Page 20 - Axiom Mining Limited 2012 Annual Report

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Axiom Mining Limited
Review of Projects – Solomon Islands
3. The Itina Project on Guadalcanal
The Itina Project was acquired in July 2012 and
covers a substantial area of 554km
on the island of
Guadacanal. The tenements within the Itina Project
are adjacent to the world-class Gold Ridge Mine.
Activities completed to date include: reconnaissance
geology, camp construction, theoretical geological
exploration modelling and rock chip and soil sampling.
Importantly, the theoretical geological exploration
model completed for the project has the same
characteristics as the mineralisation of the nearby
Gold Ridge Mine. Similarities include:
Epithermal, low sulphide, gold mineralisation
hosted in the Suta Volcanics and Breccias
Mineralisation focused on fault jogs associated with
the Malengo fault zone (a major structural control
within the Gold Ridge mineralised system)
Potential porphyry copper mineralisation
associated with zones of intense argillaceous and
silica sericite alteration
Handheld XRF analysis of rock chips has produced
grades of up to 14 g/t Au. Rock chip samples were
analysed by Fire Assay during the reconnaissance
geology phase for other metals, with up to 9.4 ppm Ag,
375 ppm Pb and 4771 ppm Zn.
Limited pathfinder assaying has indicated that
three of the samples returned greater than 10 ppm
molybdenum (maximum 24.7 ppm Mo). Although early
in the exploration phase, these results, particularly
the molybdenum pathfinding result, supports the low
sulphidation epithermal porphyry theory.
1 Neall. V.E., Trewick.S.A. 2008. The age and origin of
the Pacific islands: a geological overview, Philosophical
Transactions of the Royal Society of Biological Sciences.
2. The Arosi Project on Makira Island
Axiom was granted a Prospecting Licence for the
Arosi Project on 12 June 2012. The project area covers
of land on the Makira Island.
Work completed by Axiom to date on the Arosi
project, includes theoretical geological modelling,
reconnaissance geology, camp construction, rock chip
and soil sampling.
Field reconnaissance has confirmed the presence of
a caldera – this is typically favourable to gold and
copper occurrences.
Rock chip samples were collected and analysed by
Fire Assay during the reconnaissance geology phase.
To date, the highest grades attained are 0.58 g/t Au,
2.1% Cu, 316 ppm Pb and 3.85% Zn.
These signatures provide evidence of a potential
polymetallic volcanic-hosted massive sulphide (VHMS)
deposit occurring within the Arosi tenement – that is,
Pb-Ag-Zn leaching from the surrounding oceanic and
volcanic sediments and the Cu-Au metal being sourced
from a deep plume associated with the magnetite-rich
microgranite host.
XRF analysers are now being utilised to efficiently
test the vast land mass.
Rock chip sample from Arosi