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Mawson Extends High-Grade Mineralization 70 Metres Down Plunge at the Raja Prospect, Finland

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Mawson Resources Limited  (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces further drill results from the Raja prospect from the Company’s 100% owned Rajapalot Project in northern Finland. Drilling results continue to extend mineralization beyond the current resource boundaries with further continuous and thick high-grade gold-cobalt results.

 

Key Results:

 

  • Building of a high-grade core at the Raja prospect continues (Figures 1 and 2) with PAL0191, reported here, extending the core zone by a further 70 metres to a total 320 metres length and the total length of mineralization at Raja has been traced from surface to 600 metres down plunge; 
  • PAL0191 intersected 21.0 metres @ 4.0 g/t gold equivalent (“AuEq”), 3.2 g/t gold (“Au”) and 481 ppm cobalt (“Co”) from 417.0 metres, including 9.0 metres @ 7.2 g/t AuEq, 6.2 g/t Au and 647 ppm Co from 421.0 metres;
  • Mineralization remains open down plunge at Raja with electromagnetic conductors extending the trend to at least 900 metres down plunge from surface;
  • PAL0191 is the deepest high-grade drill hole reported from Raja to date, at greater than 350 metres vertically from surface.

 

 

“Raja continues to expand with further thick high-grade gold-cobalt intersections that show impressive continuity for 320 metres down plunge with the trend remaining open” said Mr. Michael Hudson, Chairman and CEO.  “Our ability to consistently hit high-grade mineralization at Raja provides compelling evidence for the strength of the Rajapalot mineral system, and augers well for further discoveries within Raja and the other projects that we have defined within the larger project area.”

 

PAL0191 continues the success of targeting high grade mineralization this drill season with many results already reported over the last few months, that build volume and grade beyond the December 17, 2018 resource calculation, which include:

 

 

 

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 the final three drill holes (PAL0191, 201, & 201D; Tables 1-3) from the Raja prospect are reported here, while assays from seven holes from other prospects remain to be reported.

 

Drill hole PAL0191 is the deepest high-grade drill hole reported from Raja to date, greater than 350 metres vertically from surface. The down plunge continuity of the high-grade core tested by PAL0191 is 30-50 metres wide (within a broader 100-metre-wide mineralized envelope) by 20-30 metres thick, has been traced over 320 metres down plunge and remains open at depth. The total length of mineralization at Raja has now been traced by drilling from surface to 600 metres down plunge. The sub-vertical and linear geometry of the high-grade Au-Co core within certain stratabound units is validated by this intersection, confirming the continuity of mineralized bodies throughout the conductive sulphidic zone highlighted by the modelled electromagnetic conductors.  The trend of this high-grade Au-Co core shown in Figure 1 is 339 degrees (with respect to true north). A longitudinal (Figure 2) shows the location of this high-grade core with respect to other drill holes.

 

Other drill holes reported in this release are PAL0201 and a wedge from this hole, PAL0201D which targeted the high-grade core 50 metres down plunge from PAL0191 on the next section to the NNW on the 339 degree trend. PAL0201 was drilled west of the mineralized trend and, PAL0201D which was targeted to hit the high-grade core, did not reach the target depth before winter drill conditions ended. This hole will be re-entered and continued at the start of the next drill season. Mawson will continue to release results as interpretations of assay data become available.

 

Comment on Gold Equivalence Calculation

 

The gold equivalent value used in the 2018 inferred resource and this press release was calculated using the formula: AuEq g/t = Au g/t + (Co ppm/608) with assumed metal prices of Co $30/lb; and Au $1,250/oz. AuEq varies with gold and cobalt prices. Approximate spot prices for gold and cobalt are currently $1,400/oz and $13.40/lb respectively.

 

The cobalt price has fallen 60% over the past year due mostly to an increase in supply from mines, many artisanal, in the Democratic Republic of Congo. Mawson considers cobalt retains strong fundamentals with demand remaining robust as the electric mobility industry continues to grow and, a long-term price of $20 to $30/lb cobalt (and $1250/oz Au) is therefore reasonable.  Prices used in the 2018 inferred resource calculation have been maintained here to ensure consistency of reporting individual drill holes against prior news releases and the resource dated December 2018, and will be reviewed once all data from the current drill program is released.  Within the December 2018 resource, cobalt contributes approximately 20% of in-situ value.

 

Technical and Environmental Background

 

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 0.5 g/t gold or 304 ppm 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, Kati OY and MK Core Drilling OY, 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 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

 

Mawson Resources Limited 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 prepared in accordance with NI 43-101 policy within Europe.

 

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 here
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 Jun 13 2019

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 here

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 Au and Co results Jun 13 2019
PAL0194 3408312.2 7373980.0 74 -57 173.8 497.8 Palokas Au and Co results June 3 2019; VG
PAL0195 3408353.9 7373580.2 65 -77 174.918 245.6 South Palokas Au and Co results Jun 13 2019
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 Au and Co results Jun 13 2019
PAL0198 3408414.1 7373660.3 117 -70 174.417 296.2 South Palokas Au and Co results Jun 13 2019, 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 Au and Co results June 3 2019
PAL0201 3408545.8 7372603.5 57 -67.25 179.162 281.0 Raja Results here
PAL0201D1 3408545.8 7372603.5 57 -67.25 179.162 195.0-392.2 Raja Results here

 

 

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 HoleID from (m) to (m) width (m) Au g/t Co ppm AuEq g/t
Raja PAL0159 419.0 437.0 18.0 0.5 547 1.4
  including 419.0 420.2 1.2 0.2 378 0.8
  including 422.0 426.0 4.0 0.3 1377 2.5
Raja PAL0159 434.0 437.0 3.0 2.3 672 3.4
Raja including 429.0 432.0 3.0 0.1 488 0.9
Raja PAL0159 451.0 455.5 4.5 1.9 754 3.2
Raja PAL0161 305.5 313.0 7.5 0.0 636 1.1
Raja PAL0161 336.0 338.0 2.0 2.1 362 2.7
Raja PAL0161 344.0 349.0 5.0 2.3 600 3.3
Raja PAL0162 323.0 324.0 1.0 0.0 701 1.2
Raja PAL0162 452.0 453.0 1.0 0.0 562 0.9
Raja PAL0163 416.6 419.4 2.8 0.0 6604 10.9
Raja PAL0164 406.0 414.3 8.3 0.4 519 1.3
Raja PAL0164 418.4 419.7 1.3 0.0 546 0.9
Raja PAL0166 55.3 56.3 1.0 0.1 355 0.6
Raja PAL0166 67.8 68.8 1.0 0.0 568 1.0
Raja PAL0166 76.6 77.6 1.0 0.1 596 1.1
Raja PAL0166 79.3 80.3 1.0 0.0 958 1.6
Raja PAL0169 522.3 524.4 2.1 0.1 368 0.7
Raja PAL0171 299.0 300.1 1.1 0.0 528 0.9
Raja PAL0172 120.0 122.0 2.0 0.0 541 0.9
Raja PAL0172 329.0 332.0 3.0 0.0 573 1.0
South Palokas PAL0173 232.0 233.7 1.7 0.3 363 0.9
South Palokas PAL0173 264.0 281.0 17.0 3.0 827 4.3
  including 264.0 269.0 5.0 4.9 536 5.8
  including 276.1 281.0 4.9 4.6 1805 7.6
South Palokas PAL0173 380.0 381.1 1.1 0.8 426 1.5
South Palokas PAL0173 384.8 388.8 4.0 0.7 300 1.1
Raja PAL0176 14.0 15.6 1.6 2.4 58 2.5
Raja PAL0176 20.5 31.9 11.4 0.8 382 1.4
Raja PAL0176 33.8 35.7 1.9 1.0 105 1.2
Raja PAL0176 49.0 52.0 3.0 3.8 86 4.0
Rumajärvi PAL0179 6.0 10.7 4.7 1.0 578 1.9
Rumajärvi PAL0179 37.0 38.0 1.0 0.1 311 0.6
Rumajärvi PAL0179 39.0 40.0 1.0 0.0 592 1.0
Rumajärvi PAL0179 48.0 51.0 3.0 0.0 344 0.6
Rumajärvi PAL0179 73.8 76.3 2.5 0.1 342 0.6
Rumajärvi PAL0182 86.3 93.7 7.4 3.4 597 4.4
Rumajärvi PAL0183 54.3 55.1 0.8 0.4 728 1.6
Rumajärvi PAL0183 112.3 114.2 1.9 0.1 364 0.7
Rumajärvi PAL0183 142.5 143.1 0.6 2.2 340 2.8
Rumajärvi PAL0184 117.6 118.6 1.0 1.3 206 1.7
Raja PAL0187 400.4 401.8 1.4 0.1 1345 2.3
Raja PAL0187 416.0 417.0 1.0 0.0 684 1.1
Raja PAL0188 298.3 329.6 31.3 4.3 1030 6.0
Raja PAL0188 298.3 315.6 17.4 2.9 1113 4.8
Raja PAL0188 320.6 329.6 9.0 9.4 1412 11.7
Raja PAL0188 337.9 338.9 1.0 3.1 35 3.1
Raja PAL0189 157.0 162.0 5.0 0.1 344 0.7
Raja PAL0189 165.0 165.8 0.8 1.1 143 1.3
Raja PAL0189 182.9 186.0 3.2 4.5 11 4.6
Raja PAL0189 194.0 195.0 1.0 1.1 90 1.2
Raja PAL0189 200.0 205.0 5.0 2.7 581 3.7
Raja PAL0189 210.0 214.3 4.3 2.3 931 3.8
Raja PAL0189 218.6 222.6 4.0 0.3 506 1.1
Raja PAL0190** 359.2 390.7 31.5 4.8 724 5.9
  including 359.2 368.0 8.8 0.5 521 1.4
  Including 371.0 390.7 19.7 7.4 908 8.9
Raja PAL0191 417.0 438.0 21.0 3.2 481 4.0
  including 421.0 430.0 9.0 6.2 647 7.2
Raja PAL0191 445.0 449.7 4.7 1.6 888 3.1
South Palokas PAL0193 273.0 284.0 11.0 0.4 1044 2.1
Palokas PAL0194 418.7 433.9 15.2 4.3 2566 8.5
South Palokas PAL0195 126.9 133.0 6.1 0.7 235 1.1
South Palokas PAL0195 171.3 177.0 5.7 0.7 398 1.4
South Palokas PAL0195 181.3 184.0 2.7 <0.05 726 1.2
South Palokas PAL0197** 294.3 326.3 32.0 1.4 1556 3.9
  including 294.3 312.2 17.9 1.0 2085 4.4
  including 316.9 326.3 9.4 2.8 1320 5.7
South Palokas PAL0198 169.7 179.7 9.8 4.2 1208 6.1

 

 

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

 

 

 

HoleID Prospect from (m) to (m) width (m) Au g/t Co ppm AuEq g/t
PAL0191 Raja 417.0 418.0 1.0 0.0 373 0.6
PAL0191 Raja 418.0 419.0 1.0 0.0 391 0.6
PAL0191 Raja 419.0 420.0 1.0 0.1 489 0.9
PAL0191 Raja 420.0 421.0 1.0 0.0 171 0.3
PAL0191 Raja 421.0 422.0 1.0 0.5 962 2.1
PAL0191 Raja 422.0 423.0 1.0 0.7 963 2.3
PAL0191 Raja 423.0 424.0 1.0 0.1 1137 1.9
PAL0191 Raja 424.0 425.0 1.0 45.7 643 46.7
PAL0191 Raja 425.0 426.0 1.1 0.3 712 1.5
PAL0191 Raja 426.0 427.0 1.0 0.2 485 1.0
PAL0191 Raja 427.0 428.0 1.0 0.2 345 0.8
PAL0191 Raja 428.0 429.0 1.0 0.1 169 0.4
PAL0191 Raja 429.0 430.0 1.0 7.7 425 8.4
PAL0191 Raja 430.0 431.0 1.0 0.2 240 0.6
PAL0191 Raja 431.0 432.0 1.0 0.3 118 0.5
PAL0191 Raja 432.0 433.0 1.0 0.1 267 0.5
PAL0191 Raja 433.0 434.0 1.0 0.3 588 1.2
PAL0191 Raja 434.0 435.0 1.0 0.1 254 0.5
PAL0191 Raja 435.0 436.0 1.0 0.3 442 1.0
PAL0191 Raja 436.0 437.0 1.0 8.7 539 9.6
PAL0191 Raja 437.0 438.0 1.0 1.7 404 2.4
PAL0191 Raja 445.0 446.0 1.0 0.1 537 1.0
PAL0191 Raja 446.0 447.0 1.0 1.6 794 2.9
PAL0191 Raja 447.0 448.0 1.0 0.5 558 1.4
PAL0191 Raja 448.0 449.0 1.0 0.7 1576 3.3
PAL0191 Raja 449.0 449.7 0.7 6.5 1013 5.7

 

Posted July 2, 2019

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