- High-quality gold exploration portfolio in two, Tier 1, mining-friendly jurisdictions
- Rajapalot is the most advanced gold-cobalt discovery in Finland
- Exciting targets with new Australian acquisition
What Mawson Resources does:
Mawson Resources Ltd (TSE:MAW) is advancing the Rajapalot project in Finnish Lapland, just south of the arctic circle, where both high-grade gold and cobalt have been discovered over a camp-scale area of more than 10 square kilometres (km).
Finland refines half the world’s cobalt outside of China and the planet's largest cobalt refinery lies just 400km to the south of the Mawson project in the country.
According to the company, the unconstrained maiden resource places Rajapalot as one of Finland’s top three gold projects by grade and contained ounces. It is also one of only a few NI 43 101- compliant cobalt resources in Europe.
Mawson has said that an exploration target exists at Rajapalot that could contain a further between 800,000 and 1 million ounces, although it cautioned this is conceptual in nature until further drilling.
In late 2018, the company announced a maiden resource for the Raja and Palokas prospects at Rajapalot, while, significantly, an updated resource is earmarked for the third quarter this year.
Two years ago, the pit and underground constrained inferred resource was put at 424,000 ounces of gold at 3.1 grammes per ton (g/t) of gold equivalent. That was within a combined unconstrained inferred resource for the Palokas, South Palokas and Raja prospects of 482,000 ounces gold equivalent at a grade of 2.4 g/t gold equivalent.
The explorer has also now diversified into Australia, acquiring three shallow high-grade gold assets - Clonbinane, Redcastle and Doctor's Gully - hosting numerous historic mines in the famous Victoria goldfields.
Victoria is one of the world's largest orogenic gold provinces, with more than 80 million ounces of gold mined since the 1850s.
It has also become a cornerstone investor in major landholder Nagambie Resources Ltd (ASX:NAG), which holds ground on the Waranga tenements in the same region, including the Nagambie gold mine, which also gives Mawson a pipeline of potentially exciting new projects.
Elsewhere, in the USA, Mawson has exploration and option agreements on the new Western USA project (WUSA project) - one of the largest areas prospective for epithermal gold in the lower mainland USA (150,500 hectares). There are three gold prospects defined to date.
How is it doing:
A 2020 winter drill program at Rajapalot has now been completed for 14,142 metres (m). That was around 850m earlier than planned due to understandable events amid the current coronavirus (COVID-19) pandemic. Strong news flow is anticipated from the project over the coming months with only 13 holes reported to date from a total of 37 holes drilled.
On March 9 this year, Mawson announced the best hole of the 2020 drill season from the Rajapalot gold project that it had encountered so far, showing 7.2 metres (m) at 21.7 grams per ton (g/t) gold from 267.9m at the Palokas prospect. That included an intersection of two metres at 52.7 g/t gold from 271m.
That assay came after the Vancouver-based company said in late February it had sunk the "best hole ever drilled". That one hole hit 17.7m at 3.8 g/t gold, 880 parts per million (ppm) cobalt and 4.3 g/t gold equivalent from 293m at the South Palokas prospect on the property.
Mawson said that improving grade and continuity of high-grade gold-cobalt mineralization at depth was particularly encouraging.
Meanwhile, on March 26, the group said it had closed the strategic and acquisition investment with Nagambie Resources Limited (ASX:NAG), which holds ground in the central Victorian goldfields of Australia.
Mawson subscribed for 50 million shares or a 10% stake in Nagambie and it has the right of first refusal to take up or match proposals being considered over a 3,600 sq km tenement package. Nagambie will take around a 4.7% stake in Mawson.
The Canadian firm has also acquired 100% of Nagambie's Clonbinane project, where mining began in the 1880s with total production being reported as 41,000 ounces gold at a grade of 33 grams per ton (g/t) of the yellow metal.
Mawson has the right to earn up to a 70% joint-venture interest in each of Nagambie's Redcastle and Doctor's Gully gold properties in Victoria by spending A$1 million over five years on each project.
- Further drill results from Rajapalot
- Next steps in Australia
What the boss says:
At the time of the Victoria goldfields announcement in January, Mike Hudson, Mawson's CEO, told investors: "This acquisition diversifies and adds further high-quality quality gold exploration assets to the company in another Tier 1 gold district, while we maintain a significant focus on building resources at the Rajapalot project in Finland where five drill rigs are currently operational.
"Our success in Finland underpins our overall strategy as a gold exploration company, while management’s long operating history in both Finland and Australia allows Mawson to bring a highly capable exploration team to continue value creation through discovery. We look forward to working in partnership with Nagambie as we both work to find Victoria’s next major gold deposit."