Vancouver-based Mawson Gold has begun drilling at its North West Queensland block and has applied to increase its large ground position in the area.
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Mawson will use the Queensland government exploration grant of $200,000 to fully fund one 800m long drill hole to test a large undrilled gravity anomaly, called the F11 target.
F11 is close to the Cloncurry fault, a significant regional structure, which in itself is near the South32 Cannington mine which is the ninth-largest silver producer in the world with 12.3 million ounces produced last year.
Mawson CEO Mike Hudson told the Toronto stock exchange the government-backed and fully funded drill test of a large, and untested combined gravity and magnetic target was an exciting moment.
"The Mount Isa Block is true elephant country and contains 5% of the world's silver resources, 1.7% of the world's copper resources, 21.2% of the world's lead resources and 11% of the world's zinc resources within numerous world-class mines, and extends to the south almost as far under 100-500 metres of cover as it extends on the surface," Mr Hudson said.
Mawson has increased its mineral tenure by 65% and applied for an additional 312 square kilometres of exploration permits for a total of 785 square kilometres of granted exploration licences and applications in the Cloncurry district , over a combined 60 kilometres of strike.
Mawson said drilling remains extremely sparse where cover depths exceed over 250m within tens of kilometres around the F11 drill target.
The company has raised significant funds in May and now had four rigs turning on three projects through Finland and Australia.
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