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Mawson Resources surges as it defines eight new targets in Finland

Tuesday, October 25, 2016 7:45
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Mawson Resources Ltd (TSE:MAW) has defined eight new targets at its Rompas-Rajapalot project in northern Finland.

The company released results from 225 base-of-till (BOT) drill holes from the Rajapalot prospect at its wholly-owned Rompas-Rajapalot project, and is already working on follow-up BOT drilling.

In all, 225 BOT holes were drilled over an area 2.3 kilometres (km) by 1.4 km on a 150 metre (m) grid pattern; an additional 206 drill holes are planned at 25m centres along anomalous drill traverses defined from the first program, Mawson said.

Anomalous surface geochemistry in the area included 23 boulders and sub-crop grab samples of less than 0.1 grams per tonne (g/t) gold that ranged from 0.1 g/t gold to 236 g/t gold, with an average of 22.6 g/t gold and a median value of 1.0 g/t gold.

Grab samples were selected samples and are not necessarily representative of the mineralization hosted on the property, Mawson advised.

“This first systematic drill test of the area met our aims to define geochemically anomalous areas beneath thin glacial till, that covers 99% of the area, with eight anomalous zones defined over a large area of 2.3 km by 1.4 km,” said Michael Hudson, chairman and chief executive officer of the company.

“We have already commenced follow-up infill BOT drilling and are looking to progress to deeper diamond drilling for target testing. As the drill area lies outside Natura 2000 areas, drilling can be undertaken all year, rather than be limited to winter drilling from mid-December to mid-April,” Hudson revealed.

Shares in Mawson rose 6% to C$0.445 on the announcement.

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