Mawson Resources Limited (TSE:MAW) (OTCMKTS:MWSNF) said Friday that it has drilled the “best hole ever drilled” at its Rajapalot project in Finland.
The Vancouver-based company intersected 17.7 metres (m) at 3.8 grams per ton (g/t) gold, 880 parts per million (ppm) cobalt and 4.3 g/t gold equivalent from 293 m at its South Palokas prospect on the property.
Another hole from South Palokas intersected the highest cobalt reported to date from the prospect, with 12 m at 5.4 g/t gold, 2,221 ppm cobalt and 6.8 g/t gold equivalent from 303 m.
READ: Mawson Resources reports best drill intersection to date from South Palokas prospect at Rajapalot
At the Palokas prospect, drilling intersected 23.4 m at 1 g/t gold, 565 ppm cobalt, 1.4 g/t gold equivalent from 128.3 m and 4.5 m at 3.9 g/t gold, 302 ppm cobalt, 4.1 g/t gold equivalent from 153.6 m.
CEO Michael Hudson said results from its winter drill program “continue to deliver.”
“Improving grade and continuity of high-grade gold-cobalt mineralization down plunge from previously defined resource areas have been particularly encouraging. Strong news flow is expected to continue over the coming months with only 9 holes reported from a total 26 holes drilled to date with drilling ongoing.”
According to Mawson, the scale of the mineralized system at Palokas-South Palokas is becoming evident as drilling progresses, with thick zones of gold-cobalt mineralized rocks intersected across the two prospects. Drilling continues to identify the highest-grade parts of the two prospects, with a large area between the prospects remaining open for testing.
Resource expansion drilling at Rajapalot is ongoing, Mawson said, with three diamond drill rigs in the midst of programs at three targets on the property. The company has sunk 26 holes for just over 9,700 m as part of a planned 15,000 m campaign. An updated resource estimate is planned by the end of the third quarter 2020.
Drill core from Mawson’s winter program will be displayed at the firm’s PDAC 2020 booth between March 1st and 4th in Toronto.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas