Unfortunately, word has it that the drop is from the red dragon itself.
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beat red dragon in valaskar lair
On Friday there is a quest in the town square in battleton and you need that quest to get the rare item from the red dragon (which drops with a 10% chance) and when you get it you go back to the square and turn it in and you get the Liquid hot magma Axe.
Just try to beat 5 to 8 times
At the momment ARTIX'S AXE is a MOD / STAFF only weapon. BUT, I've heard rumors that it will be released once PTR goes live.
You can get the tyrant blade from Thax Ironhide in the marsh just type in /join marsh2 and go to the secret passage then to Thrax's lair Once you kill him he can drop the tyrant blade, orc blade, axe dagger, and thrax warlord helm