Assay results from geotechnical and geostatistical drilling around the Kolosori Ridge saprolite target area of Axiom Mining’s Isabel Nickel Project have confirmed the occurrence of high grade mineralization.
A recent review of geological and geochemical data has identified significant high grade limonite intersections. These limonite results are an encouraging addition and were previously only reported as part of, and within, the 0.6% nickel cut-off grade.
The 35 drill hole program at Kolosori Ridge included 21 holes that have not previously been reported and six drill holes with assaying in progress. There was 662 metres of drill core, 582 metres of which is assayed.
High grade saprolite intersections include 19.0 metres from 2.0 metres @ 1.55% nickel, including 10.9 metres from 9.2 metres @ 1.99%; 11.8 metres from 5.0 metres @ 1.76%, including 7.3 metres from 8.7 metres @ 2.21%; 17.6 metres from 1.0 metre @ 1.52%, including 6.7 metres from 10.3 metres @ 2.40%; and 18.0 metres from 1.0 metre @ 1.61%, including 4.4 metres from 14.0 metres @ 2.28%.
Significant high grade limonite intersections include 5.0 metres from 9.0 metres @ 2.09%; 3.5 metres from 6.5 metres @ 1.59%; and 8.1 metres from 6.0 metres @ 1.49%.
Axiom has begun the final phase of the orientation and twinning drilling program at the adjacent Suma Ridge prospect. To date, 67 holes over 1424.7 metres have been drilled on Santa Isabel Island on Havihua and Kolosori ridges.
Meanwhile, Axiom has raised $4 million through the combination of a private placement and the issue of convertible notes to fund the continued development of Isabel. The placement raised $4 million at a price of $0.30 per ordinary share from a number of institutional and high net worth investors. In addition, $1 million in notes have been issued.
The company also has potential funding of $5 million from court cost claims, which Axiom will be entitled to receive upon obtaining a favourable ruling in the Court of Appeal hearing that began last week. Further funding can also be achieved on the conversion of $7.5 million of options that may be exercised over the next four months.
The Isabel project is considered to be one of the largest nickel laterite deposits in the Pacific. The project has been extensively explored by mining and engineering industry leaders, International Nickel Company Limited (INCO) and Kaiser Engineers International.