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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (111360)	3/18/2015 7:30:11 PM
From: LoneClone	Read Replies (1) \| Respond to of 194042

Axiom Mining finds higher grade nickel at depth at Isabel Project Tuesday, March 10, 2015 by Proactive Investors proactiveinvestors.com.au Axiom Mining’s (ASX:AVQ) drilling has confirmed that higher grade saprolite zones exist at greater depths at its Isabel Nickel Project in the Solomon Islands. Isabel is 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. Drilling is currently ongoing to confirm historical data before moving on to resource definition drilling. The company has also made progress in areas of project infrastructure and logistics, approvals and permitting, safety and environmental management, and community and stakeholder engagement. “Drilling has intersected high grade transition and saprolite ore beneath some of INCO’s bulk test sites - confirming our geological model that higher grade saprolite zones exist at greater depth,” chief executive officer Ryan Mount said. “We will complete our orientation drilling over the next two months, and then progress to resource definition drilling, initially targeting four to seven million tonnes.” Drilling Results To date, 27 core holes have been completed under the program to confirm the historical data compiled by the International Nickel Company Limited (INCO) and Kaiser Engineers International Inc (Kaiser Engineers) and test the potential for high grade nickel in saprolite beneath the limonite mineralisation. Latest results include: - 18.25 metres at 1.63% nickel from 4.75 metres, including 13.75 metres at 1.83% nickel from 9.25 metres; - 16.5 metres at 1.49% nickel from surface, including 10 metres at 1.85% nickel from 6.5 metres; - 16 metres at 1.66% nickel from 0.5 metres, including 11.4 metres at 1.92% nickel from 5.1 metres; and - 12.6 metres at 1.73% nickel from 1 metres, including 4.6 metres at 2.24% nickel from 9 metres. Project progress The Isabel Nickel Project has undertaken significant progress since drilling commenced in November 2014. Key activities undertaken include: - Excavator pitting to test wall stability, ease of mining, mining characteristics and 3D geological structures; - Reconnaissance of all mineralised sites on the tenement; - Static water level measurements (within drill holes) to evaluate ground water as well as in-situ ore characteristics; and - Acquisition of detailed contour data for the project evaluation. Work has also progressed on the infrastructure, transport and logistics requirements of the project, including: - Repairs to existing roads, tracks and jetty infrastructure plus the establishment of new roads; - Establishment of an initial 70-person camp; - Establishment of logistics and transport systems between Honiara, Santa Isabel Island and various sites; - Preliminary solar drying of test samples to evaluate mining and transport requirements; and - Evaluation of transport logistics (shipping channels, marker sites, depths). Safety and environmental protocols and procedures are in place for exploration, and are currently being developed for mining operations. Environmental baselines studies are underway and monitoring equipment has been installed. Axiom has also begun discussions with Anitua to provide mining services, and with interested parties to undertake metallurgical testing of limonite, transition and saprolite ore horizons by a variety of hydro and pyro metallurgical processes. Isabel Nickel Project The project is owned by Axiom KB (Axiom 80%), where KB stands for Kolosori and Bungusule being the two original customary landowning tribes, who collectively own the remaining 20% interest. The Kolosori tenement covers 49 square kilometres on Isabel Island and is covered by Axiom’s leasehold and prospecting licence. It has historic and non-JORC resources estimated at 159 million tonnes at 1.045% nickel and 0.07% cobalt. Low cost open pit mining can very quickly generate a direct shipping ore that significantly reduces both operating cash cost and capital cost for plant, power requirements and infrastructure. Analysis Drilling has confirmed Axiom Mining’s model of deeper, higher grade saprolite zones at the Isabel Nickel Project. The timing of drilling is good given that nickel prices are forecast to grow. Many traders and analysts think the long decline in nickel’s price is reaching an end as China’s stockpiles of nickel ore falls. Share Price Kickers - Further orientation drilling results; - Results from resource definition drilling; - Defining a JORC Resource; and - Starting direct shipping of ore in late 2015.