Vancouver, Canada – Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces drill results from thirteen diamond drill holes from the 2017 winter program at the Company’s 100% owned Rajapalot Project in Northern Finland. With these results, the mineralized zone has been significantly extended, with gold mineralization discovered on the western, southern and eastern margins of the previous mineralization footprint. Four drill rigs continue to drill 24/7.
- PAL0048, drilled 1.75 km southeast of Palokas intersected:
- 6.0 metres @ 2.0 g/t gold from 53 metres and 13.7 metres @ 2.0 g/t gold from 82 metres;
- Mineralized zone without a lower cut off comprises 42.7 metres @ 1.0 g/t gold from 53.0 metres in magnetite, pyrrhotite, biotite and chlorite altered rocks;
- PAL0048 is the most easterly hole drilled at Rajapalot to date and mineralization remains open;
- PAL0043, drilled 1.5 km southwest of Palokas and 1.1 km west of PAL0048 intersected:
- 12.0 metres @ 1.2 g/t gold from 10.6 metres;
- This hole targeted a VTEM anomaly and is the westernmost hole reported from Rajapalot to date, which opens a new area of exploration potential to the west;
- PAL0040, drilled 450 metres southeast of PAL0043 and 75 metres south west of PAL0037 (56 metres @ 0.53 g/t gold from 33 metres Mawson Press Release March 06, 2017) intersected:
- 5.0 metres @ 1.2 g/t gold from 37.3 metres;
- This is the southernmost drill hole at Rajapalot, opening a new area of exploration potential to the south;
- Forty-two holes (PAL0027-PAL0069) have been completed to date, totalling 8,721 metres of diamond drill core. With this release, assay results from a total of 19 holes have been reported, while results are pending for an additional 23 completed holes. A further 10 diamond drill holes are planned to be drilled before the completion of the winter program.
Mr. Hudson, Chairman and CEO, states, "The bold exploration approach taken by Mawson during the 2017 winter program is now paying dividends. By stepping out to previously known the limits of the mineralized system at Rajapalot, the gold mineralized footprint has been significantly expanded and demonstrated to be open on the western, southern and eastern margins. In combination with the significant hydrothermal alteration observed in all holes, it is clear a large mineralized system exists at Rajapalot. With less than 50% of assays received from holes drilled to date, and four rigs still drilling 24/7, we look forward to further news flow."
A plan view of the drill results is provided in Figure 1. Tables 1, 2 and 3 include all relevant collar and assay information. The true thickness of the mineralized interval is interpreted to be approximately 90% of the sampled thickness.
These drill results support the discovery of a new style of gold-bearing system at South Rajapalot, as described in Mawson Press Release March 06, 2017. Mineralization is characterized by an extensive area of potassic-iron-sulphide alteration located up to 1,800m south of the Palokas prospect. Drilling has defined a zone that now extends for 1,200m along strike and 400m in width that remains open.
Gold-anomalous alteration has been drilled to date over a 1,200 m x 400 m area in South Rajapalot. It consists of sulphide, magnetite, biotite and chlorite hydrothermal mineral assemblages hosted in predominately grey albitites. Textures range from veined albitic granofels through fractured and brecciated to locally schistose. Veining and fracture fill minerals include magnetite, pyrrhotite and magnetite-pyrrhotite (+/- quartz). Local retrograde chlorite after biotite and vein-controlled chlorite+/- tourmaline and magnetite are also present. Preliminary hand-held XRF analysis confirms the presence of associated scheelite and molybdenite, the former visible under UV light as tiny veinlets and disseminations. The iron-rich nature of the mineralized rocks is a common theme in either the oxide or sulphide form, with a variably sulphidic and chloritic overprint. The alteration is clearly post-metamorphic, reduced, and most likely driven by granitoid intrusions. Chlorite is regarded as the lowest temperature silicate mineral with gold, structurally controlled in apparent association with quartz veins. Altered rocks enclosing the mineralized package contain locally abundant talc and tourmaline.
Technical and Environmental Background
Two diamond drill rigs (K1 & K2) from the Arctic Drilling Company OY (ADC) with water recirculation and drill cuttings collection systems were used for the drill program. Core diameter is NQ2 (50.6 mm) 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 m 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 at Kempele and analyzed for gold at Raahe 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 Fellow of the Australasian Institute of Mining Metallurgy has reviewed and verified the contents of this release.
About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)
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.
|On behalf of the Board,
Michael Hudson, CEO
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez (Canada), Corporate Secretary
+1 (604) 685 9316, firstname.lastname@example.org
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 2017 Winter drilling at the Palokas Prospect
|PAL0027||3408668||7373860||116||60||175||301.6||Feb 21, 2017|
|PAL0028||3408723||7373889||116||60||175||92.3||Feb 21, 2017|
|PAL0029||3408629||7373987||116||60||175||209.3||Feb 21, 2017|
|PAL0030||3408608||7373943||116||60||174||194.8||Feb 21, 2017|
|PAL0031||3408701||7373954||116||60||174||131||Mar 06, 2017|
|PAL0032||3408800||7374095||116||60||175||174.2||Mar 06, 2017|
|PAL0033||3408125||7373140||150||60||173||215.8||Mar 06, 2017|
|PAL0037||3408008||7372395||116||60||177||244.3||Mar 06, 2017|
Table 2: Better intersections from the 2017 Winter Drill Program reported. 0.5g/t Au over 1m lower cut (unless stated), no upper cut-off
*0.5g/t Au over 2m lower cut
|Hole ID||Depth From (m)||Depth To (m)||Width (m)||Au g/t||Date Reported|
|PAL0027||27.46||31.01||3.6||2.5||Feb 21, 2017|
|PAL0027||34.41||41.21||6.8||14.7||Feb 21, 2017|
|PAL0027||44.20||47.20||3.0||3.2||Feb 21, 2017|
|PAL0028||21.70||22.70||1.0||0.8||Feb 21, 2017|
|PAL0028||37.60||39.25||1.7||3.9||Feb 21, 2017|
|PAL0029||95.65||96.65||1.0||0.7||Feb 21, 2017|
|PAL0030||110.20||120.20||10.0||11.6||Feb 21, 2017|
|PAL0030||135.70||138.60||2.9||1.0||Feb 21, 2017|
|PAL0030||143.85||146.85||3.0||5.3||Feb 21, 2017|
|PAL0031||85.4||86.4||1.0||1.5||Mar 06, 2017|
|PAL0032||No significant results||Mar 06, 2017|
|PAL0033||152.5||154.7||2.2||7.7||Mar 06, 2017|
|PAL0034||No significant results||Reported here|
|PAL0035||No significant results||Reported here|
|PAL0036||No significant results||Reported here|
|PAL0037||33||35||2.0||3.6||Mar 06, 2017|
|PAL0038||No significant results||Reported here|
|PAL0045||No significant results||Reported here|
|PAL0046||No significant results||Reported here|
No lower cut: 42.7m @ 1.0g/t from 53.0m
Table 3: Individual assay data from drill holes PAL0040, PAL0043 and PAL0048
|Hole ID||Depth From (m)||Depth To (m)||Width (m)||Au g/t|