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Mawson Commences Major Resource Expansion Drill Program at Rajapalot
VANCOUVER, BC / ACCESSWIRE / November 7, 2019 / Mawson Resources Limited ("Mawson" or "...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"\nMawson Commences Major Resource Expansion Drill Program at RajapalotVANCOUVER, BC / ACCESSWIRE / November 7, 2019 / Mawson Resources Limited (\"Mawson\" or \"the Company\") (TSX:MAW)(Frankfurt:MXR)(OTC:MWSNF) is pleased to announce the commencement of the 2019-2020 resource expansion drilling program at the Rajapalot gold-cobalt project in northern Finland, with the arrival of the first diamond drill rig on site. A 15,000 metre drill program is planned over the next 6 months.Key Points:Updated Resource Planned: The drill program aims to infill and extend the Palokas, South Palokas and Raja resource areas (Figure 1) delivering the data for an updated resource estimate at the end of Q2 2020;Substantial Exploration Target: Prior to this program an exploration target of 0.8-1.0 million ounces between 3-5 g/t gold equivalent (\"AuEq\") is estimated to exist at the Rajapalot project. The potential quantity and grade of the exploration target is conceptual in nature. There has been insufficient exploration drilling to increase the mineral resource and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource.Effective Drill Targeting: Based on discovery success from earlier this year, drilling will be directed by geologic controls of high-grade gold zones and fixed loop electromagnetic (\"EM\") conductors, with further targeting refined by down hole EM (\"DHEM\");Drilling Commencing Immediately: The first diamond rig has been mobilized to the Palokas prospect to drill a high-priority target below PAL0194 that intersected 15.2 metres @ 4.3 g/t Au and 2,566 ppm Co (8.5 g/t AuEq) from 418.7 metres. Drill hole PAL0194, drilled in early 2019, was a 275 metre down-plunge step out from the 2018 inferred mineral resource at Palokas;Mr. Michael Hudson, CEO, states: \"We thank our shareholders both old and new for supporting Mawson's C$7.9 million brokered financing that closed last week. We are now fully permitted and funded, and have wasted no time with a drill rig already on site. Our 6-month, 15,000 m planned drill program will take us through to April 2020 and deliver an updated resource calculation in Q2 next year. The detailed geological understanding of high-grade gold mineralization combined with the geophysical response of the host rocks has enabled tightly defined drill targe...