Mawson Resources (TSX: MAW; US-OTC: MWSNF) has tabled a maiden resource for its Rajapalot gold-cobalt project in Finland that it says has plenty of room for expansion.
The project contains a pit and underground constrained 4.3 million inferred tonnes grading 2.3 grams gold per tonne and 430 ppm cobalt, or 3.1 grams gold equivalent, for 320,000 oz. gold and 1,841 tonnes cobalt. Unconstrained, the project contains 6.2 million inferred tonnes at 1.7 grams gold and 410 ppm cobalt, or 2.4 grams gold equivalent, for 345,000 oz. gold and 2,522 tonnes cobalt. The resource covers the project's Raja and Palokas targets, which lie two kilometres apart.
The company ran electromagnetic fixed loop transient and airborne VTEM Plus surveys over the project that it says at least double the potential mineralized footprint at Raja and Palokas and offer several targets for follow up work. Mawson plans to explore that expanded area with a 15,000-metre drill program in January 2019. The company is in the process of permitting the drill program.
So far, the company has drilled more than 34,000 metres at Rajapalot to an average depth of 88 metres below surface. The company used more than 6,200 metres across 32 holes at Raja and more than 8,300 metres across 87 holes at Palokas for the maiden resource.
Shares of Mawson are currently trading at 23 ? with a 52-week range of 20 ? to 63 ?. The company has a $32.5 million market capitalization.