MiningGeneral mining & base metals

Mawson Resources hails latest Finnish drill results, underlines potential to increase resources at Palokas prospect

Highlights from the reported assays include one hole that showed 15.2 metres at 8.5 g/t (grams per ton) gold equivalent

A Mawson truck
Mawson is exploring in Finland

Mawson Resources Limited (TSE:MAW) (OTCMKTS:MWSNF) has posted the latest drill results from its Rajapalot project in Finland, which it says underlines the potential to significantly increase resources at the Palokas prospect.

Mawson completed 44 holes during the 2019 winter drill season and full assays from 14 holes are still pending.

READ: Mawson Resources adds more high-grade gold and cobalt results from Finnish project

Highlights from Monday's reported assays included a hole (PAL0194) that showed 15.2 metres at 8.5 g/t (grams per ton) gold equivalent, 4.3 g/t gold and 2,566 ppm (parts per million) cobalt (Co) from 418.7 metres.

This hole was drilled 275 metres down-plunge from the high-grade gold-cobalt mineralization previously announced at Palokas.

"The 2019 drill program is now delivering across multiple prospects," said Michael Hudson, chairman and CEO at Mawson. "This is an extremely strong result, tripling Palokas' high grade potential with PAL0194 intersecting 15.2 metres @ 8.5 g/t AuEq from a 275 metre step out below high-grade mineralization."

Hudson also highlighted that the Palokas high-grade zone remained open up and down-plunge of the PAL0194 hole and to the north of the conductive trend.

High cobalt content

Also noteworthy, the resource group said Monday, was the high cobalt content in PAL0194 compared to other holes on the property, with the highest grade interval showing 1 metre at 23.6 g/t (grams per ton) gold and 1.5% cobalt.

Further drilling on the  high grade trend at Palokas is required, but similarities to the linear trend at Raja prospect, 1.4 kilometres SSE (south south east) of the Palokas prospect, are clear, said Mawson.

The Rajapalot maiden resource positioned the site as one of Finland's current top three gold resources by grade and contained ounces and one of a small group of cobalt resources.

Shares were unchanged in Toronto at $0.19.

Contact Giles at [email protected]

Follow him on Twitter@Gile74


Price: 0.15 CAD

Market: TSX
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