Is it soft and easily scratched like soapstone? To me, it looks as if the protruding portion tapers to an edge rather than a cylinder. If this is the case, it might not be a pipe preform, but rather a rare "monolithic" axe, which would have held more of a ceremonial than utilitarian function. If it is a ritual axe or something of the like, then being made of soapstone wouldn't be particularly problematic. Albeit crude relative to the fancier, finely finished and more complex examples, it could be a rather special artifact. It would be nice to get the Virginia/southeast artifact folks to weigh-in here.