Page 29 - Axiom Mining Limited 2012 Annual Report

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2012 Annual Report
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.
Of the 99 shallow airtrack drill holes, 51 returned
mineralised copper-gold intersects. The shallow drill
holes also assisted Axiom to interpret the sulphide
mineralisation and establish the base of oxidation
throughout the Cardross ML – this will provide
additional information for progressing towards
a Resource Estimate.
Advancing other projects within the
Chillagoe region
The Chillagoe region of North Queensland is well
known for the extensive and prolific deposits of
copper, gold, and silver of the Silurian to Permo-
Carboniferous age.
Axiom’s tenement package lies within the Proterozoic
Dargalong Inlier, west of the major north-west
trending Palmerville Fault System at Chillagoe,
North Queensland. Proterozoic muscovite schist and
gneiss are the oldest rocks in the area and occur
throughout the tenements. These metamorphic rocks
are extensively intruded by both Late Ordovician
to Early Silurian granite systems and later Permo-
Carboniferous felsic dykes. This provides a favourable
setting for economic mineralisation.
The principal targets that Axiom has identified within
the tenement package are prospective for both gold-
hosted intrusive granite systems (Mountain Maid) and
shear-hosted copper-gold-silver in the metamorphics
(Cardross). There is also strong potential for epithermal-
style gold, associated with altered porphyritic
intrusives and dyke swarms (Porphyry).
Furthermore, Axiom is well placed with additional
advanced projects to the north and east of Chillagoe.
These projects at OK Mines and Mount Molloy are
targeting massive sulphide deposits, hosted in
basaltic sequences.
The Company has been advancing additional projects
within the Chillagoe region, as well as evaluating
other opportunities in the northern regions of
Australia. Axiom maintains exploration in Australia
as an ongoing focus and has conducted a review and
standardisation of past exploration data from many
areas. Axiom has also submitted a new application to
consolidate all of the Exploration Leases into a new
single EPM.
Plans for 2013
Our advanced project planning for the 2013 field season
is focused on:
Progression of the detailed geological, assaying,
metallurgical and engineering data on the Cardross
Project to generate a maiden Resource Statement
Drill testing of extensions to the higher grade
zones at Mountain Maid, as well as additional
scoping studies
Comprehensive ongoing evaluation of all current
Axiom exploration tenures utilising the XRF
analysers, geophysical data and geological mapping
– extensions to areas of known mineralisation such
as Mountain Maid, Split Rock and Cardross will be
initially targeted, followed by systematic testing of
all other prospects
Approaching the cost-effective acquisition of
other high-value, prospective exploration projects
– both through in-house development and/or via
strategic alliances