Hello Mr K (...and everyone else - I'm new here)
your photo inspired me to go and have a look for myself - it looks pretty much a natural feature in the rock to me - lines from the edges of the axe head shape continue over down the side to the ground - you can just about make this out on your other (not the close up ) pic.
while i was up there i bumped into a film crew making a prog on cumbrian stone axes to be screened next April on Border TV (series called Solway) shame its not more nationally accessible - i'm sure it'll have plenty of content for discussion - seeing as axes are a bit of a hot topic at the moment ;)
claire