Mawson Gold Limited (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) has hit more high-grade gold and cobalt mineralization at the South Palokas prospect, ahead of an updated resource for its Rajapalot project in Finland earmarked to be released during August this year.
The company has reported assays from three holes at the target, part of its 76-hole, 19,422 metres (m) 2020/21 drill program.
Highlights included 15.3m at 3 grams per ton (g/t) gold, 998 parts per million (ppm) cobalt, 3.9 g/t gold-equivalent (AuEq) from 439.5m in one hole, which, "significantly" opens up high-grade gold potential at depth at South Palokas, said Mawson. That included an intercept of 2m at a grade of 11.2 g/t of the yellow metal, 1,019 ppm cobalt and 12 g/t gold-equivalent from 447.5m.
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"The South Palokas prospect has always held promise of delivering more high-grade gold and cobalt assays," said Mike Hudson, CEO of Mawson in a statement.
"These results add to the deeper and untested western limits of the South Palokas mineralization and show the potential to substantially grow the Rajapalot resource.
"As assay results from the 2021 drill season continue to flow in, the geological team is adding to, or building new, mineralized wireframes to form part of the updated Inferred Mineral Resource we expect to publish in Q3 this year."
Other notable intercepts included 11m at 4g/t gold, 756 ppm cobalt, 4.6 g/t gold-equivalent from 119m (vertical depth 105m). That included 4m at a grade of 9.6 g/t gold, 676 ppm cobalt, 10.1 g/t gold-equivalent from 124m.
Mawson also said that a further 47 drill holes for 11,746m from five individual prospect areas remain to be reported through July/August this year.
In other news, new mise-á-la-masse geophysical work at Palokas and South Palokas had indicated electrical connectivity based on cross-hole measurements.
"The continuity of the strata-bound gold-cobalt package between both prospects further enhances the prospectivity between the two locations," said Mawson.
South Palokas lies around 400m southwest of the discovery outcrop at the Palokas prospect at Rajapalot.
Contact the writer at giles@proactiveinvestors.com