Tuktu a Great Project.....con't It's a shame, but Stockhouse is not allowing me to 'post' a great magnetics map of Tuktu, so I can use it as a reference point.
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00001053
But click on the link above to retrieve the full Tuktu Report from the SEDAR site. The file is date Jan 12, 2012. You will find many maps of the project, but the one I will be referencing is on Page 35 [Figure 11].
Tuktu is a great iron ore discovery, in that even though the ore mineralization belongs to the same 140kms of Banded Iron Formation [BIF]......AXI has found a much higher grade zone. And as some here have already alluded to, the ore quality is even superior to that of Roche Bay.
On an industry compliant basis, Tuktu has already proven up an inferred resource of 465 million tons on it's first ever drilled program performed last year. Tuktu was established as being very consistent in terms of both mineralogy and texture with the well known Roche Bay BIF, but with a higher grade of 31% and even lower impurities. This initial drilled zone is what now has been labeled Tuktu 1, and lies on the claim known as HABS 1 [ref: figure 11 map]. Tuktu 1 has a width of 400m and a length of 2.3kms. But still open at width, length and at depth........for only 200m has been targeted thus far.
Now that Tuktu has proven itself to be a viable project on it's own, something else and exciting is taking place there......Tuktu East! According to 2011 'Airbourne and Ground Magnetics' performed there......this rather large land claim package of AXI's, is showing a potential iron ore body 5 times the size of Tuktu 1. And with even higher grades, as confirmed by the 2011 rock sampling program confirmed the presence of 50 - 65% Fe in several different zones. If you are able to view this Figure 11 map, you will clearly see that even the magnetics are showing numerous zones with potential grades higher than Tukut 1.
So what does this project mean to AXI shareholders? Well, AXI management has stated they are presently seeking a partner to fund and develop this new discovery.......to production! And if you have some understanding of Magnetic surveys, you can't help but think that Tuktu holds a minimum of 3 billion tons, of which, a portion could have DSO caliber ore......which could entail an early stage production zone.
As opposed to negotiating a Roche Bay JV from a somewhat weak position back in 2009-10, AXI is now negotiating from a position of strength and greater experience. And as opposed to many "one" project companies, AXI also has some good base metal properties in very early stage exploration.
It hasn't been stated much of late, but I still firmly believe that the Melville Peninsula......that contains Roche Bay and Tuktu.....is the fastest 'developing' iron ore district in the world. And I am also very conscious that some here will need more time for fundamentals to unfold.....before they believe! Truly, I am ok with that, they can enter at whatever price level they so desire.
Many blessings,
Murray