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Mawson Resources makes 'solid' start to winter drill program in Finland

At the South Palokas prospect, a hole intersected 17 metres at 3 g/t (grams per ton) gold from 264 metres
Diamond drillbit
Results are from the first six diamond drill holes

Mawson Resources Ltd (TSE:MAW) has posted results from the first six diamond drill holes of its 2019 winter program at the flagship Rajapalot project in Finland.

At the South Palokas prospect, a hole intersected 17 metres at 3 g/t (grams per ton) gold from 264 metres, including 5 metres at 4.9 g/t gold from 264 metres and 5 metres at 4.6 g/t of the yellow metal from 276 metres.

At the Raja prospect, another hole  hit 4 metres at 2.9 g/t gold from 345 metres and hanother holes intersected 3 metres at a grade of 2.3 g/t gold from 434 metres and 3.5 metres at 2.4 g/t from 452 metres.

The winter drill program is focused on expanding gold and cobalt resources at the Raja and South Palokas prospects, and testing less drilled prospect areas including Terry's Hammer and Rumajärvi, the company said in the Monday statement.

Drilling with four rigs continues with additional TEM (electromagnetics) to be conducted over the Rumajärvi area commencing in the next week, added Mawson.

"This is a solid start to our winter drilling with down-plunge extensions of mineralization defined at both the South Palokas and Raja resource areas," said Michael Hudson, Chairman and CEO at Mawson.

"These drill hits targeted TEM conductors, giving strong encouragement that new conductors at Palokas and South Palokas, will be associated with further mineralization."

New ground electromagnetic (TEM) surveys at both Palokas and South Palokas have defined plunging conductors with the same dimensions as the Raja prospect conductor below the resource areas. 

Both the deeper extension of the conductors at Palokas and South Palokas are undrilled and will be the focus of future drilling.

Mawson shares eased around 2% Wednesday to $0.22 each.

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