Axmin Inc. - Gold In West & Central Africa
2+ Million Ounces Of Proven Gold In 43-101 & Gold Royalty
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| May 31, 2010 | |
| AXMIN Inc.: Drilling Continues to Intersect High Grades at Gora Prospect, Senegal | |
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TORONTO, ONTARIO--(Marketwire - May 31, 2010) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to provide a further update on the ongoing drilling program at the Gora prospect (formerly Zone D), located in the Sabodala Mine area of northwestern Senegal. Reverse circulation ("RC") drilling continues to define high grade intercepts, such as 8.9 g/t Au over 5 metres (SKRC030), 11 g/t Au over 4 metres (SKRC027) and 21.8 g/t Au over 3 metres (SKRC041). These significant new drill results including those announced recently (press release April 30, 2010 and May 10, 2010), are the culmination of an initial 3,500 metres RC program carried out by AXMIN's joint venture partner and operator, Minerals Deposits Limited (TSX:MDM) ("MDL"), as part of it's earn in program on AXMIN's wholly owned Senegal gold permits (Sonkounkou, Heremakono and Sabodala NW). A 10,000 metre resource definition drilling program is currently underway. The Gora prospect comprises a series of en-echelon quartz veins and lenses over an approximate 800 metre strike length, that was originally delineated by limited rotary air blast ("RAB") drilling and trenching by AXMIN and confirmed by MDL's current exploration program. The prospect is hosted by a sequence of folded sediments adjacent to a series of porphyry and granite intrusions. Of the 41 holes drilled to date, 27 holes intersected significant mineralisation along the strike of the vein system, which has been calculated to have an weighted average grade of 8.8 g/t Au over a width of 2.4 metres (true widths have not yet been calculated). In eleven of the mineralised holes more than one vein was intersected. Depth of the holes to date has average 123 metres, representing a vertical depth of approximately 80 metres. Given the persistent near surface high grade intercepts of the vein system, it is considered that significant potential exists for the mineralised zones to continue at depth The drill results point to a northeast plunging high grade shoots within a larger quartz vein system and currently presents a target for potential open pit mine. It is expected that deeper drilling across the zone will be planned for later this year. As well, a RAB program is scheduled to test the structure along strike to the north and south where earlier trenching has indicated an additional 400 metres of strike. The Gora prospect is located within the Sonkounkou permit approximately 25 km northeast of MDL's Sabodala processing plant (refer to Map 1 on AXMIN's website www.axminic.com). Hole Number Depth (m) Dip (deg) To (m) From (m) Length (m) Grade g/t Au
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SKRC 025 120 -50 0 2.0 2.0 1.4
40.0 43.0 3.0 16.4
SKRC 026 120 -50 32.0 37.0 5.0 2.4
including 33.0 34.0 1.0 6.1
SKRC 027 117 -50 0 2.0 2.0 1.5
19.0 23.0 4.0 11.0
SKRC 029 123 -50 23.0 24.0 1.0 0.6
SKRC 030 120 -50 13.0 14.0 1.0 0.8
79.0 84.0 5.0 8.9
SKRC 031 123 -50 0 1.0 1.0 1.0
56.0 60.0 4.0 2.2
SKRC 032 123 -50 46.0 48.0 2.0 28.8
58.0 60.0 2.0 16.1
SKRC 035 123 -50 27.0 29.0 2.0 6.9
68.0 69.0 1.0 17.6
SKRC 041 123 -50 96.0 99.0 3.0 21.8
AXMIN's wholly owned Senegal Permits (Sonkounkou, Heremokono and Sabodala NW ) are held under a joint venture with Sabodala Mining Company SARL ("SMC"), a wholly owned subsidiary of Mineral Deposits Limited (TSX:MDM) ("MDL") whereby MDL may earn a 51% interest by spending US$2.5 million over three years. Thereafter AXMIN may elect to participate in further expenditure on a pro rata basis, or dilute its interest to 20% in return for MDL expending a further US$3.5 million over the subsequent three year period. All exploration is managed by MDL. Analytical work is being carried out at MDL's Sabodala laboratory for rock chip samples and RAB drill samples with the independent SGS Laboratories Ltd. supervising assays of RC samples. Samples are subject to a full sample preparation with assaying carried out using an aqua regia digest with AAS finish. Blanks, standards and duplicates are being used to monitor laboratory performance during the analysis. RC drilling and trench samples are in the main 1 metre samples. These samples are assayed by fire at the SGS Laboratory at Kayes in Mali. This press release has been reviewed by Francois Auclair, M.Sc., PGeo, AXMIN VP Exploration, Member of Ordre des Geologues du Quebec, Fellow of Geological Association of Canada; and by MDL's Chief Geologist, Chris Young BSc, who is a member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. About AXMIN AXMIN is a Canadian exploration and development company with a strong focus on central and west Africa. AXMIN has projects in Central African Republic, Mali, Sierra Leone and Senegal. 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 the completion of the Transaction and the Financing, the anticipated and actual terms and conditions of the Transaction and any definitive agreements entered into in connection with the Transaction and future plans and objectives of AXMIN, 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 are disclosed under the heading "Risk Factors" and elsewhere in AXMIN 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 as a result of new information, future events or otherwise, except as required by applicable law. |
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