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Mawson Gold finds high grade gold at Joki East as Finnish project moves towards resource expansion

The firm reported assays from two of eight holes sunk at Joki East, but noted that visible gold had been identified in four

Mawson Gold Limited -
One hole hit1.6 metres at 28.3 grams per ton gold from a depth of 168.6 metres

Mawson Gold Limited (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) has described the discovery of high-grade gold at the Joki East prospect at its giant Rajapalot project in Finland as a 'game changer'.

On Wednesday, the company reported assays from two of eight holes sunk at Joki East, but noted that visible gold had been identified in four of them. One of the two holes hit an impressive 1.6 metres (m) at 28.3 grams per ton (g/t) gold from a depth of 168.6m.

READ: Mawson Gold continues to deliver high-grade gold results at its Sunday Creek project in Victoria

In all, 11 diamond holes were drilled in the Autumn program, with eight at Joki East and two at the Hirvimaa zone, while one was abandoned, Mawson revealed.

Joki East lies 1,600m north-east of the Raja resource area and is permitted for drilling all year round.

Mawson chief executive Mike Hudson said in a statement that the group had been "waiting to drill gold mineralization over a much larger area and into all year round permitted drill areas" for several years.

"As the project pivots towards further resource expansion and early-stage economic studies, having the ability to drill year-round will become a key to faster potential project development," he said.

Hudson added that the firm was now looking forward to an 18-kilometre resource-expansion drill program at Rajapalot, planned to start in late November this year.

A second hole at Joki East had a best result of 1m at 0.9 g/t gold from 148.8m, Mawson reported, while two holes sunk at Hirvimaa, contained no significant gold, but returned 2 metres at 95.9 parts per million (ppm) cobalt from 42.1m and 1m at 138.6 ppm cobalt from 109.5m.

Mawson's focus is on the flagship Rajapalot gold project in Finland, but it also has high-quality gold exploration assets in Australia.

Mawson shares slipped 3.6% in Toronto to C$0.40 each.

Contact the author at giles@proactiveinvestors.com

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