AXMIN Signs Drilling Contract for Initial 5,000 Metre Program; Satellite Image Study Commissioned in Q2 2011 Delineates New T...
02 November 2011 - 12:54AM
Marketwired
AXMIN Inc. (TSX VENTURE:AXM) ("AXMIN" or the "Company") is pleased
to announce its wholly-owned subsidiary in the Central African
Republic ("CAR") has signed a drill contract with Compagnie Geofor
Afrique of Cameroon for an initial 5,000 metre drill program. The
core rig is being mobilized to site from Douala, Cameroon and AXMIN
expects to begin the program in 4Q 2011. In addition, results from
a comprehensive litho-structural study via satellite image analysis
over the Company's wholly-owned 1,270 sq km gold exploration and
mining permits delineated several regions, previously unexplored,
along the Bambari belt that display geological conditions analogous
to those hosting the Passendro gold deposits (see map below). AXMIN
plans to further explore these areas on the ground and it is
expected that they will generate drill targets to be tested in the
first half of 2012.
President and CEO of AXMIN, Mr. George Roach, comments, "The
funds AXMIN received from the partial divestiture of its Sierra
Leone assets helped the Company to continue to focus its resources
towards exploration at the Passendro Gold Project in CAR as well as
the finalization of the debt facility negotiations. We are
particularly encouraged by the latest Satellite Image Analysis that
reinforces our belief that Passendro is not the only deposit along
the 90 km Bambari greenstone belt that AXMIN controls but rather
indicates that we are dealing with a gold district with the
potential to be as prospective as the neighbouring belts in the DRC
and Tanzania.
Our priority with the first 5,000 metre phase of drilling is to
expand our reserve and resource base at Passendro. With focused
drilling on data gaps, we hope to close out open-ended
mineralisation and mineralised targets, potentially simplifying and
combining open pits. It is our goal to ensure that the first
three-year production rate of 205,000 ounces per annum at a cash
cost of US$437/oz (see news release dated January 31, 2011), will
be maintained for the life of the mine."
VIASAT - Satellite Image Analysis
The study was completed by VIASAT GeoTechnologies Inc. of
Montreal, Canada. The objective of the study was to identify areas
that display geological conditions that are similar to those
hosting the Passendro gold deposits that were previously unexplored
or underexplored by AXMIN. With the difficulty of access to parts
of the permits, remote sensing methods allow for a rapid
prioritisation of target areas and thus acceleration of the
exploration process. These new areas are in addition to the known
gold targets that AXMIN's previous exploration work has identified
and will also be subject to drilling in the future.
The satellite image study was based on structural and
lithological interpretations using Landsat 7 satellite imagery as
well as the higher resolution (5 m) RapidEye images, and the
Shuttle Radar Topography Mission digital elevation model.
Previously acquired data (airborne magnetic survey, geological
mapping, and soil geochemistry) were integrated with the satellite
imagery to assist interpretation.
The study has improved AXMIN's understanding of the structure of
the Bambari greenstone belt; and, in particular, it has traced
extensions to major features (such as the Katsia Fault) with known
association to gold mineralisation. Using spectral band analysis to
resolve major lithological contrasts, a banded ironstone formation
("BIF") signature was recognised that suggests its presence in
areas where it had not previously been mapped. This is noteworthy
since BIF is known to be intimately associated with gold
mineralisation in the Passendro area.
The satellite image study has highlighted a number of locations
on AXMIN's permit area (see Figure 1) with strong gold potential
that remain substantially or totally unexplored. There are
additional areas where the image data is not as definitive but
which also warrant examination. The most promising areas are:
-- Probable BIFs previously undocumented in the far north of the permit
where geological mapping and airborne magnetic coverage are incomplete.
This region (75 km2) is bounded by two thrust faults in the style of the
Katsia Fault and extensive artisanal alluvial gold mining is reported
-- Two areas (total 100 km2) in the north central part of the permit with
limited soil geochemistry coverage. They are transected by two major
thrust faults parallel to and west of the Katsia Fault. Flexures on the
two faults, together with a high fracture density, may represent zones
of enhanced permeability for mineralising fluids
-- An area (35 km2) located in the central part of the permit some 15 km
southeast of the Passendro deposits. The area contains soil geochemical
anomalies that have only partially been tested. This region is
favourably located on splays from the Katsia Fault.
This press release has been reviewed by an in-house qualified
person, Francois Auclair, M.Sc., AXMIN VP Exploration, Member of
the Ordre des Geologues du Quebec and Fellow of the Geological
Association of Canada, Qualified Person under the National
Instrument 43-101.
About AXMIN
AXMIN is a Canadian exploration and development company with a
strong focus on central and West Africa. AXMIN is positioned to
grow in value as it progresses its Passendro Gold Project towards
development and builds on its project pipeline focusing on
transitioning from an explorer to producer. For more information
regarding AXMIN visit our website at www.axmininc.com.
This press release includes certain "Forward-Looking
Statements." All statements, other than statements of historical
fact included herein, including without limitation, statements
regarding future plans and objectives of AXMIN; and statements
regarding the ability to develop and achieve production at
Passendro, to revalidate the BFS and to satisfy the terms of the
Mining Licence as negotiated, are forward-looking statements that
involve various risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
AXMIN's expectations have been disclosed under the heading "Risk
Factors" and elsewhere in AXMIN's documents filed from time-to-time
with the TSX Venture Exchange and other regulatory authorities.
AXMIN disclaims any intention or obligation to update or revise any
forward-looking statements whether resulting from new information,
future events or otherwise, except as required by applicable
law.
To view the Map associated with this press release, please visit
the following link:
http://media3.marketwire.com/docs/BambariBelt.pdf.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: AXMIN Inc. George Roach President & CEO Direct T:
+44 779 626 3999 AXMIN Inc. Judy Webster Manager Investor Relations
416 368 0993 ext 221ir@axmininc.comwww.axmininc.com
AXMIN (TSXV:AXM)
Historical Stock Chart
From Apr 2024 to May 2024
AXMIN (TSXV:AXM)
Historical Stock Chart
From May 2023 to May 2024