November 11, 04
NEW GOLD DISCOVERY AT BACANGA HEAD PROSPECT, BAMBARI, CENTRAL AFRICAN REPUBLIC
Toronto, Ontario – November 11, 2004, AXMIN Inc. (AXM-TSX Venture) is pleased announce the discovery of a new gold prospect called Bacanga Head at the Passendro project area, Bambari Permits, in the Central African Republic. Core drilling has to date tested a strike length of 300 metres with intercepts including 12 metres at 5.7 g/t Au, 12 metres at 3.7 g/t Au and 22.5 metres at 2.5 g/t Au. The structure is open in all directions. The current geological interpretation indicates that there is sufficient geological continuity to warrant completion of drilling for the purpose of resource definition.
Chief Executive Officer, Dr Jonathan Forster comments "The Bacanga Head prospect is the fourth discovery of gold mineralisation at Passendro, along with French Camp, Katsia and Main Zone, which all lie within a 3 km radius. Our success rate of making new discoveries beneath geochemical soil anomalies remains extremely high, which is very encouraging given the large number of anomalies yet to test both at Passendro and across the other project areas. This work of testing new targets has already commenced."
Observations from 15 core holes at Bacanga Head set on fences mainly 80 metres apart have been interpreted in conjunction with detailed surface mapping. The preliminary geological model suggests that gold mineralisation occurs along several low angle (dipping 35o-45o to the southwest), northwest trending shear zones within folded Banded Ironstone Formation ("BIF"). The mineralised shears occur mainly within a 40 to 60 metre wide zone which to date has been intersected to a vertical depth of 70 metres.
The results from the first seven holes are tabulated as follows:
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) |
PDC 075 |
125.0 |
5000 |
896 |
057 |
-65 |
9.5 |
32.0 |
22.5 |
2.5 |
|
|
|
|
|
including |
9.5 |
17.0 |
7.5 |
4.6 |
|
|
|
|
|
and |
104.0 |
105.5 |
1.5 |
2.0 |
PDC 076 |
102.5 |
5080 |
920 |
057 |
-65 |
3.0 |
5.0 |
2.0 |
4.0 |
|
|
|
|
|
and |
11.0 |
14.0 |
3.0 |
1.9 |
|
|
|
|
|
and |
38.0 |
41.0 |
3.0 |
1.4 |
|
|
|
|
|
and |
53.0 |
59.0 |
6.0 |
2.9 |
PDC077 |
144.5 |
5167 |
995 |
057 |
-65 |
11.0 |
14.0 |
3.0 |
11.4 |
|
|
|
|
|
and |
18.5 |
20.0 |
1.5 |
8.2 |
|
|
|
|
|
and |
57.5 |
69.5 |
12.0 |
5.7 |
|
|
|
|
|
including |
63.5 |
69.5 |
6 |
10.5 |
|
|
|
|
|
and |
86.0 |
87.5 |
1.5 |
5.4 |
|
|
|
|
|
and |
98.0 |
102.5 |
4.5 |
1.5 |
PDC 078 |
113.5 |
5158 |
959 |
057 |
-65 |
3.4 |
7.9 |
4.5 |
3.1 |
|
|
|
|
|
and |
70.9 |
72.4 |
1.5 |
1.6 |
|
|
|
|
|
and |
79.9 |
84.4 |
4.5 |
1.0 |
PDC 080 |
145.5 |
5000 |
960 |
057 |
-65 |
14.1 |
15.6 |
1.5 |
1.6 |
|
|
|
|
|
and |
35.1 |
47.1 |
12.0 |
3.7 |
|
|
|
|
|
and |
53.1 |
54.6 |
1.5 |
2.6 |
|
|
|
|
|
and |
77.1 |
78.6 |
1.5 |
1.6 |
PDC 081 |
151.8 |
4921 |
940 |
057 |
-65 |
47.2 |
51.7 |
4.5 |
1.6 |
|
|
|
|
|
and |
72.7 |
77.2 |
4.5 |
2.0 |
|
|
|
|
|
and |
105.7 |
107.1 |
1.4 |
2.5 |
PDC 082 |
149.0 |
5080 |
982 |
057 |
-65 |
3.6 |
9.6 |
6.0 |
3.9 |
AXMIN has two core rigs and one RC rig operating on the Bambari Permits. Currently one core rig is at Bacanga Head and the second core rig and RC rig are testing two other gold anomalies at Passendro. A second RC rig is scheduled to mobilise to the property from South Africa shortly. Drilling is planned to continue essentially non-stop through to the onset of the wet season in July 2005.
Grade calculations are based on a 0.5 g/t Au lower cut off, with no upper cut using the initial assays received from the laboratory, and will be subject to further quality control assaying. Analytical work is being carried out at the independent OMAC Laboratories Ltd. in Ireland. 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. 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. |
