It's been a busy and informative period for Finnish Lapland focused gold explorer Mawson Resources Ltd (CSE:MAW), which hopes to get the drill bit turning again shortly.
Notably, it's discovered a new high grade gold trend 500 metres east of its Rompas prospect, where drilling is now planned for November and December this year.
In total, 21 samples at Rompas East assayed greater than 0.1 g/t (grams per ton) gold, and highlight assays from outcrop and mini-drill sampling include 2,375 g/t gold, 1,284 g/t gold, 642 g/t gold and 216 g/t gold.
"East Rompas is an exciting new discovery by the Mawson team, with the mineralized footprint now expanded to two semi-parallel zones over 750 metres of strike," Michael Hudson, chairman and chief executive, recently told investors.
The resource group is also planning a large winter drill program, depending on access, at Rajapalot, 8 kilometres east, beginning in January next year.
And in August, it was granted its Mannisto permit, which spans 2,123 hectares of Rompas/Rajapalot within the larger 16,162-hectare area of permits and applications.
Also, a geological review of nine prospects at the Rajapalot project has underscored that area's prospectivity.
A total of 160 boulders and outcrops (within the nine areas) with more than 0.1 g/t gold have been discovered within a 4km by 3km area. Gold grades range from 0.1 g/t gold to 3,870 g/t gold, with an average of 74.9 g/t gold and median of 0.71 g/t gold.
The sources of six of the nine gold bearing fields has not yet been discovered, but the sources of three have been found by drilling over the last 18 months - at Palokas, Raja and South Palokas.
What are the assets?
The Rajapalot and Rompas exploration projects are Mawson’s flagship properties in Finnish Lapland. Both disseminated and nuggetty high-grade gold has been discovered within a 10 square kilometer (sq km) area.
It also has two claims covering 2,416 hectares, which are prospective for gold.
The thinking is that this could be a camp-scale discovery, given that gold and uranium have been found within an area approaching 10 kilometres by 10 kilometres.
It’s intriguing stuff, and hardly surprising that the company keeps coming back round for further investigations, or that it keeps getting the financing to do so.
But one of the caption headings on Mawson’s website describes the company as a “team of orefinders with years of capital markets experience.” The message is that the Mawson team has delivered before and fully intends to do so again.
Chief executive Michael Hudson started out at Broken Hill, one of the most famous of all Australian mining projects. He then went on to work up exploration projects in Australia, Peru, Argentina, Mexico, Sweden, Finland, Spain and Portugal. He was a founder of Flinders (CSE:FDR), of Tasman Metals (CSE:TSM) and Tinka Resources (CSE:TK).
Fellow director David Henstridge also boasts many years of varied experience in mining and mining finance, while Sandinavian exploration manager Erkki Vanhanen has spent 15 years in the field in project generation. He’s spent time with Areva, and with the widely respected Finnish Geological Survey.
What the boss said..
"It gets geologists excited. It's very hard to find high grades at surface in good jurisdictions. This is a big system - multi-phase - and has some good analogues to known systems around the world. It will take time to develop," Hudson told Proactive in May.
Shares are now at C$0.61, up almost 11% on the day, having started 2017 at C$0.38.
What the broker said..
Eight Capital repeated a 'buy' rating with no target price after the East Rompas announcement.
The company is budgeting roughly $6mln for the exploration program and should begin diamond drilling in December 2017, it noted.