I recently found an emblazed ax and it boosted my damage all the way to 100ish. Compared to my Electric Tulwar it does less damage even though the ax has 50 more dmg on it. Here are my testing stats:

Electric Tulwar:
26.8 dmg 17str 9dex
Hit damage on mob - 36 on average
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Name: Stat_1.png Views: 152 Size: 188.4 KB

Emblazed ax:
37.7 dmg 7str 18intl 1.38dodge
Hit damage on mob - 27 on average
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Name: Stat_2.jpg Views: 171 Size: 76.7 KB

SO all in all. I think either the ax is bugged or it needs to be ALOT higher damage output according to its awesome stats!