Mawson Resources Ltd (TSE:MAW) (OTCMKTS:MWSNF) has reported more stellar drill results from its huge Rajapalot gold project in Finland and said it remained on track to deliver an updated resource at the start of the third quarter of 2020.
In a statement, Mawson said it sunk 37 holes for 14,132 metres in the winter program, including one wedged drill hole and the deepening of an existing hole. It has reported results from 24 holes and 13 remain pending.
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Significantly, the firm said it had uncovered a new gold zone and that latest assays had continued to extend gold and cobalt mineralization beyond previously defined resources.
Highlights came from one hole at the Palokas area, located 120 metres from the 2018 inferred resource, which hit 19.5 metres at 7.1 grams per ton (g/t) gold.
The hole also hosted 1,006 parts per million (ppm) cobalt, 7.8 g/t gold equivalent (AuEq) from 241.8 metres, including 7 metres at 17 g/t gold, 2,168 ppm cobalt, 18.4 g/t AuEq from 251.4 metres, Mawson said.
Three of the holes had defined a newly interpreted 190 metre long higher-grade zone on the south-western edge of Palokas, the firm added. This zone remains open down plunge to the north and to the south towards the South Palokas prospect.
"More stunning results from Palokas with PAL0228 intersecting 19.5 metres at 7.1 g/t gold and 1,006 ppm cobalt, highlighting the consistency of high-grade gold mineralization," said Mike Hudson, chairman and CEO at Mawson.
"Importantly, the reported holes define a new higher-grade zone that has considerable room for expansion. Core logging and assaying remains on schedule to deliver an updated resource at Rajapalot at the start of Q3 2020," he added.
Mineralization has now been drilled down plunge for 560 metres at Raja, 500 metres at South Palokas and 590 metres at Palokas.
Meanwhile, electromagnetic (EM) conductors show mineralized sulphidic host rocks at Palokas, South Palokas and Raja continue to at least 700-800 metres down plunge.
The resource firm also noted that during the coronavirus pandemic, it has implemented safety and physical distancing procedures, including working from home where possible and ceased all travel as recommended by the Finnish government.
Core logging and assaying of drill data at Rajapalot remain on schedule to update the current inferred resource at the start of the third quarter of 2020, it said.
The 2018 resource included around 15,000 metres of drilling, while a further 29,000 metres has now been completed since December 2018 and will be available for inclusion in the update.
Contact the author at giles@proactiveinvestors.com