Axel REE (ASX: AXL) has commenced a geological reconnaissance and scouting programme at its 100% owned, highly prospective and unexplored Itiquira Project in the central-west portion of Brazil.
Axel’s Itiquira Project has 396 sq. km of granted exploration permits covering a significant portion of the Itiquira Complex.
Brazilian niobium deposits are of global significance, accounting for 97% of the world’s supply of niobium concentrate. The Araxá niobium mine is owned by CBMM, the world’s largest niobium producer and accounts for approximately 80% of global supply. Catalão is owned by CMOC and is the second largest niobium producer in the world.
The Itiquira Project combines several geological, geophysical, and geotechnical attributes that underscore its high niobium prospectivity. This potential alkaline intrusive complex has an oval to rounded shape and a diameter of 25 km in the NS- and 20km in the EW-direction, analogous to many other Alkaline intrusions that occur along the margins of the Phanerozoic Paraná Basin. All of these Alkaline intrusives, including the Araxá and Catalão mines, exhibit strong bullseye magnetic signatures on airborne geophysical surveys, which is a characteristic/feature also present at Itiquira.
In addition to the same geological setting of other Alkaline Intrusives, Itiquira is hosted by Upper Cretaceous eolian sandstones of the Marilia Formation, which places Itiquira within the same timeframe as other REE and Nb-rich Alkaline Intrusions in Brazil.
“After launching the Caladão and the Caldas drilling programmes, we are delighted to be launching our third exploration programme at the Itiquira REE/Niobium Project in September,” Managing Director, Dr Fernando Tallarico, said.
“We are very encouraged and welcome this incredible opportunity to investigate one of the very few unexplored bullseye magnetic anomalies of this size in central-west Brazil. Most of the other anomalies of this nature and within the same geotectonic setting have proved to be Alkaline Complexes.
“We are planning an initial reconnaissance and scouting program comprising mapping, soil and rock chip sampling and, subject to results, will be subsequently followed up by systematic soil grid sampling and initial auger drilling. We look forward to providing updates to our shareholders as results become available.”