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Axiom Mining Ltd.
Summary
| Project: | Isabel | |
|---|---|---|
| Deposit: | San Jorge, Kolosori | |
| Location: | Solomon Islands | |
| Commodities: | Nickel | |
| Date: | 8/16/2016 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 16-8-2016: Axiom Mining Ltd. announces a Pre-Feasibility Study report for its San Jorge, Kolosori deposit at the Isabel project. Retraction of PFS announced 12 August 2016. The ASX has requested Axiom Mining Limited (‘Axiom’ or ‘the Company’) retract the | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | The ASX has requested Axiom Mining Limited (‘Axiom’ or ‘the Company’) retract the Pre-Feasibility Study announcement released on 12 August 2016 on the basis that it does not hold ownership of the Kolosori Prospecting Licence. In August 2015, independent mining engineers IMC Mining Pty Ltd commenced a Pre-Feasibility Study (PFS) over the combined Kolosori and San Jorge deposits. This study has recently been completed. The scope of work included two mutually exclusive deposits that Axiom held valid licences for, being San Jorge and Kolosori. During this time, Axiom had ownership of the Kolosori tenement and established a JORC Resource (ASX announcement 29 December 2015). However, in March 2016 the Solomon Islands Count of Appeal set aside the Kolosori Prospecting Licence, which Axiom has since reapplied for, with the outcome pending approval from the Solomon Islands Government. Axiom still holds the San Jorge Prospecting Licence. Previous San Jorge tenement owner and former nickel major, INCO Ltd (now Vale) previously conducted feasibility studies including many thousands of drill holes and pits, which have provided initial exploration data that we are aiming to upgrade the data to JORC classification. Under ASX Listing Rules, Axiom is not allowed to publish the PFS details without having possession of the Kolosori tenement or presenting the historical data on the San Jorge deposit until further studies are completed to upgrade the classification. As such investors should not rely on production targets and financial forecasts as stated in the PFS announcement, which has since been retracted, and which remains for the Company’s internal purposes only. This now ceases the Trading Halt of the Company’s securities on the ASX. | |
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