Review of Operations

Principal projects

Principal Projects

Quang Tri gold project

The Quang Tri gold project is located within the prospective Truong Son Fold Belt (TSFB) – an area of mineralization that plays host to a multitude of world-class goldcopper-silver deposits, including Sepon (2.1Mt Cu, 4.8Moz Au), Phu Bia (1.6Mt Cu, 4.5Moz Au, 34Moz Ag) and the producing gold mines of Phuoc Son and Bong Mieu.

Detailed structural relogging of the previous diamond drill core combined with geological traversing laterally away from the previously identified quartz vein systems as well as in areas of alluvial mining, has identified a suite of reactive, strongly deformed and weakly veined sedimentary units. These graphitic slates and shales are also strongly pyritic and variably altered; raising the possibility of the potential for classic sedimentary hosted mineralisation such as the Carlin deposit in America.

The Company is currently exploring and evaluating three primary targets for economic gold mineralization – the Me Xi Prospect, the Xa Loi Prospect and the Khe Fia Prospect.

Me Xi Prospect
The Me Xi Prospect is located in the central portion of the Quang Tri tennement. Gold mineralisation, with coincident anomalous arsenic and controlled by east-west trending shears, has developed in the Ordovician-Silurian aged sedimentary rock package based on the work done so far. The major shear zone identified to date is approximately 500m in strike length and varies between one and five metres in width. The highest gold grade encountered to date is 82.6 g/t Au from quartz sulphide vein material. Trenching returned positive results, including 51m @ 0.93 g/t Au and 9m @ 1.61 g/t Au, representing a continuous zone of gold mineralization. Five diamond holes totaling 546 metres, with two holes intersecting a mineralised zone:

  • 1.00m @ 1.57 g/t Au from 95m (LK4-MX)
  • 1.00m @ 2.04 g/t Au from 56m (LK11-MX)

Xa Loi Prospect
The Xa Loi Prospect is located immediately to the west of the Me Xi Prospect. Previous investigation by the General Department of Geology and Minerals, together with further exploration by Axiom, have identified two parallel gold mineralised zones, varying from 300-500 metres in length and 3-7 metres in width and sheared and altered sandstone. High-grade gold results, from rock chips targeting the gold mineralized zone, returned up to 16.2 g/t Au.

The mineralised zones at Xa Loi display slightly different characteristics to those at Me Xi. Notably, there is a greater concentration of quartz sulphide veins and the veins contain higher sulphide content. There are also a higher proportion of graphitic shales within the host sediments – this reflects a significant change in the structural environment that hosts the mineralisation.

Khe Fia Prospect
The Khe Fia Prospect is located east of the Me Xi Prospect. Work to date has delineated a strong multi-element anomaly at Khe Fia North extending over 1800 metres long and up to 500 metres wide along a distinctive ridge line and is not yet closed off to the east. This anomaly has no known quartz veining, artisanal workings or previous geochemistry and is stronger than the anomalies generated over the existing prospects. Rock chip samples have assayed up to 8.36 g/t Au.

Quang Binh gold project

The Quang Binh project area is located within the Quang Binh province in North Central Coast of Vietnam. the project area is approximately 35 kilometres east of the world class Sepon gold and copper mines in Laos within the same geological and structural basin as Sepon.

Former company, VRC QB has drilled 58 diamond drill holes since 2006 that confirm there are predominantly two types of precious metal mineralisation present in the Quang Binh project area: high-grade sediment-hosted replacement style gold-silver and bulk tonnage porphyry-style gold zones. Both styles of mineralisation have been drilled at the Xa Khia - Mu Me prospect and are amenable to open pit mining. Wide intercepts of gold with significant silver credits were found to be present along the entire length of the XK-MM prospect in a north dipping zone up to 40 metres in width.

High-grade or bonanza grade precious metal bodies occur within the broader porphyry style mineralisation. Examples of this type of deposit were produced in drill hole XK15 with a 10 metres intercept containing 6.1 g/t Au and 130.8 g/t Ag or XK29 with 3m of 10.98 g/t Au and 584.1 g/t Ag.

Typically, the more widespread porphyry style is represented by long intercepts such as in XK41 with 19m averaging 0.71 g/t Au and 1.3 g/t Ag or XK45 with 24m averaging 0.68 g/t Au and 0.2 g/t Ag. The geological target along the1500m of strike where exploration drilling has taken place to date, is estimated at up to 1.8 million ounces of gold.

Currently, Axiom Mining is working towards granting an Exploration Licence to obtain the technical data required for a formal application for a Mining Licence.

Competent Person's statement

Geological information presented in this document is based on exploration results compiled by Mr Le Van Hai. Mr Hai 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 Hai 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.

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