Mawson Resources (TSX: MAW) Discovers Multiple Gold Drill Targets, Results Up Next
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me this afternoon is CEO of Mawson Resources (TSX: MAW)(OTC: MWSNF), Mr. Michael Hudson. Mike thank you for joining me this afternoon.
Michael Hudson: Good afternoon Gerardo. Thanks for having me.
Gerardo Del Real: Absolutely. I needed to have you on because you had some news indicating that the drilling, obviously that's ongoing in Northern Finland, you've discovered multiple gold targets and you actually provided an update as well on the drilling. I'm hoping you can share the details of that because there is a lot of good stuff in that news release.
Michael Hudson: It's a fairly technical news release but internally we're absolutely thrilled by the results. This is the first systematic, broad scale test of drilling right across our permit area in the Rajapalot area. We've been drilling at 150 meter centers with a rig that drills just down through the three to 11 meters of till or the soil profile that sits on top of the bedrock. Basically we are testing that larger scale of the system. We always had indications that with the multitudes of boulders, we've got hundreds of high grade boulders in the area, that range from point one grams up to over three kilos of gold; that's over three thousand grams of gold which average close to 90 grams of gold. The area has always been perspective but until you get the truth machine there, of course, you never quite know.
This base of till program has tested that larger scale and thrown up multiple targets, I mean multiple. There's gold coming out in context with what we know, but importantly, it is over a much larger area.
Gerardo Del Real: You mentioned context, Michael, and I think that's important. I know that Aurion Resources recently had a tremendous surge in their share price and largely… Actually, let me back track a little bit. They're also in Northern Finland if I'm not mistaken, but the interest in share price is largely due to the high grade at surface, high grade gold that they're finding. Just to put some perspective on the land package that you have Michael because you've had some phenomenal intersections from diamond drilling in the past and that includes 5.4 meters at 37.6 grams per tonne gold from 2.5 meters, and then 19.3 meters at 7.4 grams per tonne gold, from 1.3 meters, so, I just want you to provide a little bit of context if possible, because there has been diamond drilling in the past that is consistent with what you're finding now with the base of till drilling results that you're getting.
Michael Hudson: Sure, so, now in Aurion's discovery is an exciting one. There's nothing like finding something for the first time and I congratulate their team. It demonstrates the prospectivity of that regional part of Finland where we came in five years ago and basically found this new district; we're a little bit south of them, maybe 80 kilometers south. We found a new district and we've been working away, beavering away, during the last four or five years, which haven't been fantastic in the junior market. So, this is really the first time that this property is being explored with results flowing in to a more buoyant market. The discovery was made in 2008. We purchased it from Areva, at a place called Rompas, which is eight kilometers from where we're drilling and talking about today.
Subsequently, over the last few years, we've made a discovery over 100 square kilometers, a 10 by 10 kilometer area. We're focusing in on Rajapalot, which is one part of that area, which is a three by four kilometer area. You mentioned some of the drill results that we've got. We've had restricted permitting allowing us only to drill with small hand held rigs until this year, so the update is that we've got two diamond rigs going 24-7 as well as the base of till rig. This PR is the news from the base of till rig. The results from the diamond drilling will follow very shortly. We had a slightly slower start to winter, the freeze, so the results have been a few weeks later than we'd probably hoped, but they're coming, and the rigs are turning.
Our work has taken us from hundreds of high grade boulders to gold mineralized diamond drill results, the 10 to 20 meter thick zones, averaging five to seven grams that we found at a place called Palokas, in the middle of the Rajapalot area. Now this broader scale halo of drill results that we're starting to put into the public domain gives us more drill targets and substantiates what we think is a very large and prospective system that is just really starting to develop now with those permits for drilling and systematic testing in place, I can't stress that less. It's got context at every scale of exploration and we're very excited .
Gerardo Del Real: Excellent. Now I understand that there's two drill rigs operating 24-7 right now, is that still correct?
Michael Hudson: That's still correct and we'll be bringing more rigs in before the winter's out. Our plan is to have four diamond rigs. The winter will take us through to probably mid-April, plus or minus a week or two on either side. We're giving it our best shot and we financed a $6 million financing last December, so we've got around $8 million in the bank and we're giving it our best drill shot. Discovery only comes from drilling and we're following up known areas, so those drill results, the 19 meters at seven grams, and extending it over multiple kilometers. Of course this is the first up test and we've got a long path ahead of us without a doubt in terms of discoveries that we will be making. These base of till results just show how much work there is to do so we'll focus and expand from what we know as you do in exploration and de-risk as we go along.
Gerardo Del Real: Excellent and for those that are new to the Mawson story, Michael, could you provide some context in regards how large the land package is, because it's truly a district scale, very, very large prospective land package.
Michael Hudson: I mentioned before the ten by ten kilometer district area that we've explored. We have the very high grade Rompas vein system in the west and the Rajapalot system 8km to the east and 99% cover with thin till. That's why this base of till drilling is so important. So, even though we've got lots of great results at surface, it only comes from 1% of the area so 99% of the area is essentially, remains to test beneath large soil anomalies and the like. It's a new gold district. We've got plus 20,000 hectares, 100% owned under tenure. It is not something small we're looking for here. If it works it will be big.
Gerardo Del Real: Excellent. You plan on drilling how much this year Michael?
Michael Hudson: A minimum of ten kilometers of drilling, 10 thousand meters and hopefully if we can get above that we will. We're going as hard as we can.
Gerardo Del Real: Excellent. Well I encourage everybody to go to MawsonResources.com. There's a lot of great plans and maps there that really provide context as to the scale of the property and I think it's worthwhile for anybody in this space to go and have a look.
Michael is there anything that you'd like to add?
Michael Hudson: No I think we hit the key points. Watch the news flow.
Gerardo Del Real: Fantastic. Well I'm looking forward to hopefully having you back on soon as we start getting those diamond drilling results. Thank you so much for your time this afternoon Michael.
Michael Hudson: That's great Gerardo. Talk to you again soon.