Additional High Grade Copper-Gold Results Confirm Massive Sulphide Mineralisation at Cardross

Transcription

1 ASX / Media Release 29 October 2012 Additional High Grade Copper-Gold Results Confirm Massive Sulphide Mineralisation at Cardross HIGHLIGHTS High grade copper-gold intersections in massive sulphide along strike and at shallow depths. High grade diamond drilling intersections include: % Cu, 0.73 g/t Au and 34.5 g/t Ag from 39.4m % Cu, 0.24 g/t Au, and 17.1 g/t Ag from 45.5m % Cu, 0.12 g/t Au and 21.6 g/t Ag from 28.1m % Cu, 0.43 g/t Au and 36.9 g/t Ag from 52.3m High grade reverse circulation drilling intersections include: % Cu, 0.19 g/t Au, and 30.0 g/t Ag from 47m % Cu, 0.02 g/t Au and 13.5 g/t Ag from 110m Additionally 101 blast holes have been completed on Cardross by Solomons Copper Pty Ltd. Initial hand held XRF analysis suggests anomalous copper results with subsequent laboratory analysis underway assays due shortly. Axiom Mining Limited ( Axiom or the Company ) is pleased to announce additional high grade copper intercepts from the remainder of its 2012 diamond and reverse circulation drilling on its 100% owned Cardross Mining Lease. Drilling confirms the mineralised zones are plunging shallowly in the Cardross system. This is a significant finding suggesting that the mineralisation is at shallow depths which correlates with the Company s 2011 and 2012 drilling results (Figure 1). Metallurgical testing is currently underway which will provide the general leaching and flotation characteristics of the Cardross mineralisation. This information will be utilised in a maiden Resource Calculation. This final round of drilling in 2012 represents a significant milestone in the project with 75% of holes drilled this year by Axiom intersecting significant copper-gold mineralisation within the Project. Solomons Copper Pty Ltd Exploration on Cardross: Further to ASX announcement on 29 August 2012, Solomons Copper has completed its initial blast hole drilling program representing a total of 101 holes for 2291 metres across 8 lines, targeting copper oxide zones in the Chieftan area on the northern end of the mining lease and gold-copper mineralisation on the southern end (Figure 2). Laboratory assaying has commenced with assays pending. ENDS Axiom Mining Limited ARBN Level 11, 1 Chifley Square, Sydney, NSW 2000, Australia T: / F: /

2 Table 1 - Significant intercepts from the recent diamond and reverse circulation drilling Hole ID CA12DD01 CA12DD04 CA12DD05 CA12DD06 CA12RC08 CA12RC09 CA12RC10 From To Width Cu (%) Au (g/t) Ag (g/t) Inc Inc Inc Inc Inc Inc Inc Table 2 - Drill hole collar table Hole ID East North RL Declination Azimuth Total Depth CA12DD CA12DD CA12DD CA12DD CA12DD CA12DD CA12RC CA12RC CA12RC Notes to accompany Tables 1 and 2 1. Collar Northing, Easting and Azimuth are all in GDA94 Grid Coordinates 2. Location of all drill holes were determined using a handheld GPS achieving ±4m accuracy 3. Collar RL is relative to AHD, Collar Coordinates may vary upon final survey 4. Intervals are all down hole length 5. Intersections are reported as down hole widths, not true widths 6. Analysis by 50g fire assay with AA finish 7. Standard Quality Control/Quality Assurance was implemented during the sampling, including the use of standards, duplicate and blank samples. All were found to be within acceptable limits 8. Significant intersections are greater than 0.5% Cu 9. g/t Au-gold grams/tonne, ppm Ag-silver parts per million, Cu %-copper percentage 2

3 Figure 1 - Cardross project significant intersection summary 3

4 Figure 2 - Cardross Project blast hole collar locations 4

5 About Axiom Mining Limited Axiom Mining Limited holds an 80% interest in the world class Isabel nickel deposit in the Solomon Islands, 100% in the Arosi gold-silver project in Makira Province, 93% in the Itina gold-copper project on Guadalcanal. It also owns 80% of the Quang Tri gold project in Vietnam and 100% of highly prospective gold, silver and copper tenements in North Queensland, Australia. The company is listed on the ASX and operates in Australia, Solomon Islands and Vietnam. For more information on Axiom Mining and details of our Solomon Islands, Vietnamese and Australian projects, please refer to the company website at: Disclaimer Statements in this document that are forward-looking and involve numerous risks and uncertainties that could cause actual results to differ materially from expected results are based on the Company s current beliefs and assumptions regarding a large number of factors affecting its business. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or their extent or likely impact; (ii) the publicly available information with respect to these factors on which the Company s analysis is based is complete or accurate; (iii) the Company s analysis is correct; or (iv) the Company s strategy, which is based in part on this analysis, will be successful. Competent Person's Statement Geological information presented in this document is based on exploration results compiled by Mr Eamonn Dare. Mr Dare is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the styles of mineralisation and types of deposits under consideration and to the activity, which he is undertaking to qualify as Competent Person in accordance with Clause 8 of the JORC Code. Mr Dare is a full time employee of Axiom Mining Ltd and consents to inclusion in this document of the matters based on his information in the form and context in which it appears. 5