Axiom Mining Limited

Published : April 24th, 2015

Isabel Nickel Project drilling update

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Isabel Nickel Project drilling update

Axiom enters joint venture for exploration and mining over the Cardross copper-gold-silver Project


Isabel Nickel Project drilling update

ASX Announcement

24 April 2015

Infill drilling continues to confirm continuity of high grade nickel mineralisation at the Havihua

Ridge prospect

Latest drilling results include:

- 15.0m @ 1.46% Ni from 1.0m, including 6.5m @ 1.76% Ni from 9.0m

- 21.2m @ 1.16% Ni from 0.5m, including 2.1m @ 2.14% Ni from 6.5m

- 9.6m @1.23% Ni from 1.5m, including 2.0m @ 1.94% Ni from 8.0m

Axiom Mining Limited ('Axiom' or 'the Company') is pleased to advise that infill drilling at the Isabel Nickel Project, Solomon Islands, continues to confirm continuity of high grade nickel mineralisation at the Havihua Ridge prospect (announced 10 April 2015).

Mineralisation remains open in multiple directions including the south with the identification of significant laterite outcrop up to 300m from current drilling.

Exploration Results

Table 1 - Summary of latest results

Hole ID

Intersection^

Easting*

Northing*

RL

EOH

ISD15-011

9.6m @1.23% Ni from 1.5m, including 2.0m @ 1.94% Ni from 8.0m

581050

9065575

155

30.0

ISD15-016

21.2m @1.16% Ni from 0.5m, including 2.1m @

2.14% Ni from 6.5m

581001

9065704

171

20.0

ISD15-025

13.5m @1.04% Ni from 0.5m, including 2.0m @

1.91% Ni from 5.0m

581100

9065600

180

19.5

ISD15-026

7.0m @1.16% Ni from 1.2m, including 2.0m @

1.66%Ni from 5.7m

581100

9065500

180

20.0

ISD15-027

7.8m @1.4% Ni from surface, including 4.5m @

1.66% Ni from 1.3m

581197

9065584

180

20.0

ISD15-029

15.0m @1.46% Ni from 1.0m, including 6.5m @

1.76% Ni from 9.0m

581000

9065500

180

20.0

^0.6% Ni cut-off for main intercept with highlighted interval for saprolite material above 1.2% Ni cut-off

*Zone WGS84 UTM 57S

a 1om

lsabel Nickel Project Havihua Ridge Drilling Highlights

, l l

15015-032 1

l

l l l l l

l

l l l

w E o

o

00

111

® 15015-033

SANTA ISABEL

legend

® AXIOM drill site

/ Road

Watercourse

3.5m @ 1.93% Ni

l 3.0m @ 2.29% Ni

\ ® 15015·022

15015-006 & 007

l l l l l l l l

\ 6.1m @ 1.82% Ni

®15015·030

\ ® L015-023

\ 15015-008

l l l l

SANTA ISABEL

9,065,700 mN

15015·031®

1®15015·009 5.5m @ 2.04% Ni

1 012

l ® 15015-004

\ ®15015-024

l

15015-010'®

15015·015® i

15015-014 i®15015-013

l

l

LAND

l

'l

'l

l'

9.6m@ 1.13 % Ni -

'l

13.5m @1.04% Ni

Jso15·025

15015·027

15015"011

4.5m@ 1.66% Ni

',,,

'', 7.0m @1.16% Ni

1501:\26/ 15015·028® N

\

\

\

\

\

\

\ metres

Figure 1- Selected drilling highlights from Havihua Ridge to date- see Tablel of this announcement and ASX announcement 10 Aprii 2015 for full intersections

2


Figure 2 - Long section of Havihua Ridge (view facing west with a vertical exaggeration of four times for ease of visualisation) where mineralisation extends beyond ISD15-029

About the Isabel Nickel Project

The Isabel Nickel Project is considered to be one of the largest nickel laterite deposits in the Pacific. The project has been extensively explored by mining and engineering industry leaders, International Nickel Company Limited (INCO) and Kaiser Engineers International Inc (Kaiser Engineers).

Axiom Mining holds a 50-year registered lease and Prospecting Licence over the Kolosori tenement, and a Prospecting Licence for the San Jorge tenement and is targeting the establishment of a DSO operation by late 2015.

ENDS

About Axiom Mining Limited

Axiom Mining Limited focuses on tapping into the resource potential within the mineral-rich Pacific Rim. Through dedication
to forging strong bonds and relationships with the local communities and governments where we operate, Axiom Mining has built a diversified portfolio of exploration tenements in the Asia Pacific region. This includes a majority interest in the Isabel Nickel Project in the Solomon Islands and highly prospective gold, silver and copper tenements in North Queensland, Australia. The Company is listed on the ASX. For more information on Axiom Mining, please visit www.axiom-mining.com

3

Disclaimer

Statements in this document that are forward-looking and involve numerous risks and uncertainties that could cause actual
results to differ materially from expected results are based on the Company's current beliefs and assumptions regarding a large number of factors affecting its business. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or their extent or likely impact; (ii) the publicly available information with respect to these factors on which the Company's analysis is based is complete or accurate; (iii) the Company's analysis is correct; or (iv) the Company's strategy, which is based in part on this analysis, will be successful.

Competent Person's Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Wayne Saunders who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Saunders has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity which is being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.' Mr Saunders is an employee to Axiom Mining Limited and consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

4

Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria

JORC Code explanation

Commentary

Sampling techniques

Nature and quality of sampling (e.g. cut

channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases

more explanation may be required, such

as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

PQ and HQ triple tube core-initially delivered to laboratory in tray-then in sampled intervals

Handheld XRF analysers were used in field for initial analysis on 25cm intervals for control then 10cm

Samples were collected either at a range of intervals (minimum 0.5m) or geological intervals

Half core samples were cut and sent to the laboratory.

Drilling techniques

Drill type (eg core, reverse circulation,

open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of Diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Industry standard PQ and HQ triple tube by Diamond drill rig

Holes were drilled vertically through the limonite and saprolite zones into underlying basement.

Drill sample recovery

Method of recording and assessing core

and chip sample recoveries and results assessed.

PQ and HQ Diamond coring was by triple tube to maximise core recovery.

Industry standard techniques for mud and

5

Criteria JORC Code explanation Commentary

Measures taken to maximise sample foams were used to assist in clear coring. recovery and ensure representative Average sample recovery exceeded 90%. nature of the samples. In some cases cavities or core losses were Whether a relationship exists between in defined zones-these were marked by

sample recovery and grade and whether spacers within the trays and noted in

sample bias may have occurred due to drillers' logs.

preferential loss/gain of fine/coarse Axiom has implemented a dry drilling

material. technique in the top limonite zones and a low water technique in lower saprolite zones-bringing average recoveries for

later 2015 holes to more than 98%.

Logging Whether core and chip samples have All Diamond core holes were:

been geologically and geotechnically marked up for recovery calculations

logged to a level of detail to support

appropriate Mineral Resource estimation, geologically marked up and logged

mining studies and metallurgical studies. photographed

weighed by tray one day after drilling Whether logging is qualitative or (wet density less water added in quantitative in nature. Core (or costean, drilling process)-selected core was channel, etc) photography. weighed weekly and at laboratory for

The total length and percentage of the both dry density and solar drying

relevant intersections logged. responses.

Core was geotechnically logged for hardness, fractures, fracture orientation, recovery and mining characteristics.

All laterite intersections were analysed by either handheld XRF analyser or standard laboratory techniques for both mine grade values and trace elements.

Sub- If core, whether cut or sawn and whether Half core was delivered to the laboratory. sampling quarter, half or all core taken. All sample reduction protocols were by techniques If non-core, whether riffled, tube standard laboratory techniques.

and sample sampled, rotary split, etc and whether A range of OREAS nickel laterite standards

preparation sampled wet or dry. were inserted into the suite of samples.

For all sample types, the nature, quality These were inserted into every 10 samples

and appropriateness of the sample submitted.

preparation technique. Laboratory standards and blanks were Quality control procedures adopted for all inserted into every 50 samples submitted sub-sampling stages to maximise plus repeats were completed every 50 representivity of samples. samples.


6

Criteria JORC Code explanation Commentary

Measures taken to ensure that the

sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

Quality of The nature, quality and appropriateness Standard laboratory techniques were

assay data of the assaying and laboratory undertaken.

and procedures used and whether the All samples were weighed wet, dried laboratory technique is considered partial or total. at 90 degrees and then weighed wet tests For geophysical tools, spectrometers, to establish minimum moisture

handheld XRF instruments, etc, the ranges and density guides

parameters used in determining the Standard reduction techniques were:

analysis including instrument make and o jaw crusher

model, reading times, calibrations factors o pulveriser

applied and their derivation, etc.

o split to reduce sample to 200g.

Nature of quality control procedures Ore grade by XRF fusion method.

adopted (eg standards, blanks,

duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

Verification The verification of significant Eight core holes twinned existing INCO or of sampling intersections by either independent or Kaiser Engineers pits or INCO GEMCO drill and alternative company personnel. holes.

assaying The use of twinned holes. One Axiom core hole was twinned by an Documentation of primary data, data additional NQ triple tube core hole 100 cm entry procedures, data verification, data offset.

storage (physical and electronic) One Axiom hole was twinned by an

protocols. additional HQ hole at 80 degrees.

Discuss any adjustment to assay data.

Location of Accuracy and quality of surveys used to Initial collar location was by handheld GPS

data points locate drill holes (collar and down-hole reading to 5m accuracy.

surveys), trenches, mine workings and

other locations used in Mineral Resource All collars are to be picked up by surveyors

estimation. by differential GPS (DGPS) to 10mm

accuracy.

Specification of the grid system used.

LIDAR program to a maximum distortion

Quality and adequacy of topographic



7

Criteria JORC Code explanation Commentary

control. of 25cm to be completed by mid-2015.

Data Data spacing for reporting of Exploration Orientation holes were designed along

spacing and Results. traverses based on:

distribution Whether the data spacing and INCO pitting and drilling distribution is sufficient to establish the Kaiser Engineers pitting degree of geological and grade continuity INCO mining

appropriate for the Mineral Resource and INCO defined mineralised area.

Ore Reserve estimation procedure(s) and

classifications applied.

Whether sample compositing has been applied.

Orientation Whether the orientation of sampling The nickel laterite is a weathered

of data in achieves unbiased sampling of possible geomorphic surface drape over underlying

relation to structures and the extent to which this is ultramafic source units.

geological known, considering the deposit type. All holes and pits were vertical and will be

structure If the relationship between the drilling 100% true intersection.

orientation and the orientation of key

mineralised structures is considered to 3D logging in the walls of the excavator pit

have introduced a sampling bias, this indicated dip of marker units varied from

should be assessed and reported if 0 to 5 degrees-and any dips related to

material. terrain slope.

Sample The measures taken to ensure sample All samples were escorted offsite to a

security security. secure locked facility at the site camp.

Onsite security was provided for samples. Chain of custody protocols in place for

transport from laboratories.

Audits or The results of any audits or reviews of Axiom has employed highly experienced

reviews sampling techniques and data. nickel laterite consultants to review all procedures and results from the orientation drilling phase.


Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary

Mineral tenement and land

Type, reference name/number, location and ownership including agreements or material issues with third parties such as

Prospecting Licence 74/11-80% held by

Axiom.

8

Criteria JORC Code explanation Commentary

tenure joint ventures, partnerships, overriding 50-year land lease-80% owned by Axiom.

status royalties, native title interests, historical The validity of both the Prospecting

sites, wilderness or national park and

environmental settings. Licence and the leasehold was tested and

confirmed in a recent Solomon Islands High

The security of the tenure held at the Court judgment.

time of reporting along with any known

impediments to obtaining a licence to The hearing for the appeal against this

operate in the area. judgment is pending.

Exploration done by other parties

Acknowledgment and appraisal of INCO

exploration by other parties. Kaiser Engineers

Geology Deposit type, geological setting and style Wet tropical laterite.

of mineralisation.

Drill hole A summary of all information material to Axiom completed Diamond coring using PQ

Information the understanding of the exploration and HQ triple tube to maximise recoveries

results including a tabulation of the within the mineralised horizons.

following information for all material

drill holes: A number of holes twin previous Kaiser and

INCO test pits, auger holes and the mined

easting and northing of the drill hole area.

collar

elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

dip and azimuth of the hole

down hole length and interception depth

hole length.

If the exclusion of this information is justified on the basis that the information is not material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Data In reporting Exploration Results, Only length weighting has been applied to

aggregation weighting averaging techniques, reporting for the 2014 program.

methods maximum and/or minimum grade Assay intervals are generally undertaken

truncations (eg cutting of high grades)

and cut-off grades are usually Material on 0.5 m regular intervals. The intervals

and should be stated. are adjusted to geological boundaries with

some intervals ranging up to 2 m.

Where aggregate intercepts incorporate

There are no outlier values requiring



9

Criteria JORC Code explanation Commentary

short lengths of high grade results and adjustment.

longer lengths of low grade results, the An initial 0.6% cut-off is used to define

procedure used for such aggregation

should be stated and some typical mineralised nickel laterite envelopes. This

examples of such aggregations should be was also used as the basis for previous

shown in detail. Kaiser resource modelling.

The assumptions used for any reporting A second higher grade 1.2% Ni cut-off is

of metal equivalent values should be also used to provide a higher grade

clearly stated. intercept more appropriate to some direct shipping requirements.

Relationship These relationships are particularly The laterite is thin but laterally extensive. between important in the reporting of Exploration The intercepts are perpendicular to the minerali- Results. mineralisation.

sation If the geometry of the mineralisation widths and with respect to the drill hole angle is intercept known, its nature should be reported. lengths

If it is not known and only the down hole

lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

Diagrams Appropriate maps and sections (with See figures 1 and 2.

scales) and tabulations of intercepts should be included for any significant discovery being reported.

These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Balanced Where comprehensive reporting of all Both low and higher grade intercepts are

reporting Exploration Results is not practicable, reported.

representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Other Other exploration data, if meaningful Both INCO and Kaiser Engineers undertook substantive and material, should be reported circa 6000 drill holes and pits, feasibility exploration including (but not limited to): geological studies and economic analysis.

data observations; geophysical survey results;

geochemical survey results; bulk samples Most of these studies were conducted

- size and method of treatment; prior to the establishment of the JORC



10

Criteria JORC Code explanation Commentary

metallurgical test results; bulk density,

groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Code.

Further work The nature and scale of planned further Ongoing testing:

work (eg tests for lateral extensions or Focus on smaller portion of deposit to

depth extensions or large-scale step-out

drilling). prove up a resource compliant with

the JORC Code, in anticipation of

Diagrams clearly highlighting the areas mining and to establish a direct

of possible extensions, including the shipping of ore operation

main geological interpretations and Testing of the larger deposit for long-

future drilling areas, provided this term development.

information is not commercially

sensitive.

11

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Australia | Solomon Islands | All
Gold and Silver Prices for these countries : Australia | Solomon Islands | All

Axiom Mining Limited

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CODE : AVQ.AX
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
7/31/2015West Guadalcanal Project technical review complete
7/31/2015Trading Halt
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...
6/26/2007New geophysical anomalies indicate prime drill targets at Ax...
4/4/2007new tenement grants in aggressive acquisition thru st in Nor...
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