News: AXG Mining to drill for nickel-copper in Albany-Fraser Range Province

AXG Mining's (ASX:AXC) nickel-copper exploration is about to commence on the Mt Ridley Project in the prospective Albany-Fraser Range Province of Western Australia.

The company has just completed raising $849,575 through a placement of shares priced at $0.009 to fund its exploration programs.

Over the coming months, AXG will conduct regional geological mapping, an aeromagnetic survey, and high powered ground electromagnetic surveys over priority targets.

First pass reverse circulation and diamond drilling programs are expected to commence in early 2015 following up conductive targets generated.

The program will begin this month with the commencement of a low level detailed aeromagnetic survey.

The survey is designed to highlight areas of potential layered mafic-ultramafic intrusions, similar to that of Sirius Resources (ASX:SIR) "eye" structure.

These layered intrusive bodies are expected to lie within the Gravity Corridor, a corridor of more dense iron rich mafic-ultramafic rocks that are prospective for nickel and copper mineralisation. Sirius' Nova Nickel deposit lies centrally within this Gravity Corridor.

Target 1 is a large moderately magnetic ovoid shaped body, while Target 2 is an eye structure.

AXG is modestly valued at under $9 million.