
2,209
38
2,125
84
with
18
19
1
8,554
3,724
44
3,599
130
CAL-AUG-016
0
11
11
2,679
628
23
593
35
CAL-AUG-017
0
6
6
4,839
1,453
29
1,378
76
CAL-AUG-018
0
3
3
2,339
481
21
458
23
CAL-AUG-019
0
10
10
4,874
1,666
29
1,588
78
including
5
10
5
6,943
2,620
38
2,496
123
CAL-AUG-020
0
5
5
5,135
1,751
27
1,671
80
including
4
5
1
13,806
5,760
42
5,507
254
Table 1 - Summary of auger REE intercepts (1,000ppm TREO cutoff). Blue shaded are ultra-high grades
over 6,000ppm TREO and over 30% MREO
This announcement was authorised by the Board of Directors.
For enquiries regarding this release please contact:
Fernando Tallarico
Managing Director
fernando@axelreelimited.com.au
Investor & Media Relations
Andrew Willis
awillis@nwrcommunications.com.au
About Axel REE
Axel REE is a critical minerals exploration company which is primarily focused on exploring the Caladão, Caldas,
Itiquira, and Corrente rare earth elements (REE) projects in Brazil. Together, the project portfolio covers over 1,105km²
of exploration tenure in Brazil, the third largest country globally in terms of REE Reserves.
The Company’s mission is to explore and develop REE and other critical minerals in vastly underexplored Brazil. These
minerals are crucial for the advancement of modern technology and the transition towards a more sustainable global
economy. Axel’s strategy includes extensive exploration plans to fully realize the potential of its current projects and
seek new opportunities.
Competent Persons Statement
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources, or Ore
Reserves is based on information compiled by Dr. Fernando Tallarico, who is a member of the Association of
Professional Geoscientists of Ontario, and Dr. Paul Woolrich, who is a Competent Person and a Member of the
Australian Institute of Mining and Metallurgy (AusIMM). Dr Woolrich is a consultant to the Company and Dr Tallarico is
ASX : AXL
ACN: 665 921 273
832 High St
Kew East VIC
Australia 3102
www.axelreelimited.com.au
info@axelreelimited.com.au
5
a full-time employee of the Company. Dr. Tallarico and Dr. Woolrich have sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources, and Ore Reserves. Dr. Tallarico and Dr. Woolrich consent to the inclusion in the report of the matters based
on their information in the form and context in which it appears.
Forward Looking Statement
This announcement contains projections and forward-looking information that involve various risks and uncertainties
regarding future events. Such forward-looking information can include without limitation statements based on current
expectations involving a number of risks and uncertainties and are not guarantees of future performance of the
Company. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ
materially from those expressed in the forward-looking information. Actual results and future events could differ
materially from anticipated in such information. These and all subsequent written and oral forward-looking information
are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety
by this notice. The Company assumes no obligation to update forward-looking information should circumstances or
management’s estimates or opinions change.
Reference to Previous Announcements
In addition to new results reported in this announcement, the information that relates to previous exploration results is
extracted from:
•
•
AXL ASX release 23 September 2024, “Up to 7,099ppm TREO from high grade batch assays at Caldas”
AXL ASX release 2 September 2024, “Drill Program Commences at Pocos de Caldas Caldera”
The Company confirms that it is not aware of any new information or data that materially affects the information
contained in these announcements and, in the case of estimates of mineral resources, that all material assumptions
and technical parameters underpinning the estimates in the announcements continue to apply and have not materially
changed.
ASX : AXL
ACN: 665 921 273
832 High St
Kew East VIC
Australia 3102
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info@axelreelimited.com.au
6
Table 2 - Assay Results (1,000ppm TREO cutoff)
HoleID
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-005
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-006
CAL-AUG-007
CAL-AUG-007
CAL-AUG-007
CAL-AUG-007
CAL-AUG-007
CAL-AUG-007
CAL-AUG-007
CAL-AUG-007
CAL-AUG-007
CAL-AUG-007
CAL-AUG-007
CAL-AUG-007
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
ASX : AXL
ACN: 665 921 273
From
(m)
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
0
1
2
3
4
5
6
7
8
9
10
11
0
1
2
3
To
(m)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
1
2
3
4
5
6
7
8
9
10
11
12
1
2
3
4
Interval
(m)
16m@2,416 ppm TREO
18m@3,577 ppm TREO
12m@4,652 ppm TREO
16m@3,692 ppm TREO
832 High St
Kew East VIC
Australia 3102
TREO
(ppm)
1,813
1,802
1,826
2,360
2,100
1,577
2,088
2,948
2,709
3,524
3,669
2,995
2,879
2,113
2,172
2,083
2,571
3,765
3,559
2,397
2,258
2,956
2,902
5,692
2,567
5,802
2,809
2,406
3,711
2,814
3,398
4,288
4,993
5,499
2,925
2,501
3,086
3,369
3,685
4,560
6,134
6,190
8,286
6,434
4,414
4,242
2,477
2,276
1,950
2,022
MREO
(ppm)
108
82
103
165
265
161
263
459
549
787
965
727
730
528
489
419
306
509
473
387
382
503
524
590
464
780
517
211
548
589
880
1,019
1,227
1,517
235
512
818
970
1,130
1,510
2,116
2,071
2,864
1,914
1,231
1,259
190
137
119
157
MREO
(%)
6
5
6
7
13
10
13
16
20
22
26
24
25
25
23
20
12
14
13
16
17
17
18
10
18
13
18
9
15
21
26
24
25
28
8
20
27
29
31
33
34
33
35
30
28
30
8
6
6
8
NdPr
(ppm)
91
66
78
142
240
142
238
413
506
738
913
683
690
498
459
388
281
465
438
362
356
474
491
557
441
741
487
196
522
562
849
983
1,175
1,458
219
490
791
937
1,091
1,459
2,036
1,977
2,717
1,813
1,159
1,182
169
113
96
126
DyTb
(ppm)
16
16
25
24
25
20
25
46
43
49
52
44
40
30
30
32
26
44
35
25
25
29
33
32
23
39
30
15
26
27
31
36
52
59
15
22
27
33
39
51
80
94
147
102
72
77
21
24
23
31
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7
HoleID
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-008
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-009
CAL-AUG-010
CAL-AUG-010
CAL-AUG-010
CAL-AUG-010
CAL-AUG-010
CAL-AUG-010
CAL-AUG-010
CAL-AUG-010
CAL-AUG-010
CAL-AUG-010
CAL-AUG-010
CAL-AUG-010
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-011
CAL-AUG-012
CAL-AUG-012
ASX : AXL
ACN: 665 921 273
From
(m)
4
5
6
7
8
9
10
11
12
13
14
15
0
1
2
3
4
5
6
7
8
9
10
11
12
0
1
2
3
4
5
6
7
8
9
10
11
0
1
2
3
4
5
6
7
8
9
10
11
12
0
1
To
(m)
5
6
7
8
9
10
11
12
13
14
15
16
1
2
3
4
5
6
7
8
9
10
11
12
13
1
2
3
4
5
6
7
8
9
10
11
12
1
2
3
4
5
6
7
8
9
10
11
12
13
1
2
Interval
(m)
13m@5,735 ppm TREO
12m@2,961 ppm TREO
13m@2,090 ppm TREO
3m@1,328 ppm TREO
832 High St
Kew East VIC
Australia 3102
TREO
(ppm)
2,103
2,220
2,308
3,286
4,372
3,415
6,244
5,689
5,497
4,908
5,509
4,797
2,065
2,393
1,980
2,035
2,348
2,731
4,257
4,119
6,358
8,716
8,157
19,493
9,904
1,641
1,726
2,787
2,679
3,291
3,288
3,587
3,083
3,402
3,859
3,319
2,866
1,583
1,765
1,938
2,508
2,956
2,636
2,266
2,595
2,188
2,229
1,430
1,579
1,491
1,291
1,170
MREO
(ppm)
213
306
348
738
1,081
925
1,733
1,611
1,649
1,374
1,558
1,232
92
148
160
237
338
401
267
571
1,767
2,875
2,426
6,462
2,617
177
368
726
768
1,053
1,095
1,153
914
1,012
1,191
998
815
142
146
169
307
648
732
654
740
614
589
326
352
350
65
58
MREO
(%)
10
14
15
22
25
27
28
28
30
28
28
26
4
6
8
12
14
15
6
14
28
33
30
33
26
11
21
26
29
32
33
32
30
30
31
30
28
9
8
9
12
22
28
29
29
28
26
23
22
23
5
5
NdPr
(ppm)
176
269
324
703
1,029
887
1,671
1,550
1,591
1,321
1,495
1,163
71
126
134
208
308
368
242
546
1,714
2,794
2,346
6,289
2,519
163
349
689
733
1,005
1,040
1,091
861
946
1,112
934
758
128
132
155
290
619
699
623
701
580
555
307
332
329
56
49
DyTb
(ppm)
36
37
24
35
52
38
62
61
59
53
63
69
21
22
26
28
30
33
25
25
53
82
80
172
99
14
19
37
36
48
55
63
54
66
80
65
57
14
14
15
17
29
33
32
39
35
35
19
20
21
9
9
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8
HoleID
CAL-AUG-012
CAL-AUG-013
CAL-AUG-013
CAL-AUG-013
CAL-AUG-013
CAL-AUG-013
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-014
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-015
CAL-AUG-016
CAL-AUG-016
CAL-AUG-016
CAL-AUG-016
CAL-AUG-016
CAL-AUG-016
CAL-AUG-016
CAL-AUG-016
CAL-AUG-016
ASX : AXL
ACN: 665 921 273
From
(m)
2
0
1
2
3
4
0
1
2
3
4
5
6
7
8
9
10
11
12
13
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
0
1
2
3
4
5
6
7
8
To
(m)
3
1
2
3
4
5.3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
1
2
3
4
5
6
7
8
9
Interval
(m)
5.3m@1,737 ppm
TREO
14m@3,051 ppm TREO
23m@2,692 ppm TREO
11m@2,679 ppm TREO
832 High St
Kew East VIC
Australia 3102
TREO
(ppm)
1,523
2,012
1,703
1,602
1,717
1,672
1,945
1,632
1,375
1,778
2,175
2,492
1,220
3,817
2,952
2,416
2,558
5,899
6,897
5,558
1,769
1,382
1,198
1,233
1,463
1,320
1,632
1,608
1,469
1,713
1,630
2,319
2,183
2,304
2,692
2,589
2,622
2,702
8,554
4,629
3,561
6,762
4,579
2,994
3,829
3,434
3,196
2,911
2,049
1,962
2,449
1,981
MREO
(ppm)
157
137
146
190
230
353
114
144
136
144
385
313
350
998
486
454
718
1,973
2,538
1,868
114
114
125
152
194
198
341
284
244
326
266
436
446
462
525
534
623
637
3,729
1,639
1,150
2,804
1,724
677
1,032
956
759
644
410
415
475
404
MREO
(%)
10
7
9
12
13
21
6
9
10
8
18
13
29
26
16
19
28
33
37
34
6
8
10
12
13
15
21
18
17
19
16
19
20
20
20
21
24
24
44
35
32
41
38
23
27
28
24
22
20
21
19
20
NdPr
(ppm)
143
125
132
175
211
334
104
133
125
133
365
297
333
946
435
425
687
1,870
2,416
1,766
104
103
115
142
183
188
326
269
232
311
251
416
423
441
503
512
600
612
3,599
1,579
1,106
2,684
1,655
642
979
900
711
599
380
388
450
384
DyTb
(ppm)
14
12
14
15
19
19
10
11
10
11
21
16
17
53
51
29
31
104
122
102
10
11
10
10
11
11
15
14
12
15
15
20
22
21
23
22
23
24
130
59
44
120
69
35
53
56
48
46
31
26
25
20
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info@axelreelimited.com.au
9
From
(m)
9
10
0
1
2
3
4
5
0
1
2
0
1
2
3
4
5
6
7
8
9
0
1
2
3
4
HoleID
CAL-AUG-016
CAL-AUG-016
CAL-AUG-017
CAL-AUG-017
CAL-AUG-017
CAL-AUG-017
CAL-AUG-017
CAL-AUG-017
CAL-AUG-018
CAL-AUG-018
CAL-AUG-018
CAL-AUG-019
CAL-AUG-019
CAL-AUG-019
CAL-AUG-019
CAL-AUG-019
CAL-AUG-019
CAL-AUG-019
CAL-AUG-019
CAL-AUG-019
CAL-AUG-019
CAL-AUG-020
CAL-AUG-020
CAL-AUG-020
CAL-AUG-020
CAL-AUG-020
To
(m)
10
11
1
2
3
4
5
6
1
2
3
1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
Interval
(m)
6m@4,839 ppm TREO
3m@2,339 ppm TREO
10m@4,874 ppm TREO
5m@5,135 ppm TREO
TREO
(ppm)
2,296
2,373
3,628
4,702
3,843
6,438
5,808
4,617
2,546
1,916
2,556
2,075
1,937
1,632
2,716
5,666
7,166
6,802
6,785
6,067
7,895
2,069
2,476
3,499
3,825
13,806
MREO
(ppm)
606
531
712
1,432
1,146
2,204
1,823
1,402
375
497
571
229
212
224
735
2,167
2,846
2,617
2,561
2,306
2,768
316
430
867
1,383
5,760
MREO
(%)
26
22
20
30
30
34
31
30
15
26
22
11
11
14
27
38
40
38
38
38
35
15
17
25
36
42
NdPr
(ppm)
581
507
678
1,374
1,094
2,094
1,715
1,311
354
474
545
211
190
203
700
2,098
2,737
2,505
2,442
2,184
2,613
294
403
826
1,325
5,507
DyTb
(ppm)
25
24
35
58
53
109
108
91
21
23
26
17
22
22
36
70
108
112
119
122
155
22
27
41
58
254
Table 3 – Caldas Auger Hole Collars
HoleID
Hole Type
Easting
Northing
RL (m)
EOH
Azimuth
Dip
Tenement
CAL-AUG-001
Auger
345,838.00
7,580,163.00
1,244.00
11.00
0
-90
830.889/2023
CAL-AUG-002
Auger
345,938.20
7,580,163.40
1,261.00
12.70
0
-90
830.889/2023
CAL-AUG-003
Auger
346,038.20
7,580,163.40
1,259.00
20.00
0
-90
830.889/2023
CAL-AUG-004
Auger
346,134.00
7,580,163.40
1,247.00
12.00
0
-90
830.889/2023
CAL-AUG-005
Auger
346,363.00
7,580,136.00
1,247.00
16.00
0
-90
830.889/2023
CAL-AUG-006
Auger
346,470.00
7,580,156.00
1,259.90
18.00
0
-90
830.889/2023
CAL-AUG-007
Auger
346,435.00
7,580,053.00
1,265.10
12.00
0
-90
830.889/2023
CAL-AUG-008
Auger
346,342.00
7,580,076.00
1,251.00
16.00
0
-90
830.889/2023
CAL-AUG-009
Auger
346,263.00
7,580,067.00
1,241.00
13.00
0
-90
830.889/2023
CAL-AUG-010
Auger
346,109.00
7,580,066.00
1,247.40
12.00
0
-90
830.889/2023
CAL-AUG-011
Auger
346,030.00
7,580,063.00
1,248.00
13.00
0
-90
830.889/2023
CAL-AUG-012
Auger
345,731.00
7,580,165.00
1,244.00
3.00
0
-90
830.889/2023
CAL-AUG-013
Auger
345,854.00
7,580,245.00
1,255.10
5.30
0
-90
830.889/2023
ASX : AXL
ACN: 665 921 273
832 High St
Kew East VIC
Australia 3102
www.axelreelimited.com.au
info@axelreelimited.com.au
10
HoleID
Hole Type
Easting
Northing
RL (m)
EOH
Azimuth
Dip
Tenement
CAL-AUG-014
Auger
345,908.00
7,580,262.00
1,271.90
14.00
0
-90
830.889/2023
CAL-AUG-015
Auger
345,991.00
7,580,239.00
1,282.10
23.00
0
-90
830.889/2023
CAL-AUG-016
Auger
346,637.00
7,580,861.00
1,380.70
11.00
0
-90
830.889/2023
CAL-AUG-017
Auger
346,632.00
7,580,963.00
1,391.10
6.00
0
-90
830.889/2023
CAL-AUG-018
Auger
346,623.00
7,581,060.00
1,388.00
3.00
0
-90
830.889/2023
CAL-AUG-019
Auger
346,246.00
7,581,157.00
1,322.00
10.00
0
-90
830.889/2023
CAL-AUG-020
Auger
346,139.00
7,581,148.00
1,299.80
5.00
0
-90
830.889/2023
ASX : AXL
ACN: 665 921 273
832 High St
Kew East VIC
Australia 3102
www.axelreelimited.com.au
info@axelreelimited.com.au
11
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria
JORC Code explanation
Commentary
Sampling
techniques
• Nature and quality of sampling (eg cut
channels, random chips, or specific
specialised industry standard measurement
tools appropriate to the minerals under
investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc).
These examples should not be taken as
limiting the broad meaning of sampling.
• Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any measurement
tools or systems used.
• Aspects of the determination of
mineralisation that are Material to the Public
Report.
• In cases where ‘industry standard’ work has
been done, this would be relatively simple
(e.g., ‘reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was
pulverized to produce a 30 g charge for fire
assay’). In other cases, more explanation
may be required, such as where there is
coarse gold that has inherent sampling
problems. Unusual commodities or
mineralisation types (eg submarine nodules)
may warrant disclosure of detailed
information.
Auger holes
Drilling
techniques
• Drill type (eg core, reverse circulation, openhole hammer, rotary air blast, auger,
Bangka, sonic, etc) and details (eg core
diameter, triple or standard tube, depth of
diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by
what method, etc).
Auger drilling
Drill
sample
recovery
• Method of recording and assessing core and
chip sample recoveries and results
assessed.
• Measures taken to maximise sample
recovery and ensure representative nature
of the samples.
• Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gain of fine/coarse
material.
ASX : AXL
ACN: 665 921 273
832 High St
Kew East VIC
Australia 3102
• At each drill site, the surface was thoroughly cleared.
Soil and saprolite samples were gathered every 1 meter
with precision, carefully logged and photographed. Each
sample was then sealed in plastic bags and clearly
labelled for identification.
• A motorized 2.5HP soil auger with a 4” drill bit,
reaching depths of up to 20 meters, was used to drill.
The drilling is an open hole, meaning there is a
significant chance of contamination from the surface
and other parts of the auger hole. Holes are vertical and
not oriented.
Auger drilling
• No recoveries are recorded.
• No relationship is believed to exist between recovery
and grade.
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info@axelreelimited.com.au
12
Criteria
JORC Code explanation
Commentary
Logging
• Whether core and chip samples have been
geologically and geotechnically logged to a
level of detail to support appropriate Mineral
Resource estimation, mining studies and
metallurgical studies.
• Whether logging is qualitative or quantitative
in nature. Core (or costean, channel, etc)
photography.
• The total length and percentage of the
relevant intersections logged.
The geology was described in a core facility by a
geologist - logging focused on the soil (humic) horizon,
saprolite, and fresh rock boundaries. The depth of
geological boundaries is honored and described with
downhole depth – not meter by meter.
Subsampling
techniques
and sample
preparation
Quality of
assay data
and
laboratory
tests
ASX : AXL
ACN: 665 921 273
Other important parameters for collecting data include
grain size, texture, and color, which can help identify
the parent rock before weathering.
All drilled holes have a digital photographic record. The
log is stored in a Microsoft Excel template with inbuilt
validation tables and a pick list to avoid data entry
errors.
• If core, whether cut or sawn and whether
quarter, half or all core taken.
• If non-core, whether riffled, tube sampled,
rotary split, etc and whether sampled wet or
dry.
• For all sample types, the nature, quality and
appropriateness of the sample preparation
technique.
• Quality control procedures adopted for all
sub-sampling stages to maximise
representivity of samples.
• Measures taken to ensure that the sampling
is representative of the in situ material
collected, including for instance results for
field duplicate/second-half sampling.
• Whether sample sizes are appropriate to the
grain size of the material being sampled.
Sample preparation (drying, crushing, splitting and
pulverising) is carried out by SGS laboratory, in
Vespasiano MG, using industry-standard protocols:
• The nature, quality and appropriateness of
the assaying and laboratory procedures
used and whether the technique is
considered partial or total.
• For geophysical tools, spectrometers,
handheld XRF instruments, etc, the
parameters used in determining the analysis
including instrument make and model,
reading times, calibrations factors applied
and their derivation, etc.
• Nature of quality control procedures
adopted (eg standards, blanks, duplicates,
external laboratory checks) and whether
acceptable levels of accuracy (ie lack of
bias) and precision have been established.
1 blank sample, 1 certified reference material (standard)
sample and 1 field duplicate sample were inserted by
company into each 25 sample sequence.
Standard laboratory QA/QC procedures were followed,
including inclusion of standard, duplicate and blank
samples.
The assay technique used was Sodium Peroxide Fusion
ICP OES / ICP MS (SGS code ICM90A). Elements
analyzed at ppm levels:
832 High St
Kew East VIC
Australia 3102
•
dried at 60°C
•
the fresh rock is 75% crushed to sub 3mm
•
the saprolite is just disaggregated with
hammers
•
Riffle split sub-sample
•
250 g pulverized to 95% passing 150
mesh, monitored by sieving.
•
Aliquot selection from pulp packet
Al 100 – 250,000
Dy 0.05 – 1,000
Ce 0.1 – 10,000
Eu 0.05 – 1,000
Er 0.05 – 1,000
Gd 0.05 – 1,000
Ga 1 – 1,000
Ho 0.05 – 1,000
La 0.1 – 10,000
Li 10 – 15,000
Nd 0.1 – 10,000
Pr 0.05 – 1,000
Sm 0.1 – 1,000
Tb 0.05 – 1,000
Th 0.1 – 1,000
Tm 0.05 – 1,000
U 0.05 – 10,000
Y 0.05 – 1,000
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13
Criteria
JORC Code explanation
Commentary
Yb 0,1 – 1,000
The sample preparation and assay techniques used are
industry standard and provide total analysis.
The SGS laboratory used for assays is ISO 9001 and
14001 and 17025 accredited.
Verification
of sampling
and
assaying
• The verification of significant intersections
by either independent or alternative
company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry
procedures, data verification, data storage
(physical and electronic) protocols.
• Discuss any adjustment to assay data.
Apart from the routine QA/QC procedures by the
Company and the laboratory, there was no other
independent or alternative verification of sampling and
assaying procedures.
No twinned holes were used.
Primary data collection follows a structured protocol,
with standardized data entry procedures ensure that
any issues are identified and rectified. All data is stored
both in physical forms, such as hard copies and
electronically, in secure databases with regular
backups.
The adjustments to the data were made transforming
the element values into the oxide values. The conversion
factors used are included in the table below. (source:
https://www.jcu.edu.au/advanced-analyticalcentre/resources/element-to-stoichiometric-oxideconversion-factors)
Element ppm Conversion Factor Oxide Form
Al
1.8895
Al2O3
Ce
1.2284
CeO2
Ga
1.3442
Ga2O3
Dy
1.1477
Dy2O3
Er
1.1435
Er2O3
Eu
1.1579
Eu2O3
Ga
1.3442
Ga2O3
Gd
1.1526
Gd2O3
Ho
1.1455
Ho2O3
La
1.1728
La2O3
Lu
1.1371
Lu2O3
Nd
1.1664
Nd2O3
Pr
1.2082
Pr6O11
Sm
1.1596
Sm2O3
Tb
1.1762
Tb4O7
Tm
1.1421
Tm2O3
Y
1.2699
Y2O3
Yb
1.1387
Yb2O3
Rare earth oxide is the industry accepted form for
reporting rare earths. The following calculations are
used for compiling REO into their reporting and
evaluation groups:
TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11
+ Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 +
Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Y2O3 + Lu2O3
LREO (Light Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11
+ Nd2O3
ASX : AXL
ACN: 665 921 273
832 High St
Kew East VIC
Australia 3102
www.axelreelimited.com.au
info@axelreelimited.com.au
14
Criteria
JORC Code explanation
Commentary
HREO (Heavy Rare Earth Oxide) = Sm2O3 + Eu2O3 +
Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 +
Yb2O3 + Y2O3 + Lu2O3
CREO (Critical Rare Earth Oxide) = Nd2O3 + Eu2O3 +
Tb4O7 + Dy2O3 + Y2O3
(From U.S. Department of Energy, Critical Material
Strategy, Dece
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