Axel REE will begin the geological reconnaissance and scouting at its 100 per cent owned Itiquira rare earths and niobium project, located in central-west Brazil.
The Itiquira project spans 396 square kilometres of the Itiquira Complex, an area with significant potential for niobium and rare earth element (REE) mineralisation.
The company aims to map and sample the Itiquira area, with plans to conduct shallow scout auger drilling based on initial findings.
The Itiquira project shares key geological characteristics with other highly mineralised regions in Brazil, including the Araxá and Catalão carbonatitic complexes, which are home to world-class niobium and phosphate mines.
The Araxá niobium mine is the world’s largest niobium producer and accounts for approximately 80 per cent of the world’s supply. Brazil accounts for 97 per cent of the world’s niobium concentrate supply, making projects like Itiquira of significant strategic importance.
“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,” Axel’s managing director Fernando Tallarico said.
“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.”
As the global demand for niobium continues to rise, Axel’s exploration of the Itiquira project could further bolster Brazil’s dominant position in the global niobium market.
Investors will be closely watching for updates from this highly prospective project.
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