Mawson Resources Ltd (TSE:MAW) (OTCMKTS:MWSNF) said investors can expect plenty of drill results in the coming months as five diamond rigs are now operating at its huge Rajapalot project in Finland.
Up to 15,000 metres of expansion drilling is planned over the next four months, the firm said, ahead of an updated resource earmarked for the end of the second quarter or beginning of the third this year.
READ: Mawson Resources updates on large exploration program at Rajapalot
"With winter conditions now suitable, we are full steam ahead in Finland with 5 drill rigs in operation," said Michael Hudson, Mawson's chief executive, in a statement.
"The one drill rig that was operating prior to Christmas will restart drill testing down plunge at Palokas and the four other rigs will be located at the Palokas, South Palokas and Raja prospects.
"We highly anticipate a regular news flow of drill results over the next 5 months."
The first rig has already completed the first hole (PAL0202) down-dip at the Palokas target at a depth of 769.5 metres, the company said. A second wedge hole is ongoing (PAL0202A).
During a similar 15 km drill program last year, Mawson doubled metres drilled into resource areas, and estimated an exploration target of between 0.8 and 1 million ounces between 3 and 5 grams per ton (g/t) gold-equivalent.
The current program aims to infill between the exploration target and inferred resource and to extend the Palokas, South Palokas and Raja prospects down plunge.
A 2018 maiden resource
A maiden resource for Rajapalot from December 2018, comprises a pit and underground constrained inferred resource of 424,000 ounces of gold at 3.1 g/t gold equivalent.
That is within a combined unconstrained inferred resource for the Palokas, South Palokas and Raja prospects of 482,000 ounces gold equivalent (AuEq) at a grade of 2.4 g/t gold equivalent.
Mawson can drill all year round within four exploration permit areas (4,263 hectares).
It is also permitted via enforcement of a three-year permit (from January 2019) to drill from 200 platforms (from 529 optional sites) plus 76 existing drill platforms within the 1,462-hectare Kairamaat 2-3 exploration permit area.
Mawson shares added over 15 % in Toronto to stand at C$0.22 each.
Contact the author at giles@proactiveinvestors.com