Axiom Mining Limited

Published : August 31st, 2015

Isabel Nickel Project resource definition drilling update

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Isabel Nickel Project resource definition drilling update

Axiom Mining Limited

ARBN 119 698 770

6/76 Doggett Street

Newstead QLD 4006

Australia

T + 61 7 3319 4100 contact@axiom-mining.com
www.axiom-mining.com

ASX Announcement

Isabel Nickel Project resource definition drilling update

Highlights

31 August 2015

Axiom has completed 364 holes and approximately 4500m of drilling in the current resource definition drilling program.

Latest drilling results with high grade saprolite intersections include:

- 15.8m @ 1.87% Ni from 1.0m including 11.0m @ 2.29% Ni from 5.0m

- 15.0m @ 1.49% Ni from 1.0m including 9.3m @ 1.92% Ni from 5.7m

- 10.0m @ 1.63% Ni from 1.0m including 8.0m @ 1.85% Ni from 3.0m.

An additional result with both high grade limonite and saprolite intersections:

- 17.2m @ 1.48% Ni from 1.0m including 4.0m @ 1.58% Ni from 5.0m (limonite) and 8.0m @ 1.82% Ni from

9.0m (saprolite).

Phase 1 of resource definition drill program (total of 5000m) due to be completed this week.

Axiom Mining Limited ('Axiom' or 'the Company') is pleased to provide another update on the resource definition drilling program on the Isabel Nickel Project in Solomon Islands.

Drilling activities have moved to Havihua Ridge and the first batch of assay results has given Axiom confidence in defining the extent of the high grade saprolite nickel mineralisation.

Continues on page 2

ax1om

lsabel Nickel Project _,{'., Havihua Ridge :.,{' New Drilling ® Highlights

HA-284 -15.0m@ 1.49% Ni inc/9.3m @ 1.92% Ni

HA-285 -15.8m@ 1.87% Ni inc/ ll.Om @ 2.29% Ni

HA-286 -10.0m@ 1.63% Ni inc/8.0m@ 1.85% Ni

HA-293- 16.0m @ 1.44% Ni inci5.Dm@ 1.78% Ni

6.Dm@ 1.62% Ni

Legend

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ASX Announcement

31 August 2015

Page 2

SANTA ISABEL ISLAND

e HA-359

/ Watercourse

Limonite intersection

Saprolite intersection

@ 15015031 @ ISDI315

l l l

l

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Figure 1

New drilling highlights at Havihua Ridge


Exploration Results

ASX Announcement

31 August 2015

Page 3

Table 1 Results for new drill holes for Havihua Ridge

(NB: Holes may be reported out of sequential order; missing holes will be reported as assays are available)

Hole ID Entire Limonite Saprolite Easting* Northing* RL EOH

intersection@ intersection# intersection~ (m) (m)

HA-261

6.0m @ 1.20% Ni from surface

3.5m @ 1.45% Ni from 1.5m

581045

9066245

212.0

9.5

HA-262

9.5m @ 1.28% Ni from 3.0m

3.6m @ 1.73% Ni from 8.9m

580950

9066224

230.0

15.0

HA-265

11.0m @ 0.98% Ni from surface

3.2m @ 1.54% Ni from 5.2m

581027

9066224

227.0

13.0

HA-266

3.6m @ 0.85% Ni from 5.7m

581046

9066218

217.0

11.3

HA-267

10.2m @ 1.37% Ni from 1.0m

5.9m @ 1.66% Ni from 5.3m

581072

9066219

208.0

14.0

HA-268

5.0m @ 1.10% Ni from 2.0m

580960

9066202

240.0

13.3

HA-269

6.3m @ 1.03% Ni from 1.0m

1.5m @ 1.52% Ni from 5.8m

580974

9066198

228.0

17.4

HA-270

11.4m @ 1.37% Ni from 1.0m

5.1m @ 1.76% Ni from 4.8m

581002

9066199

223.0

14.0

HA-272

15.0m @ 1.08% Ni from 1.0m

2.0m @ 1.33% Ni from 9.0m

2.0m @ 1.42% Ni from 11.0m

581047

9066197

217.0

20.4

HA-273

9.4m @ 0.97% Ni from 2.0m

581078

9066199

194.0

14.4

HA-274

5.2m @ 0.92% Ni from surface

580927

9066166

226.0

9.5

HA-275

8.0m @ 0.95% Ni from 1.0m

1.0m @ 1.55% Ni from 7.0m

580950

9066172

224.0

12.8

HA-276

12.0m @ 1.11% Ni from 1.0m

3.0m @ 1.44% Ni from 7.0m

2.0m @ 1.63% Ni from 10.0m

580975

9066174

225.0

16.6

HA-277

8.0m @ 1.16% Ni from 1.0m

2.0m @ 1.66% Ni from 6.0m

1.0m @ 1.46% Ni from 8.0m

581001

9066173

223.0

13.4

HA-278

11.0m @ 1.34% Ni from surface

6.0m @ 1.45% Ni from 2.0m

2.5m @ 1.63% Ni from 8.0m

581025

9066176

224.0

13.0

HA-279

5.0m @ 0.86% Ni from 1.0m

581050

9066173

223.0

9.0

HA-280

17.2m @ 1.48% Ni from 1.0m

4.0m @ 1.58% Ni from 5.0m

8.0m @ 1.82% Ni from 9.0m

581070

9066175

218.0

21.0

HA-282

11.0m @ 1.05% Ni from 1.0m

2.8m @ 1.4% Ni from

7.2m

580950

9066155

219.0

16.0

Notes to Table 1:

@0.6% Ni cut-off for entire intersection

#1.2% Ni cut-off and >2m thickness for limonite intersection

~1.2% Ni cut-off and >1m thickness for saprolite intersection

*Zone WGS84 UTM 57S, subject to final survey

ASX Announcement

31 August 2015

Page 4

Section 1: Sampling Techniques and Data



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

ASX Announcement

31 August 2015

Page 5

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 representation 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.

Currently utilising NQ single tube core in sampled intervals.

Handheld XRF analysers were used infield for initial analysis to guide site geologist or field assistants in deciding to end the hole.

Samples were collected generally at 1.0m interval. In changes in geology a range of intervals from 0.3m minimum to 1.25m maximum.

Whole core samples were 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).

NQ single tube by tungsten carbide bit employing man portable machines commonly used in laterite drilling in Indonesia and the Philippines.

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.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

NQ coring was by single tube to maximise core recovery.

Average sample recovery exceeded 99%. In most cases laterite core recoveries exceeded 100% due to "swelling"-bit cuttings getting into the inner tube.

Axiom has implemented a dry drilling technique in the top limonite zone and a low water technique in lower saprolite zone-bringing average recoveries to more than 99%.

ASX Announcement

31 August 2015



Page 6

Criteria

JORC Code explanation

Commentary

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

The total length and percentage of the relevant intersections logged.

All holes were:

marked up for recovery calculations

geologically marked up and logged

marked up for sampling interval and density determination

photographed.

In-situ wet density is determined by calliper method for limonite and saprolite and water displacement method for irregular shaped rocky saprolite and bed rock. A

10cm length of representative limonite and saprolite

sample is selected for density measurement.

For irregular rock sample, 5cm to 8cm core representing the lithology is sampled for density.

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

All laterite intersections were analysed by standard laboratory techniques for mine grade and trace element values using fused bead XRF method.

Sub- sampling techniques and

sample preparation

If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub- sampling stages to maximise representation of samples.

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.

Whole core was delivered to the laboratory. All sample reduction protocols were by standard laboratory techniques.

A range of OREAS nickel laterite standards were inserted into the suite of samples. Blank samples were also inserted. These were inserted 1-2 in every batch of samples (150-200 samples) for all drilling samples submitted.

Core duplicates are collected by splitting the previous sample interval. Duplicates are collected one in every

20 holes (5%) drilled.

Laboratory standards and blanks were inserted into every 20 samples submitted plus repeats were completed every 50 samples.

ASX Announcement

31 August 2015



Page 7

Criteria

JORC Code explanation

Commentary

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

Standard laboratory techniques as outlined below were undertaken:

All samples were weighed wet, dried at 90 degrees and then weighed dry to establish minimum moisture ranges and density guides.

Further drying to 105 degrees prior to reduction to remove all moisture.

Standard reduction techniques were:

o jaw crusher

o pulveriser

o split to reduce sample to 200g.

Ore grade by XRF fusion method. Loss on Ignition

(LOI) by thermo gravimetric analysis.

Where required, trace element analysis for selected elements or 30 element suite completed by four

acid digest and AAS readings.

Verification of

sampling

and assaying

The verification of significant intersections by either independent or alternative company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

Discuss any adjustment to assay data.

Eight core holes twinned existing INCO or Kaiser pits or INCO GEMCO drill holes during the early part of the drilling program.

One Axiom hole was twinned by an additional NQ triple tube core hole 100cm offset.

One Axiom hole twinned by an additional HQ hole at 80 degrees.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Initial collar location was by handheld GPS reading to

5.0m accuracy.

After completing the hole, collars are again picked up by GPS for actual location.

All collars are to be picked up by surveyors using differential GPS (DGPS) to 10mm accuracy.

Data spacing and distribution

Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient

to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

The current release covers drilling on a 25.0m x 25.0m hole spacing.

The expected outcome is appropriate for a measured resource category.



Section 2: Reporting of Exploration Results



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

ASX Announcement

31 August 2015


Page 8

Criteria

JORC Code explanation

Commentary

Mineral tenement and land

tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

Prospecting Licence 74/11-80% held by Axiom.

50-year land lease-80% owned by Axiom.

The validity of both the Prospecting Licence and the leasehold was tested and confirmed in a recent Solomon Islands High Court judgment.

The hearing for the appeal against this judgment was completed and pending final decision.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

Previous explorers were INCO and Kaiser Engineers.

Geology

Deposit type, geological setting and style of mineralisation.

Wet tropical laterite. In-situ chemical weathering of the ultramafic rocks.

ASX Announcement

31 August 2015



Page 9

Criteria

JORC Code explanation

Commentary

Drill hole

Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all material drill holes:

easting and northing of the drill hole 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.

Axiom previously completed Diamond coring using HQ and NQ triple tube to maximise recoveries within the mineralised horizons. The current program employs NQ single tube with tungsten carbide bit.

The previous program twinned Kaiser and INCO test pits, auger holes and the mined area.

All collars are surveyed using handheld GPS recorded on UTM grid WGS84-57S with up to 5.0m accuracy.

Collar elevation is recorded on RL.

Drill holes are logged using logging forms. Relevant hole information such as final depth (EOH), core recovery, sampling interval, sample number, physical description, geological boundaries, lithology and mineralisation and alteration are noted.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

Only length weighting has been applied to reporting for the program.

Assay intervals are generally undertaken on 1.0m regular intervals. The intervals are adjusted to geological boundaries with intervals ranging 0.3m minimum to 1.25m maximum.

There are no outlier values requiring adjustment.

An initial 0.6% cut-off is used to define mineralised nickel laterite envelopes. This was also used as the basis for previous Kaiser resource modelling.

A second higher grade 1.2% Ni cut-off combined with the geological data is also used to provide higher grade intercepts more appropriate to some direct shipping requirements.

Relationship between minerali- sation widths and intercept lengths

These relationships are particularly important in the reporting of Exploration Results.

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

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').

The laterite is thin but laterally extensive. The intercepts are almost perpendicular to the mineralisation.

Drilling so far has been confined to the major ridgelines due to access and deposit geometry.

Diagrams

Appropriate maps and sections (with 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.

See figure 1.



About Axiom Mining Limited

ENDS

ASX Announcement

31 August 2015


Page 10

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 Pa cific region. This includes a majority interest in the Isabel Nickel Project in the Solomon Islands and highly prospective gold, s ilver 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

Competent Person's Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Jovenal Gonzalez Jr who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Gonzalez has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity that 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 Gonzalez 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.

Disclaimer


Statements in this document that are forward-looking and involve numerous risk and uncertainties that could cause actual results to differ materially from expected result s are based on the Company's current beliefs and assumptions regarding a large number of factors affecting its business. The re 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 availabl e 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.

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Australia | Indonesia | Philippines | Solomon Islands | All
Gold and Silver Prices for these countries : Australia | Indonesia | Philippines | 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
7/31/2015Trading 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 $4m in share placement to accelrate its progr ams in ...
7/31/2007Exciting Results continue from aggressive Exploration in Que...
6/26/2007New geophysical anomalies indicate prime drill targets at Ax...
4/4/2007new tenement grants in aggressive acquisition thru st in Nor...
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Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.35+3.09%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
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Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
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Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.08+3.48%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 65.55+1.69%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
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Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
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