Mawson Announces Restart of Diamond Drilling at Rompas, Finland
September 18, 2013 (Source: Mawson Resources) — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces that diamond drilling has recommenced at the Rompas gold project in Finland.
- Closing of the recent C$4.2 million private placement allows exploration momentum and focus at Rompas to continue with a C$2.5M company-wide budget approved for 2013
- Company cash position more than C$8M;
- Five diamond and reverse circulation (“RC”) drill programs are planned over the next 4 months at Kaita, South Rompas, Rajapalot and regional extensions of Rompas;
- The program includes the first core testing of the Rajapalot disseminated mineralization using a low impact core sampler inside Natura 2000 biodiversity areas.
Mr Hudson, the Company’s President & CEO, states, “With more than C$8M in treasury, Mawson is in excellent shape to further advance our discoveries at Rompas. We look forward to the results from five separate drill programs that will be conducted during the remainder of 2013. We consider it a particular milestone to have access confirmed to the Natura 2000 biodiversity areas to allow sub-surface testing of the disseminated style of mineralization for the first time. This work will be completed with a low impact core sampler.”
The Mawson Board has approved a C$2.5M company-wide budget for 2013 that includes 5 focused diamond drill programs at Rompas, as follows:
- Twenty-four shallow, small diameter diamond core holes within the Palokas prospect at Rajapalot over 150 metres of strike to test the non-vein, disseminated style of mineralization for the first time. Each diamond core hole will average 15 metres depth and will be completed with an environmentally-sensitive hand portable low impact core sampler that has been tested extensively within the Kaita prospect over the last few months. The mining authority TUKES has confirmed that this form of exploration is considered minor sampling as stated in Mawson’s current claim permit guidelines;
- One thousand metres of diamond drilling at the Kaita prospect to test the prospect for the first time;
- Eight hundred metres of RC drilling at South Rompas to collect metallurgical and bulk samples to better determine gold grades within the nuggetty vein system;
- Two longitudinal diamond drill holes for 250 metres at South Rompas to test for different structural controls on gold mineralization;
- Shallow diamond drill traverses to test regional key trends at Rompas, to further test some of the 98% of the 100 square km Rompas property that remains unknown under thin soil cover.
All deeper diamond drilling at Kaita and South Rompas will be undertaken with a closed-cycle system that circulates and captures all drilling water and fluids.
In addition, an active work program has been ongoing at Rompas over the last 3 months. An 827 line-km helicopter-borne VTEM Plus electromagnetic, magnetics and radiometric geophysical survey over the Rajapalot area has recently been completed and results will be available soon. Twelve local Finnish geologists have been actively prospecting, mapping and sampling with in the 100 square km project area where high grade gold has been defined at Rompas. To date, over 1000 samples have been collected this field season, which include 566 rockchip, 251 soil samples and 210 core samples. These samples have been submitted to the laboratory and results are awaited. Also, 37 shallow diamond drill holes for 462 metres have been completed at Kaita using a low impact core sampler. Results are pending.
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About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)
Mawson Resources Limited is a resource acquisition and development company. Mawson has distinguished itself as a leading Scandinavian exploration company with a focus on the flagship Rompas gold project in Finland.
The qualified person for Mawson’s Finnish projects, Mr Michael Hudson, President & CEO for Mawson and Fellow of the Australasian Institute of Mining Metallurgy has reviewed and verified the contents of this release.
Forward Looking Statement
This press 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, including statements regarding the planned drill program and anticipated exploration results, 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, capital and other costs varying significantly from estimates, equipment failure, unexpected geological conditions, operational delays, environmental and safety risks, and other risks and uncertainties disclosed under the heading “Risk Factors” in Mawson’s most recent Annual Information Form filed on www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Mawson disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>