Axiom Mining's (ASX:AVQ, trading as AVQDA during consolidation period) drilling program indicates continuous high grade mineralisation at the Isabel Nickel Project in the Solomon Islands.
The infill drill holes will provide information for the calculation and evaluation of a maiden JORC resource.
The project is considered to be one of the largest nickel laterite deposits in the Pacific.
The latest drill highlights from 29 holes at Havihua Ridge confirm the continuity of high grade nickel mineralisation zone over a 700 metre strike length, including:
- 15.0 metres at 1.76% nickel from surface, including 11.4 metres at 1.87% nickel;
- 15.8 metres at 1.41% nickel from 1.2 metres, including 7.0 metres at 2.03% nickel;
- 10.5 metres at 1.53% nickel from 2.5 metres, including 5.5 metres at 2.04% nickel; and
- 11.3 metres at 1.41% nickel from 3.2 metres, including 3.0 metres at 2.29% nickel.
Ryan Mount, CEO, commented: "These latest results improve confidence in our geological model and indicate the significant potential of this deposit.
"Not only is the thickness and grade of the mineralised zone better than previously thought, the strike length remains open to the south, north and west."
Axiom Mining is targeting the establishment of a DSO operation by late 2015.
Axiom is currently repairing roads constructed by previous explorers INCO into the Suma Ridge prospect.
Drilling at Suma Ridge is expected to take six weeks and will be completed on a 100 metre by 100 metre grid, which will finalise the orientation and twinning drilling program on Santa Isabel Island.
Further drilling programs designed to facilitate mining operations will commence in June.
Isabel Nickel Project
Axiom was recently granted a prospecting licence for the San Jorge tenement of its Isabel Nickel Project, almost doubling its exploration footprint.
This brings the Isabel Nickel Project's combined potential tonnage to about 160 million, based on previous explorers' advanced exploration.
Adding to the interest, this gives the company better economies of scale for its proposed direct shipping ore operation that is initially focussed on a 2 million tonne per annum production rate.
Like Kolosori, the San Jorge tenement shows great mineability. There is no human habitation, only sparse vegetation over the mineralisation and easy access to a natural deep water harbour.
Axiom, which holds a 50-year registered lease and Prospecting Licence over the Kolosori tenement, is looking at opportunities to develop both tenements in tandem to further improve efficiencies and economies of scale.
Axiom's latest infill drilling results improve the confidence of the geological model at the Isabel Nickel Project and indicate the significant potential of the deposit.
This will contribute to the evaluation of a maiden JORC resource and also builds on the company's recent receipt of the San Jorge tenement that almost doubles its exploration footprint.
Isabel is already one of the largest nickel laterite deposits in the Pacific with historic non-JORC resources estimated at 159 million tonnes at 1.045% nickel and 0.07% cobalt.
Share Price Catalysts
- Further orientation and twinning drilling results from San Jorge in the second half of 2015;
- Court of Appeal hearing in May, where Axiom is confident of once again successfully defending its rights on the Kolosori tenement;
- Defining a JORC resource on Kolosori in the second half of 2015;
- Grant of a Mining Lease for Kolosori in mid-2015; and
- Starting direct shipping of ore in late 2015.
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