keywords :
Axiom Mining (ASX:AVQ) continues to draw closer towards a JORC Resource at its Isabel Nickel Project in the Solomon Islands with drilling at Havihua Ridge returning more nickel mineralisation.
The company has completed 364 holes totalling about 4,500 metres to date and expects to complete Phase 1 (totalling 5,000 metres) this week.
Latest results with high grade saprolite intersections are:
- 15.8 metres at 1.87% nickel from 1 metre including 11.0 metres at 2.29% nickel from 5 metres.
- 15.0 metres at 1.49% nickel from 1 metre including 9.3 metres at 1.92% nickel from 5.7 metres.
- 10.0 metres at 1.63% nickel from 1 metre including 8 metres at 1.85% nickel from 3 metres.
In addition, drilling also returned both grade limonite and saprolite intersections of 17.2 metres at 1.48% nickel from 1 metre including 4 metres at 1.58% nickel from 5 metres (limonite) and 8 metres at 1.82% nickel from 9 metres (saprolite).
The first batch of assays from Havihua Ridge has given Axiom confidence in defining the extent of the high grade saprolite nickel mineralisation.
Isabel is considered to be one of the largest nickel laterite deposits in the Pacific with a historic non-JORC Resource estimate of 159 million tonnes at 1.045% nickel and 0.07% cobalt.
Drilling is designed to determine a Measured and Indicated resource that can support the first three to four years of a direct shipping ore operation.
Recent Drilling
Recent drilling at Isabel demonstrated that mineralisation at Kolosori Ridge extends to the east.
This returned results such as:
- 15.5 metres at 1.66% nickel from surface including 10 metres at 2% nickel from 3 metres;
- 17 metres at 1.69% nickel from 1 metre including 12 metres at 1.96% nickel from 5 metres; and
- 19 metres at 1.62% nickel from surface including 14 metres at 1.89% nickel from 1 metre.
Further drilling is also required to test extensions to the south-east of KO-202 and KO-205, and to the northwest of KO-192 and KO-195.
Analysis
With drilling at Havihua Ridge also returning high grade mineralisation, Axiom Mining looks increasingly likely to deliver a premium product into the nickel ore market.
Phase 1 of the drilling program is expected to be completed this week with more results to provide further newsflow ahead.
In addition, the company will carry out Phase 2 of the resource definition drilling as it will be progressively upgraded.