Mawson Resources Limited (TSX:MAW)(OTCPK:MWSNF) has got three rigs drilling 24 hours a day and a fourth one on the way to join the program mid-month as it works to define resources at its mining project in Rajapalot, Finland. Shares of Mawson shot ahead 18% in early afternoon trading on Monday following the company announcing that drilling has identified a new gold-bearing hydrothermal system.
The winter drill program at the company’s Rompas-Rajapalot Project in the northern part of the country so far has included 16 diamond drill holes with two in progress for a total of 3,753 meters. Drilling has defined a zone extending 900 meters along strike and 400 meters in width, which remains open.
Assays have been limited so far, covering only two drill holes. Hole PAL 0037 intersected 56 meters of near surface gold-bearing mineralization averaging 0.53 grams per ton gold. Higher grade intersects included 2.0 meters grading 3.6 g/t gold and 4.0 meters at 3.7 g/t gold. 700 meters to the north, hole PAL0033 cut 2.2 meters grading 7.7 g/t gold.
“This new style of potassic-iron-sulphide alteration gold-bearing hydrothermal system at South Rajapalot is clearly large, and capable of precipitating gold in a variety of structural and stratigraphic settings across a broad area,” said Michael Hudson, CEO at Mawson, in the press release today.
The gold find has led to Mawson being one of the best performing TSX-listed stocks today on a percentage-gain basis. Shares closed Friday at 41.5 cents and are currently holding at 49 cents (+18.1%) after hitting an intraday high of 52 cents.
