Axiom releases research report
12-JUL-2008 Intellasia | Axiom
Jul 12, 2008 - 7:00:00 AM
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Axiom Mining (ASX:AVQ) has released a research report compiled by wise-owl.com on its exploration work and prospects for its properties in Vietnam, Australia and the Solomon Islands:
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| Vietnam projects (Source: Axiom) |
Four rigs on site at Quang Binh project in Vietnam. Our estimates give Quang Binh a potential gold resource of 1.8m ounces. Axiom will be drilling during the 2nd half of this year to state a JORC resource at the project.
Axiom holds 70% of the project and is responsible for 100% of exploration expenditure until feasibility. A JORC resource should be available at the end of this year, or by the beginning of next year at the latest.
Drilling commenced to restate a JORC resource at Nightflower. A 2,000m drilling programme is currently ongoing at Nightflower located in North Queensland, 30 kilometres north from Kagara Ltd's Mungana and Red Dome deposits. Currently the deposit has a non-JORC resource of 205,000t at 1g/t Au, 217g/t Ag, 8% Pb, and 2.4% Zn. The mineralisation is open at depth and along strike. Drilling has the potential to substantially increase the resource and will also test the depth of the mineralisation.
JORC resource to be stated at Cardross [Australia] early next year. Axiom has previously drilled 5,367m on the Cardross apartment. Further drilling is planned for 2009 to establish a maiden JORC resource on the project. Cardross is a shear hosted copper gold system with potential at depth for porphyry related copper mineralisation similar to Kagara Ltd's Mungana and Red Dome deposits.
Axiom looking for joint venture partners on some of its projects. To speed up time for exploration and decrease exploration costs, Axiom will be looking for joint venture partners at some of its Queensland areas.
Axiom has vast experience from its operations in Vietnam. Vietnam is on the verge of boosting its investment in mineral exploration. The government is targeting a GDP growth of between 7%-8% over the next four-years. The mining laws have recently been updated, although there are still some key issues which will be addressed in the coming months. Axiom has been operating in Vietnam since 1992 with an office in Hanoi and a project office in Quang Binh..
Potential company maker if Axiom win massive project in the Solomon Islands. Axiom is vying for a large nickel laterite project which contains an estimated 159mt @ 1.25% nickel and 0.5% cobalt. If granted, Axiom will ultimately gain 80% of the project with 20% going to the landowners. Japanese mining giant Sumitomo Metals is also laying claim to the project but currently doesn't have the support of the landowners. A decision in the High Court is anticipated in August that will allow processing of Axiom's jv partners, the traditional owners, prospecting license application. The project has the potential to generate US$billions in revenue-
The full text of the research report can be downloaded from the following file:
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