Bulls N’ Bears Big Hits examine some notable drill intercepts revealed on the ASX this week, including Axel REE’s 8m hit going 13,604ppm TREO from 55m at its Caladao project in Brazil. Other interesting intercepts were reported by Resouro Strategic Metals from its Tiros project in Brazil and Caspin Resources’ Bygoo tin project in NSW.
Bulls N’ Bears Big Hits examines some notable drill intercepts revealed on the ASX this week, including Axel REE’s 49.92-metre hit at 5909 parts per million (ppm) total rare earth oxides (TREO) from 27m at its Caladão project in Brazil. The headline intercept included 8m at 13,604ppm TREO from 55m and 1m at 22,115ppm TREO from 60m.
Other interesting drill hits from last week were reported by Resouro Strategic Metals at its Tiros project in Brazil and Caspin Resources at its Bygoo tin project in New South Wales.
Let’s dive in.
Axel REE (ASX : AXL)
Caladão project, Lithium Valley, Minas Gerais, Brazil.
Hit: 49.92m at 5909ppm TREO from 27m, including 8m at 13,604ppm TREO from 55m with 1m at 22,115ppm TREO from 60m.
Axel REE has jagged some impressive rare earths and gallium hits from the fifth batch of its phase one diamond and auger drilling program at the company’s Caladão project in Minas Gerais in Brazil.
The state is Brazil’s premier minerals address and has a history of mining dating back to the 17th century. Today it holds the world's third-largest combined rare earth reserves. and delivers more than half of the country’s mineral production, including rare earths.
Axel’s latest drilling program encountered exceptional thicknesses of rare earth mineralisation, including the headline rare earth oxides run, which was accompanied by significant high-value gallium mineralisation.
The results returned consistent high-grade and thick rare earth elements (REE) intercepts in the saprolite profile and compelling gallium mineralisation in the lateritic soil profile at surface.
The full headline hit comprises 49.92m at 5909ppm TREO from 27m, including 8m at 13,604ppm TREO from 55m, with 1m at 22,115ppm TREO from 60m.
In addition to the headline hit, a second hole in the same area intercepted 38.20m at 3499ppm TREO from 6m, including 3m assaying 13,496ppm TREO from 37m.
Two other holes produced 15m and 17m at 1929ppm and 2693ppm TREO, with 24 per cent and 21 per cent magnet rare earths respectively.
The rare earth hits were accompanied by high-grade gallium results, using a high-grade cutoff of 50 grams per tonne (g/t) gallium, which continues to be identified in assays as occurring from surface.
Gallium results include 17m at 85g/t gallium trioxide from surface, including 6m going 95g/t gallium trioxide from 5m, with 1m assaying 102g/t gallium trioxide from 8m.
A second hole delivered 4m at 79g/t gallium trioxide from 16m, including 1m going 105g/t from 19m.
The third to fifth holes gave up 14m at 67.5g/t gallium trioxide from surface, 16m assaying 57.5g/t from surface and 13m running 60g/t gallium trioxide from surface.
Axel REE is a critical minerals exploration company focused on exploring the Caladão, Caldas, Itiquira, and Corrente rare earth elements projects in Brazil.
The company’s combined project portfolio encloses more than 1105 square kilometres of exploration tenure in Brazil.
Management says its final set of results have re-confirmed high-grade and thick gallium and rare earths mineralisation, which occur in the upper and lower saprolite zones respectively.
It concludes from the latest assays that gallium extends for as far as 5km beyond the Caladão granite into the leucogranite host rock, which represents a significant expansion of the mineralised area.
The northern end of Resouro Strategic Metals’ Tiros Central block in Brazil. Credit: File
Resouro Strategic Metals (ASX:RAU)
Tiros project, Minas Gerais, Brazil
Hit: 54m at 13.04 per cent titanium dioxide and 3593ppm TREO from surface, including 3m at 26.05 per cent titanium dioxide, 7936 parts per million TREO and 640ppm combined neodymium-praseodymium from 5m.
Resouro Strategic Metals revealed significant titanium dioxide and rare earth elements in every hole from its remaining 32-hole infill and step-out diamond drill program at its Tiros Central project in Brazil.
Seventy-two per cent of the holes in the 1981m program exhibit high-grade mineralisation above the company’s selected cut-off grades of 16 per cent titanium dioxide and 6000ppm TREO.
Resouro’s reported best hole, which conforms to its cut-off grades, produced a primary 54m intercept assaying 13.04 per cent titanium dioxide and 3593ppm TREO from surface.
The hit included a secondary intercept of 3m at an impressive 26.05 per cent titanium dioxide and 7936 parts per million TREO.
Resouro’s second-best selected drill hole delivered a primary intercept of 50m at 12.80 per cent titanium dioxide from 17m down hole and 4491ppm TREO.
That run includes 6m going 25.34 per cent titanium oxide and 10,036ppm TREO from 23m.
The best titanium dioxide grade is in a third hole that included 4m at an exceptional 27.62 per cent of the oxide. The hole also gave up a pleasing 8837ppm TREO and 1829ppm combined neodymium and praseodymium (NdPr), yielding a strong NdPr:TREO ratio of 20.69.
The best primary TREO intercept is in a fourth hole with 45m assaying 13.24 per cent. That hole also has the second best TREO grade, including a 4m intercept assaying 11,190ppm TREO.
That 4m interval also gave up the best combined NdPr hit of 2969ppm for an NdPr:TREO ratio of 26.53 per cent.
Neodymium and praseodymium are key components of high-performance magnets, critical for high-efficiency electric vehicles, wind turbine electricity generators and other developing technologies.
In rare earth element deposits, higher neodymium and praseodymium ratios signify a greater concentration of the two elements and hence the greater potential value of the deposit.
The results across all 32 holes provide a very respectable ratio of 21.62 per cent combined neodymium and praseodymium to the TREO results.
Among the primary intercepts, even the lowest neodymium and praseodymium assay is 15.22 per cent of the total TREO grade and rises to 23.05 per cent in the lowest secondary intercept.
With high-grade zones identified in 23 drill holes and 72 per cent of the holes reporting well-above the expected ratio for infill and step-out drilling in that location, Resouro has justifiably concluded that the region is highly prospective.
The company is now finalising its mineral resource estimate update for the Tiros Central Block, which will include the latest drilling assays.
Caspin Resources Limited
Bygoo tin project, NSW.
Hit: 11m at 2.30 per cent tin from 100m, including 5m at 4.63 per cent tin from 106m
Caspin Resources’ recent results from two reverse circulation holes in a 12-hole maiden drilling program at the company’s Bygoo tin project in New South Wales have turned up the resounding headline tin hit.
The 150m hole was designed as a step-out to test for down-dip extension to high-grade tin that was noted in historical drilling. The hole returned a significant result of 11m assaying 2.3 per cent tin from 100m.
The new intercept is consistent with other respectable grades seen in previous drilling programs. It also extended further down-dip the high-grade mineralisation previously encountered in historical holes, which included 35m at 2.1 per cent tin from 43m, 7m going 1.5 per cent tin from 87m and 12m running 1.92 per cent tin from 77m.
The hole also intercepted 5m at 0.63 per cent tin from 125m and another 10m going 0.11 per cent tin near the bottom of the hole, after it passed through the interpreted down-dip extension of the greisen-host Main lode which remains open down-plunge.
Caspin says the drill results validate those obtained by third parties and demonstrate the strong continuity of high-grade tin mineralisation encountered in the Main lode, which the company views as a promising result that bodes well for future exploration.
The company’s latest drill hole also intersected elevated copper in its Main lode, jagging 3m at 0.76 per cent copper from 141m.
It notes that while copper mineralisation is occasionally observed at Bygoo North, the latest hit is one of the more significant results encountered to date.
A second drill hole was drilled at the parallel “P380” lode, which is about 50m north of the main lode. P380 also plunges east-northeast.
The second hole intercepted 4m assaying 0.54 per cent tin from 48m at the upper contact zone and appears to have run across the top of the core P380 lode position.
The company expects the geometry will be resolved when the results are returned from the next holes drilled along strike.
Caspin has completed 12 holes for about 1400m but has so far received results from only two holes. Analyses for the remaining 10 holes are expected to be completed over the coming weeks.
The company also tested other targets, including the adjacent P380 lode and extensions to the Stewart lode, about 330m north of the main lode.
This program aims to confirm the continuity of high-grade mineralisation, particularly within the three Main, Dumbrells and P380 lodes, which comprise the heart of the prospect and extend along a north-south trend over about 480m. The company’s Smiths Greisen lode is about another 150m further south of Dumbrells.
With its first remarkable result in hand, Caspin will be keenly awaiting the results from the remaining holes for its initial program, particularly for two holes drilled up-plunge from the headline hole into the Main lode.
The company is already planning a follow-up drill program with many options to extend the project’s high-grade mineralisation and to test additional untested lode positions.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
