One of the emblems of the Junior Warden in de Mark degree. It is also the emblem of the Warder in the Royal Ark Mariner degree (crossed axes for the Guardian there too) and (seen above) emblem of the Guard in Knight Templar Freemasonry. In the Swedish Rite of St. Andrew it is a symbol of the 6th degree.
Also in the (historical) “Scottish Master” degree, the axe was one of the items on tracing boards.
Combined with the pointed stone, the axe also features on (mostly) French 2nd degree “craft” tracing boards.
I also have a German 3rd degree tracing board with an axe (D/93).
Also see Royal Axe.
Top: general officer jewel
Bottom: cut-out from unknown French tracing board, probably from the early 18th century.