Axel REE Ltd (ASX:AXL) has released a maiden JORC (2012) inferred mineral resource estimate (MRE) for Area B of its Caladão rare earths and gallium project in Minas Gerais, Brazil, reporting 339Mt at 1,075ppm total rare earth oxides (TREO) and 36.6ppm gallium, using a 500ppm TREO cut-off.
The Area B estimate lifts Caladão’s combined Area A and Area B inventory to 572Mt at 1,506ppm TREO, a 145% increase on the prior total, and expands the inferred gallium resource to 439Mt at 38ppm Ga, a 339% increase.
Area B deposit breakdown
Area B comprises three deposits — Marambaia, Tiger Creek and Woolrich — supporting Axel’s view of Caladão as a district-scale, clay-hosted rare earths and gallium system.
Marambaia hosts 126Mt at 1,154ppm TREO and 35.8ppm Ga, Tiger Creek 85Mt at 1,050ppm TREO and 40.1ppm Ga, and Woolrich 128Mt at 1,013ppm TREO and 35.1ppm Ga.
Unlocking potential
Non-executive chairman Paul Dickson said the Area B resource marked a significant step forward for the project.
“Delivering this Area B Mineral Resource represents a major milestone for Axel and further unlocks the full potential of the Caladão Project. The enlarged combined Mineral Resource highlights the scale of Caladão as a district-scale ionic clay-hosted rare earths and gallium system.
"Importantly, our early-stage metallurgical test work continues to demonstrate amenability to in situ recovery using magnesium sulphate, supporting the potential for a low-cost development pathway. This resource provides a strong foundation for future scoping studies, particularly as we advance our understanding of soluble rare earths and the valuable magnet rare earths such as NdPr and DyTb that are critical to basket value.”
Next steps
Axel said it will expand magnesium sulphate leach testing across its broader Caladão drillhole database to generate a soluble rare earth dataset, which will be used to prioritise follow-up and infill drilling and to support a future resource framework focused on soluble rare earths.
Targeted infill drilling and sampling is also planned to lift geological and metallurgical confidence for in situ recovery planning, with this work intended to feed into a 2026 scoping study for modular ISR operations.