Mawson Gold Limited (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) told investors it has hit more high-grade gold at the Joki East prospect at its giant Rajapalot project in Finland and also announced the first cobalt results from the zone.
As reported last week, the company believes Joki East is shaping up to be a fourth mineralized zone at Rajapalot as it unveiled drill assays, which included 1.6 metres (m) at 19.2 grams per ton (g/t) gold. Now, the metals explorer has reported 1.3m at 25.3 g/t of the yellow metal from 177.1m depth and 0.5m at 23 g/t gold from a depth of 191m.
READ: Mawson Gold says Joki East prospect is shaping up to be fourth potential resource area at Rajapalot
The company also reported that a previously reported low-grade gold intersection in one hole had hit “significant” cobalt, namely, 2.4m at 0.1 g/t gold and 1,187 parts per million (ppm) cobalt from 165.1m depth. Another hole encountered 1.6m at 28.3 g/t gold and 1,190ppm cobalt from 168.6m..
“Joki East continues to deliver high grades with increased confidence of continuity with the larger 60 metre step-outs reported here,” said Mike Hudson, CEO and chairman at Mawson in a statement.
“Gold is now seen over 3 separate levels augering well for increasing widths down plunge. With high cobalt values also now seen for the first time, Joki East continues to deliver extremely positive results. We look forward to further drill assays and for drilling to recommence over the coming weeks,” he added.
As reported previously, eight holes have now been completed at Joki East and visible gold has been identified in four of them, while 11 diamond drill holes have been sunk in the Autumn program at Rajapalot in total.
One drill rig will return to Rajapalot in early December, Mawson said, as it awaits the ground to freeze to solidify water-sodden tracks, with three further rigs to be mobilized in late December 2020 or early January next year.
Electromagnetic (EM) geophysical surveys remain in progress, covering the entire 2 kilometre (km) trend at Joki East and other prospective areas, it added.
The host rocks to the gold mineralization at Joki East are similar to mineralization seen 1.6 kilometres (km) to the west at the Raja and Palokas resource areas, Mawson noted.
The company is focused on flagship Rajapalot gold project in Finland, but it also has high-quality gold exploration assets in Australia.
Shares in Toronto zipped up over 8% on the day to C$0.40 each
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Published at Thu, 26 Nov 2020 15:13:00 +0000-Mawson Gold reports more high grade gold from Joki East drilling and significant cobalt assays too