Tuesday, 21 August 2012

Ocean Equities says early Rompas results "highly promising"

Ocean Equities recently issued a research note on Mawson Resources (TSE:MAW)(PINKSHEETS:MWSNF) after "highly promising" early drilling results from the company's Rompas gold/uranium greenfield discovery in Finland.

Mawson is a resource acquisition and development company with precious and base metal interests in Finland and Sweden.

The company's flagship property is the Rompas gold project in Finland. Maiden drill hole results from Rompas released in May 2012 comprised 6 metres at 617 grams per tonne (g/t) gold from 7 metres depth including 1 metre at 3,540 g/t gold from 11 metres depth in drill hole ROM0011.

Last month, Mawson Resources announced results from a further 9 drill holes from its Rompas gold project in Northern Finland.

Amongst the highlights, drill hole ROM0015 encountered 1 metre at 114.5 grams per tonne (g/t) gold from 44 metres depth.

Phase 1 drilling has now been completed at Rompas for a total of 39 diamond holes for 4,178 metres. Drilling during this Phase 1 program has tested two small windows of the larger 6 kilometre mineralized strike at Rompas.

Drilling in other areas awaits further permitting. Results from a total of 24 from 39 drill holes have now been released. 

"Results from 24 of 39 holes have been released which, coupled with the previous two field seasons exploration activities, support the presence of a large bulk-tonnage hydrothermal system at or near surface with high-grade gold/uranium vein structures," Ocean Equities analyst Sam Spring said in a note.

Mawson is currently undertaking its summer exploration programme that includes 62 line kms of IP surveys and a 1500 sample programme across the three tenements, Ocean Equities said. 

Infill drilling on the North Block of South Rompas is expected in the second half subject to permitting with a key catalyst expected to be the anticipated appeal decision in the third quarter that would enable a maiden drilling programme at North Rompas and those claims coming into legal force - a negative decision would result in further delays in the courts. 

A "Natura 2000" area overlies the remaining 70 per cent of the identified 6 km trend. Drilling and trenching are not permitted within this area until Mawson applies for a modification of the claim decision by conducting an environmental programme, Ocean Equities said in its note. 

Golder Associates of Finland have commenced the required environmental study, which is scheduled for completion in the fourth quarter, with a modification decision over the Natura area likely to be determined during 2013 which would then support drilling taking place.

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