A total of 20,000 metres of diamond drilling is planned to be completed by
Four drill rigs are now in operation to complete 20 kilometres of resource expansion drilling; The program aims to significantly expand the current 716,000oz AuEq inferred resource. This will be achieved by: Infill and extend high-grade zones within current resource areas, including for example around Palokas drill holes PAL0228: 7 metres @ 17.0 g/t Au, 2,168 ppm Co, 18.5 g/t AuEq from 251.4 metres and PAL0222: 8.2 metres @ 19.1 g/t Au, 1,572 ppm Co, 20.2 g/t AuEq from 266.9 metres; Test and drill out multiple potential near-surface resource areas where near surface scout drilling has identified high-grade mineralization, and subsequent electromagnetic geophysical surveying ('TEM') has defined larger conductive bodies. For example, this will include drilling at The Hut, Terry's Hammer and Rumajarvi prospects; One drill rig has been active at the Joki East discovery since
Mr.
Technical Discussion
The 2021 drill program aims to significantly expand the current 716,000oz AuEq inferred resource by infilling and expanding high grade areas with resources, in combination with drill testing newly defined new near-surface resources and targets along strike from the current resource areas.
High Grade Infill and Extensions - Palokas
Opportunity exists to infill and extend high-grade areas found within current resource areas, especially in the Palokas area. Notable high-grade hits from Palokas that will be infilled, and drilled along strike include: PRAJ0009: 2 metres @ 99.9 g/t Au, 1196 ppm Co, 100.7 g/t AuEq from 5.9 metres
PAL0222: 8.2 metres @ 19.1 g/t Au, 1572 ppm Co, 20.2 g/t AuEq from 266.9 metres
PRAJ0006: 15 metres @ 9.2 g/t Au, 769 ppm Co, 9.7 g/t AuEq from 1.3 metres
PAL0228: 7 metres @ 17.0 g/t Au, 2168 ppm Co, 18.5 g/t AuEq from 251.4 metres
Near Surface Potential
The 2021 drill program also aims to significantly define new near-surface resources along strike from the current resource areas. Multiple prospect areas with minimal drilling have intersected high-grade mineralization in scout drilling. Subsequently, Mawson has performed electromagnetic geophysical surveying ('TEM') which has defined larger conductive bodies around these initial drill results that provide compelling drill targets. These areas include:
The Hut
The Hut Prospect is located 600 metres south of the South Palokas resource area. Five electromagnetic (EM) conductors are associated with high-grade gold intersections and remain untested in their west to northwest trends. Best results at the project to date include:
PAL0199: 3.0 metres @ 6.4 g/t Au, 722 ppm Co, 7.6 g/t AuEq from 140.4 metres.
PAL0033: 2.0 metres @ 7.7 g/t Au, 94 ppm Co, 7.8 g/t AuEq from 152.5 metres
Drilling this season will focus on systematically drilling near surface EM conductors beyond the initial drill hole intersections.
Terry's Hammer
Early stage drilling at Terry's Hammer, located 300 metres south of the Hut, intersected 4.7 metres at 2.1 g/t gold from 65.7 metres in PAL0099, with the first large diameter drill test of a combined remanent magnetic/chargeable/conductive anomaly comprising gold-bearing sulphidic rocks in outcrop. Subsequently TEM geophysics was performed over Terry's Hammer, which defined a conductive body in associated with gold mineralization, which remains untested and will be the focus of drilling this season.
Rumajarvi
Rumajarvi lies on the western flank of the mineralized Rajapalot trend, 700 metres west of Raja and 1.1 km south of the Palokas Inferred Mineral Resources. Rumajarvi was a new near-surface addition to the upgraded resource calculation in
PAL0182: 7.4 metres @ 3.4 g/t Au, 597 ppm Co, 4.4 g/t AuEq from 93.7 metres
PAL0037 drilled 56m of gold-bearing magnetite, pyrrhotite, biotite and chlorite alteration from 5.0 m that averaged 0.53 g/t gold (without applying a lower cut). Higher grade zones included 22 metres @ 6.7 g/t Au, 120 ppm Co, 6.8 g/t AuEq from 59 metres and 3 metres @ 3.2 g/t Au, 681 ppm Co, 3.7 g/t AuEq from 33 metres; Drilling at Rumajarvi will focus on testing the extensions of known mineralization and defining the source for the high grade boulders.
Joki East Discovery
The Joki East prospect is a new drill discovery made at Rajapalot in
PAL0241, the discovery drill hole at Joki East, returned 1.6 metres @ 28.3 g/t gold and 1,190 ppm cobalt (29.2 g/t AuEq) from 168.6 metres and PAL0247, the deepest hole at Joki East and drilled 130 metres north west of PAL0241, returned 5.5 metres @ 6.9 g/t gold and 732 ppm cobalt (7.4 g/t AuEq) from 220.9 metres including 1.0 metre @ 25.4 g/t gold and 617 ppm cobalt (25.8 g/t AuEq) from 223.8 metres.
Technical Information
One drill rig from
The true thickness of mineralized intervals is interpreted to be approximately 80-85% of the sampled thickness. Gold equivalent 'AuEq' = Au+(Co/1430) based on assumed prices of cobalt
Contact:
Tel: +1 (604) 685 9316
Forward-Looking Statement
This news release contains forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, 'forward-looking statements'). All statements herein, other than statements of historical fact, are forward-looking statements. Although Mawson believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, and similar expressions, or are those, which, by their nature, refer to future events. Mawson cautions investors that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, timing and successful completion of planned drill programs and results varying from expectations, delays in obtaining results, the Company's expectations to find additional resource areas and expand the
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