Gold explorer Mawson Resources (TSE:MAW) shares jumped 9% on Thursday after the company said its diamond drill program at Rajapalot prospect will be the first systematic, large-scale and deep test of the area, with drill rigs expected to be mobilized this month and drilling continue until April.
The details came with its half-year to November earnings report and a TV interview in which the company’s CEO said he hopes to see the business revalued upward by the end of 2017.
In December 2016, Mawson announced the diamond drill program will exceed 10,000 metres with more than 50 holes planned.
Twenty local Finnish staff and consultants are already employed on site in northern Finland, including geologists, field technicians, environmental experts, drillers and drilling offsiders. When all rigs are mobilized in the coming weeks more than 40 local Finnish people will be employed to execute drill programs.
Additionally, a BOT drill program commenced in December 2016, with over 700 holes planned as a fast and cost-effective technique to discover and test targets within a 1,425 hectare area around Palokas. So far, 151 BOT drill holes have been completed. Drill assays are awaited.
Earlier on Thursday, Mawson CEO Michael Hudson told Stocktube the company was undervalued compared to peers but that he hopes by the end of 2017 it will be ripe for a re-valuation at a higher level".
Mawson shares closed up 9% at C$0.42 on Thursday.