Mavita Nickel Project
In October 2010, AXMIN announced that it has regained control of its Mavita Copper-Nickel-Cobalt Project in Mozambique folloiwng the withdrawal of a subsidiary of Rio Tinto Plc (Rio Tinto). The Mavita project consists of two prospecting licences (PL1045L and PL1046L) covering 354 sq km, located on the estern edge of the Zimbabwe Craton.
The licences have been subjected to an exploration program that includes mapping, airborne and detailed ground geophysical surveys, rock chip sampling and trenching campaigns. Early stage exploration has been encouraging and has identified nickel – platinum suite mineralisation in ultramafic sequences that have been identified for over 8 km trend. AXMIN's exploration has defined several anomalous lithologies and 16 drill ready priority targets.
Under the terms of the agreement AXMIN will regain 100% control of the Mavita licences. All of the data from exploration work completed by Rio Tinto on behalf of the joint venture will be relinquished to AXMIN. At this time AXMIN is actively negotiating with two other potential joint venture partners and expects to announce an agreement shortly.