Mawson Gold Limited (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) has reported more encouraging drill results from its Sunday Creek project in Victoria, Australia, which show the potential for a widespread, gold-rich system.
The latest assays come from two holes at the property, which lies in the famous Victorian Goldfields of Australia, and where ten holes have now been completed for 1,504 metres (m). Drilling will continue at the property from early this month.
One hole testing the parallel and down dip extensions of the historic Apollo mine area hit 4.2m at 3.4 grams per ton (g/t) gold from 88m and 11.5m at a grade of 3.3 g/t gold from 123.7m. Visible gold was also seen in this hole within quartz and stibnite veins at 88.7m, 123.7m, 128.2m and 130.9m.
A second hole, which was sunk west-north-west of the first hole, intersected a low gold mineralized zone between 44m to 104m at the Golden Dyke mine area, Mawson added.
Last October, Mawson released Sunday Creek drill assays, which included five 5m at 5.2 g/t gold from 53.8m, including 0.3m at 79.4 g/t gold from 53.8m.
"We continue to drill strong gold mineralization across a multiple stacked vein system at our 100%-owned Sunday Creek epizonal gold project, Mike Hudson, CEO at Mawson, told investors.
He highlighted that the latest intercepts, including the 4.2m at 3.2 g/t gold from 88m, were found adjacent to and beneath the historic Apollo mine where "the old miners left significant gold that was considered too low grade during the late 1800s and early 1900s, leaving immediate follow-up drill targets.
"Our results continue to provide more evidence of a widespread multi-event, gold-rich system. We look forward to continuing to trace the extensions of the 40 metre wide zone to depth and along strike as one of the many target areas left to drill and extend at Sunday Creek."
Sunday Creek lies in the Victorian Goldfields, which have produced more than 80 million ounces of gold. Drilling at the property during 1990 to 2000s focused on shallow, previously mined surface workings, covering an area of 100m in width, 800m length but, only to 80m depth so the entire field remains open along strike and to depth.
Last year, Mawson acquired three shallow high-grade gold assets in Australia - Clonbinane (renamed Sunday Creek), Redcastle and Doctor's Gully.
At Redcastle, the firm said 15 holes, for 2,774.8m, have also been drilled with first results expected shortly.
The Phase 1 drill program at Redcastle was completed immediately prior to Christmas and the drill rig will move to the Doctors Gully prospect in the Whroo Goldfield, the company added.
Shares in Toronto ticked up 2.5% on the day to C$0.40 each.
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