|
News Releases
September 4, 2003
INITIAL CORE DRILLING CONFIRMS GOLD DISCOVERY AT THE KATSIA PROSPECT, BAMBARI PERMIT IN THE CENTRAL AFRICAN REPUBLIC
Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) is pleased to report that gold mineralisation has been confirmed by the first core holes drilled at the Katsia prospect within the Bambari Permit in the Central African Republic. The first hole intersected 33 metres grading 3.2 g/t Au, which included 1 metre grading 42.3 g/t Au, and ended in gold mineralisation. The second hole, drilled on a fence 320 metres to the southeast indicates the extension of the mineralisation, with several intersections, including 6.9 metres grading 2.0 g/t Au. Geological interpretation utilizing earlier rotary air blast (“RAB”) results indicates that the second hole may not have tested the full width of the anticipated mineralised zone.
These two reconnaissance core holes were collared at the Katsia prospect to provide information on the geology of a 1,500 metre long zone of gold mineralisation defined by earlier soil sampling and shallow, vertical RAB drilling which was set on lines typically 320 metres apart. The two core holes lie on RAB lines and tested mineralisation to a vertical depth of 90 metres. The steeply dipping mineralisation occurs in acidic schists in association with quartz and tourmaline veining, within 20 metres of a steeply dipping banded ironstone formation. (Refer to Katsia sections L2520N and L2200N)
The results from the two holes are as follows, using a 1 g/t Au cut off and cutting the higher grade to 30 g/t Au:
|
Katsia is the third prospect, along with French Camp and Main Zone lying within a three kilometre radius with gold identified through drilling. The close association with banded ironstone suggests that, by analogy with French Camp (see press release of July 21, 2003), there is potential for the mineralisation to strengthen if the structure intersects the ironstones.
Chief Executive Officer Dr Jonathan Forster comments that “These results from early stage reconnaissance holes at the Katsia prospect are extremely encouraging. We believe that, not only does the grade and width point to open pit potential as at the French Camp prospect, but the new discovery provides further evidence that the Bambari permit could host substantial gold recources.”
A 15,000 metre follow-up drill program is planned for the forthcoming season, of which some 5,000 metres will be core. Drilling will commence at the end of September, with a second core rig and a reverse circulation rig to be mobilised from South Africa. The objective is to commence resource definition at the French Camp and Katsia prospects, as well as to make further discoveries along the French Camp, Katsia and Main Zone trends.
These grade calculations are based on the initial assays received from the laboratory, and will be subject to further quality control assaying. Analytical work is being carried out at the independent OMAC Ltd. laboratory 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 performance 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.
|
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 |
 |
|
