Axiant Resources (ASX:AXR) has officially joined the ASX after raising $8M at $0.20 per share, and the newly listed gold explorer is wasting little time putting that money to work.
The company, spun out of Core Lithium, is heading straight into exploration at its flagship Shoobridge Project in the Northern Territory, with geophysics starting this month and maiden Axiant drilling scheduled for October.
4.5km of gold to chase
Shoobridge sits in the Pine Creek gold province, where previous work has already defined a roughly 4.5km gold-in-soil anomaly.
Only ~800m of that trend has been tested by RC drilling, with the system remaining open along strike and at depth. Axiant estimates less than 20% of the broader target has been tested.
That gives the freshly listed explorer a fairly simple first job. Work out where the strongest structures sit, then drill them.
Figure 1: Axiant Projects Portfolio.
Drilling comes quickly
A Gravity Assisted Induced Polarisation survey is due to begin during September to sharpen the structural picture before diamond drilling starts in October.
Across its initial exploration plan, Axiant is targeting ~4,000m of diamond drilling and over 10,000m of RC drilling at Shoobridge over the first two years.
Managing Director Michael Fechner says the company is well funded and moving quickly into exploration.
More than Shoobridge
Axiant also has broader exposure across more than 800km² of Pine Creek tenure, including gold rights at Finniss.
Finniss may be particularly interesting because much of the historical work was focused on lithium. According to Axiant, less than 3% of available drill samples have been assayed for gold, leaving a large amount of existing data still to be tested for a different commodity.
What’s next
Geophysics first. Drilling next month. Results during Q4.
Axiant has completed the IPO, now the market gets to find out what sits underneath Shoobridge.
