March 8, 2021
Mawson Gold Ltd. (TSX:MAW, BUY, C$0.90 target, David A. Talbot) announced the return of assays from drilling at the F11 target, a combined large-scale gravity/magnetic target under deep cover, within the Mt. Isa block in Queensland, Australia. The F11 target is located 50km south of the Cannington Ag-Zn-Pb mine, owned by South32 Ltd. (ASX:S32, Not Covered). Drilling was funded by the receipt of a A$200,000 grant from the Queensland government. Drill hole MQDDH001 was completed in October at a depth of ~850m with basement rocks intersected at 318m. The lower part of the drill hole below 750m contains most of the sulphides of interest, in particular pyrrhotite-rich zones with veinlets and disseminated chalcopyrite hosted by potassic-altered metasediments and mafic rocks. It is within these zones that the anomalous Cu, As, Ag and Zn occur. From 750m to ~839m downhole, 20 selective samples, representing 12.7m of drill core assayed from 61 ppm to 8,660 ppm Cu (averaging 1,202 ppm Cu), 0.02 ppm to 0.70 ppm Ag (averaging 0.27 ppm Ag) and 31.7 ppm to 237 ppm Zn (averaging 109 ppm Zn). Au results were low with a maximum value of 20 ppb. The increase in copper and associated elements lower in the drill hole and the strong correlation with the emplacement and sulphidic alteration of pegmatites is an encouraging sign for development of further mineralization in the area. A project in conjunction with James Cook University will compare MQDDH001 results with other Mount Isa Eastern Succession mineral systems, with results to be integrated with the newly collected (2019) gravity and magnetic datasets across Mawson’s Southeast Mt Isa project. This should help develop new drill targets for follow-up. Read more
