Mawson Resources Ltd (TSE:MAW) (OTCMKTS:MWSNF) has unveiled another round of high-grade drill assays for its giant Rajapalot gold project in Finland and told investors that it is on track to deliver an updated resources estimate at the beginning of the third quarter of this year.
The results come from five additional holes at the Palokas prospect, which were sunk during the recent 14.1 kilometre (km) winter program, and include the deepest intersection so far at Palokas, namely, from a hole 449.7 metres (m) deep.
That hole hit 4.9 metres at a grade of 18 grams per ton (g/t) gold, 1,236 parts per million (ppm) cobalt, 18.8 g/t gold equivalent (AuEq) from 449.7 metres, which included 2 metres at 31.2 g/t gold from 452.6m.
"Drilling continues to return impressively high-grade intersections," Mike Hudson, chief executive of Mawson said in a statement. "The project continues to demonstrate grade and width with significant step-outs, while also demonstrating considerable room for expansion, particularly down plunge and southwards towards the South Palokas prospect."
"Geological modelling based on core logging and assaying remains on schedule to deliver an updated resource at Rajapalot at the start of Q3 2020," he added.
Other drill highlights included 3.8m at 0.7 g/t gold, 194 ppm cobalt, and 0.9 g/t gold equivalent from 294.9 metres. Another hole hit 2.3 metres at 3.1 g/t gold, 272 ppm cobalt, 3.1 g/t gold equivalent from 342m.
Mawson noted that distinct high-grade zones within a larger mineralized footprint at Palokas-South Palokas are becoming ever more evident as drill results are returned.
The group's 2020 winter drill program consisted of 37 drill holes for 14,132 metres and so far, Mawson has released results from 29 holes, while eight remain to be reported.
Mawson shares added 5.19% to C$0.40 in Toronto.
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