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Axiom Mining Ltd.
Summary
| Project: | Isabel | |
|---|---|---|
| Deposit: | San Jorge | |
| Location: | Solomon Islands | |
| Commodities: | Nickel-Cobalt-Scandium | |
| Date: | 4/27/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 27-4-2017: Axiom Mining Ltd. announces an Exploration/Drilling Update report for its San Jorge deposit at the Isabel project. Drilling results incl. 6.0m @ 1.24% Ni, 0.16% Co, 65ppm Sc from 3.0m. Following further analysis of the drilling results from the | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: John Horton ( ResEval Pty Ltd.) | |
| ABSTRACT: | Following further analysis of the drilling results from the recent Phase 1 drilling program at San Jorge (refer Figure 1), Axiom Mining Limited (‘Axiom’ or ‘the Company’) is pleased to announce the presence of widespread cobalt (Co) and scandium (Sc) enrichment in addition to previously reported nickel (Ni) mineralisation, significantly enhancing both the potential value and marketability of the limonite product. Cobalt is a common value-adding by-product of a nickel laterite deposit. Many lateritic nickel projects that market tropical wet lateritic ore supplement the value of their limonite ore with the cobalt by-product. These drilling results add value uncovered by Axiom at San Jorge. The cobalt grades of up to 0.39% are significant and at level considered high grade for laterite deposits. Co grades being reported are higher than previously recorded across the tenement by historical explorers. Axiom will continue to monitor Co grades in future exploration activity and assess the optionality that the existence of Co provides in relation to both pricing and marketability. Scandium continues to grow in market attractiveness due to its increased usage and associated demand as a super alloy, used amongst other things to develop stronger and lighter components for the automobile and aerospace industries. Average grades are reported separately in parts per million (ppm) with current market prices indicating scandium has greater potential in-situ value than both nickel and cobalt. The scandium grades identified from the reported assay results (refer Table 1) are significant and higher than most typical wet tropical laterites where data has been published. Axiom will continue to monitor Sc grades in future exploration activity and assess the optionality that the existence of Sc provides in relation to both pricing and marketability. | |
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