AXMIN plans 14,000-metre drill program at Kofi
[ note: the earlier Kofi result passes the "Rule of 100" test. FL ]
2005-10-13 11:30 ET - News Release
Dr. Jon Forster reports
AXMIN ACCELERATES EXPLORATION AT KOFI PROJECT AREA, MALI FOLLOWING UPDATED RESOURCE ESTIMATE
AXMIN Inc. has plans for a 14,000-metre combined-core and rotary air blast (RAB) drilling program over the next six months on its four exploration permits, comprising the Kofi project area, in Mali. A resource of 290,000 ounces (inferred mineral resource of 245,000 ounces (2.03 million tonnes grading 3.8 grams per tonne Au) plus an indicated mineral resource of 45,000 ounces (415 thousand tonnes grading 3.2 g/t Au)) was recently announced (see Stockwatch on Sept. 27, 2005) from two structures, Kofi SW zones B and C. Each structure has to date been identified over a strike length of about 250 metres to 300 metres.
Chief executive officer Dr. Jonathan Forster commented: "AXMIN's recent resumption of control of the Kofi project area has acted as a catalyst to re-establish our own program, with the objective to outline further deposits to build upon the established resource and capable of supporting a stand-alone operation. During the past two years, exploration effort focused primarily on the two main targets and on understanding the controls of gold mineralization. The forthcoming program will take this information and expand it across other targets where potentially economic drill intersections have previously been identified. The recently reported discoveries at the adjacent Loulo and Yalea deposits of Randgold demonstrate that large and high-grade deposits can be discovered in this district below relatively narrow surface structures."
The forthcoming phase of drilling is targeting near-surface mineralization that is amenable to open pit extraction and will be focusing initially on three priority targets within a 10-kilometre radius at the Kofi project area, namely Kofi SW zone C, Kofi South and Kofi South south. The program will consist of approximately 11,000 metres of angled RAB holes to depths of 40 metres to 50 metres followed by 3,000 metres of core holes where further delineation is merited. All drilling is targeting Loulo-Yalea-style mineralization comprising structurally controlled deposits similar to those delineated at Kofi SW zones B and C.
At Kofi SW zone C drilling will concentrate on extensions to the deposit, following up on a previous single fence about 400 metres to the south which intersected nine metres of 14.9 g/t Au and a second intercept 600 metres to the north-northeast of 5.4 metres of 11 g/t Au.
Drilling at Kofi South will target three zones along the large (4,500-metre) gold-in-soil anomaly (greater than 50 parts per billion Au) located on a north-south jog along a major north-northeast structure, similar to the structural location of Yalea. All three zones were previously sampled with positive results on broadly spaced (variously 200 metres to 400 metres) drill fences by reverse circulation (RC) drilling. The northern most zone will target a mineralized corridor with a potential 400-metre strike length where previous drill intersections included 18 metres at four g/t Au and 10 metres at 3.6 g/t Au. The second zone lies 1,400 metres to the south and will target an 800-metre-long zone where previous drill intersections included 10 metres at 2.2 g/t Au and five metres at 9.7 g/t Au. The last zone at Kofi South located 600 metres farther south across an alluvial plain previously mined by artisans is defined by a 1,000-metre-long structure drilled to date on only a single fence -- here an intercept of five metres at two g/t Au was recorded.
Finally at Kofi South south drilling will target two zones, each with a potential minimum strike length of 300 metres. The first zone was previously discovered on one drill fence where intersections included five metres at 3.5 g/t Au and eight metres at 6.6 g/t Au. The second zone was previously tested by a single fence which identified two closely spaced mineralized structures with results including seven metres at 1.8 g/t Au, four metres at 11.1 g/t Au and, at a vertical depth of 80 metres on the same structure, two metres at 16.6 g/t Au.
This press release has been reviewed by an in-house qualified person, Dr. Forster, fellow of the Institute of Materials, Mining and Metallurgy (IMMM).
