Ocean Equities says Mawson Resources' Rajapalot discovery "very prospective"

Ocean Equities said that a recent gold discovery by Mawson Resources (TSE:MAW) in Finland was "very prospective".

Monday, Maswon said it discovered "bonanza gold grades" at the Rajapalot prospect, located eight kilometres east of its Rompas gold project in Finland.

The company said prospecting amongst 36 new grab samples taken from outcrop within three areas separated by "many" kilometres, returned 2,817 grams per tonne (g/t) gold, 2,196 g/t gold, 1,245g/t gold, 933g/t gold, 151g/t gold and 135.5g/t gold.

It added that 52 samples from the Rajapalot prospect to date average 152.8 g/t gold and range from 0.001g/t to 2,817 g/t gold.

"These results confirm that Mawson’s recently discovered Rajapalot project is very prospective," Ocean Equities analyst Christopher Welch said in a note.

Rajapalot was discovered by Mawson through its earlier grab sampling and these follow-up grab sample results provide more evidence that the project offers "very compelling" drill targets for the company, Ocean Equities said.

The area offers very little outcrop and so it will be down to the geophysical surveys to help Mawson plan drill targets Mawson expects to carry out these surveys in early 2013.

"Rajapalot exhibits a broader type of mineralisation than Rompas, demonstrated by a large footprint of albite alteration, so we expect the project to yield a broader type of mineralisation than so far exhibited by the Rompas project," the Ocean Equities analyst wrote.

Drilling is scheduled to being in the first half of 2013 and Ocean Equities expects that the drilling results will be of lower grade than seen at Rompas, but to be over wider drill intersections.

Ocean Equites said that the next step for Mawson will be further drilling of its main Rompas target on the North Rompas part of the 6 km mineralised trend.

"This area has returned some standout grade grab samples and we expect drilling of the northern part of this area to return mineralisation of a similar tenor over meaningful widths." 

Mawson Resources expects to begin drilling at North Rompas in the next few weeks.