News Releases April 10, 2003
Chief Executive Officer, Dr Jonathan Forster comments “With drilling programs planned for the coming quarter, as well as results due for the Bouroum-Taparko pre-feasibility study, the next few months should be an exciting time for AXMIN. We are looking for the resource base to increase, new targets to be generated and the potential of the Passendro project area to become much clearer.” In the Central African Republic, political unrest at the end of 2002 carried through into the first quarter of the year. An almost bloodless coup d’etat in March, in conjunction with the recent announcement of a new all party government, has seemingly been welcomed by the general population in the country. AXMIN is optimistic that its planned initial 3,000 metre core drilling program can now proceed unhindered at the Bambari Permit, with the drill rig scheduled for arrival in country at the end of April. The drill program will initially focus on the French Camp and Main Zone prospects within the Passendro project area of the Bambari Permit, to test for continuity of gold mineralisation at depth and along strike. In 2002, AXMIN completed 5,100 metres of Rotary Airblast (“RAB”) drilling at the Passendro project area which successfully delineated seven substantial gold targets over a combined strike length in excess of 8,000 metres. This program extended the Main Zone and Main Zone South mineralisation to a possible 2,000 metres of strike length, and extended the French Camp Zone to the north for a possible strike length of 500 metres. In addition, four new gold zones each with potential strike lengths in excess of 1,000 metres were clearly delineated by the RAB program. The most exciting being the Katsia prospect, where drilling indicates gold mineralisation over at least 1,100 metre strike within a 1,500 metre long gold in soil anomaly. In Burkina Faso, the pre-feasibility study reviewing the combined Bouroum-Taparko project of AXMIN and High River Gold Mines Ltd (HRG-TSX) is progressing well, with the process engineering and infrastructure study being undertaken by Metallurgical Design and Management of South Africa and the mine scheduling by SRK Consulting (Canada). The results of the study should be available shortly and assuming a positive result both parties would wish to rapidly progress towards feasibility study. On February 11, 2003 AXMIN announced a revised resource estimate at the Bouroum deposit that increases the gold content in the measured and indicated category by 56%. The measured and indicated resource now stands at 3.9 million tonnes with a grade of 2.8 g/t Au (351,000 ounces of contained gold); in addition there is a further 1.6 million tonnes with a grade of 2.2 g/t Au (113,000 ounces of contained gold) in the inferred category. Both estimates are calculated using a 1 g/t Au cut-off grade. Within this occurs a high grade measured and indicated resource of 1.0 million tonnes with a grade of 6.0 g/t Au (193,000 ounces of contained gold) at a 3 g/t Au cut-off grade. AXMIN considers this high grade resource the key to yielding a rapid payback of the project’s capital and funding. All resources are near surface and exploitation will be considered by way of an open pit. In Mali, a 7,000 metre RC drill program completed in mid-2002 identified the first resources at the Kofi project. On August 14, 2002 AXMIN announced an inferred resource of 1.4 million tonnes with a grade of 2.3 g/t Au (106,000 ounces of contained gold) at a 1 g/t Au cut-off grade at Kofi SW Zones B and C. The next phase of drilling is designed to increase the number of drill discoveries in the Kofi area, enabling a follow-up resource drilling campaign to be planned. At least ten further targets await first pass reconnaissance drilling. Currently work has focused on preparation for a drill program in the Kofi project area, with detailed geological mapping and selective infill soil sampling completed. Initially three areas have been targeted for the forthcoming program:
The timing of this drill program will be dependent upon the availability of an appropriate drill rig. In Senegal, surface follow-up has been completed across selected areas within targets generated by last season’s reconnaissance soil geochemistry program. At the Sounkounko Permit (located about 80 km west of the Kofi project in Mali), infill soil sampling and mapping, supplemented by limited float sampling has identified initial drill targets. One target includes an abandoned artisanal excavation on a quartz vein from which a grab sample yielded 17 g/t Au, while a silicified wall rock sample yielded 13 g/t Au. At the second target (Diabougou) soil sampling (200 x 50 metre grid) has identified a northwest trending anomaly at 100 ppb Au threshold of at least 1,400 metre strike length. The area is underlain by a complex of felsic volcanics, basic intrusives and sediments within which occur zones of silicification and quartz veins trending northeast. Grab samples of quartz vein and silicified felsitic surface float within, and adjacent to the anomaly give results that include: 77 g/t Au, 17 g/t Au, 10 g/t Au, 5.7 g/t Au, 4.7 g/t Au and 3.5 g/t Au as well as 5 further samples lying in the range of 0.5 to 1.3 g/t Au. At the nearby Sabodala North West Permit, a zone of quartz stockworks of at least 12 metre width has been identified within a zone of abandoned artisanal workings occurring over a 120 metre strike length within a 1,500 metre long soil anomaly (50 ppb Au threshold.). A grab sample of weathered and altered granodiorite, presumed to represent wallrock graded 3.6 g/t Au while a float sample of the quartz vein material graded 22 g/t Au. These structures are targeted for reconnaissance drilling scheduled for the second quarter. AXMIN is a gold exploration company with a strong focus on gold in highly prospective properties across Africa, principally in the Central African Republic, Burkina Faso and Mali. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. For additional information please contact:
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results 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 and other regulatory authorities.
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