Is the Next Fosterville Being Drilled Right Now?
Mawson Resources (TSX: MAW)(OTC: MWSNF) is kicking off drilling at its 100%-owned Sunday Creek gold project in the central Victorian goldfields of Australia.
It is sharply focused on finding high-grade epizonal style gold mineralization. The same kind that made Kirkland Lake famous and took its shares from $4.00 to $75.00.
The Sunday Creek project is a significant historic high-grade epizonal gold mining area developed over multiple parallel zones over 11 kilometres of strike length.
But limited systematic drilling has been done over the greater project area of nearly 50,000 acres. The average vertical depth of drilling is just 80 meters, with historic drill results demonstrating high-grade gold, including eight metres at 11.3 g/t gold from 66 metres and two metres at 40.3 g/t gold.
An initial three holes will be drilled at Sunday Creek in the upper part of the system to test continuity before moving the rig to Red Castle, where Mawson can earn 70% of the project over the next five years by spending C$1 million.
Four different types of geophysics are being conducted at Red Castle now to guide the drilling. And a second rig will be added there after the first arrives.
CEO Michael Hudson discusses the plan in this interview.
So a lot of newsflow coming from Australian projects that can generate a lot of excitement.
Plus the company is expecting a resource update at the company’s Rompas-Rajapalot high-grade project in Finland where there’s already 424,000 ounces of gold.
Mawson shares have more than doubled this year. But news from the drill bit could send them much higher in a hurry.
Our report on Mawson, including full background on the Finland and Australian projects, can be found here.
A video on how we deliver winning resource stock picks like this to our readers can be found here.
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.