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Mawson Resources Ltd preparing to get cracking in Finland

Friday, October 14, 2016 4:46
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Mawson Resources Ltd (TSE:MAW), the gold explorer focused on the Nordic countries, has a busy exploration program lined up for 2016/17.

As at the end of August the company held a total of three granted exploration permits, 11 exploration permit applications and two reservations in Finland. 

Read Mawson wins court ruling to explore Finnish prospects

Hand-portable diamond drilling to 100 metres depth resumed in mid-September at the Boardwalk prospect, located 550 metres south of the main Palokas prospect.

Meanwhile, a 225 drill hole program has been completed at the Raja prospect, located a kilometre east of Palokas, and the company is awaiting results from the lab.

At Rajapalot, the company plans to start infill drilling and the extension of ground magnetic and gradient array using induced polarization (IP).

“New IP and ground magnetic survey will increase coverage and infill of existing magnetic survey will better control recognition of fold closures to trap gold,” the company said.

One thousand base-of-till (BoT) drill holes are to be drilled at Rajapalot, with the aim of tracking gold dispersion, once frozen ground conditions allow – probably from December 2016.

The Palokas mineralized position will be systematically tested over a 3.5 kilometres strike as well as the entire Kairamaat 2 & 3 claims areas.

Larger-scale drilling, also scheduled to start when conditions allow, will follow up on near-surface and the larger-scale and systematic BoT drilling programs. The aim of the program is two-fold, with some 60% of the budget allocated to drill out a maiden resource and the remainder earmarked to test semi-regional targets over the larger area after the systematic BOT program.

Meanwhile, up to five biologists have been collecting baseline data for plants, birds and fauna for ongoing environmental studies over the last eight weeks. After two years of detailed biological studies, the company is now well positioned to complete what is known as the Natura Assessment for the entire 16,380 hectares of granted exploration permits and application areas.

In Sweden, the company has a total of two claims that are prospective for gold, covering 2,416 hectares.

The drilling plans were outlined in the company’s fiscal first quarter update covering the June-August period.

Cash at the end of August stood at C$3.7mln, down from C$4.2mln a year earlier.

The quarter saw the company spend C$167,855 on exploration and evaluation activities, down from C$203,909 the year before.

The net loss for the period widened to C$274,752 from C$167,559 a year earlier, but narrowed from the preceding quarter’s net loss of C$315,297.

As the company is in the exploration stage of investigating and evaluating its unproven mineral interests, it has no source of operating revenue at present.

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