Mawson Resources (TSX: MAW) CEO Michael Hudson on High-Grade Gold Samples in Outcrop at Newly Discovered East Rompas
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is Chairman and CEO of Mawson Resources (TSX: MAW)(OTC: MWSNF), Mr. Michael Hudson.
Miguel, buenas tardes.
Michael Hudson: Buenas tardes, Gerardo.
Gerardo Del Real: Mike, you had amazing, amazing results this morning. Let me read the headline, "Mawson expands the recently discovered East Rompas gold prospect with multiple new high-grade samples from outcrop, up to 2,375 grams per tonne gold."
The market reacted well. I believe shares were up something in the order of 36% on very, very good volume. I've long stated that Mawson is a very undervalued play with an amazing team, a district scale land package that absolutely provides a lot of upside, and in a better gold market, would do very, very well. It was great to see the market receive the news today. Can you explain the importance of today's release?
Michael Hudson: Sure. Very happy to, of course, Gerardo. This is a discovery that's literally been made over the last month. We were geologically driven to this area after our knowledge has expanded greatly over the last winter drilling program. So we started to learn that this disseminated style of gold that we find at Rajapalot and where we put out our fantastic drill results over the last six months from last winter's program, could exist beside the high-grade vein style at Rompas.
So we went looking in those rocks, and sure enough, bang, we found only 500 meters away from where we'd been working a number of years ago very intensely, these very high-grades in outcrop. Over 750 meters so far, and I know the guys are looking to extend that zone. It's a style that we like. It's not the Rompas vein style, it's more structurally hosted and we are looking very much for the disseminated style of mineralization.
So we like the size, we like the grade, of course, we like the multiple hits and the style is very interesting.
Gerardo Del Real: Excellent. Talk to me a bit about the geology and explain it to me as if I were a fifth grader. Why is it important that you've found this outcrop where you found it? Because there's been prior drilling about 500 meters east of the six kilometer long Rompas vein system that you mentioned. Can we talk a bit about the geology and why it's important?
Michael Hudson: Yeah. I'll even simplify it more, given your question, Gerardo. This is really important because we geologically predicted where we went. We like the style. It's disseminated style, we think, more so than nuggety, so we can start putting tonnes and grade around it when we start drilling, which will be very soon in December. But even more simply put, most of the world's greatest gold discoveries have been found with high-grade in outcrop. Now that doesn't mean that necessarily we've got that, but we think there's a very good chance that we've got a great system here. You know, we've found such high-grades over big, large areas and this project keeps delivering.
We really like the fact, you don't find gold in outcrop very often. Let's face it, most of the easy discoveries in the world have been made. And when you find thousands of grams in our crop, it's even rarer. So, you asked for the geology, but that's really the prospecting answer.
Gerardo Del Real: Perfect. Perfect. Now you mentioned drilling. I understand it's diamond drilling that's planned for December of this year? Is that correct, Mike?
Michael Hudson: Yeah, absolutely. We only diamond drill up in that part of the world. RC drilling is just a little bit more difficult in terms of getting good samples, and the cost of it is comparable to diamond drilling, which gives us much better information. So diamond drilling all the way.
Gerardo Del Real: Perfect. And you're fully permitted for the drilling?
Michael Hudson: Absolutely. This is an area that we're fully permitted all year round, to drill in summer and winter.
Gerardo Del Real: Excellent. Well Mike, congratulations on the new discovery, because I believe it really is that. And I'm looking forward to the drill program, of course. Is there anything else that you'd like to add?
Michael Hudson: No. I think we've hit it. Size, grade, scale, new discovery, the project keeps delivering, and just the significance of finding gold in outcrop. We're not talking boulders here or rocks that have moved from their original source. This is high-grade gold in outcrop that we're standing on.
Gerardo Del Real: Excellent. Now I mentioned the opportunity earlier. What's your market cap at now, Mike?
Michael Hudson: Well, our market cap is $46 million.
Gerardo Del Real: And that's after a 35, 36% increase, incredible. Mike, thank you so much. I look forward to chatting soon.
Michael Hudson: Thanks, Gerardo.