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Sep 20, 2006

Drilling targets delineated from adit and soil sampling at sosso polipo project, car

Toronto, Ontario – Sep 20, 2006, AXMIN Inc. (AXM-TSX Venture) is pleased to announce the results of the underground adit and soil sampling program at its wholly owned 1,000 sq km Sosso Polipo Exploration Permit, located in the southwest of the Central African Republic where 125,000 oz of gold was produced during the Colonial period. AXMIN now plans a systematic drill program to test the stockwork vein system at the Senguele prospect to a depth of up to 100 metres beneath the soil anomalies and around the areas sampled by AXMIN and previously by the French. Plans to mobilize the Company’s man portable core rig to site in October are underway.

 

AXMIN reopened the historical underground workings at the Senguele prospect originally driven by the French between 1937 and 1951, the program discovered a system of adits, shafts and crosscuts estimated to total 3,000 metres and extend to a depth of up to 50 metres. Many of these adits were driven along veins and not suitable for systematic sampling of the interpreted stockwork vein system. The current program mapped and chip-channel sampled a total of 230 metres along sections of three underground adits and outlined a zone of gold mineralisation 50 metres grading 2.9 g/t Au (Adit # 5) within a stockwork of quartz veins hosted by phyllitic sediments. Two generations of quartz veining have been identified within the Senguele prospect but only the second generation (Type II), larger scale, milky-white quartz veins, are mineralised. Individual Type II quartz veins vary in thickness from 5 cm to 1 metre and have been grab sampled yielding values up to 45 g/t Au and include 5 grab samples with values in excess of 10 g/t Au. Type II quartz veins follow northwest dipping fractures and sub-horizontal bedding surfaces thus AXMIN will carry out a core drilling program to determine the true widths and depth extent of these mineralised quartz stockworks.

In addition, AXMIN also completed a soil sampling program at Sosso covering a 20 sq km area centred on the Senguele prospect. Three sub-parallel gold in soil anomalies (25 ppb Au) have been delineated trending north-northeast with strike lengths of 1,000 metres, 450 metres and 440 metres within a broad zone measuring 2.4 km wide (east-west) by 1.4 km long (north-south). The area of underground tunneling lies within one on these soils anomalies (which measures 450 metre by 400 metre wide) in the upper Senguele stream. (See attached map)

A summary of the adit sampling is represented in the table below:

 

Adit No.

Type of Sample

From

(m)

To

(m)

Interval

(m)

Attitude

Grade

(g/t Au)

2

Chip-channel

15.0

25.0

10.0

Horizontal

0.3

2

Grab

10.0

 

 

 

2.0

2

Grab

55.0

 

 

 

0.6

2

Grab

55.0

 

 

 

10.6

2

Grab

70.0

 

 

 

0.3

2A

Chip-channel

30.0

40.0

10.0

Horizontal

0.3

2A

Chip-channel

45.0

50.0

5.0

Horizontal

0.6

2A

Chip-channel

22.5

 

 

Vertical

0.2

2A

Chip-channel

32.5

 

 

Vertical

0.3

2A

Chip-channel

37.5

 

 

Vertical

3.6

2A

Chip-channel

47.5

 

 

Vertical

1.2

2A

Grab

46.0

 

 

 

22.2

5

Chip-channel

20.0

70.0

50.0

Horizontal

2.9

 

including

30.0

45.0

15.0

Horizontal

7.2

5

Chip-channel

22.5

 

 

Vertical

0.7

5

Chip-channel

27.5

 

 

Vertical

1.7

5

Chip-channel

32.5

 

 

Vertical

2.1

5

Chip-channel

37.0

 

 

Vertical

1.0

5

Chip-channel

42.5

 

 

Vertical

1.0

5

Chip-channel

62.5

 

 

Vertical

0.6

5

Chip-channel

62.5

 

 

Vertical

0.7

5

Grab

28.0

 

 

 

1.9

5

Grab

28.0

 

 

 

6.7

5

Grab

38.0

 

 

 

11.9

5

Grab

54.0

 

 

 

45.3

5

Grab

55.0

 

 

 

8.6

5

Grab

58.0

 

 

 

15.0

5

Grab

63.0

 

 

 

31.5

5

Grab

63.0

 

 

 

6.2

5

Grab

67.0

 

 

 

15.7

6

Chip-channel

10.0

15.0

5.0

Horizontal

1.8

6

Chip-channel

15.0

20.0

5.0

Horizontal

0.7

6

Chip-channel

17.5

 

 

Vertical

2.9

6

Grab

10.0

 

 

 

4.0

6

Grab

15.0

 

 

 

1.2

6

Grab

24.0

 

 

 

1.9

 

Gold was discovered at Sosso in 1931 and mining by the West Oubangui Mining Company (CMMO) between 1932 and 1950 yielded some 125,000 oz of gold from rich but short train alluvial deposits located in two main camps the Sosso camp within the Senguele and Bakiri stream and the Polipo camp within the Polipo and Belikoro streams. According to old reports the Sosso-Polipo zone is underlain by Proterozoic quartzites and schists and is cross cut by at least four parallel fracture zones, trending north to south, which host gold mineralised quartz veins and stockworks. These quartz vein systems have a maximum length of 1,000 metre with maximum widths of 150 metre wide and cut across all mineralised drainages in both former mining camps and have produced widespread quartz rubble stonelines and coarse quartz gravels in drainages.

Exploration for primary sources by the CMMO and BUMIFON between 1937 and 1951 yielded encouraging but variable grades for quartz vein materials: crushed quartz veins yielded 4 to 12 g/t (1937); chip-channel sampling yielded 3.3 to 4.2 g/t and a 40 tonne bulk sample yielded a grade of 4 g/t (1943); and 20 tonnes of crushed quartz vein material yielded a grade of 34.9 g/t (1947).

Each of the three adits were sampled at 5 metre intervals horizontally and at the mid-point of each 5 metre sample a vertical chip-channel sample was also taken varying in length up to 2 metres in the adit wall. Analytical work is being carried out at the independent OMAC Laboratories Ltd. in Ireland. The samples are subject to a full sample preparation of 1kg of -2mm crushed sample followed by a 50 gram fire assay with an AA finish. Blanks (5%), pulp duplicates (5%) and a suite of Geostats standard reference material (5%) are being used to monitor sample preparation and laboratory performance during first pass analysis. Further QA/QC work is carried out on a quarterly basis. This comprises check assaying 20% of all >500 ppb samples using prepped pulp reject samples at OMAC and a second laboratory. Check assay batches are also routinely monitored using 5% blanks, standards and pulp duplicates. This press release has been reviewed by in-house qualified person Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.

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 .

Safe Harbour Statement

Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where AXMIN is conducting business and/or investor relations. Forward-looking statements, include, but are not limited to those with respect to the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future success of exploration activities, AXMIN’s hedging practices, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risk, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities. Although AXMIN has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.

# # #

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.



For additional information please contact AXMIN Inc.:

 

Jon Forster

Judith Webster

Chief Executive Officer

Manager – Investor Relations

AXMIN Inc.

AXMIN Inc.

Tel: +44 (0)1233 665600 (UK)

Tel: +1 416 368 0993 (Canada)

Fax: +44 (0)1233 643728 (UK)

E-mail: ir@axmininc.com