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
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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
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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.
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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
|
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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.
|
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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
|
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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.
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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
|
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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
|
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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.
|
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