Mawson Resources Ltd (TSE:MAW) (OTCMKTS:MWSNF) said drilling, geophysical and metallurgical work was underway at its giant Rajapalot project in Finland ahead of an updated resource estimate earmarked for the end of the second quarter next year.
The large-scale, 15 km resource expansion drill program aims to infill and extend the Palokas, South Palokas and Raja areas and the first hole at Palokas is nearing target depth of 680 metres.
Four drill rigs will be operating by early January when winter conditions allow, said Mawson in the statement.
"This program will take us through to May 2020, to build on existing resources and deliver an updated resource calculation in Q2 next year," said Michael Hudson, the chief executive.
"The detailed geological understanding of high-grade gold mineralization combined with the geophysical response of the host rocks has enabled tightly defined drill targets, and will result in a regular stream of news flow over the next half year."
A maiden resource for Rajapalot from December, 2018, comprises a pit and underground constrained inferred resource of 424,000 ounces of gold at 3.1 g/t gold equivalent, within a combined unconstrained inferred resource for the Palokas, South Palokas and Raja prospects of 482,000 ounces gold equivalent (AuEq) at a grade of 2.4 g/t gold equivalent.
Electromagnetic surveys are currently underway, as well as a large ground-based 1,070 station gravity survey over 41,700 hectares over the Rajapalot and Rompas areas, the firm also revealed.
Work under a research program continues with geometallurgical studies, batch flotation and leach tests to aid in the design of refined flowsheet, it added.
Shares were unchanged at C$0.16 each in Toronto.
Contact the author at [email protected]