Mawson Recommences Drilling at the Palokas Gold Prospect, Finland
April 7, 2015 (Source: CNW) — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW, Frankfurt:MXR, PINKSHEETS: MWSNF) reports the commencement of a diamond drilling program to test the down-dip extensions of mineralization at the Palokas gold prospect in Northern Finland.
- In March 2015, the Company took delivery of a new “Winkie” low impact portable diamond core rig capable of drilling three times deeper than the prior hand held rig used at Palokas. Drill permission for the Winkie rig at Palokas has now been received from the relevant Finnish authorities;
- The objective of the program is to complete up to 5 drill holes down to 120 metres depth to test the down-dip extensions of the Palokas prospect, where near-surface drill results included 19.5 metres @ 7.4 g/t gold from 1.3 metres (see Mawson Press Releases October 03, 2013, October 16, 2013 and January 20, 2014).
- The drill program with be ongoing during the month of April 2015, and will recommence during summer conditions in August 2015, after the winter snow melt and bird nesting exclusion period.
- Results of recent 3D induced polarisation (IP) geophysics indicates the potential for down-dip and strike extensions to the mineralization intersected at shallower levels at Palokas.
Mr. Hudson, President & CEO, states, “We look forward to significantly increasing the depth of drilling with the new rig and testing down-dip extensions to near-surface mineralization already discovered at the Palokas prospect. The significant gold mineralization intersected in earlier shallower drilling and the clear association with geophysical anomalies provides good reason for optimism. This is the next step in the development of this exciting gold prospect.”
Mawson’s low-impact, hand-portable Winkie diamond core drill rig, manned by contract staff, will be used for the program. Drilling is permitted until the end of April, and then can recommence in August after the snow melt and the EU-defined bird habitat nesting period. Access to the area can be made by skidoo while snow conditions permit. Drill cuttings from the program will be collected and removed from site.
In addition, the Company reports that a decision from the administrative court is anticipated to be received during early Q2 2015. This decision will consider the appeal by an NGO group against the decision made by the Finnish mining authority, the Safety and Chemical Agency (“TUKES”), in late June 2014, to grant Mawson modified and renewed exploration claims titled Kairamaat 2 and 3 that cover a surface area of 1,462 hectares at Mawson’s Rajapalot gold project. TUKES’ decision entitles Mawson larger drill rig within Natura 2000 biodiversity areas access during winter conditions and hand portable rig access during summer conditions.
About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)
Get our daily investorintel update
Mawson Resources Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rompas and Rajapalot gold projects 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.
On behalf of the Board,
Michael Hudson, President & CEO
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, including statements regarding anticipated exploration activities and the intended financing 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, permitting, 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>