Mawson Resources Ltd (TSX:MAW) announced a maiden inferred gold-cobalt estimate for the Raja and Palokas prospects at the 100% owned Rajapalot Project in Finland.
The company said in a statement the test results establish Rajapalot as a significant and strategic gold-cobalt resource for the country.
"The Rajapalot gold-cobalt Inferred Mineral Resource estimate is a great start and an important milestone for both Mawson and Finland," said Robert Hudson, chairman and CEO of the company.
"The resource calculation demonstrates the robustness and high-grade of gold-cobalt mineralization, and highlights the potential for substantial resource expansion," he added.
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Resource estimations at Rajapalot have been completed for the Raja and Palokas prospects. The two prospects lie approximately 2 kilometers apart within the same geological trend.
A pit and underground constrained inferred mineral resource of 424,000 ounces of gold at 3.1 grams/ton gold equivalent, Mawson said.
The combined inferred mineral inventory in the Palokas and Raja prospects of 482,000 ounces of gold equivalent at a grade of 2.4 g/t.
The constrained resource demonstrates the high-grade of Rajapalot, according to the company.
The resource has substantial potential to grow, with only 20% (800 meters) of the 4-kilometer known-mineralized trend included within the maiden resource to relatively shallow depths.
Finland refines half the world's cobalt outside China. The world's largest cobalt refinery is located 400 kilometers south of Rajapalot.
Mawson Resources is a resource company involved in the acquisition, exploration, and evaluation of precious metal interests in the Nordic countries.
--Updated to clarify headline, and revised to reflect combined mineral inventory in the Palokas and Raja prospects is inferred--
Contact Rene Pastor by [email protected]