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AXMIN Inc. announced that Nimini has initiated its Phase II drilling program at its 100%-owned Komahun project.
In September, AXMIN completed the sale of 51% of the shares of its wholly-owned subsidiary, Nimini, which holds the Company’s Sierra Leone assets, to Polo Resources Limited for a cash consideration of US$7.5 million. The scheduled 5,000 metre program at the Komahun Main Zone will include both in-fill and depth extensions of the existing deposit together with drilling to define the strike and depth extensions of the newly discovered Western Extension where limited drilling in early 2011 indicated economic grades and widths near-surface. Exploration drilling is also taking place over the Sendekor prospect which covers a four kilometre strike area hosted in favourable Banded Iron Formation and Amphibolites. Nimini also plans an exploration drilling program at its 100%-owned Matotoka Licence where previous exploration yielded promising results from soil sampling, pitting and trenching, and where a number of combined geophysical and geochemical anomalies have been identified. Matotoka is located in central Sierra Leone on the northern border of Cluff Gold’s 1.5 million ounce Baomahun gold deposit. Cluff Gold is planning to start construction at Baomahun in 2012. AXMIN has a joint venture agreement with Polo with respect to the Sierra Leone assets (Nimini East and West and Matotoka Licences). AXMIN previously completed a 5,077 metre resource drilling program consisting of 34 core drill holes, plus trenches, which focused primarily on Komahun Main Zone and the newly discovered Western Extension, thought to be the faulted extension of Main Zone. Both the drilling and trenching results confirmed the potential for near-surface economic gold mineralisation at Komahun and strengthen the possibility that the deposit is open along strike to the east and down dip. Previously announced, intersections included 6.08 g/t of gold over 24.8 metres and 4.39 g/t of gold over 13.5 metres. President and CEO of AXMIN, Mr. George Roach, comments, “Following the completion of the JV agreement with Polo in September, the partners moved rapidly to approve Nimini’s next phase of exploration in order to advance this tremendous asset. AXMIN is excited to continue the drilling program at Komahun where results from Phase I drilling indicated potential for open pit resources at Main Zone and near-surface mineralisation at the Western Extension. It is our expectation that if the positive results continue in the next phase of drilling we will see an increase in resources at Komahun and be in a position to further develop the project upside at Western Extension and Sendekor prospects.” |
