Axiom Mining has announced that it has secured an A$15 million funding package for the development of its Isabel nickel project.
Before being taken over by Axiom, the Isabel Nickel Project in the Solomon Islands was extensively explored and developed by mining and engineering industry leaders, International Nickel Company Limited (INCO) and Kaiser Engineering (Kaiser).
The Isabel Nickel Project is considered to be one of the largest nickel-laterite deposits in the Pacific with a historic non-JORC Resource estimate of 159 million tonnes at 1.045% nickel and 0.07% cobalt.
The company also announced that it has inked a strategic partnership agreement with InCoR and its 70% owned subsidiary InCoR Technologies Limited to provide technical expertise in nickel metallurgy and mining and to assess the implementation of the company’s proprietary nickel processing technology SALT (Starved Acid Leaching Technology).
“InCoR and InTech are experienced resource investors with exceptionally strong technical capabilities who will provide Axiom with access to leading nickel metallurgy and mining expertise, while also providing significant funding for initial mine development,” said Axiom Chief Executive Officer Mr Ryan Mount in an ASX Announcement.
“This strategic partnership is a major step forward for Axiom to develop one of the largest nickel laterite deposits in the Pacific and gives us a proprietary position to potentially extract more value from this world-class asset much earlier than we originally thought possible. As part of this transaction, Axiom is to enter into an agreement to secure exclusive rights in Solomon Islands to InTech’s Starved Acid Leach Technology (‘SALT’), as well as a 10-year first mover world-wide advantage on nickel product sales using SALT.”
SALT is an innovative technology that will provide Axiom with a viable, cost-effective alternative option to consider processing of sub economic ores that are currently not processed.
“InCoR has reviewed many nickel laterite projects around the world and believes that Axiom has not only a very attractive project (at Isabel) but also an agile and dedicated management team that has developed a strong connection with its communities and stakeholders. Axiom’s operating model has great potential in other locations and projects and we are pleased to partner with them going forward,” said Mr George Molyviatis, Chairman of InCoR Holdings.
“We have spent much time with Axiom both abroad and in Solomon Islands as well as testing the Isabel ore with SALT—we congratulate Axiom for what they have achieved to date and our team looks forward to working with Axiom in testing and applying SALT to add value to the project,” added Dr David Dreisinger, President of InCoR Technologies and one of the inventors of SALT.