EXPLORATION & DEVELOPMENT

Mawson reports thick mineralisation ahead of resource update

First results from winter drilling at Rajapalot

 Winter exploration activity at Mawson Gold’s Rajapalot project in Finland

Winter exploration activity at Mawson Gold’s Rajapalot project in Finland

The Canada-based company said this was at The Hut prospect, where drilling the discovery had returned 70m at 0.9g/t gold and 828ppm cobalt, or 1.6g/t gold-equivalent, from 95.8m.

In another highlight, Mawson said drilling at Joki East, a blind discovery made in late 2020, had intersected high-grade mineralisation "at the shallowest levels yet found" - 1.5m at 18.1g/t gold and 1,696ppm cobalt, or 19.6g/t Au-eq, from 117.1m.

The explorer said The Hut and Joki East were 500m and 1,500m respectively from the closest resource areas.

"After an active few months in the field, this is a strong start, delivering both high grades and thick gold-cobalt mineralisation on new discoveries close to our already defined resource areas," chairman and CEO Michael Hudson said.

Further drilling results from the four rig programme are due ahead of a resource upgrade scheduled for July, aiming to "significantly expand" Rajapalot's inferred 716,000oz Au-eq resource.

Mawson is also exploring its projects in Victoria and Queensland in Australia.

The company had C$8 million in cash, according to a presentation last week.

It changed name from Mawson Resources to Mawson Gold in August, the same month the gold price reached a record high above US$2,000 an ounce.

Its shares (TSX: MAW) have ranged from 19.5-57c over the past year.

They closed up 3.8% to 27c yesterday, valuing the company at $69 million (US$55 million).

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