Axiom Mining has secured $1 million in funding through a private placement of shares, with the majority going to prominent US hedge fund Drake Private Investments. The company says it will use the capital for mineral exploration activities in the Solomon Islands, including preparation of development for the nickel project on Isabel Island.
Drake’s chief investment officer Anthony L Faillace says he is to initiate a material, strategic position in Axiom Mining. “This investment provides us with an exposure to one of the most important prospective mining areas in the entire Australasian region. Axiom’s suite of assets, especially the Isabel nickel deposit, is very well suited to optimize this exposure.”
Axiom says the investment is a strong vote of confidence in its prospects. A total of almost 77 million shares will be issued in the placement with 55 million shares subject to shareholder approval.
Axiom owns an 80% interest in the world-class Isabel Island nickel deposit in the Solomon Islands. The remaining share of the project is held by the Kolosori and Bungusule tribes, who are customary landowners of the tenement area.
Axiom’s subsidiary, Axiom KB Limited, has been granted a prospecting licence over a 49sqkm area of nickel and cobalt laterite mineralization called Kolosori Land. Axiom KB has also been granted another tenement nearby in the same province on San Jorge Island. A prospecting licence for this tenement is currently under application and awaiting landowner’s approval.
In June and July 2012, Axiom secured another two prospective gold-copper projects on Makira and Guadacanal in Solomon Islands, the Arosi and Itina tenements. Both tenements lie within one of the world’s most prolific gold producing regions.
This relatively unexplored gold belt lies within the Rim of Fire, which stretches from the 54 million ounce Lihir Island in Papua New Guinea through Panguna, Bougainville (once the largest copper-gold deposit in the world) and ends at the 800,000 ounce Vatukoula gold deposit in Fiji.