Mawson Finland (MFL.V) has now released all assay results from its 2024 drill program on its flagship Rajapalot gold-cobalt project in inland. The drill program consisted of almost 11,400 meters of drilling in 38 holes and was designed to further improve the knowledge of the mineralization on the property while also expanding the known gold mineralization. This drill program was conducted with three drill rigs between January and April, and the results were held back at the lab during the IPO process of the company. Twenty of the holes were drilled at and around the Palokas and South Palokas zones, with additional targets being drilled by a handful of holes as well.
At the Palokas zone, the company was successful in demonstrating the mineralization in the southern end of the gold-cobalt system appears to continue, with a very intriguing interval of 7 meters containing 9.1 g/t gold and 706 ppm cobalt. Additionally, at Palokas and South Palokas, the drill bit intersected gold and cobalt in several step-out holes, which indicates the total size of the mineralized body may very well be expanded at depth as both zones remain open at depth.
On top of that, the footwall below the South Palokas zone contained a pretty thick interval of 21.75 meters containing 5.25 g/t gold and 515 ppm cobalt (including an even higher grade interval of 3.2 meters containing 21.61 g/t gold and 373 ppm cobalt). The assay results of the 2024 drill program will be very helpful for Mawson Finland to further expand the resource beyond the current 9.8 million tonnes of 2.8 g/t gold and 441 ppm cobalt for a total of 867,000 ounces of gold and 4,300 tonnes of contained cobalt.
Earlier this week, Mawson Finland also released the results from its downhole electromagnetic exploration program, which found multiple deep conductors at Rajapalot, including in the area own dip and down plunge of the Palokas and South Palokas zones. These conductors could indicate the gold-cobalt mineralization continues at depth, and that bodes well for the exploration potential below the currently known resource. Other conductors highlighted the potential of some other zones, including a deep conductor located along strike from the Palokas zone, but approximately 500 meters to the north east.
The downhole EM survey encountered no fewer than five conductive targets within or nearby the current inferred resource category, and we expect Mawson to drill-test some of those areas in the upcoming winter drill program. Meanwhile, Mawson Finland will conduct additional EM geophysical studies, in addition to a sub-audio magnetic ground survey program which is currently underway at the Rompas area, which is located approximately 6 kilometers east of Rajapalot.
Mawson Finland is an interesting European exploration story and we will provide an in-depth review soon.
Disclosure: The author has a long position in Mawson Finland. Mawson is a sponsor of the website. Please read the disclaimer.
