Axiom Mining intersects copper and gold at Cardross

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THE DRILL SERGEANT: Axiom Mining (ASX: AVQ) has received assays from 99 air track percussion holes drilled by Solomons Copper Australia on the company’s 100 per cent-owned Cardross Mining Lease in North Queensland.

According to Axiom the drilling encountered gold and copper within shallow oxide mineralisation zone overlying massive sulphide zones the company recently discovered during a 2012 drilling program.

Copper highlights from the recent drilling include:

–    19 metres at 1.17 per cent copper from 3 metres;

–     18m at 0.74 per cent copper from 6.5m; and

–    11m at 1.21 per cent copper from 4.75m.
 
Gold highlights include:

–    7m at 1.67 grams per tonne gold from 6.5m;

–    2m at 4.81g/t gold from 3m;

–    4m at 1.60g/t gold from 13.5m; and

–    4m at 1.66g/t gold from 6.5m.

Axiom said 51 of the 99 shallow airtrack drill holes conducted by Solomon Copper had returned mineralised copper-gold intersects.

 

Cardross ML 20003 – Solomons Copper’s significant intersections – Drill collar locations. Source: Company announcement

“These results complement Axiom’s 2012 drilling and the information gained through geological logging will add to a maiden Resource Estimate expected this year on the Cardross Mining Lease,” Axiom Mining said in its ASX announcement.

Axiom’s current agreement with Solomons Copper is restricted to mining of the oxide zone of the Cardross Lease.

However, Axiom considers recent activity has demonstrated evidence of substantial value deeper in the massive sulphide zone as well as on some of the company’s other prospects including the Mountain Maid Resource.

The company indicated it is now in further negotiations with Solomons Copper regarding possible future mining operations on Cardross and Axiom’s other prospects.

“Solomons Copper Australia has requested to amend the agreement to provide for a greater area of the project,” Axiom said.

“This is to enable greater resources allocated to accelerate assessment of the viability of a satellite mining operation.

“Axiom has agreed to a time extension to negotiate amending the agreement. Currently no mining is occurring until an amended agreement is reached.”