Axel REE (ASX: AXL) has identified a second potential in-situ recovery (ISR) area following an auger drilling campaign at the South block of its Caldas project in Brazil. Standout soluble leach assays were 6m at 921 parts per million soluble TREO (total rare earth oxides) (35% MREO, magnet rare earth oxides) including 1m at 1,542ppm soluble TREO (38% MREO). Complementing Woolrich DepositManaging director Patience Mpofu said the Caldas South results complement recent column leach test work at the company’s flagship Woolrich deposit within Caladão that demonstrated strong REE ISR amenability. “These results establish Caldas South as a potential second ionic rare earth district within our portfolio,” she said. “Drilling confirms broad, near-surface mineralisation, and leach results show that a meaningful portion of the inventory sits in an exchangeable ionic form – the key characteristic we look for in a potential ISR target.”