Mawson Finland Ltd. [TSXV-MFL] released new drill results from seven drill holes on the South Palokas prospect, which were drilled as part of the company’s 38-hole 2024 winter drilling campaign on the company’s wholly owned Rajapalot gold-cobalt project in Finland.
Highlights: Drill holes PAL0335, PAL0340, PAL0344 and PAL0348 all penetrated significant intercepts beyond the southern margin of South Palokas, extending gold-cobalt mineralization here by between 45 and 90 metres to the south.
Hole PAL0335 drilled a 21.75-metre-wide mineralized intercept from a new lens of mineralization located in the footwall below the South Palokas orebody, returning 5.25 g/t gold and 515 parts per million cobalt (21.75 m at 5.25 g/t Au and 515 ppm Co from 295.05 m, including 3.2 m at 21.61 g/t gold and 373 ppm Co from 311.3 m).
Hole PAL0335 went on to drill three further intervals of mineralization immediately below the footwall contact of the new lens, returning 2.0 metres at 1.86 g/t Au and 164 ppm Co from 322.4 m; 4 m at 2.99 g/t Au and 94 ppm Co from 335 m; and 6.6 m at 2.37 g/t Au and 279 ppm Co from 350.25 m.
Holes PAL0340 and PAL0344 drilled further intercepts demonstrating respective stepouts along strike of 50 m and 55 m to the south of the presently defined limit of mineralization at South Palokas, including PAL0340 with 0.7 m at 7.47 g/t Au from 91.8 m (cobalt to be announced) and PAL0344 with 4 m at 2.78 g/t Au from 201 m (cobalt to be announced).
Holes PAL0348 and PAL0350 returned one-metre intervals of mineralization, while holes PAL0339 and PAL0341 recorded no significant intercepts
Noora Ahola, CEO, stated: “We are very excited to report some significant drill intersections from our first round of results from the 2024 winter drilling campaign. The discovery of a new lens of high-grade mineralization situated in the footwall to the South Palokas prospect is a significant step forward for our resource expansion ambitions. Similarly, adding significant intercepts along strike from the southern margin of South Palokas is highly encouraging, being a further indication that the current mineral resources can likely be expanded. We look forward to presenting further drill results from this year’s drilling in the coming weeks.”
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program.
Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness
At Rajapalot, all examples of gold-cobalt mineralization are consistently located within highly sheared and foliated wallrocks adjacent to strongly hydrothermally altered, northwest-to-north-dipping shear zones. Mineralization is typically encountered as disseminated-to-semi-massive sulphide lenses (predominantly pyrrhotite and lesser pyrite cobaltite), hosted within strongly deformed and altered mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo group of the Perapohja greenstone belt.
Prospects with high-grade gold and cobalt mineralization at Rajapalot occur across a 3-km (east-west) by 2-km (north-south) area within the larger Rajapalot project area measuring 4-km by 4-km, with multiple mineralized boulders base of till. Gold-cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja, and mineralization remains open at depth across the entire project.
Mawson Finland is primarily focused on gold and cobalt. The corporation currently holds a 100% interest in the Rajapalot gold-cobalt project, Finland. The Rajapalot project represents approximately 5% of the 100 km2 Rompas-Rajapalot property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and two exploration permit applications and a reservation notification area, for a combined total of 40,496 hectares.
In Finland, all operations are carried out through the company’s fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
