A Golden Double in Finland
Mawson Resources (TSX: MAW)(OTC: MWSNF) has doubled its gold and cobalt resource at its flagship Rajapalot project in Finland.
Over the last 20 months, drilling has proved the inferred resource up to 600,000 ounces of gold at 2.1 grams per tonne. Including the cobalt, it goes to 2.5 grams per tonne, for 716,000 gold equivalent ounces.
Nearly three quarters of that resource is in the Whittle pit, with an additional underground scenario starting to emerge with high-grade trends down-dip.
Much of the new resource came from 14,000 meters completed earlier this year after the team used a new model to identify the structural association of gold within electromagnetic conductors.
Mawson is wasting no time, and will immediately follow up with five rigs conducting 20,000 meters of drilling, set to commence this December, with the aim of infilling the resource at this 100%-owned project, as well as testing some new targets outside the resource. It is fully funded and permitted to do so.
It has been finding gold in Finland for US$10 per ounce, and it would seem there is much more to find.
Separately, Mawson is also busy drilling at two other projects in Australia.
At Sunday Creek, three holes have been completed over 345 meters with results due out before the end of the month. These were shallow test holes to prove concept.
The rig has now moved to the high-grade Redcastle Gold Project, with a second diamond drill rig expected to be added this week. A total of 5,000 meters of drilling is planned for Australia through the end of the year alongside other exploration work.
The implications here are huge if the drills cooperate: Mawson is looking for the next Fosterville-style gold deposit in Australia. The same kind of deposit that sent Kirkland Lake (NYSE: KL) from CC$75.00.
Shares of Mawson Resources (TSX: MAW)(OTC: MWSNF) can be had C$0.42 ahead of results.
Click here to read more about Mawson Resources in our research report, including background on the Finnish and Australian projects.
And click here to see how we’re positioning for additional 10-baggers in this gold bull market.
Yours in profits,
Editor, Resource Stock Digest
Mike Fagan has mining in his blood. As a teenager he staked countless gold and silver properties in Nevada alongside his dad Brian Fagan, who created the Prospect Generator model that’s still widely used today in the resource space. One of those staking projects was put into production by a major Canadian mining company — a truly rare and profitable experience. That background uniquely qualifies him as a mining stock speculator. One of the most well-known names in the business, Mike is now putting that experience to use for the benefit of Resource Stock Digest and Hard Asset Digest readers.