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AXIOM MINING LIMITED

ASX: AVQ

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Axiom is a mineral explorer with tenements in North Queensland, Australia and Vietnam prodominately containing gold, silver, copper and zinc. The company has many prospects and has a large foot print in North Queensland being the 2nd biggest tenement holder in the Chilagoe region.

In Vietnam, it also has many project areas, most notably the Quang Binh project in the Sepon area where an extensive drill program indentified strong mineralisation in 46 of 57 drill holes.

The company has set a path to ensure it moves to become a producer through resource definition drill programs and mine development processes.

The main projects of focus are the Mountain Maid gold target in Nth Queensland and the Quang Binh, project in Vietnam in the Sepon area. At Mountain Maid a resource defining program is under way where Axiom has already drilled and receievd excellent meturgical test results. The company aims to make Mountain Maid an open cut, high tonnage gold mine. At Quang Binh a reserve and resource is currently being measured in a process where Axiom will make an application for a mining license.

Axiom recently underwent a restructure to properly position itself for the next stage of it's development. This saw the recruitment of a new and experienced management team as well as some adittions to the board. It also saw the injection of further capital to fast track the development of it's mineral exploration assets and establishing a new headquarters in Sydney and securing a new office in Hanoi, Vietnam. Axiom is incorporated in Hong Kong and listed on the ASX.

Mountain Maid, QLD (100%)

Five of seven-hole diamond drilling program completed early November 2009 targeted broad gold zones such as 67m @ 0.66g/t Au and 28m @ 1.1g/t Au within 197.15m @0.4g/t Au. Gold concentrations at these levels have important economic significance at present gold prices. All seven holes intersected intensive alteration and gold. The mineralisation has a setting and chemical signature typical of Intrusive Related (Hosted) Gold Systems where gold is associated with bismuth, tungsten, tellurium, molybdenum and copper. The target is potentially a very large tonnage gold deposit exploitable by open pit-dump leach methods. Historical leach testing had already shown the gold is leachable and Axiom executed further metallurgical testing, performed by Kappes Cassiday, which again confirmed leachability from coarse drill core samples. A resource defining JORC RC drill program is currently underway. Once complete, Axiom will take all the steps to take this project to mine development. This project has both size and rapid development potential.

Split Rock, QLD (100%)

Located 2.5 kms southwest of Mountain Maid and possibly originating from the same intrusive centre. One past drill hole intersected 51.8m @ 0.39% Cu in the 1970ís. Recent work by Axiom has shown a very large copper soil anomaly and a strong gradient array IP anomaly that has yet to be drill tested. Highly anomalous rock chip samples containing 277g/t Ag, 7.6% Pb and 0.5% Zn are spatially related to the geophysical anomaly. Given mineralisation in the Chillagoe region is associated with permo-carboniferous aged intrusives and has shown continuity to depths of over 1 km the Split Rock and Mountain Maid prospect nearby to the north have exceptional potential to develop into very large deposits.

Porphyry, QLD (100%)

EPM 16402 was granted in April 2010 and the suitably named Porphyry prospect was identified from comprehensive research of historical exploration data. The Porphyry prospect has been field inspected by Axiom geologists who have confirmed by sampling that strong gold and arsenic soil geochem anomalies are associated with an area of altered porphyry intrusive cut by epithermal quartz veins and breccias. Viens range from sub-milimetre to over 2m in width and chip samples collected by Axiom have assayed up to 12.45g/t Au and 15.5g/t Ag. Axiom is presently preparing plans for initial drill program at Porphyry.

Cardross-Arizona-Nisha, QLD

Twenty-three of 24 holes drilled by Axiom have intersected copper, gold and silver mineralisation within a regional shear structure and associated with a 1600 m long gradient array IP anomaly on the Cardross Mining Lease. Recent dipole-dipole IP has identified a strong anomaly to the southwest of past drilling that has yet to be tested. The IP signature is similar to one related to the best intercept by Axiom to date at Cardross of 6m @ 4.8% Cu, 3g/t Au and 90g/t Ag. More drilling is justified by results obtained to date at Cardross particularly with the prevailing high metal prices.

OK Mine, QLD

At OK Mines drilling has intersected a folded VMS base metal deposit containing up to 5.91% Cu, 3.64% Zn 0.55g/t Au and 13.6 g/t Ag over 4m. Interpretation of detailed geology from surface and drill holes and IP data has resulted in mapping of a 3-dimensional model of the VMS deposit now ready for drilling. Mineralisation is an extension to the oxide section of a deposit that produced over 80,000t averaging 9.2% Cu, 0.14 g/t Au and 1.2g/t Ag according to historical records.

Mount Malloy, QLD

Geological mapping and soil sampling campaigns and five diamond drill holes were completed on the Mt Molloy ML and surrounding EPM 12998. A program of 1,025 m of drilling was designed to test for proximal extension of high-grade VMS copper-zinc mineralisation down-plunge from the old mine workings. The best result was obtained in drill hole MM07DD03 with a wide intercept of 43 m @ 0.4% Cu and 0.23% Zn from 30m, which included 6 m @ 1.1% Cu and 0.22% Zn from 64 m. Holes MM07DD04 and MM07DD05 also had several zones up to 6 m wide of similar low tenor copper and/or zinc that appear to represent the same mineralised horizon. Drill holes MM07DD01 and 02 failed to intersect significant mineralization. It is now believed that the lode is displaced down and to the west by faulting at the north end, and MM07DD01 did not drill far enough to reach it. It is also believed that MM07DD02, the deepest hole, either drilled under the plunge of the lode or was also limited by faulting. Soil sampling shows strongly anomalous levels of copper and zinc extending from the historic Mt Molloy mine workings for over 200m to the northwest. The anomaly remains open and when fully closed off provides a new drilling target. A discrete gold-in-soil and rock chip anomaly also was found to occur 100m to the south-southeast of the mine workings and is another target for drilling.

White Hills, QLD

At White Hills historic mining took place on a series of sub-parallel northwest trending auriferous quartz veins within altered granitic rocks and roof pendants on the eastern and western sheared margins of a diorite intrusive. Exploration by Axiom included locating and geological mapping of all old workings, a ground magnetometer survey and a soil sampling survey. Targets have been identified as shallow to steeply dipping mesothermal vein systems and associated alteration zones that are now ready for drilling.

Pinevale, QLD

The Pinevale Project consists of ML 4775. The Mining Lease is highly prospective for shear-hosted low tonnage high-grade copper-gold mineralization (Gympie style deposits) in quartz monzonite of the Ben Mohr Igneous complex. Porphyry style copper-molybdenum mineralization is also a prime target. Mineralization is exposed along the shear zone at surface and in underground workings for 700 m and over a width of 50 m. A deposit was estimated in 1953 at 26,700t of 6.8% Cu, 117g/t Ag and 0.6g/t Au from sampling historic workings that requires new drilling and sampling to qualify for JORC reporting.

Quang Binh, Vietnam (70%)

Forty-six of 57 diamond drill holes on two prospects on the Quang Binh mineral exploration licence (MEL) have confirmed the presence of large tonnage-modest grade porphyry-style gold systems. Twenty-nine of these holes have multiple economically important gold-silver intercepts ranging from 17.25m @ 2.93g/t Au and 54g/t Ag in hole XK-1A to 21m @ 0.66g/t Au in hole XK45. The final hole of the program drilled at the Bach Dan prospect, BD12, intersected 7 gold bearing zones ranging from 14m @ 0.71g/t to 2m @ 1.32g/t Au. A very large 2.5km by 500m gold in soil anomaly has yet to be drill tested. Systematic infill drilling has been designed at 25 to 50 m centres for JORC resource definition in advance of feasibility studies on two prospects.

Quang Tri, Vietnam (100%)

The Quang Tri MEL application is located in northern Quang Tri Province within the same geological-structural basin as Quang Binh and the Sepon gold and copper mining operations operated across the border in Laos. Three large gold-in-soil anomalies have been outlines by reconnaissance geological investigations by Axiom and Government geologists; namely the Xa Loi, Me Xi and Dong Chat prospects. Each prospect straddles a regional fault zone with gold-silver hosted by altered and sulphide mineralised carbonaceous-calcareous sedimentary units extending along strike for over 2,500 m with widths of between 100 and 400 m. Rhyodacite porphyry plugs and dykes of various compositions intrude the sedimentary pile. Bonanza gold grades of over 50 g/t have been produced in sulphide bearing units sampled in unlicensed local warnings. One short diamond drill hole (LK 02) by the department of Geology, Vietnam returned an intercept of 6.6 m @ 2.65g/t Au and 32g/t Ag from 29 m downhole. Axiom will commence an exploration program on this exciting prospect immediately upon grant of the MEL.

Khanh Hoa, Vietnam (80%)

The proposed Khanh Hoa MEL is located in near the coast in Khanh Hoa Province, southern Vietnam. The application covers 25.28 sq km within which is an epithermally altered and mineralised zone and associated quartz veining that was mined on an artisanal level for gold in the 1990ís. A broad NE-SW trending shear zone (see figure 19) has been intruded by porphyritic, granitic and subvolcanic units. These rocks and overlying volcaniclastics and other sedimentary units have been locally sheared, hydrothermally altered and mineralised. The presence of arsenopyrite in some mineralised exposures has resulted in an area of subdued vegetation and along with the presence of artisanal mine workings; this feature provides an immediate focus for exploration drilling.

Pu Sam Cap, Vietnam (70%)

Pu Sam Cap consists of two MELís surrounded by a 406 sq km Prospecting Licence. The project is operated by Triple Plate Junction Plc. Triple Plate has reported Newmont has withdrawn from the joint venture and that although the two MELís are under application for renewal there is no certainty the licences will be granted by the Government. Axiom will continue to monitor the situation. Now that Newmont has withdrawn, Axiomís interest, which is free carried until a decision to establish a mine is made is 8.47%.

Mine For

nickel, gold, silver, copper, zinc

Location of operation(s)

Queensland, Vietnam, Solomon Islands

Address

Se 3, Level 11, 1 Chifley Sq
SYDNEY, NSW, AUSTRALIA

Phone

(61 2) 9247 0169

Email

Website


Last Updated

11/5/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.