Axiom Mining Limited

Published : December 29th, 2015

Isabel Nickel Project defines first 5 years of production

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Isabel Nickel Project defines first 5 years of production


Axiom Mining Limited

ARBN 119 698 770

6/76 Doggett Street Newstead QLD 4006


T + 61 7 3319 4100

ASX Announcement

29 December 2015

JORC Resource upgrade: Isabel Nickel Project defines first 5 years of production


  • High grade saprolite total Mineral Resource tonnage doubled to 3.9 million dry tonnes (Mt) @ 1.7% Ni

  • Limonite total Mineral Resource tonnage increased to 8.4 Mt @ 1.0% Ni and 0.11% Co

  • Drilling and upgraded Resource estimate validates historical data and highlights high grade extensions of saprolite

  • Axiom will continue to upgrade the Resource estimate when drilling recommences in early 2016; site infrastructure development is progressing and sets Axiom on track to meet customer requirements for first shipment of ore by the end of Q1, 2016

    Axiom Mining Limited ('Axiom' or 'the Company') is pleased to announce an update to the independent JORC (2012) Mineral Resource estimate for Prospecting Licence 74/11 area (Kolosori tenement) of the Isabel Nickel Project, Solomon Islands.

    Axiom CEO Mr Ryan Mount said, "We have now successfully defined a minimum of the first five years of production, and the significant tonnage increase in this Resource estimate demonstrates the potential of this world class asset.

    "Global nickel demand continues to grow, especially for good quality laterite ore in the Pacific yet few new projects are 'development ready'-this estimate is another milestone that progresses the Isabel Nickel Project closer towards meeting that demand."

    Development work on site continues and Axiom has adjusted project timelines to ensure the first shipment of ore aligns with requirements of its commercial partner Gunvor, due by the end of Q1, 2016.

    This JORC Mineral Resource upgrade follows the addition of 527 drill holes from the Phase 2 drilling completed since the previous Mineral Resource announcement on 30 September 2015.

    The drilling is predominantly 50 m and 100 m regional drilling extending the existing Mineral Resources areas at Suma, Kolosori and Havihua and also defining additional Mineral Resources at Upper Havihua, Lower Kolosori, Upper Kolosori, Upper Suma and new prospects at Suma West and Suma North.

    The broad spaced drilling undertaken in Phase 2 tends to increase estimation smoothing, which means higher grade zones will be better defined with further infill drilling.

    Continues on page 2

    Modelling parameters and assumptions remain largely unchanged since the previous estimate.

    Phase 1 drilling concentrated on tight 25 m spaced grid drilling so as to define a higher degree of confidence Mineral Resources to initiate mining studies and allow early production planning.

    Phase 2 drilling and assaying is complete and provides coverage at a broader 50 m and 100 m spacing of both deposit extensions and regional exploration targets mineralisation indicated by historical sampling.

    Drill spacing at the new prospects of Suma North and Suma West are on an initial 200 m spacing.

    Resource statement details

    The Mineral Resource effective date is 29 December 2015, which includes drilling up to drill hole SU-1323, and is based on 1069 Axiom drill holes with 12,719 m of core samples and 14,014 assayed intervals.

    The total saprolite (magnesium silicate) Mineral Resource at a:

    o Total 7.7 Mt @ 1.5% Ni, 0.03% Co

    o Total 3.9 Mt @ 1.7% Ni, 0.03% Co

    • 1.0% Ni cut-off is:

      • Measured 1.0 Mt @ 1.7% Ni, 0.03% Co

      • Indicated 3.4 Mt @ 1.5% Ni, 0.03% Co

      • Inferred 3.3 Mt @ 1.4% Ni, 0.03% Co

    • 1.4% Ni cut-off is:

      • Measured 0.8 Mt @ 1.8% Ni, 0.03% Co

      • Indicated 1.8 Mt @ 1.7% Ni, 0.03% Co

      • Inferred 1.3 Mt @ 1.6% Ni, 0.03% Co

    The total limonite (iron oxide) Mineral Resource at a 0.7% Ni cut-off is:

    • Measured 0.9 Mt @ 1.1% Ni, 0.11% Co

    • Indicated 3.5 Mt @ 1.1% Ni, 0.10% Co

    • Inferred 3.9 Mt @ 1.0% Ni, 0.11% Co

Total 8.4 Mt @ 1.0% Ni, 0.11% Co

The Mineral Resource is classified in accordance with the JORC (2012) guidelines with relevant details provided in this announcement and against the JORC (2012) Table 1 criteria (Sections 1 to 3) provided in Appendix A.


Santa Isabel Island is situated 135 km north-west of the capital Honiara and accessible by air or sea (Figure 1). Axiom's Kolosori tenement is located with 12 degrees off the equator and more than 1500 km from the nearest continent.

Solomon Islands experiences a tropical environment, characterised by high and relatively uniform temperatures and humidity throughout the year and relatively high annual rainfall.

Figure 1 Isabel Nickel Project location


Axiom holds Prospecting Licence PL 74/11 (Kolosori tenement) on Santa Isabel Island (Figure 1), which is 80% owned by Axiom with the remaining 20% held by local landowners-the same ownership structure applies to the Prospecting Licence PL01/15 (South San Jorge tenement) on nearby San Jorge Island.

The deposits drilled and defined by Axiom so far are wholly contained within the Kolosori tenement on Santa Isabel Island.

Both areas at Santa Isabel and San Jorge were explored extensively by INCO in the 1960s and 1970s using test pitting, drilling and auger sampling methods to define nickel laterite deposits of potential economic interest.

INCO completed some feasibility studies, and in the 1990s Kaiser Engineering completed further feasibility studies and metallurgical test work.


The Solomon Islands archipelago is located at the boundary of the Australian and Pacific continental plates, with Santa Isabel and San Jorge Islands part of a linear NW-SE trending chain of islands within the New Georgia Group and adjacent to an active volcanic forearc region.

Continental collision has resulted in the uplift and obduction of sea floor sediments including some limestone and mostly volcaniclastic sediments-this has included overthrusting of ultramafic rocks that now form elongate pods of more or less serpentinised harzburgite and dunite, cut by pyroxenite veins.

The nickel laterite deposits of Solomon Islands have developed under tropical conditions over ultramafic rocks (Figure 2). Their formation is largely by weathering and decomposition of the ultramafic host rocks which leads to residual and supergene enrichment of nickel within the laterite profile.

The laterite formation comprises two principal zones overlying fresh and weathered rock that include:

  • the saprolite zone where weathered silicate minerals remain. This zone can include weathered to fresh remnant rocks and silicate clay minerals from the initial decomposition and weathering of the host ultramafic rocks. Residual enrichment is limited and nickel is generally enriched within the saprolite by supergene processes.

  • the limonite zone where silicate minerals are largely destroyed and removed leaving dominantly the iron rich oxides such as limonite (goethite) that can grade into higher alumina oxide mineral towards surface. Residual enrichment of iron, aluminium, manganese, cobalt and nickel occur from the compaction of the profile from the intense leaching from tropical rainfall over time.

Figure 2 Local geology-map derived from government geological mapping

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Axiom Mining Limited

ISIN : AU000000ASX7
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Axiom Mining is a silver and gold exploration company based in Australia.

Its main exploration properties are OK MINE, MT MOLLOY, CARDROSS, PINEVALE and WHITE HILLS in Australia and PU SAM CAP, QUANG BINH and QUANG TRI in Vietnam.

Axiom Mining is listed in Australia. Its market capitalisation is AU$ 8.7 millions as of today (US$ 6.7 millions, € 5.5 millions).

Its stock quote reached its highest recent level on April 12, 2011 at AU$ 1.26, and its lowest recent point on May 24, 2019 at AU$ 0.02.

Axiom Mining has 348 620 000 shares outstanding.

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Annual reports of Axiom Mining Limited
2007 Annual report
2006 Annual Report
Nominations of Axiom Mining Limited
6/4/2007appointment of Mr John Cook as a non-executive independent
Project news of Axiom Mining Limited
8/12/2016Pre-Feasibility Study for the Isabel Nickel Project
12/3/2015Isabel Nickel Project resource definition drilling update
11/4/2015Isabel Nickel Project resource definition drilling update
9/22/2015Isabel Nickel Project resource definition drilling update
9/14/2015Isabel Nickel Project resource definition drilling update
9/7/2015Isabel Nickel Project resource definition drilling update
8/31/2015Isabel Nickel Project resource definition drilling update
8/24/2015Isabel Nickel Project drilling defines thick mineralisation
8/6/2015Isabel Nickel Project resource drilling uncovers 3% Ni
7/13/2015Isabel orientation drilling program successfully completed
4/24/2015Isabel Nickel Project drilling update
4/10/2015Drilling indicates continuous high grade mineralis
9/26/2008(Nightflower)First Resource Estimate - Nightflower Project
Corporate news of Axiom Mining Limited
8/1/2016Change of Share Registry
7/31/2016Funding for development of the Isabel Nickel Project
7/29/2016Quarterly Activities Report
7/28/2016Trading Halt
7/26/2016Key executive management appointment
7/25/2016Axiom Mining Company Update
6/10/2016Half Year Financial Report 31 March 2016
6/1/2016Notice of Expiry of Options
5/12/2016Axiom Mining EGM 12 May 2016 - Results
5/9/2016Isabel Nickel Project update
5/1/2016Quarterly Activities Report
4/19/2016Axiom Mining Loyalty Bonus Issue
4/19/2016Notice to the Financial Markets Authority
4/7/2016Appendix 3B
4/5/2016Cleansing Statement
4/1/2016Notice of Expiry
4/1/2016Reinstatement to Official Quotation
4/1/2016Axiom moves forward litigation-free with new funding
3/31/2016Axiom Mining 2016 AGM Results
3/30/2016New strategic shareholder
3/23/2016Solomon Islands Court of Appeal Update
3/23/2016Suspension from Official Quotation
3/21/2016Trading Halt
2/2/2016Axiom Mining Company Update
1/18/2016Change of Australian registered office address
12/31/2015Notice of Expiry
12/29/2015Isabel Nickel Project defines first 5 years of production
12/22/2015Appendix 3B
12/21/2015Annual Financial Statements
12/21/2015Off-take agreement and funding with Gunvor
12/16/2015Notice of Expiry and Appendix 3B
12/4/2015Axiom Mining EGM 4 December 2015 - Results
12/4/2015Axiom Mining EGM 4 December 2015 - Chairman's Address
11/3/2015Major funding and partnership for Isabel Nickel Project
11/2/2015Quarterly Activities Report
10/21/2015Change of Director's Interest Notice
10/15/2015Axiom Mining EGM 15 October 2015 - Results
10/15/2015Axiom Mining EGM 15 October 2015 - Chairman's Address
9/30/2015Isabel Nickel Project Maiden Mineral Resource Estimate
9/28/2015Appendix 3B
9/14/2015Notice of Extraordinary General Meeting
9/7/2015Isabel Nickel Project JORC Resource statement imminent
8/21/2015Axiom Mining Key Appointment
8/11/2015Appendix 3B
8/4/2015Appendix 3B
7/31/2015Quarterly Activities Report
7/31/2015Trading Halt
7/31/2015West Guadalcanal Project technical review complete
7/29/2015Axiom Mining Key Management Appointments
7/28/2015$5 million to fund development of Isabel Nickel Project
7/24/2015Trading Halt Request
7/20/2015Appendix 3B
7/17/2015Axiom Mining Solomon Islands Litigation Proceedings Update
7/13/2015Appendix 3B
4/21/2015Response to Price Query
4/15/2015Completion of consolidation
4/14/2015Axiom Mining Solomon Islands Litigation Proceeding
4/2/2015Notice of Expiry
3/31/2015Axiom Mining 2015 AGM Results
3/30/2015Axiom Mining 2015 AGM Chairman's Address
3/9/2015Further high grade results on Isabel Nickel Projec
3/6/2015Notice of Annual General Meeting
2/16/2015Appendix 3B
2/16/2015Cleansing Statement
2/13/2015Anitua extends support for Axiom
2/12/2015Court of Appeal hearing date confirmed
1/23/2015Quarterly Activities Report
1/19/2015Sumitomo provides AU$5 million in bank guarantees
2/22/2008Western Plains - Large increase in Buzzard direct shipping i...
1/31/2008$1.3m exploration for the quarter - significant acqu isition...
11/1/2007 builds on successfuy September quarter exploration a ctivi...
8/16/2007Raises $4m in share placement to accelrate its progr ams in ...
7/31/2007Exciting Results continue from aggressive Exploration in Que...
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