Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
Wednesday, 3 April 2013
Mawson Resources shares gain as drilling reveals results as high as 148 g/t gold at South Rompas, Finland
Mawson Resources (TSE:MAW) on Wednesday unveiled the second batch of drill results from its 2013 winter drilling program at its Rompas-Rajapalot project in Finland, noting that nine of 14 drill holes at the South Rompas prospect intersected gold bearing structures.
The company said that drilling at South Rompas has clearly defined a gold-mineralized envelope, with the best intersection returning 0.5 metres at 148 grams per tonne (g/t) gold and 0.42% uranium oxide (U3O8) from a depth of 16.5 metres in drill hole ROM0074.
In total, Mawson said that 51 drill holes have been completed this winter at Rompas-Rajapalot, with 29 drill holes drilled at North Rompas, 14 holes drilled at South Rompas and eight holes done at North Rajapalot.
President and CEO Michael Hudson said in the release Wednesday that the vein-style gold mineralization at South Rompas “is shaping up”.
“Bulk testing is now required to estimate the true grade of the gold which varies from bonanza grades to lower grades over short intervals,” he said, adding, “It is also encouraging to see gold discovered in this program on lower priority geophysical targets at Rajapalot, eight kilometres to the east of Rompas.”
Hudson said that a further 80 percent of the “highest priority” targets on the Rompas-Rajapalot project remain within areas where the company is not yet permitted to drill.
Although Mawson holds the mineral rights within these areas, the company noted that drilling is not permitted until it submits its environmental program and a modified claim decision is granted by Finnish authorities.
“It remains critical to the development of the Rompas-Rajapalot project that we work in conjunction with the Finnish authorities to gain drilling access to our best exploration targets in the shortest possible timeframes,” Hudson concluded.
Mawson Resources is a resource acquisition and development company, with a focus on the flagship Rompas-Rajapalot gold project in Finland. In February, the company unveiled the first drill results of its winter 2013 drill program, where the best intersection from 20 of 29 holes at North Rompas returned 0.4 metres at 395 g/t gold and 0.41% U3O8, from 41 metres depth in hole ROM0052.
The drilling campaign, which started in December last year, forms the major part of a C$3.2 million company-wide 2013 winter exploration program through to the end of June.
Shares of the company rose over 4 percent to $1.03 in late morning trade Wednesday.