Shares in Axmin (AXM-V) were 8, or 10%, higher at 86 in afternoon trading on Feb. 5, after the junior announced that reconnaissance drilling has cut new gold mineralization on the Bambari permit in the Central African Republic.
Two holes, collared 150 metres east of the Main zone, cut a banded ironstone formation (BIF). The best results came from hole no. 36, which yielded a 1.5-metre section (from 17 metres below surface) grading 35.6 grams gold per tonne. That was included in a larger, 9-metre interval of 8.8 grams gold. The hole also returned a 1.5-metre section (from 44 m) running 5.8 grams. Hole 37, about 120 metres to the north, encountered 1 metre (from 18.5 m) of 1.3 grams gold. Axmin plans follow-up drilling on a 1-km-long gold-in-soil anomaly flanking the BIF.
Meanwhile, a single hole on the Baceta prospect, about 2.6 km northwest of French Camp prospect, cut 2.8 metres (from 66.6 m) running 4.4 grams gold in BIF some 60 metres below a previous rotary air blast hole that surrendered 8 metres of 3.9 grams. Drilling to test a footwall structure is planned.
At Ngodo, about 800 metres northwest of French Camp, hole no. 34 cut the base of the BIF at a depth of 65 metres, and returned 13.5 metres grading 0.5 grams gold.
Axmin is in the midst of a 30,000-metre drill program aimed at testing the new prospects as well as the previously identified French Camp, Main zone and Katsia prospects. Drills are currently turning on the Katsia prospect.