Mawson Resources Limited (TSE:MAW) (OTCMKTS:MWSNF) revealed that its Rajapalot project in Finland continues to show great potential as it posted its latest drill results.
Assays from the fifth prospect drilled this year, called The Hut, showed high-grade gold-cobalt results, the firm revealed.
One hole hit multiple gold-cobalt intersections from between the surface and 280 metres depth. Highlights included 3 metres (m) at a grade of 7.6 grams per ton (g/t) gold equivalent (AuEq), 6.4 g/t gold and 722 parts per million 9ppm) cobalt from 138.4 metres.
READ: Mawson Resources extends high-grade gold and cobalt mineralization at Rajapalot project in Finland
"Strong gold-cobalt drill intercepts from our fifth prospect drilled this year indicate the significant upside that exists beyond known resource areas at Rajapalot," Michael Hudson, chairman and CEO at Mawson told investors in a statement Thursday.
"Recent drilling focused on testing around resource areas at Palokas, South Palokas and Raja. However, the multiple mineralization intercepts and untested electromagnetic conductors at the sparsely drilled The Hut prospect suggests an important area for resource growth in future drill campaigns," he added.
The new results come after, earlier this month, Mawson reported positive drilling from the Raja prospect, which continued to extend mineralization beyond the current resource boundary.
The high-grade gold assays, combined with strong silicate and sulphide alteration, multiple electromagnetic conductors and large vertical extent of mineralized intervals mean The Hut is an important target for future drill campaigns, Mawson noted.
Potential for extensive gold, cobalt
Of particular interest at The Hut is the potential for vertically extensive gold-cobalt mineralization, it added.
Another notable assay reported in one hole was two metres at 1.8 g/t gold equivalent, 1.5 g/t gold, 208 ppm cobalt from 87.9 metres.
Also in today's statement, the firm said it had extended its exploration claims by staking a 14,364 hectare reservation to the immediate north of its existing 15,527 hectares of exploration permits and permit applications.
The new claim targets extensive sequences of conductive graphite-bearing rocks that extend for 75 km of strike within the claim reservation area, said Mawson.
The groyup added that its focus remains on expanding its gold and cobalt resources, however the new graphite targets have the potential to open a region of graphite mineralization within Finland.
Mawson shares dropped around 11% in Toronto to $0.16.
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