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Mawson Drills 15.2 Metres @ 8.5 g/t Gold Equivalent In 275 Metre Step Out At Palokas, Finland

03.06.2019  |  CNW

VANCOUVER, June 3, 2019 -  Mawson Resources Ltd. ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces gold-cobalt drill results from 2 holes at the Palokas prospect from the Company's 100% owned Rajapalot Project in northern Finland. Fourteen holes with full assays remain to be reported from the 44 drill hole winter program. 

In one of the most significant advances made at the Rajapalot gold-cobalt project this year, drill hole PAL0194 intersected 15.2 metres @ 8.5 g/t gold equivalent ("AuEq"), 4.3 g/t gold ("Au") and 2,566 ppm cobalt ("Co") from 418.7 metres (Figures 1-4) and was drilled 275 metres down-plunge from the high-grade gold-cobalt mineralization previously announced at Palokas. The intersection, in which both visible gold and cobaltite were noted in the core, is located approximately 425 metres down plunge from the surface whereas the nearest previous high-grade drill hole (PAL0030 (10.0 metres @ 10.8 g/t AuEq, 9.9 g/t Au and 562 ppm Co from 110.2 metres) is located about  150 metres down plunge from surface. The results from this hole effectively triple the potential high-grade gold-cobalt mineralization trend at Palokas and it remains open at depth and to the north. This result shows the strong potential to significantly increase the known resources at Palokas.

Also noteworthy is the high cobalt content in PAL0194 compared to other holes on the property. The highest-grade interval in PAL0194 assayed 1 metre @ 23.6 g/t Au and 1.5% Co (47.7 g/t AuEq). The Rajapalot project is a significant and strategic gold-cobalt resource for Finland with the maiden resource positioned as one of Finland's current top three gold resources by grade and contained ounces and one of a small group of cobalt resources prepared in accordance with NI 43-101 policy within Europe.

Mr. Michael Hudson, Chairman and CEO states: "The 2019 drill program is now delivering across multiple prospects. This is an extremely strong result, tripling Palokas' high grade potential with PAL0194 intersecting 15.2 metres @ 8.5 g/t AuEq from a 275 metre step out below high-grade mineralization. The targeting of such broad step-outs is a credit to our technical team, and was developed using careful analysis of the Au-Co grade distribution combined with geophysical conductors, highlighting the importance of the knowledge gained during the last two drill campaigns across the Rajapalot project area. The Palokas high-grade zone remains open up and down-plunge of PAL0194 and to the north of the conductive trend."

PAL0194 validates the Company's drill targeting methodology and confirms the significant linear down-plunge extensions to Palokas interpreted from the modelled ground-based electromagnetic ("TEM") conductors. PAL0194 effectively triples the potential for high-grade mineralization at Palokas with the mineralized shoot, open up and down plunge, and also to the north where the limits of the conductive body have not been tested. Other high-grade intersections within the Palokas shoot include PRAJ0009 (30.8 metres @ 7.9 g/t AuEq, 7.1 g/t Au and 525 ppm Co from 2.5 metres) and PAL0027 (21.3 metres @ 6.2 g/t AuEq, 5.4 g/t Au and 482 ppm Co from 27.5 metres).

Further drilling on the linear high grade trend at Palokas is required, but the similarities to the linear trend at Raja prospect, located 1.4 kilometres SSE of the Palokas prospect, are immediately evident. Drilling on fans across the plunge of the Au-Co mineralization at Raja prospect has been the key to successfully targeting high-grade Au-Co mineralization.

Mawson completed 44 holes (PAL0159–PAL0201D1) for 15,059 metres (two short holes abandoned, one wedged hole) during the 2019 winter drill season. Results from 2 holes from Palokas prospect are provided here (PAL0194, 200, Tables 1-4). Fourteen holes with full assays remain to be reported that were predominantly drilled down plunge from resource areas including PAL0191 (Raja) and PAL0198 (South Palokas), where sulphidic (pyrrhotite-rich) intersections with visible gold provide encouragement.

The Palokas mineralization contains abundant pyrrhotite in a magnesium and iron-rich silicate matrix. The gold occurs as free grains, most commonly on the margins of sulphides and the high cobalt zones are dominated by the mineral cobaltite. The pyrrhotite is well connected to create a strong conductor, in the order of 6 times that measured at Raja prospect. The ground-based model TEM plate extends over 650 metres down plunge and is only terminated by the position of the ground loop layout. Signs of proximity to mineralization ("near hit") in drill core include reduced sulphidic rocks and iron-magnesium-rich silicate minerals. The next deeper hole (PAL0200) reported here did not hit the desired target and is regarded as a "near-hit" where highly altered and sulphidic (up to 2 wt % S) rocks contained 1.0 metre @ 0.6 g/t AuEq, 0.1 g/t Au & 298 ppm Co from 466.4 metres. Drilling to the north of this location on the high-grade trend is required. The Palokas and South Palokas prospects appear to anastomose at depth and are now less than 350 metres apart horizontally.

Mawson will continue to release results from the 2019 drill program as assay data become available.

Technical and Environmental Background
The gold equivalent ("AuEq") value used in the resource and this press release 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 gold and cobalt prices. A long-term price point has been chosen for both commodities to maintain consistency of reporting individual drill holes against the resource dated December 2018.  Approximate spot prices for gold and cobalt are currently $1280/oz and $16/lb respectively.

Assuming a predominant stratabound control, the true thickness of the mineralized interval is interpreted to be approximately 90% of the sampled thickness. Quality control duplicates for all holes show good repeatability of gold assays. Intersections are reported with a lower-cut of 0.5g/t gold or 304ppm Co over 2 metre lower cut, except where indicated. No upper cut-off was applied.

Four diamond drill rigs (K3 & K8) from the Arctic Drilling Company OY ("ADC"), Kati OY ("Kati") and MK Core Drilling OY ("MK"), all with water recirculation and drill cuttings collection systems were used for the drill program. Core diameter is NQ2 (50.7 mm). Core recoveries were excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals averaging 1 metre for mineralized samples and 2 metres for barren samples were cut in half at the Geological Survey of Finland (GTK) core facilities in Rovaniemi, Finland. The remaining half core is retained for verification and reference purposes. Analytical samples were transported by Mawson personnel or commercial transport from site to the CRS Minlab Oy facility in Kempele, Finland. Samples were prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Multi-element assays, including cobalt are determined using the ICP-MS method (IMS-230) of MS Analytical shipped directly from the CRS Minlab Oy facility. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks the within interpreted mineralized rock. In addition, CRS and MS Analytical insert blanks and standards into the analytical process. The qualified person for Mawson's Finnish projects, Dr. Nick Cook, President for Mawson and a Fellow of the Australasian Institute of Mining Metallurgy has reviewed and verified the contents of this release.

NI 43-101 Technical Report
On December 19, 2018, Mawson filed an independent National Instrument 43-101 Technical Report (the "NI 43-101 Technical Report") on the Mineral Resource Estimate for the Raja and Palokas Prospects, at the 100% owned Rajapalot Project in Finland, (the "NI 43-101 Technical Report"), in support of the Company's news release dated December 17, 2018. The NI 43-101 Technical Report was authorized by Mr. Rod Webster of AMC Consultants Pty Ltd ("AMC") of Melbourne, Australia, and Dr. Kurt Simon Forrester of Arn Perspective of Surrey, England. Each of Mr. Webster and Dr. Forrester are independent "qualified persons" as defined by National Instrument 43-101. The NI 43-101 Technical Report may be found on the Company's website at www.mawsonresources.com or under the Company's profile on SEDAR at www.sedar.com.


About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)

Mawson Resources Ltd. is a sustainable and ethical exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rajapalot gold-cobalt project in Finland, a significant and strategic gold-cobalt resource for Finland with the maiden resource positioned as one of Finland's current top three gold resources by grade and contained ounces and one of a small group of cobAlt Resources Ltd. prepared in accordance with NI 43-101 policy within Europe.

On behalf of the Board,

"Michael Hudson"                  
Michael Hudson, Chairman & CEO

Forward-Looking Statement

This news release contains forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). All statements herein, other than statements of historical fact, are forward-looking statements. Although Mawson believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.  Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, and similar expressions, or are those, which, by their nature, refer to future events. Mawson cautions investors that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, capital and other costs varying significantly from estimates, changes in world metal markets, changes in equity markets, planned drill programs and results varying from expectations, delays in obtaining results, equipment failure, unexpected geological conditions, local community relations, dealings with non-governmental organizations, delays in operations due to permit grants, environmental and safety risks, and other risks and uncertainties disclosed under the heading "Risk Factors" in Mawson's most recent Annual Information Form filed on www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Mawson disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Table 1: Collar Information from 2019 Winter drilling at the Rajapalot Project (Finnish Grid, Projection KKJ3)

HoleID

East

North

Azimuth

Dip

RL

Depth

Prospect

Comment

PAL0159

3408545.8

7372603.5

56

-71

179.162

473.8

Raja

Au results Mar 04
2019

Co results Apr 23
2019

PAL0160

3408485.8

7372581.1

67

-79

177.865

447

Raja

Au and Co
results Apr 23
2019

PAL0161

3408696.1

7372556.6

57

-75

179.24

405.8

Raja

Au results Mar 04
2019

Co results Apr 23
2019

PAL0162

3408446.4

7372648.4

46

-84.5

180.158

482.9

Raja

Au results Mar 04
2019

Co results Apr 23
2019

PAL0163

3408487.0

7372587.9

65

-73.5

178.218

470.05

Raja

Au results Mar 04
2019

Co results Apr 23
2019

PAL0164

3408545.4

7372603.2

61.1

-75.6

178.586

441.7

Raja

Au and Co
results Apr 23
2019

PAL0165

3408612.7

7372312.2

60

-79

176.25

167.9

Raja

Au results Mar 04
2019

Co results Apr 23
2019

PAL0166

3408897.7

7372385.3

240

-83

170.452

238.6

Raja

Au and Co
results Apr 23
2019

PAL0167

3408486.0

7372587.0

96

-85

178

398.6

Raja

Au results Mar 04
2019

Co results May 28
2019

PAL0168

3408554.5

7372806.4

233

-83

173.987

45.6

Raja

Abandoned hole

PAL0169

3408553.5

7372806.4

233

-83

173.987

545.8

Raja

Au and Co
results Apr 23
2019

PAL0170

3408713.0

7372255.4

60

-79

172.803

200.2

Raja

Results Awaited

PAL0171

3408603.8

7372636.0

58

-73

179.753

497.6

Raja

Au and Co

results Apr 23
2019

PAL0172

3408447.4

7372648.4

47

-79.5

180.158

491.9

Raja

Au and Co
results Apr 23
2019

PAL0173

3408255.8

7373707.9

116

-56

173.48

427.9

South Palokas

Au results Mar 04
2019

Co results
awaited

VG

PAL0174

3408255.8

7373707.9

116

-69.5

173.48

8.3

South Palokas

Abandoned hole

PAL0175

3408830.5

7372237.5

60

-74

172.071

120.1

Raja

Au and Co
results May 28
2019

PAL0176

3408937.3

7372300.3

240

-79.5

173.012

140.0

Raja

Au and Co
results Apr 23
2019

PAL0177

3408434.0

7372388.0

240

-60

176.1

250.5

Rumajärvi

Au and Co
results May 13
2019

PAL0178

3408225.9

7372340.1

60

-75

177.064

237.2

Rumajärvi

Results awaited

PAL0179

3408105.5

7372350.5

60

-80

180.572

209.0

Rumajärvi

Au and Co
results May 13
2019

PAL0180

3408128.3

7372706.1

41

-61

173.634

778.65

Terry's Hammer

Results Awaited

PAL0181

3407954.6

7372245.0

150

-60

177.834

161.7

Rumajärvi

Au and Co
results May 13
2019

PAL0182

3407944.8

7372476.5

60

-70

176.8

439.65

Rumajärvi

Au and Co
results May 13
2019

PAL0183

3408094.0

7372422.1

160

-70

178.624

170.0

Rumajärvi

Au and Co
results May 13
2019

PAL0184

3407754.4

7372867.6

120

-50

173.07

211.8

Rumajärvi

Au and Co
results May 13
2019

PAL0185

3407900.4

7372519.6

60

-68

173.064

381.1

Rumajärvi

Results Awaited

PAL0186

3407905.2

7372446.2

55

-75

174.386

341.85

Rumajärvi

Results Awaited

PAL0187

3408547.0

7372492.4

47

-63.5

176.807

474

Raja

Au and Co
results May 28
2019

PAL0188

3408630.2

7372440.6

53

-63.5

176.974

379.4

Raja

Au and Co
results Apr 23
2019

PAL0189

3408768.8

7372378.8

48

-77

173.301

245.5

Raja

Co results May 28
2019

PAL0190

3408576.2

7372512.8

63

-65

177.732

427.9

Raja

Au and Co
results May 28
2019

PAL0191

3408547.0

7372492.4

44

-58.5

176.807

492.1

Raja

Results Awaited

VG

PAL0192

3408221.8

7373180.6

130

-60

171.892

203.2

Hut

Results Awaited

PAL0193

3408255.3

7373706.4

104

-53

173.478

427.15

South Palokas

Results Awaited

PAL0194

3408312.2

7373980.0

74

-57

173.8

497.8

Palokas

Results here

VG

PAL0195

3408353.9

7373580.2

65

-77

174.918

245.6

South Palokas

Results Awaited

PAL0196

3408089.1

7373031.9

90.5

-60

172.308

317.4

Hut

Results Awaited

PAL0197

3408271.4

7373630.1

63

-66.5

173.603

466.8

South Palokas

Results Awaited

PAL0198

3408414.1

7373660.3

117

-70

174.417

296.2

South Palokas

Results Awaited

VG

PAL0199

3408126.6

7373140.2

215

-80

173.042

386.7

Hut

Results Awaited

PAL0200

3408312.2

7373979.0

62

-61.8

173.8

536.8

Palokas

Results here

PAL0201

3408545.8

7372603.5

57

-67.25

179.162

281.0

Raja

Results Awaited

PAL0201D1

3408545.8

7372603.5

57

-67.25

179.162

195.0-392.2

Raja

Results Awaited

 

Table 2: Better intersections report from the 2019 Winter Drill Program.

Intersections are reported with a lower cut of 0.5g/t gold over 2 metre lower cut except where highlighted with **. No upper cut-off was applied.

Prospect

Hole_id

from

to

width

AuEq

Au

Co

Raja

PAL0159

419.0

437.0

18.0

1.4

0.5

547


including

419.0

420.2

1.2

0.8

0.2

378


including

422.0

426.0

4.0

2.5

0.3

1377

Raja

PAL0159

434.0

437.0

3.0

3.4

2.3

672

Raja

including

429.0

432.0

3.0

0.9

0.1

488

Raja

PAL0159

451.0

455.5

4.5

3.2

1.9

754

Raja

PAL0161

305.5

313.0

7.5

1.1

0.0

636

Raja

PAL0161

336.0

338.0

2.0

2.7

2.1

362

Raja

PAL0161

344.0

349.0

5.0

3.3

2.3

600

Raja

PAL0162

323.0

324.0

1.0

1.2

0.0

701

Raja

PAL0162

452.0

453.0

1.0

0.9

0.0

562

Raja

PAL0163

416.6

419.4

2.8

10.9

0.0

6604

Raja

PAL0164

406.0

414.3

8.3

1.3

0.4

519

Raja

PAL0164

418.4

419.7

1.3

0.9

0.0

546

Raja

PAL0166

55.3

56.3

1.0

0.6

0.1

355

Raja

PAL0166

67.8

68.8

1.0

1.0

0.0

568

Raja

PAL0166

76.6

77.6

1.0

1.1

0.1

596

Raja

PAL0166

79.3

80.3

1.0

1.6

0.0

958

Raja

PAL0169

522.3

524.4

2.1

0.7

0.1

368

Raja

PAL0171

299.0

300.1

1.1

0.9

0.0

528

Raja

PAL0172

120.0

122.0

2.0

0.9

0.0

541

Raja

PAL0172

329.0

332.0

3.0

1.0

0.0

573

South Palokas

PAL0173

232.8

233.7

0.8


0.5


South Palokas

PAL0173

264.0

281.0

17.0


3.4



including

264.0

269.0

5.0


4.9



including

276.1

281.0

4.9


4.6


South Palokas

PAL0173

380.0

381.1

1.1


0.8


South Palokas

PAL0173

384.8

385.8

1.0


2.0


Raja

PAL0176

14.0

15.6

1.6

2.5

2.4

58

Raja

PAL0176

20.5

31.9

11.4

1.4

0.8

382

Raja

PAL0176

33.8

35.7

1.9

1.2

1.0

105

Raja

PAL0176

49.0

52.0

3.0

4.0

3.8

86

Rumajärvi

PAL0179

6.0

10.7

4.7

1.9

1.0

578

Rumajärvi

PAL0179

37.0

38.0

1.0

0.6

0.1

311

Rumajärvi

PAL0179

39.0

40.0

1.0

1.0

0.0

592

Rumajärvi

PAL0179

48.0

51.0

3.0

0.6

0.0

344

Rumajärvi

PAL0179

73.8

76.3

2.5

0.6

0.1

342

Rumajärvi

PAL0182

86.3

93.7

7.4

4.4

3.4

597

Rumajärvi

PAL0183

54.3

55.1

0.8

1.6

0.4

728

Rumajärvi

PAL0183

112.3

114.2

1.9

0.7

0.1

364

Rumajärvi

PAL0183

142.5

143.1

0.6

2.8

2.2

340

Rumajärvi

PAL0184

117.6

118.6

1.0

1.7

1.3

206

Raja

PAL0187

400.4

401.8

1.4

2.3

0.1

1345

Raja

PAL0187

416.0

417.0

1.0

1.1

0.0

684

Raja

PAL0188

298.3

329.6

31.3

6.0

4.3

1030

Raja

PAL0188

298.3

315.6

17.4

4.8

2.9

1113

Raja

PAL0188

320.6

329.6

9.0

11.7

9.4

1412

Raja

PAL0188

337.9

338.9

1.0

3.1

3.1

35

Raja

PAL0189

157.0

162.0

5.0

0.7

0.1

344

Raja

PAL0189

165.0

165.8

0.8

1.3

1.1

143

Raja

PAL0189

182.9

186.0

3.2

4.6

4.5

11

Raja

PAL0189

194.0

195.0

1.0

1.2

1.1

90

Raja

PAL0189

200.0

205.0

5.0

3.7

2.7

581

Raja

PAL0189

210.0

214.3

4.3

3.8

2.3

931

Raja

PAL0189

228.6

222.6

4.0

1.1

0.3

506

Raja

PAL0190**

359.2

390.7

31.5

5.9

4.8

724


including

359.2

368.0

8.8

1.4

0.5

521


Including

371.0

390.7

19.7

8.9

7.4

908

Palokas

PAL0194

418.7

433.9

15.2

8.5

4.3

2566

 

Table 3: Individual assay data from key drill holes reported in this release.

hole_id

Prospect

from (m)

to (m)

width (m)

Au g/t

Co ppm

AUEQ g/t

PAL0194

Palokas

418.7

419.7

1.0

1.4

142

1.6

PAL0194

Palokas

419.7

420.7

1.0

0.2

95

0.4

PAL0194

Palokas

420.7

421.7

1.0

2.4

270

2.9

PAL0194

Palokas

421.7

422.7

1.0

17.1

1593

19.7

PAL0194

Palokas

422.7

423.9

1.2

3.1

1205

5.1

PAL0194

Palokas

423.9

425.1

1.2

0.3

233

0.6

PAL0194

Palokas

425.1

426.1

1.0

0.1

3498

5.8

PAL0194

Palokas

426.1

427.1

1.0

2.4

6762

13.5

PAL0194

Palokas

427.1

428.1

1.0

1.7

2569

5.9

PAL0194

Palokas

428.1

429.1

1.0

5.4

1974

8.6

PAL0194

Palokas

429.1

430.1

1.0

23.6

14624

47.6

PAL0194

Palokas

430.1

431.1

1.0

1.0

3162

6.2

PAL0194

Palokas

431.1

432.1

1.0

2.7

1354

4.9

PAL0194

Palokas

432.1

432.9

0.8

4.2

1010

5.8

PAL0194

Palokas

432.9

433.9

1.0

0.3

438

1.0

PAL0200

Palokas

441.0

442.0

1.0

3.9

497

4.7

PAL0200

Palokas

466.4

467.4

1.0

0.1

271

0.6

 

Table 4: Compilation of Palokas intersections greater than 25 g/t * metres (AuEq)

hole_id

Prospect

from (m)

to (m)

width (m)

Au g/t

Co ppm

AUEQ g/t

PRAJ0009

Palokas

2.5

33.3

30.8

7.1

525

7.9

PRAJ0107

Palokas

12.4

39.7

27.3

5.4

507

6.2

PRAJ0006

Palokas

1.3

21.8

20.5

7.1

696

8.2

PRAJ0109

Palokas

38.7

71.7

33.0

3.1

547

4.0

PAL0027

Palokas

27.5

48.7

21.3

5.4

482

6.2

PAL0194

Palokas

418.7

433.9

15.2

4.3

2566

8.5

PAL0030

Palokas

110.2

120.2

10.0

9.9

562

10.8

PRAJ0003

Palokas

0.0

13.0

13.0

7.1

577

8.1

PRAJ0010

Palokas

0.3

6.3

6.0

5.1

5241

13.7

PRAJ0114

Palokas

58.1

76.1

18.0

3.5

601

4.5

PRAJ0113

Palokas

55.8

82.1

26.3

2.2

548

3.1

PRAJ0111

Palokas

39.1

56.3

17.2

2.1

1080

3.9

PRAJ0022

Palokas

8.0

29.0

21.0

2.3

507

3.2

PRAJ0004

Palokas

0.8

18.4

17.6

2.9

552

3.8

PRAJ0025

Palokas

16.9

40.3

23.4

1.6

615

2.6

PRAJ0005

Palokas

4.2

19.2

15.0

3.0

495

3.8

PRAJ0110

Palokas

71.2

92.2

21.0

1.6

684

2.7

PRAJ0023

Palokas

4.8

28.5

23.7

1.1

571

2.0

PRAJ0108

Palokas

14.0

33.7

19.8

1.1

783

2.4

PRAJ0024

Palokas

22.7

37.0

14.4

2.0

442

2.8

PRAJ0020

Palokas

5.2

16.0

10.8

20.3

9509

3.3

PRAJ0026

Palokas

15.1

34.9

19.8

0.8

581

1.7

PAL0110

Palokas

22.1

43.1

21.0

0.9

404

1.5

PRAJ0117

Palokas

57.8

79.0

21.2

0.5

518

1.4

PAL0019

Palokas

172.0

179.6

7.6

2.3

671

3.4

 

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SOURCE Mawson Resources Ltd.



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