Mawson Gold Ltd (TSE:MAW) (OTCPINK:MWSNF) has told investors it is set for drilling at its large Rajapalot gold, cobalt project in Finland with an initial 2,000 metre program planned over the next two months at the Hirvimaa and East Joki prospects.
Earlier this month, the resource group announced a doubling of the maiden resource that it announced in 2018 for Rajapalot to 9 million tonnes at 2.1 grams per ton (g/t) gold and 570 parts per million (ppm) cobalt.
Mawson said today that the 20 kilometre (km) drill program with five rigs is planned in Finland from mid to late December this year with the aim to expand this resource.
“This is the first season we have been able to fully apply our geological and geophysical understanding of the Rajapalot mineral system to the summer drill areas at Hirvimaa and East Joki,” Mike Hudson, Mawson CEO said In a statement.
“There is no shortage of geological indications that mineralization could continue into these 99% glacial till covered areas. These include drill sampled Palokas-style mineralized boulders at Hirvimaa (0.6 metres at 21.3 g/t gold and 0.8 metres at 13.1 g/t gold) and anomalous base-of-till drill holes, combined with the ground-based electromagnetic conductors that we are now generating,” he added.
Hudson noted that at any point, a discovery in these areas could be a ‘game-changer’ which would allow the firm to carry out all-year-round drilling.
“In the meanwhile, we look forward to the 5 drill rig program planned to start in December in our winter drill areas in Finland and first results from the 2 drill rigs currently operating in Victoria, Australia,” he added.
Hirvimaa forms a 3-km-long target around 500 metres north-east of the Palokas zone, while East Joki is a 2-km-long target zone located 1,000 metres north-east of the Raja resource area, noted Mawson.
Geophysical electromagnetic (EM) surveys are currently ongoing at Rajapalot, the firm added.
Mawson shares added 3.75% in Toronto to C$0.42 each.
—Updates for share price—
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Published at Thu, 24 Sep 2020 14:35:00 +0000-Mawson Gold eyeing ‘game-changing discovery’ as it starts diamond drilling in Finland at Hirvimaa and East Joki zones