Mawson Gold Ltd (TSE:MAW) (OTCPINK:MWSNF) has updated investors on its exploration at the historic Victoria goldfields of Australia, where initial drilling at the Sunday Creek project has been completed and the rig has now moved to the Redcastle property.
Three initial holes were sunk at Sunday Creek for 345 metres and first assays are expected before the end of September. A total program of 5,000 metres is planned for the remainder of 2020 in Victoria.
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Earlier in 2020, Mawson struck a deal with Australia-listed Nagambie Resources (ASX:NAG) giving it access to three high-grade, Fosterville-style (shallow-orogenic or epizonal) exploration projects with numerous historic mines that lacked drill testing to depth.
"The search for the next high-grade epizonal gold deposit is well underway," Mike Hudson, chief executive of Mawson, told investors in a statement.
"All hands are on deck as we execute on our drilling and geophysical programs in Australia. We are excited to have completed the first targeted diamond drill holes through the mineralized zone at Sunday Creek and results will start to flow during late September."
The firm noted that a second diamond drill rig was expected to be mobilized to the group's projects in Victoria next week.
At Sunday Creek, previous mines occurred over a greater than 11 kilometre trend, while modern drilling has focused on shallow, previously mined surface workings. Previous assays include 21 metres (m) at 4.8 grams per ton (g/t) gold from nine metres.
At the high-grade Redcastle gold project, extremely high gold grades were mined over a 4.5 by 7 square kilometre (sq km) area containing over 24 historic mining areas.
These includes the Welcome Group of mines that were exploited between 1859 and 1865, down to a maximum depth of 125 metres and generated 20,583 ounces at 254.6 g/t of the precious metal.
At Redcastle, the depth extensions of four historic vein areas will be diamond drill tested over the next month, while geophysical surveys are ongoing at the Redcastle with two induced polarization (IP) crews and one ground magnetics crew.
The Victoria goldfields have generated over 80 million ounces of gold and have witnessed three mining booms - in the 1850s, the early 1900s, and in the last three years - noted Mawson.
The region hosts two different types of gold mineralization - the deep orogenic style and the shallow "epizonal" style. Mawson is very much focused on uncovering the latter.
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