A maiden JORC mineral resource estimate for a small part of the Kolosori tenement of Axiom Mining’s Isabel Nickel Project on Santa Bella Island in the Solomon Islands reveals a total measured, indicated and inferred resource of 4.8 million tonnes @ 1.3% nickel and 0.08% cobalt.
This includes a total saprolite resource of 2.0 million tonnes @ 1.7% nickel, including 900,000 tonnes 2 1.8% nickel of measured resource.
This maiden estimate follows successful completion of an orientation drilling program in June 2015 and phase 1 of the resource definition drilling in September 2015. With more effective exploration in deeper high grade saprolite, drilling has achieved a significant increase in the tonnage generated from historical information within the area initially defined.
Axiom CEO Mr Ryan Mount said, “In the areas Axiom has drilled since November 2014, we’ve seen an increase in tonnage of 50% compared to the tonnage generated from historical information - it’s encouraging that our maiden mineral resource estimate confirms our assumption that previous work has not tested the full laterite profile.”
The areas included in the estimate are those closest to existing and planned site infrastructure.
“In the short term, this brings us closer to our goal of shipping ore by the end of 2015. It is also a milestone towards our strategic goal of having the first three to five years of production targets planned. We look forward to upgrading this initial estimate as drilling and resource definition progresses,” Ryan Mount added.
There is significant potential for increased tonnage as the estimate does not include the South San Jorge tenement and the estimate only covers about 10% of the known prospective areas on both tenements. It comprises only data sourced from Axiom phase one resource definition and orientation drilling programs with historical INCO and Kaiser data not included. Mineralization remains open in most directions.
Axiom is now progressing to phase two drilling that will step out from the existing drilling at the Kolosori tenement to define additional resources. This drilling is targeting mineralization that has been indicated by historical INCO exploration.