AVQ 2.86% 6.8¢ axiom mining limited

News: Axiom Mining confirms Isabel Court of Appeal hearing date

  1. Axiom Mining (ASX:AVQ)  has confirmed the Isabel nickel deposit civil appeal case will be heard by the Solomon Islands Court of Appeal for nine days from 26th May 2015 to 5th June 2015.

    Chief executive officer Ryan Mount said he was pleased that the hearing date was confirmed however company’s focus remained on exploration and development for the Isabel Nickel Project.

    “Having the hearing date set does provide some clarity for our corporate planning,” he said.

    “Here on the ground in Solomon Islands, we are encouraged by the progress of our project team and we look forward to presenting these results shortly.”

    Sumitomo and other claimants had launched the appeal of the High Court’s judgement last year in favour of Axiom.

    Isabel Nickel Project

    The project is 80% owned by Axiom KB, where KB stands for Kolosori and Bungusule being the two original customary landowning tribes, who collectively own the remaining 20% interest.

    In January, Axiom extended previously reported high grade nickel laterite intersections at the Isabel Project in the Solomon Islands after including previously quarantined, near-surface samples.

    Top results from Isabel are now:

    - 20.7 metres at 1.74% nickel from surface including 12.45 metres at 2.28% nickel from 8.25 metres(ISD14-003); and
    - 15.9 metres at 1.94% nickel from 1.5 metres including 8.4 metres at 2.59% nickel from 7.5 metres (ISD14-004).

    This compares to previous results of 18.2 metres at 1.88% nickel including 12.45 metres at 2.28% nickel; and 13.4 metres at 2.01% nickel including 8.4 metres at 2.59% nickel.

    It has commenced the initial orientation drilling program and is continuing to test the full depth of the laterite profile around the Kolosori Ridge test pit area.

    It is also planning to undertake diamond drilling on the Havihua Ridge area, located 2 kilometres east of Kolosori Ridge, to test the laterite profile in an alternative geological setting.

    The Kolosori tenement covers 49 square kilometres on Isabel Island and is covered by Axiom’s leasehold and prospecting licence.

    It has historic and non-JORC resources estimated at 159 million tonnes at 1.045% nickel and 0.07% cobalt.

    Low cost open pit mining can very quickly generate a direct shipping ore that significantly reduces both operating cash cost and capital cost for plant, power requirements and infrastructure.


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