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Mawson Resources’ latest assays show large gold system emerging at Rajapalot

Thursday, April 6, 2017 5:57
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(Before It's News)

A ‘large mineralized’ gold system is emerging at the Rajapalot project in northern Finland, says explorer Mawson Resources Ltd (TSE:MAW, OTCMKTS:MWSNF).

Releasing assays from 13 diamond drill holes in its winter program, the firm said the previous mineralised zone had been “significantly extended”.

Gold has now been discovered on the western, southern and eastern margins of the previous mineralization footprint.

Today’s finds support the discovery of a new style of gold-bearing system, the firm added, which is characterised by an extensive area of potassic-iron-sulphide alteration.

Significantly, drilling has now defined a zone that extends for 1,200m along strike and 400m in width that remains open.

Among the highlights, hole PAL0048 was drilled 1.75 km southeast of the Palokas target and hit 6 metres at 2.0 g/t (grams per ton) gold from 53 metres and 13.7 metres at 2.0 g/t gold from 82 metres.

Meanwhile, the southernmost hole at Rajapalot hit 5 metres at 1.2 g/t gold from 37.3 metres.

So far, assays from 19 holes have been reported, while results are pending for an additional 23 holes. A further 10 diamond drill holes are planned before the completion of the winter program.

Michael Hudson, chief executive and chairman, told investors: “The bold exploration approach taken by Mawson during the 2017 winter program is now paying dividends.

“By stepping out to previously known the limits of the mineralized system at Rajapalot, the gold mineralized footprint has been significantly expanded and demonstrated to be open on the western, southern and eastern margins.

“In combination with the significant hydrothermal alteration observed in all holes, it is clear a large mineralized system exists at Rajapalot.

“With less than 50% of assays received from holes drilled to date, and four rigs still drilling 24/7, we look forward to further news flow.”

Story by ProactiveInvestors


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