It's probably undyed split leather (as opposed to fullgrain) & if it's veg tanned (i.e. fairly firm ) then yes you could make a pouch & axe mask with it. It won't look as good or develope as much character as full grain though. I've made a few hats using splits & I like the rough & distressed look you can from it & once dyed & waxed will be as water-resistant as any other type of leather (except suede of course).
If it's supple stuff then ya kinda limited with what you can do with it, bags, moccassins, chaps, clothing , native American type objects, etc.