Mawson Resources Ltd (TSE:MAW) (OTCMKTS:MWSNF) has got off to a good start with its winter drill program at Rajapalot in Finland, with the first two holes extending the Palokas and South Palokas areas, it told investors Monday.
As reported last week, the firm plans up to 15,000 metres (m) of expansion drilling with five rigs over the next four months, and drilling restarted after the Christmas break.
One hole at the South Palokas prospect has already hit 9 m at 6.3 grams per ton (g/t) gold from 93.7 m, while another, at the Palokas prospect, intersected 4.5 m at 4.5 g/t gold from 101 m.
So far, Mawson has completed 1,865 m of the program.
"It is a testament to the increased geological understanding of the controls on Rajapalot mineralization that we are obtaining high-grade intersections at the start of the program which will further aid drill targeting the high-grade gold mineralization to depth," said Michael Hudson, the chief executive and chairman of the resource group.
"Drill results will continue to be reported over the next four months as the planned 15,000 metre drill program continues," he added.
The work is aimed at infilling and extending the Palokas, South Palokas and Raja resource areas ahead of an updated resource estimate earmarked for the end of the second quarter or beginning of the third this year.
Drilling continues with two drill rigs at each of Palokas and South Palokas prospects and one at Raja prospect, the firm added.
Cobalt and multi-element assays remain pending.
Mawson is appearing at AME’s annual Mineral Exploration Roundup conference in Vancouver from January 22 to 23 January this year.
The firm will have a 'Core Shack' to discuss its work programs and view representative samples of drill core, including these new results, it said.
Shares slipped 1.85% to C$0.26 each.
Contact the author at giles@proactiveinvestors.com