Mawson Gold Limited (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) has hit more high-grade gold at its Joki East prospect at the Rajapalot project and said the area is 'shaping up' to be a fourth mineralized zone at the property in Finland.
The latest hole at Joki East has intersected 1.6 metres (m) at 19.2 grams per ton (g/t) gold from 155m depth. This hole was drilled just 27m north-east from the discovery hole at Joki East, announced last week, which encountered 1.6m at 28.3 g/t of the yellow metal from 168.6m.
READ: Mawson Gold finds high grade gold at Joki East as Finnish project moves towards resource expansion
Holes drilled so far at the prospect have defined an orebody measuring 50m to 60m across strike and 120m down-plunge with dimensions of 300m by 140m, while mineralization remains open in all directions, the group noted.
"Finland continues to deliver in our ongoing drill programs," said Mawson chief executive Mike Hudson in a statement. "Discovery of high-grade gold in all year round permitted drill areas, outside Natura 2000, is a major step forward.
"With our second high-grade assay returned at Joki East, we are encouraged by the consistency of high grades between drill holes and look forward to additional results from what is shaping up as our fourth mineralized area to add to the three current resource areas."
As previously reported, eight holes have now been completed at Joki East and visible gold has been identified in four of them, while 11 diamond drill holes have been sunk in the Autumn program at Rajapalot in total.
A second hole at Joki East had a best result of 1m at 0.9 g/t gold from 148.8m, while two holes sunk at Hirvimaa, contained no significant gold, but returned 2m at 95.9 parts per million (ppm) cobalt from 42.1m and 1m at 138.6 ppm cobalt from 109.5m.
The host rocks to the gold mineralization at Joki East are similar to mineralization seen 1.6 kilometres (km) to the west at the Raja and Palokas resource areas, Mawson also noted.
The firm's focus is on the flagship Rajapalot gold project in Finland, but it also has high-quality gold exploration assets in Australia.
Contact the author at giles@proactiveinvestors.com
