Jun 1, 2004
RESULTS OF DRILL PROGRAM AT KOFI PROJECT AREA, MALI INCLUDE HIGH GRADE INTERCEPTS
Toronto, Ontario – June 1, 2004, AXMIN Inc. (AXM-TSX Venture) is pleased to report the results from a core drilling program at its Kofi Project Area in Mali which is operating as a joint venture (“JV”) with a subsidiary of Newmont Mining Corporation (NEM-NYSE & ASX; NMC-TSX) (“Newmont”). Follow up drilling beneath previously identified shallow gold resources include results of 31 metres at 11.6 g/t Au, 21 metres at 6.1 g/t Au, 4 metres at 11.8 g/t Au and 55 metres at 1.2 g/t Au.
A reconnaissance 12,000 metre reverse circulation (“RC”) drill program has also been completed as part of the initial US$1 million program funded by Newmont, and will be reported upon shortly once all results are at hand.
A total of 636 metres of core drilling has been completed, with RC drilling used to pre-collar several of the core holes. Four holes, each on fences mainly 80 metres apart undercut gold mineralisation at Kofi SW Zone B and two holes undercut shallow (30 metres vertical depth) gold mineralisation at Kofi SW Zone C. Together Zones B and C, which are about 3 km apart, have previously been estimated from shallow drilling to contain inferred resources totalling 106,000 ounces of gold at a grade of 2.3 g/t Au. The objective of the core drilling was to test the mineralisation to vertical depths of 100 to 130 metres and also provide geological information on the style of, and controls to, gold mineralisation. Kofi SW Zones B and C appear to be extensions to the mineralisation seen at the adjacent Loulo deposit of Randgold Resources Limited where a 200,000 ounce per annum project is under construction, with a resource base of more than 5 million ounces. The full set of drill results are tabled below:
Hole No. |
Total
Depth (m) |
North
Co-ord |
East
Co-ord |
Azimuth
(deg) |
Declin.
(deg) |
From
(m) |
To
(m) |
Interval
(m) |
Grade
(g/t Au)
|
Kofi SW Zone B |
|
|
|
|
|
|
|
|
KWBD 71 |
182.9 |
1456782 |
244621 |
270 |
- 55 |
*35.0 |
56.0 |
21.0 |
6.1 |
|
|
|
|
|
including |
*35.0 |
42.0 |
7.0 |
14.2 |
|
|
|
|
|
and |
62.0 |
65.5 |
3.5 |
1.6 |
KWBD 72 |
220.2 |
1456707 |
244627 |
270 |
- 55 |
98.0 |
107.0 |
9.0 |
1.3 |
|
|
|
|
|
and |
126.0 |
132.0 |
6.0 |
1.5 |
|
|
|
|
|
and |
136.0 |
145.0 |
9.0 |
2.3 |
KWBD 73 |
179.8 |
1456866 |
244630 |
270 |
- 60 |
**0.0 |
55.0 |
55.0 |
1.2 |
KWBD 74 |
92.4 |
1457061 |
244601 |
270 |
- 50 |
80.0 |
82.0 |
2.0 |
6.0 |
|
|
|
|
|
|
|
|
|
|
Kofi SW Zone C |
|
|
|
|
|
|
|
|
KWCD 55 |
119.5 |
1457185 |
242313 |
270 |
- 55 |
8.0 |
13.0 |
5.0 |
5.2 |
|
|
|
|
|
and |
23.0 |
28.0 |
5.0 |
1.1 |
|
|
|
|
|
and |
48.0 |
58.0 |
10.0 |
1.7 |
|
|
|
|
|
and |
68.0 |
71.0 |
3.0 |
4.7 |
|
|
|
|
|
and |
88.0 |
92.0 |
4.0 |
11.8 |
|
|
|
|
|
and |
115.0 |
119.0 |
4.0 |
1.2 |
KWCD 56 |
121.3 |
1457182 |
242352 |
270 |
- 55 |
46.0 |
54.0 |
8.0 |
1.9 |
|
|
|
|
|
and |
82.0 |
113.0 |
31.0 |
11.6 |
* the top 5 metres of the intersection was drilled by RC and sampled as a single 5 metre composite.
** entirely drilled by RC with sampling using 5 metre composites.
Kofi SW Zone C
Gold mineralisation is located within steeply dipping coarse to fine grained greywacke cycles, with local intercalations of tourmaline bearing quartzites. The mineralised zones are characterised by the presence of stockwork and breccia style fractures infilled by quartz, carbonates and chlorite with pyrite both in the fractures and as disseminations through the greywackes. Shallow RC drilling completed during a previous program indicates that mineralisation has a surface expression of some 200 metres strike length. Further drilling will be planned to test extensions to the high grade shoot, both at depth and down plunge with the objective of increasing resources.
Kofi SW Zone B
Although the cyclical greywacke host is similar in appearance to Zone C, the style of mineralisation is different with zones of silica-hematite with disseminated pyrite and arsenopyrite being more commonly developed. Further drilling will be required to confirm the distribution of the multiple zones of mineralisation at depth.
The Kofi Project Area JV is in its first year of activity with a minimum expenditure of US$1 million committed by Newmont. Under the terms of the JV agreement Newmont has the right to earn a 50% interest in AXMIN’s interests in the Kofi Project Area by expenditure of US$5.5 million over a three year period. Once Newmont has earned its initial interest, it may elect to earn a further 25% interest in AXMIN’s interests by carrying AXMIN and its joint venture partners through to completion of a bankable feasibility study.
Grade calculations will be subject to further quality control assaying. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. The core samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Core blanks (5%) are being used to monitor laboratory performance during first pass analysis. A full QA/QC program will be coordinated on 20% of all >500 ppb samples at the end of the program and will include 5% blanks, standards and duplicates. Where 5 metre composite samples have been collected from RC drilling, further sampling will be conducted at 1 metre intervals. This press release has been reviewed by an in-house qualified person, Dr. Jonathan Forster, Fellow of the Institute of Materials, Mining and Metallurgy (“IMMM”).
AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa.
For more information regarding AXMIN visit our website at www.axmininc.com.
|
