LIM is obviously a ridiculous comparison (DSO vs concentrate). A project with 50 million tonnes of high quality DSO is way more valuable than a project with 500 million tonnes of middling-quality ore. 26% iron content is mediocre at best. And LIM is located in the heart of an existing iron ore district with past production and existing infrastructure. And it's not in the freaking Arctic Circle.
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A more apt comparison for AXI might be Canadian Orebodies, which just released a 43-101 today.
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V.CO Flagship resource: 230 million tonnes indicated and 289 million tonnes inferred at 35% iron.
V.AXI Flagship resource: 502 million tonnes indicated, 66 million tonnes inferred at 26% iron.
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V.AXI located in Arctic Circle at tidewater.
V.CO is located 1400km south of Roche Bay, also at tidewater.
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V.AXI spent $4.5 million on its 2011 drill program, with 1200 meters drilled.
V.CO spent $4.5 million on its 2011 drill program, with 9100 meters drilled.
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Canadian Orebodies' project has a much higher quality resource, a much easier operating environment, and much lower operating costs.