ASX-listed Axiom Mining has acquired the West Guadalcanal project that is prospective for epithermal gold-silver and porphyry copper-gold mineralization. The project has been explored sporadically, initially for copper and more latterly for gold, and Axiom believes the area remains under-explored.
The potential of the project is realized through the compilation of historical data collected by past explorers and is highlighted by the large size of the main mineral trends. This historical compilation has accelerated the development of the exploration model and streamlined the planning for the follow-up exploration program. The historical results support the possibility for this geological system hosting economic grades of gold mineralization.
Limited surface evaluation by previous explorers of the 485sqkm project has demonstrated the size and grade potential of main mineralization trends. Trenching has returned up to 130 metres @ 0.58 grams/tonne gold including 10 metres @ 3.44 grams/tonne while rock chips have returned up to 9.14 grams/tonne gold and 9.8% copper.
Axiom has developed a new interpreted geological model following detailed project generation work. This has highlighted a carbonate base metal gold epithermal corridor which is greater than 10km-long and hosting three exploration targets as well as a porphyry copper-gold hydrothermal footprint encompassing an area of 10sqkm.
The company has completed systematic and predictive surface evaluation programs on three exploration targets leading up to a planned drilling program in mid-2014.
Separately, it has also raised $1.5 million through a private placement and convertible note issue to fund the completion of the trial in the Solomon Islands High Court over the Isabel nickel deposits.