Very awesome start. You've got some great elements in here, but I don't feel like there are enough to pull it through to a great concept just yet. Try and arrange the elements like the skulls and belts so that they flow a little better. Maybe you can spread them out and add more, or introduce new elements. You've got a good base, now spice it up a bit.
Thanks for the feedback. I've moved the skulls around a couple of times and added more but it looks cluttered and overdesigned. So I've been working on getting a stronger silhouette.
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More concepts. Going for a native american tomahawk feel.
another axe concept