Mawson Gold Limited (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) has said it is 'encouraged' by drill assays from a hole at the F11 target, which lies 50 kilometres (km) to the south of Cannington silver-zinc-lead mine in the Mount Isa block in Australia.
The hole was completed in October, last year and sunk to 849.7 metres (m), hitting basement rocks at a depth of 318m. Nine of 20 samples taken from below 750m ranged between 61 parts per million (ppm) and 8,660 ppm copper and averaged 1,202 ppm copper.
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"Anomalous copper is always encouraging, and the results of this drill hole reinforce the strong prospectivity of the Eastern Succession in the Mount Isa Block with this, the only drill hole, to be ever drilled into basement rocks within a 10 kilometre radius," noted Mawson CEO Mike Hudson in a statement.
"Mawson will further examine the drilling results, in particular the lower 100 metres of the drill core, and work it back into our newly collected (2019) gravity and magnetic datasets to develop further targets," he added.
Funding for this drilling was supported by an A$200,000 grant from the Queensland State Government's Collaborative Exploration Initiative (CEI), Mawson noted.
The company added that samples from a 43 metre wide zone of brittle faults, fractures and cataclastic zones will be the subject of further investigation in 2021, while a project in conjunction with James Cook University will be carried out this year to compare this drill hole's results with other Mount Isa Eastern Succession mineral systems.
"These results will be integrated with our newly collected (2019) gravity and magnetic datasets across Mawson's Southeast Mt Isa project exploration permits to develop new drill targets," the company said.
Contact the author at giles@proactiveinvestors.com