Mawson Gold Limited (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) has posted more drill results from its Rajapalot project in Finland, which included a new discovery at The Hut prospect, showing the thickest mineralized zone drilled so far at the property.
There, one hole hit a length of 70.3 metres (m) at a grade of 0.9 grams per ton (g/t) gold, 828 parts per million (ppm) cobalt and 1.6 g/t gold-equivalent starting from a depth of 95.8m.
The drilling also showed an extension to the high-grade mineralization at the Joki East prospect, which was a blind discovery made by the company in late 2020. There, one hole hit 1.5 metres at 18.1 g/t gold, 1,696 ppm cobalt, 19.6 g/t gold-equivalent from 117.1m depth and mineralization at Joki East now extends over 225 metres down plunge and 30-40 metres across strike and is open up-and down-plunge.
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The assays reported hail from 15 diamond drill holes, which were part of the firm's 76 hole, 19,422 metre 2020/21 drill program.
"After an active few months in the field, this is a strong start, delivering both high grades and thick gold-cobalt mineralization on new discoveries close to our already defined resource areas," Mike Hudson, Mawson's CEO, told investors in a statement.
"These results show the potential to substantially grow the Rajapalot resource and we highly anticipate the additional results from 50 drill holes that will be reported from five individual prospect areas over the coming months."
Assays remain to be reported from those 50 holes from five different prospects at Rajapalot from now to June this year, with a resource upgrade earmarked for July this year.
Drilling started in September last year, with 11 holes reported in late 2020. Due to snowmelt beginning in late March 2021 the winter program drilling was completed just short of the planned 20,000 metres, the company noted.
Last year an updated open pit and underground constrained inferred resource at Rajapalot showed 9 million tonnes at 2.1 g/t gold and 570 ppm cobalt, covering the Raja, Palokas, South Palokas and Rumajärvi prospects, which each lie around 3 kilometres (km) apart within the same geological trend. The firm said then that 72% of the resource fell within the open pit outline.
The Hut and Joki East prospects lie 500m and 1,500m respectively from the closest resource areas.
Other drill highlights released include a hole, which was sunk 70m down plunge from The Hut discovery result above, which showed 13.6 metres at 1.2 g/t gold and 98 ppm cobalt from a depth of 103m.
Contact the author at giles@proactiveinvestors.com