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Mawson Gold completes drilling at F11 target in Mount Isa block in Queensland, Australia

Drill funding is supported by a A$200,000 grant under the Queensland State Government's Collaborative Exploration Initiative

Mawson Gold Limited - Mawson Gold Limited completes drilling at F11 target in the Mount Isa block in Queensland, Australia
The target is 50 kilometres to the south of Cannington silver-zinc-lead mine

Mawson Gold Ltd (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) announced Monday that it has completed drilling at the F11 target 50 kilometres to the south of Cannington silver-zinc-lead mine in the Mount Isa block in Queensland, Australia. 

In a statement, the company said drill funding was supported by a A$200,000 grant under the Queensland State Government's Collaborative Exploration Initiative (CEI). 

READ: Mawson Gold joint ventures into the Whroo Goldfield in Australia

Mawson highlighted findings from the drilling program:

  • Iron sulphides and disseminated and veinlet chalcopyrite were intersected in intermittent zones throughout the drill hole;
  • Two main styles of sulphide accumulations were intersected;
  • The first style comprises pyrrhotite-rich zones with veinlets and disseminated chalcopyrite hosted by potassic-altered metasediments and mafic rocks; and
  • The second style is controlled by a 43 metre-wide zone of brittle faults, fractures, and cataclastic zones with pyrite-sericite-chlorite-graphite as the dominant alteration; and

Samples have been submitted for assay and the company expects to report these in January 2021.

The company also noted that hole (MQDDH001) was drilled to 849.7 metres (m) with basement rocks intersected at 318m. 

Based on results of Mawson's gravity and magnetic surveys, the company said the target source was modeled below the basement-cover contact within amphibolite facies metamorphic rocks to test a coherent and large undrilled multi-point 1.95 mgal (million gallons of water) residual gravity anomaly with an adjacent magnetic high. 

The anomaly has a shallow peak of 700m depth and average depth of 1,000-1,500m. Iron oxide copper-gold (IOCG) and Broken Hill-type silver-lead-zinc systems are the main target styles within Mawson's Mount Isa Southeast Project. The pyritic fault zone intersected is possibly an extension of the regionally significant Cloncurry Fault.

"This government-backed and fully-funded drill test of a large, combined gravity and magnetic target in Mount Isa has tested true elephant country,” said CEO Michael Hudson. “We look forward to receiving assays and building on our exploration model for this poorly known part of one of the most prospective base metal terranes in the world."

Mawson said one drill rig from DDH1 was used in the drill program. Core diameter was NQ2 (50.7 millimeters). Core recoveries are excellent and average close to 100% in fresh rock.

After photographing and logging, core intervals were selectively sampled for assay. The remaining half core is retained for verification and reference purposes, and assay samples were photographed individually and submitted to ALSGlobal in Brisbane.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Price: 0.275 CAD

Market: TSX
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