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Friday, 4 October 2013
Mawson Resources climbs on high grade gold core sampling results from Rompas prospect
Mawson Resources (TSE:MAW) shares jumped on Thursday on core sampling results from the Palokas gold prospect at its Rompas property in Finland.
The results represent the first core sampling from the prospect, which is located within the Rajapalot area, 7 kilometres east of the company's drilling in the vein style mineralization at Rompas. Highlights include an intersection of 9 metres at 10.2 grams per tonne (g/t) gold from surface, including 3 metres at 27.5 g/t gold from hole PRAJ0003.
An airborne geophyscial survey at Rajapalot indicates that mineralization discovered in this hole is coincident with a conductor that extends for more than 500 metres, according to a statement released Thursday.
Shares of Mawson rose more than 22 per cent in early deals, to 43 cents.
"This is the first core test of the disseminated style of gold mineralization at the Rompas project," said president and CEO Michael Hudson in the release.
"This result has validated our prior limited surface sampling, with hole PRAJ0003 producing the widest and most consistent gold grades at Rompas to date."
The company said Thursday that near-surface core sampling will continue at Palokas, with further results still pending. Six core sample holes have been completed so far at the prospect, over a 35-metre strike, with a further 18 core holes planned.
The stellar hole announced today was slightly offset from a previous sampled rock chip panel, which averaged 13.4 g/t gold and 226 parts per million (ppm) uranium over 9 metres.
The company says Palokas is located in an EU-defined biodiversity Natura 2000 area, where at this stage of permitting, it is entitled to 100% of the mineral rights, with certain limitations on exploration methods that can be completed, including no larger scale drilling or mechanical trenching.
Mawson has applied for a modification of this decision as it seeks permission to conduct larger scale drilling in these areas, with a decision not expected until the first quarter of next year. An environmental study has been completed that defined the impact that Mawson's exploration work will have on the "biodiversity values", the company said, with the key consultant on the study being one of the biologists who mapped the Natura 2000 area in the late 1990s.
Separately, the company said two diamond drill holes have been completed at a high angle to previous drill orientations at South Rompas, while diamond drilling is also in progress at the Kaita prospect, with results pending.