Mawson Resources Limited (TSX: MAW) (Frankfurt: MXR) (PINKSHEETS: MWSNF) announces results from five new drill holes at the Company’s 100% owned Rajapalot gold-cobalt project in Northern Finland. Holes are reported from three prospect areas and all intersected gold mineralization.

Key Points:

• The best result reported is PAL0092 which intersected 4.0 metres @ 17.7 g/t gold from 246 metres (Figures 1-4) at the Raja prospect. Cobalt assays are awaited (see Mawson New Release May 14, 2018);
• PAL0092 was drilled 45 metres west of drill hole PAL0093 which intersected 31.7 metres @ 8.4 g/t gold from 244.1 metres (see Mawson News Release March 01, 2018 and Figures 1-4) showing significant encouragement for the continuity of high-grade gold mineralization at Raja;
• PAL0116, drilled up-plunge from PAL0092 and PAL0093, intersected 5.0 metres @ 3.3 g/t gold from 144.0 metres and 2 metres @ 3.6 g/t gold from 154.0 metres. Cobalt assays are awaited;
• PAL00116 was drilled 50 metres east of PAL0085 which intersected 9.9 metres @ 4.1 g/t gold from 124.0 metres (see Mawson News Release March 01, 2018);
• Over 470 metres of down plunge continuity of high grade gold-cobalt mineralization has now been demonstrated at the Raja prospect alone, with mineralization remaining unconstrained down-plunge and partly across strike. Gold-cobalt mineralization is associated with sufficient sulphide to form an electrical conductor, and interpretation of VTEM geophysical data indicates potential down-plunge extent from surface for greater than 900 metres;
• To date, only 3 from 16 drill holes at Raja have been assayed for cobalt, including PAL0075, drilled up-plunge from PAL0116 and PAL0085, which intersected 10.8 metres @ 1,299 ppm Co, 6.2 g/t Au (8.7 g/t AuEq) from 8.7 metres (see Mawson News Release May 14, 2018). A systematic cobalt assay program of approximately 3,000 Rajapalot samples continues with further assays to be reported in the coming months.
• The winter diamond drill program totalled 16,204 metres in 75 drill holes across four exploration permit areas. Including those published here, assays from 28 drill holes have been released from Rajapalot and East Rompas. A further 47 drill holes are currently being logged and assayed.
• Diamond drilling is planned to restart during August 2018 at Hirvimaa and Männistö exploration permit areas.

Mr. Hudson, Chairman and CEO, states, “Our Raja prospect, which is one of many prospect areas, continues to deliver. High-grade gold has again been intersected at Raja and drilled down plunge for greater than 450 metres with a width exceeding 100 metres. The continuity and predictability of high-grade mineralization is encouraging, with 4.0 metres @ 17.7 g/t gold in PAL0092, 5.0 metres @ 12.4 g/t in PAL0118 and 31.7 metres @ 8.4 g/t gold in PAL0093 all recently drilled. With cobalt assays outstanding from these drill holes, and thousands of gold and cobalt assays still in the laboratory, we look forward to announcing data as they become available.”

This release provides results from 5 drill holes: PAL0092 (Raja), PAL0104 (Raja), PAL0115 (Rumajärvi), PAL0116 (Raja) and PAL0122 (South Palokas).  Drill holes not reported above (PAL0104, PAL0115 and PAL0122) also intersected anomalous gold mineralization and assay results are provided in Tables 2 and 3. A plan view of the drill results and named prospects is provided in Figure 1. Cross and long section views and a prospect plan are included as Figures 2–4. Tables 1–3 include all relevant collar and assay information. Assuming a predominant stratabound control, true thickness of the mineralized interval is interpreted to be approximately 90% of the sampled thickness. Intersections are reported with a lower cut of 0.5 g/t gold over 1 metre lower cut, no upper cut-off was applied.

In other news, a pilot hyperspectral study of 832 metres of drill core (PAL0092, PAL0093 and PAL0097) is in progress using the TerraCore SisuRock Gen 2 system (3 cameras). This study aims to understand the relationship between high-grade gold and hydrothermal silicate alteration, in particular, hydrous silicates, muscovite, biotite and amphiboles.

Technical and Environmental Background

Five diamond drill rigs from the Arctic Drilling Company OY Oy Kati Ab 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) or WL76 (57.5mm) diameter core. 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 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 at Kempele 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. 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 inserts 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.

About Mawson Resources Limited

Mawson Resources Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rompas and Rajapalot gold projects in Finland.