AXMIN Inc.-Kofi Project Area, Mali: New Gold Zones Identified; Drill Program Planned.TORONTO -- AXMIN Inc. (AXM-TSX Venture) is pleased to announce the results of the reconnaissance drill program and the schedule for the next phase of drilling at the Kofi Project Area in Mali, planned for late October and to be funded by a subsidiary of Newmont Mining Newmont Mining Corporation NYSE: NEM, based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia/New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. Corporation (NEM-NYSE & ASX ASX See: Australian Stock Exchange ; NMC-TSX). The reconnaissance reverse circulation ("RC") drill program has identified six new mineralised zones, with results including 6.6 g/t Au over 8 metres, 9.0 g/t Au over 5 metres and 16.6 g/t Au over 2 metres. The objective of the next phase of drilling is to follow up on the gold discovery made earlier in the year at the Kofi SW Zone C prospect which included an intercept intercept in mathematical terms the points at which a curve cuts the two axes of a graph. of 11.6 g/t Au over 31 metres. In accordance with the terms of the joint venture agreement over the Kofi Project Area, Newmont has fulfilled its requirement to expend ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. a minimum of US$1 million in the first year. Under the terms of that agreement Newmont has the right to earn an initial 40.625% interest in AXMIN's Kofi Project and an initial 47.22% interest in the Walia West permit by expenditure of US$5.5 million over a three year period. The Kofi Project Area permits are strategically located between and along the borders of the Loulo (Randgold Resources Limited) and Tabakoto (Nevsun Resources Ltd.) deposits where separate developments are currently underway. The next exploration phase costing US$500,000 is scheduled for completion by early 2005. This will include about 2,500 metres of both core and RC drilling which will run in parallel with ground geophysics geophysics, study of the structure, composition, and dynamic changes of the earth, its atmosphere, hydrosphere and magnetosphere, based on the principles of physics. and detailed mapping with the objective to identify extensions to, and additional zones similar in character to Zone C. Reconnaissance RC Drill Program During the reconnaissance drill program seven prospects were tested by shallow (mainly 40 metres, with some holes between 80-110 metres) RC holes, each of which is defined by anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. (greater than 50ppb ppb abbr. parts per billion Au) soil geochemistry geochemistry, study of the chemical changes on the earth. More specifically, it is the study of the absolute and relative abundances of chemical elements in the minerals, soils, ores, rocks, water, and atmosphere of the earth and the distribution and movement of with strike lengths in excess of 500 metres. Of these prospects, gold mineralised structures were identified within a 3 km radius at five separate locations within the Kofi SS area. Drill fences were set, in the main, 400 metres apart reflecting the first pass, reconnaissance nature of the program. The mineralised zones will be evaluated for follow up at a later stage. To date a total of 12 gold bearing structures have been identified on the Kofi Project by drilling, with at least a further six prospects yet to be tested. A summary of all the mineralised intersections from the reconnaissance drill program are shown in the table below.
Hole Total North East Azimuth Declin. From To Inter- Grade
No. Depth Co-ord Co-ord (deg) (deg) (m) (m) val (g/t
(m) (m) Au)
---------------------------------------------------------------------
KSSC 41 80.0 1445061 253837 90 -50 63 65 2 3.2
KSSC 56 90.0 1443041 252251 90 -50 16 21 5 1.0
50 55 5 1.7
KSSC 62 80.0 1442500 252200 90 -50 10 14 4 1.3
30 32 2 1.4
KSSC 74 80.0 1441785 253883 90 -50 3 11 8 6.6
KSSC 75 65.0 1441786 253935 90 -50 38 43 5 3.5
KSSC 103 80.0 1439582 252948 90 -50 38 45 7 1.8
KSSC 104 80.0 1439582 252999 90 -50 24 26 2 4.2
73 75 2 16.6
KSSC 105 80.0 1439582 253050 90 -50 2 7 5 9.0
KSSC 119 80.0 1438721 253346 90 -50 44 50 6 1.6
KSSC 76 110.0 1455106 251658 270 -50 36 39 3 4.9
Hole Total North East Azimuth Declin. From To Inter- Grade
No. Depth Co-ord Co-ord (deg) (deg) (m) (m) val (g/t
(m) (m) Au)
---------------------------------------------------------------------
KSSC 77 100.0 1455110 251589 270 -50 23 27 4 3.1
60 69 9 1.0
KSSC 78 100.0 1455110 251537 270 -50 47 49 2 5.5
61 63 2 5.5
KSSC 23 40.0 1457219 248610 115 -50 0 6 6 1.3
KSSC 32 40.0 1457020 248607 115 -50 9 13 4 1.6
KSSC 62 40.0 1456715 248757 115 -50 35 40 5 2.7
KSSC 63 40.0 1456712 248783 115 -50 18 22 4 1.1
KSSC 65 40.0 1456679 248826 115 -50 0 5 5 1.5
Only intercepts greater than 2 metres in length and greater than
1 g/t Au have been included in this table
Analytical work was carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. The samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks (5%) are being used to monitor laboratory performance during first pass analysis. This press release has been reviewed by an in-house qualified person, Dr. Jonathan Forster, Fellow of the Institute of Materials, Mining and Metallurgy metallurgy (mĕt`əlûr'jē), science and technology of metals and their alloys. Modern metallurgical research is concerned with the preparation of radioactive metals, with obtaining metals economically from low-grade ores, with ("IMMM IMMM Institute of Materials Minerals and Mining IMMM Inflight Missile Modification Message "). AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . For more information regarding AXMIN visit our website at www.axmininc.com. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. Axmin Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AXM AXM Astonishing X-Men (comic) AXM Authorized Cross Memory ) |
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