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March 8, 2004

HIGH GRADE RESULTS FROM DRILLING EXTEND MINERALISED STRUCTURE AT KATSIA IN THE CENTRAL AFRICAN REPUBLIC

Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to announce that core drilling at the Katsia prospect within the Passendro project area at the Bambari Permit in the Central African Republic, has traced the mineralised structure over a minimum strike length of 175 metres to a depth of 130 metres. Assays from two new drill holes (PDC 42 and PDC 43) include high grade intersections of 5.3 g/t Au over 8.5 metres and 22.1 g/t Au over 13.5 metres.These two holes were collared 80 metres on either side of the previously announced discovery hole, which for reference is shown in the table below. These three holes occur within a 15-30 metre wide mineralised shear zone characterised by individual strands carrying higher grade mineralisation. Additional thinner intersections of mineralisation occur both above and below this central zone. Samples from several additional drill holes within the interpreted mineralised zone are currently in transit to the independent assay laboratory.

The new drilling has shown that the higher grade Katsia mineralisation follows a structure that is slightly offset to the original target as defined by the surface geochemistry with the possibility of the earlier drill holes to have missed the central zone. As currently interpreted the mineralisation remains open along strike and at depth. Shallow reconnaissance rotary air blast (“RAB”) drilling within the Katsia surface geochemical anomaly has revealed additional and apparently parallel horizons associated with Banded Ironstone Formations (“BIF”) containing visible free gold in panned samples. These targets will be the subject of follow up drilling on completion of the definition drilling on the recently discovered Katsia structure. Katsia is the third zone within the Passendro project area, after French Camp and Main Zone, where systematic drilling has outlined gold mineralised systems with economic potential.

The full set of new drilling results are reported below:

Hole No.

Total Depth

(m)

North

Co-ord

(Fence)

East

Co-ord

Azimuth

(deg)

Declin.

(deg)

 From

 (m)

To

(m)

Interval

(m)

Grade

(g/t Au)

 

 

PDC 38

 

115.9

 

2680

 

961

 

079

 

-65

 

NSI

 

-

 

-

 

-

PDC 39

131.0

2360

950

079

-65

27.6

29.1

1.5

2.7

PDC 40

  89.1

2840

925

079

-65

36.6

37.3

0.7

1.2

 

 

 

 

 

 

47.8

48.8

1.0

8.2

PDC 41

 113.0

2840

800

079

-65

60.1

61.0

0.9

1.1

PDC 42

131.0

2600

947

079

- 65

56.1

57.6

1.5

1.5

 

 

 

 

 

 

62.5

71.0

8.5

5.3

 

 

 

 

 

including

62.5

68.1

5.6

7.6

 

 

 

 

 

 

78.5

83.0

4.5

2.3

 

 

 

 

 

 

101.0

102.5

1.5

1.0

 

 

 

 

 

 

105.5

110.0

4.5

3.5

 

 

 

 

 

 

120.6

122.5

1.9

5.8

PDC 43

151.0

2440

950

079

- 65

11.1

12.6

1.5

2.4

 

 

 

 

 

 

35.0

36.5

1.5

20.5

 

 

 

 

 

 

50.0

58.2

8.2

1.3

 

 

 

 

 

 

80.0

83.0

3.0

1.7

 

 

 

 

 

 

86.0

90.5

4.5

2.7

 

 

 

 

 

 

126.5

140.0

13.5

22.1

 

 

 

 

 

including

129.5

131.0

1.5

90.0

 

 

 

 

 

including

135.5

140.0

4.5

31.8

 

 

 

 

 

 

147.5

151.0 *

3.5

9.7

 

 

 

 

 

including

150.0

151.0 *

1.0

31.3

 

 

 

 

 

 

 

 

 

 

PDC 19 **

101.0

2520

940

079

- 65

  68.0

101.0 *

33.0

3.2

 

 

Intersections are calculated using a lower cut off of 1 g/t Au and higher values uncut.

* hole ended in mineralisation                      ** previously announced hole                NSI - No significant intersection

 

Two core rigs are now operating on a routine basis, with one testing French Camp at depth, and the second continuing to drill at Katsia where 1,400 metres have been completed since the start of the year. A reverse circulation (“RC”) rig is scheduled to commence drilling in March which will enable the testing of new targets, such as Ngodo, Baceta and Main Zone East to proceed. In addition an orientation ground geophysical (electro-magnetic) program is planned for the start of the second quarter to assist in the definition of new targets.

Grade calculations are based on the intial assays received from the laboratory, and will be subjcet to further quality control assaying. Analytical work is being carried out at the independent OMAC Laboratories Ltd. in Ireland. The core samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Core blanks (5%) are being used to monitor laboratory perfomance during first pass analysis. A full QA/QC program will be coordinated on 20% of all >500 ppb samples at the end of the program and will include 5% blanks, standards and duplicates. This press release has been reviewed by an in-house qualified person, Dr Jonathan Forster, Fellow of the Institute of Mining and Metallurgy (“IMMM”).

AXMIN is a mineral 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.


Jon Forster Judith Webster
Chief Executive Officer Manager – Investor Relations
AXMIN Inc. AXMIN Inc.
T: +44-1233-665600 (UK) Tel: +1-416-368-0993 (Canada)
F: +44-1233-643728 (UK) E-mail: ir@axmininc.com