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Axiom Mining Limited (ASX:AVQ), an advanced mining exploration company from the metals and mining sector, has announced its excellent drilling results at San Jorge Island, Isabel Nickel Project. The results of first-grade control drilling for the planned shipment of nickel ore have arrived. The drilling resulted in the discovery of excellent grades of saprolite which strengthened the potential of San Jorge. The drilling led to the discovery of consistent high grade of iron (Fe) in the limonite which was above the higher nickel (Ni) grade saprolite. The results greatly assisted the marketing of the deposit to Asia/Pacific nickel ore consumers of the company.
Mr Ryan Mount who is the CEO of Axiom Mining Limited stated that the results obtained had satisfied those with which the company has entered financing and off-take agreements. He also highlighted that the Axiomâs team had done an exceptional job in tough situations and was successful in delivering a quality product into the market. With these results, he claimed that Axiom and the Solomon Islands would soon be making a mark into the nickel industry.
The average target product for shipment consists of approximately 1.55% of Nickel from Saprolite. It also includes approximately 48% of iron and 0.9% of nickel from overlying Hi Fe Limonite. The recent drilling results came across significant intercepts of saprolite & overlying Hi Fe limonite.
At drill hole SJ-188, from the previous drilling of Saprolite of 6.2m another drilling of 6.8m resulted in 1.62% of nickel. From the same hole, from the last drilling through Hi Fe Limonite of 1.3m, further drilling of 3.9m resulted in 49.5% of iron and 0.75% of nickel.
At drill hole SJ-202, from the previous drilling of Saprolite of 10.4m another drilling of 7.8m resulted in 2.00% nickel. From the same hole, from the last drilling through Hi Fe Limonite of 1.3m, further drilling of 3.9m resulted in 49.9% of iron and 0.78% of nickel.
At drill hole SJ-162, from the previous drilling of Saprolite of 6.1m another drilling of 5.8m resulted in 1.70% nickel. From the same hole, the drilling of Hi Fe Limonite of 2m resulted in 48.4% of iron and 0.67% of nickel.
At drill hole SJ-254, from the previous drilling of Saprolite of 5.3m another drilling of 4.7m resulted in 1.78% nickel. From the same hole, from the last drilling through Hi Fe Limonite of 2m, further drilling of 3.3m resulted in 48.7% of iron and 0.92% of nickel.
At drill hole SJ-163, from the previous drilling of Saprolite of 9m another drilling of 4.2m resulted in 1.66% nickel. From the same hole, from the last drilling through Hi Fe Limonite of 1.3m, further drilling of 3.9m resulted in 49.7% of iron and 0.97% of nickel.
At drill hole SJ-186, from the previous drilling of Saprolite of 7.8m another drilling of 3.9m resulted in 1.77% nickel. From the same hole, from the last drilling through Hi Fe Limonite of 1.3m, further drilling of 3.9m resulted in 49.0% of iron and 0.93% of nickel.
At drill hole SJ-164, from the previous drilling of Saprolite of 5.7m another drilling of 3.6m resulted in 1.86% nickel. From the same hole, from the last drilling through Hi Fe Limonite of 1.3m, further drilling of 3.9m resulted in 49.2% of iron and 0.99% of nickel.
At drill hole SJ-165, from the previous drilling of Saprolite of 8.3m another drilling of 3.9m resulted in 1.62% nickel. From the same hole, from the last drilling through Hi Fe Limonite of 1.3m, further drilling of 6.5m resulted in 50.3% of iron and 0.96% of nickel.
At drill hole SJ-259, from the previous drilling of Saprolite of 9m another drilling of 3m resulted in 1.91% nickel. From the same hole, from the last drilling through Hi Fe Limonite of 3.0m, further drilling of 2.0m resulted in 48.4% of iron and 1.04% of nickel.
At drill hole SJ-258, from the previous drilling of Saprolite of 7.7m another drilling of 3.3m resulted in 1.69% nickel. From the same hole, from the last drilling through Hi Fe Limonite of 4.0m, further drilling of 3.7m resulted in 49.9% of iron and 1.07% of nickel.
In the last six months, the stock has generated a negative return of 35.65%. At present, the stock is trading at A$0.08 (AEST: 3:41 pm, 19 February 2019), up by 8.108% as compared to previous trading dayâs closing price, with the market capitalization of A$36.59 million with approximately 494.52 million outstanding shares.
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