(MENAFN- ProactiveInvestors)
's (ASX:AVQ) latest drilling has intersected more high-grade near-surface nickel at the Isabel Nickel Project in the Solomon Islands.
Axiom shares have been on a tear of late more than doubling since March 2015 to $0.36.
Assays from the geotechnical and geostatistical drilling around the Kolosori Ridge saprolite target include:
- 19.0 metres at 1.55% nickel from 2.0 metres including 10.9 metres at 1.99% nickel; and
- 11.8 metres at 1.76% nickel from 5.0 metres including 7.3 metres at 2.21% nickel.
To date from Kolosori Ridge there have been 35 drill holes including 21 holes that have not previously been reported and six drill holes with assaying in progress.
Axiom has begun the final phase of the orientation and twinning drilling program at the adjacent Suma Ridge prospect.
Today's results follow-on from last months' high-grade discovery at the Havihua Ridge prospect which included:
- 15 metres at 1.46% nickel from 1 metre including 6.5 metres at 1.76% nickel from 9 metres; and
- 21.2 metres at 1.16% nickel from 0.5 metres including 2.1 metres at 2.14% nickel from 6.5 metres.
These will contribute to the evaluation of a maiden JORC resource at the project which is expected in the second half of 2015.
The project has a historic non-JORC Resource estimate of 159 million tonnes at 1.045% nickel and 0.07% cobalt.
Isabel is considered to be one of the largest nickel laterite deposits in the Pacific with the company targeting the establishment of a DSO operation by late 2015.
Funding
Earlier in the month Axiom attracted a number of institutional and high net worth investors in a placement that raised A$4 million at $0.30.
Following the recent drilling success Axiom shares are now trading at $0.36.
Analysis
The latest high-grade drilling results continue to build anticipation for the maiden JORC resource at the project which is expected in the second half of 2015.
Isabel has a historic non-JORC Resource estimate of 159 million tonnes at 1.045% nickel and 0.07% cobalt.
Recent funding sets Axiom on track to proceed with development of the project which is scheduled to be in production by late 2015.
Axiom is in negotiations with project financiers mine service firms and nickel ore consumers regarding funding sales and development opportunities for the project.
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