The Rompas-Rajapalot exploration project is the Company’s flagship properties, located just south of the Arctic Circle in Finnish Lapland. These are straddles the boundary of the Ylitornio and Rovaniemi municipalities.
Mawson is now focussed on increasing gold and cobalt resources at Rajapalot.The Rajapalot gold-cobalt Inferred Mineral Resource estimate is a strong start and an important milestone for both Mawson and Finland.The resource calculation demonstrates the robustness and high-grade of gold-cobalt mineralization, and, highlights the potential for substantial resource expansion with recently surveyed electromagnetic conductors, that closely correspond with the resource area, potentially more than doubling the size of the mineralized footprint.These form immediate drill targets for our January 2019 drill plans where five drill rigs plan to test progressive step-out targets from the resource (subject to permitting).Highlights from the maiden inferred resource calculation include:
- A pit and underground Constrained Inferred Mineral Resource of 424,000 ounces of gold equivalent at 3.1 g/t AuEq (4.3 million tonnes at 2.3 g/t Au, 430 ppm Co) at 0.37 g/t AuEq cut-off open pit and 2 g/t AuEq underground was calculated, within a combined Unconstrained Inferred Mineral Inventory for the Palokas and Raja prospects of 482,000 ounces gold equivalent (“AuEq”) at a grade of 2.4 g/t AuEq (6.2 million tonnes at 1.7 g/t Au, 410 ppm Co) at 0.4 g/t AuEq cut-off.The gold equivalent (“AuEq”) value was calculated using the following formula: AuEq g/t = Au g/t + (Co ppm/608) with assumed prices of Co $30/lb; and Au $1,250/oz. AuEq varies with Au and Co prices.
- The Constrained Inferred Resource demonstrates the high grade of Rajapalot with open-pittable grades of 2.8 g/t AuEq (2.1 g/t Au and 420 ppm Co) and underground grades of 5.2 g/t AuEq (4.4 g/t Au and 520 ppm Co) (Table 1).
- Electromagnetic fixed-loop transient (“TEM”) and airborne VTEMplus (“VTEM”) surveys at least double the potential mineralization footprints at the Raja and Palokas prospects and form immediate targets.
- The Inferred Resource has substantial potential to grow, with only 20% (800 metres) of the 4 kilometres known mineralized trend included within the maiden resource to relatively shallow depths (average depth of drilling 88 metres within 34.2 kilometres drilled to date at Rajapalot).
- The publication of the maiden Inferred gold-cobalt Mineral Resource establishes Rajapalot as a significant and strategic gold-cobalt resource for Finland. The unconstrained maiden inventory places Rajapalot as one of Finland’s current top three gold projects by grade and contained ounces and one of a small group of cobalt resources prepared in accordance with NI 43-101 policy within Europe.
Finland refines half the world’s cobalt outside China. The world’s largest cobalt refinery is located 400 kilometres southof Rajapalot, where CRU estimates annual refining of 22,734 tonnes of cobalt (approximately 18% of world refined cobalt production), 90% of which was sourced from Chinese-owned mines in the Democratic Republic of Congo. Finland mines only 650 tonnes or 0.5% of the world's cobalt per year. The Rajapalot resource has the potential to support Finland’s desire to source ethical and sustainable cobalt.
Mawson appreciates the overwhelmingly strong support it receives from local stakeholders. The Ylitornio municipality, which hosts the Rajapalot project, is a sparsely populated area with a decreasing population. The Rajapalot project could create many opportunities for both the current population and those in the future who will settle within the area.
The most recent drill program was completed in April 2018 with a total of 75 drill holes completed for a total of 16,214 metres. A major re-assay program to determine cobalt grades associated with the disseminated gold mineralization proved highly successful with AuEq grades improving the continuity and thickness of the mineralized intervals, with some AuEq examples doubling the grade-width of the originally reported gold intersections. This program contributed significantly in the calculation of the Inferred Mineral Resource. Learn More