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, 18 September 2013
Mawson Resources moves ahead with more drilling at Rompas
Mawson Resources (TSE:MAW) says that diamond drilling has restarted at its Rompas gold project in Finland, continuing its exploration momentum at the site after recently closing a C$4.2 million financing.
It has a company-wide budget of $2.5 million approved for this year, and a cash position of more than C$8 million.
The mineral explorer said it has five diamond and reverse circulation drill programs planned over the next four months at Kaita, South Rompas, Rajapalot and regional extensions of Rompas.
This includes the first core testing of the Rajapalot disseminated mineralization using a "low impact core sampler" inside the Natura 2000 biodiversity areas, Mawson pointed out in its statement. It also includes 1,000 metres of drilling at the new Kaita prospect, which is made up of 26 surface mineralized sites, of which 11 have visible gold.
"With more than C$8M in treasury, Mawson is in excellent shape to further advance our discoveries at Rompas," said president and CEO Michael Hudson in the release, adding that he looks forward to the results from the five separate drill programs to be conducted during the rest of this year.
"We consider it a particular milestone to have access confirmed to the Natura 2000 biodiversity areas to allow sub-surface testing of the disseminated style of mineralization for the first time."
An active work program has been ongoing at Rompas over the last three months, including an 827 line-km helicopter-borne geophysical survey over the Rajapalot area, with results to be available soon, the company said.
Twelve local Finnish geologists have also been prospecting, mapping and sampling within the 100 square km project area, where high grade gold has been defined, with over 1,000 samples collected in this field season and results awaited.
Shares of Mawson increased 1.3 per cent on Wednesday, to trade at 38.5 Canadian cents as of 10:45am ET.