Mawson Gold (TSX: MAW) CEO Michael Hudson on New Discovery, Visible Gold & Drilling in Finland and Australia
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the chairman and CEO of what should be called Mawson a lot of Gold, but of course, is called Mawson Gold, Mr. Michael Hudson. Mike, how are you?
Michael Hudson: Nice introduction. I'm well, thanks, Gerardo.
Gerardo Del Real: Well, anytime I read game changing and I read visible gold in four holes, it's hard not to be excited given the context of the current gold environment. You had some news yesterday that is extremely important moving forward. I would love for you to do it justice by providing a good overview of the new high grade discovery at your project in Finland, of course, as drills continue to turn in Australia.
Michael Hudson: As many drills are just about the turn up to Finland too also. We've got four rigs coming in the next month or so to Finland with one more starting in another few weeks. You make discoveries through drilling, I suppose, is the point. We were fortunate to find the company well back in May, June, and this is the outcome, essentially of that execution of having a good treasury and a number of good projects that we've been working on for some time. The hard yards have been done in terms of the thinking and all the social work and really, they're all drill targets waiting to expand and expand known historic mines in Australia.
But here, this is a first principles discovery we made a number of years ago in a swamp. We've got 700,000 ounces plus of gold equivalent in an inferred resource that we just doubled a few months ago. Now, we're starting to make discoveries one and a half kilometers away from those resources in areas where we can drill all year round, and that's a key point. We put the first couple of holes out, the first discovery hole into an area called Joki East, and hit 1.6 meters at 28.3 grams per goal, grams per tonne gold, which is fantastic. The grade is high.
It's a thinner zone, but that is a result to get anyone in the gold business very excited. What's important is it's got context. It looks exactly the same rocks, exactly the same structural position and orientation as the resources. It's got an EM target that makes it look a lot bigger. We've put eight holes into it already. We announced that we hit, in half of those holes, visible gold. Let's see what the assay's come back with, but it's open in all directions and can get a lot bigger and can be drilled all year round, which is a key point, I suppose, in terms of that this will get a lot bigger, this resource of ours.
We've said that for a long time and this is demonstrative of that, but how quickly can we make it bigger and being able to drill all year round, as opposed to the current resource areas, which are really limited to winter drilling a lot weightier and boggier. Our permits only allow drilling from December to April in those areas. Good news all around.
Gerardo Del Real: You mentioned being aggressive in expanding the size and scale of what I believe, clearly shows the potential to be a mine. How aggressive do you plan on being given the treasury position, the robust treasury position?
Michael Hudson: As much as we can be, basically. That's all within context of being able to operate according to our permit. We're permitted for up to five rigs in Finland during winter. I think because we've drilled a few thousand meters already, we announced today or close yesterday that we'd finished already 2,000 meters. We're going to be able to get in earlier now with the winter drill program with this area, Joki East. We'll be able to drill again there from a few weeks time. I think we can do our 20 kilometers with four weeks actually, but that's about the right number to expand these resources, to infill some of the high grades ... expand some of the high grades that we saw in those resources.
This will get a lot bigger. I'm a junior company CEO, and that's pretty much the mantra of what you'll hear any CEO say about their projects. This is one of those projects that is delivering and will continue to do so. We've got lots of very compelling targets with lots of early stage indications of gold that will feed into a resource upgrade, ideally come Q2 again. Then we really have to start making decisions about this project in terms of transitioning, not just from what it's done over the last year or so's discovery, transitioning to resource and now we're in resource expansion and discovery also, but into early stage permitting and making this a project that eventually will be a mine. You can see as a technical person how that pathway is ahead of us now.
Gerardo Del Real: I must admit, Mike, I find it a bit ironic that after years of frustration from not being able to drill year round, you now have multiple projects in multiple jurisdictions that are almost mandating that you not only drill year around, but that you do so aggressively. What a change, and what timing given again, gold trading at the $1,860 level?
Michael Hudson: Being the optimist, I can say that it's better to have all these projects in a gold bull market than vice versa. We're very well positioned, I think, through good fortune and creating our own luck. We've talked about it before, the way to make money in this business is all around timing. You've got to back those top quartile projects. The reality is the top quartile project is only developed through hard work. We've been fortunate to do that hard work and the caring in harder times and we're ready to ... well, we are delivering, and it's the time to do it.
Gerardo Del Real: You and the team should be commended. You're reaping the rewards of seeds planted many years ago. Few junior companies have as many rigs turning and few have delivered as consistently as Mawson has recently. What can we expect in the coming weeks and months here before the end of the year, Mike?
Michael Hudson: From Finland, more results. We've put out two of the eight holes from Joki East, so we still have the reminder of those holes to announce. We'll have another rig starting at the end of November in Finland, and then four rigs minimum coming to the site in late December, early January. Lots of news flow. That essentially is not a break from Finland. Then not forgetting, we've got two rigs turning consistently in Australia, and there'll be more results to the table there. We've got Red Castle and Sunday Creek being drilled, and we're looking to move one of those rigs, ideally before Christmas, or maybe just after to the new joint venture that we penciled together recently called Whroo.
Then of course, there's Mount Isa where we have now completed that one drill hole that was fully funded by the Queensland government. That's being logged and will be sent for assay soon. That's an interesting ... the steak knives, if you like, I don't know if that translates, but the bonus for shareholders, if we can find something of significance there. We're pulling that data together. Then of course, we've got our partners in Oregon drilling very soon. Aguila American who are drilling on the project where they'll carry us 20% to production if they're fortunate to find something.
Gerardo Del Real: I'm a biased shareholder of both companies, Mawson and Aguila American Gold, so obviously happy with the success with Mawson and of course, rooting for Aguila American Gold. Mike, thank you so much for your time. You have plenty of gold to go process and find it sounds like, so I'll let you get to it.
Michael Hudson: Thanks, Gerardo.
Gerardo Del Real: Thank you.