Holding seven Mining Leases and one Exploration Permit for Minerals, Axiom continues to review its position in respect of these tenements, particularly with recent copper and gold price increases. A renewal application over Cardross ML 20003 has been lodged with the Queensland Government’s Department of Natural Resources, Mines and Energy for a further three year period and is being processed. This aligns with our exploration strategy of building a portfolio of highly prospective tenements at various stages in the development pipeline.
Principal mineral projects
Cardross Copper Gold Silver Project
In 2014, Axiom undertook a review of our North Queensland tenements and evaluated exploration priorities with regards to other assets in our portfolio. Axiom remains confident of the potential of the Cardross Project following a review and peer assessment of the Mountain Maid intrusive gold system undertaken in 2013.
The review highlighted significant under-explored areas that are interpreted to be the preferred zones for gold mineralisation. These areas include Callaghan Springs, Spaniard, Split Rock and Split Rock East prospects.
OK Mines Project
The OK Mining leases are located approximately 170 km west of Cairns and 120 km south of Laura on the southern side of the Mitchell River in North Queensland.
A total of 5,372 metres of diamond and RC drilling was completed on the OK Mines property between 2007 and 2010. This drilling intersected zones of economically significant massive sulphide (pyrite-chalcopyrite-sphalerite) with intervals of moderate to high grade copper zinc typical of volcanogenic massive sulphide (VMS) deposits. Best results were obtained from the area close to the OK Mines historic mine workings.
- 4 m of 4.7% Cu from 431 m (OK06DD01)
- 9 m of 4.2 % Cu, 2.6% Zn, 1.49 g/t Au, 17g/t Ag from 160 m (OK06DD03)
- 4 m of 2.64% Cu, 3.81% Zn, 1.59 g/t Au, 21.6 g/t Ag from 42 m (OK07DD13)
- 2 m of 2.95% Cu, 1.69% Zn, 0.96 g/t Au, 20.4% Ag from 65 m (OK07DD14)
- 4 m of 5.91% Cu, 3.64% Zn, 0.55 g/t Au, 13.6 g/t Ag from 140 m (OK07DD18).
Mt Molloy Copper Zinc Project
During 2010, a geological mapping and soil sampling campaign and additional five diamond drill holes were completed on the Mt Molloy ML and surrounding EPM 12998. The program of 1,025 m of drilling was designed to test for proximal extension of high grade VMS copper zinc mineralisation down plunge from the historic mine workings. The best result was obtained in drill hole MM07DD03 with a wide intercept of 43m @ 0.4% Cu and 0.23% Zn from 30 m, which included 6 m @ 1.1% Cu and 0.22% Zn from 64 m. Holes MM07DD04 and MM07DD05 also had several zones up to 6 m wide of similar low tenor copper and/or zinc that appear to represent the same mineralised horizon. Drill holes MM07DD01 and 02 failed to intersect significant mineralisation.
It is now believed that the lode is displaced down and to the west by faulting at the north end and MM07DD01 failed to achieve the target. It is also believed that MM07DD02, the deepest hole, either drilled under the plunge of the lode or was also limited by faulting. Soil sampling shows strongly anomalous levels of copper and zinc extending from the historic Mt Molloy mine workings for over 200m to the northwest. The anomaly remains open and when fully closed off provides a new drilling target. A discrete gold-in-soil and rock chip anomaly also was found to occur 100 m to the south-southeast of the mine workings, presenting another drilling target.
Updated May 2018