Drilling by Axiom Mining has intersected high grade nickel laterite at the Isabel project with grades and widths exceeding evaluations by previous explorers INCO and Kaiser Engineers. The drilling is designed to confirm historical data and test potential for further mineralization below depths of 5 metres to 6 metres.
Best results are 18.2 metres @ 1.88% nickel including 12.45 metres @ 2.28%, and 13.4 metres @ 2.01% nickel including 8.4 metres @ 2.59%.
Axiom’s managing director Ryan Mount says, “Drilling has produced excellent results that identify significant grade and extension of mineralization to depths that had not been evaluated by previous studies or exploration.
“There is clearly substantial upside potential for grade and tonnage as we extend drilling deeper to the higher grade saprolite zone, which previous explorers were unable to access due to technological constraints.”
The first holes were drilled along an access road with the first hole located at the edge of targeted mineralization and subsequent holes sited progressively further into the deposit.
Drilling will continue into 2015 with the aim of upgrading data across the deposit to JORC standards and completing relevant studies to progress the project towards mine development phase.
Axiom is targeting an aggressive start of a direct shipping ore (DSO) operation within 12-18 months. This would progressively ramp up to 2 million tonnes per annum.
The project is 80% owned by Axiom KB, where KB or Kolosori and Bungusule are the two original customary landowning tribes, who collectively own the remaining 20% interest. The Kolosori tenement covers 49sqkm 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 @ 1.045% nickel and 0.07% cobalt.