Mawson Resources (TSE:MAW) (OTCPK:MWSNF) has discovered further gold mineralization at the Rajapalot project in Northern Finland, with grab samples returning up to 1,520 grams per tonne (g/t) gold.
Shares of the company resumed trading about an hour ago after being halted ahead of the news, and are higher by 4.37 per cent as at about 11:15 a.m. EDT, trading at $1.67.
The miner said that mineralization has now been discovered within an area of four square kilometres at Rajapalot, located eight kilometres east of the initial Rompas gold discovery.
"The frequency of discovery at Rajapalot over such a large area is impressive given the limited outcrop, which is restricted to small topographic highs, in a generally swampy terrain,” said president and COE Michael Hudson.
“Grades up to 1,520 g/t gold continue to excite and the disseminated and more sulphidic style of mineralization, such as that sampled at Palokas, is of interest as it forms a potential bulk tonnage style of mineralization that is amenable to geophysical targeting undercover."
Highlights from the new results include the discovery of new prospect area, Hirvimaa, located one kilometre north of previously known mineralization, where 17 surface grab samples returned up to 17,300 parts per million (ppm) uranium and averaged 55.5 g/t gold and 2,246 ppm uranium .
Mawson also reported that rock chip sampling across an outcrop at the Palokas prospect at Rajapalot averaged 13.4 g/t gold and 226 ppm uranium over nine metres. The company said this is the widest zone of continuous gold mineralization found at Rompas-Rajapalot to date.
A ground-based, electromagnetic and magnetic geophysical survey is currently underway to test this area and determine extensions of this zone.
In total, 80 grab samples from the Rajapalot prospect so far averaged 152.0 g/t gold and 3,248 ppm uranium, and ranged from 0.001g/t to 2,817 g/t gold and 0.1 to 81,900 ppm uranium.
In other news, the company said that diamond drilling is ongoing eight kilometres west of Rajapalot, at the North Rompas prospect.
The campaign, which started in December, forms the major part of a C$3.2 million company-wide 2013 winter exploration program through to the end of June next year.
The program consists of 6,000 metres of diamond drilling at the North Rompas, South Rompas and Rajapalot project areas, as well as an 827 line kilometre airborne geophysical survey at Rajapalot, and 30 line kilometres of electro-magnetic and 48 line kilometres of magnetic ground-based geophysical measurements.
Drilling is targeting structures containing high grade gold, where channel sample results include 1.40 metres at 2,529 g/t gold and 5.1 per cent uranium oxide. First results are expected to be received over the next three to four weeks.
Mawson Resources has precious and base metal interests in Finland and Sweden. The company's flagship property is the Rompas gold project in Finland.
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