leadf
logo-loader
viewMawson Gold Limited

Mawson Gold kicks off drilling at prospective Mount Isa block and set to increase footprint in Queensland

The Queensland government has provided a grant of A$200,000, which will fully fund one 800m long drill hole to test a large undrilled gravity anomaly

Mawson Gold Limited -
The Mount Isa Block is true elephant country and contains 5% of the world's silver resources, Mawson said

Mawson Gold Ltd (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) told investors it had kicked off drilling at the Mount Isa block in Queensland, Australia and applied to increase its large ground position in the area. 

The Queensland government has provided a grant of A$200,000, which will fully fund one 800 metres (m) long drill hole to test a large undrilled gravity anomaly, called the F11 target.

READ: Mawson Gold joint ventures into the Whroo Goldfield in Australia

F11 lies laterally from the so-called Cloncurry fault, a significant regional structure, which in itself is near the Cannington silver-lead mine owned by South32 Ltd - the ninth-largest silver producer in the world with 12.3 million ounces (Moz) produced last year.

"This government-backed and fully funded drill test of a large, and untested combined gravity and magnetic target in Mount Isa is an exciting moment," said Mike Hudson, Mawson's CEO in a statement.

"The Mount Isa Block is true elephant country and contains 5% of the world's silver resources, 1.7% of the world's copper resources, 21.2% of the world's lead resources and 11% of the world's zinc resources within numerous world-class mines, and extends to the south almost as far under 100-500 metres of cover as it extends on the surface."

Mawson highlighted that in the late 1980s and early 1990s, widespread use of geophysical techniques and drilling had led to the discovery of a number of major deposits under cover in the Mount Isa region, such as Cannington (around 60m deep), Century (40m) and the iron oxide-copper-gold type deposit, Ernest Henry (40m) but since then, grassroots exploration worldwide had decreased, while searching via new technology had increased.

Drilling remains extremely sparse where cover depths exceed over 250m within tens of kilometres around the F11 drill target, it noted.

Also in the statement, Mawson said it had applied for a further 312 square kilometres (sq km) of exploration permits for a total of 785 sq km of granted exploration licenses and applications in the Cloncurry district of the Mount Isa block, over a combined 60km strike.

The resource group, which has assets in Finland and Australia, said it had raised significant funds in May and now had four rigs turning on three projects through Finland and Australia.

Contact the author at giles@proactiveinvestors.com

Quick facts: Mawson Gold Limited

Price: 0.42 CAD

TSX:MAW
Market: TSX
Market Cap: $107.09 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Mawson Gold Limited named herein, including the promotion by the Company of Mawson Gold Limited in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Mawson Gold's Michael Hudson hails strong start to drilling at Sunday Creek...

Mawson Gold Ltd's (TSE:MAW) (OTCPINK:MWSNF) Michael Hudson speaks to Proactive's Andrew Scott after reporting a strong start to drilling in the famous Victoria goldfields in Australia, with the first hole at its Sunday Creek project hitting 15.2 metres at 3.7 grams per ton (g/t) gold from...

on 8/10/20

2 min read