Axel REE (ASX:AXL) engaged SRK Consulting and the Australian Nuclear Science and Technology Organization (ANSTO) to conduct its first mineral resource estimate and metallurgical testing for rare earth elements and gallium at the Caladao project in Brazil, according to a Friday filing with the Australian bourse.
SRK Consulting will create documentation to define the mineral resource estimate, guiding the project's development stages and outlining infill drilling paths to boost resource confidence or step-out drilling for potential extension in adjacent areas, the filing said.
ANSTO will conduct extensive testing to assess the extraction potential of ionically adsorbed rare earth elements and gallium from samples, per the filing.
Axel REE's shares rose past 3% in afternoon trade Friday.
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