VANCOUVER, Dec. 6, 2018 /PRNewswire/ - Mawson Resources Limited ("Mawson") or (the "Company")
(TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) provides an update on the Company's drill programs targeting gold and cobalt in
Finland and gold in the USA.
Key Points:
- Drilling is now complete at the Company's Western USA project ("WUSA") in Oregon where a total of 4 holes (one abandoned) were drilled for 1,033 metres at the Scorpion
intermediate-sulphidation and Huckleberry high-sulphidation projects. Wide zones of silica, argillic and sulphidic alteration
were intersected at both prospect areas. Drill core has been sent for assay and results will be released in the New Year;
- The autumn diamond drill program in Finland has now ended, with a total of 11 holes for
1,660 metres (PAL0148-158) at the Hirvimaa and Korkiakoivikko prospects (Figure 1), located 2.6 to 4.3 kilometres from
high-grade gold-cobalt mineralization drilled at Rajapalot. The program tested base-of-till geochemical and geophysical
anomalies as potential extensions to known mineralization. The host stratigraphic horizon was intersected in 3 drill holes with
a best result of 2 metres @ 1,078 ppm cobalt from 111.3 metres in PAL0157;
- Planning for a large winter diamond drill program of 15,000 metres (subject to final permitting) at Rajapalot is well
underway and is set to start during January 2019;
Mr. Hudson, Chairman and CEO, states, "At the WUSA project, highly altered and sulphidic rocks were intersected beneath
strong gold anomalies in soils at Scorpion and pathfinder-metal rock chip anomalies at Huckleberry. Such strong alteration
is encouraging in these new systems, with results anticipated to be released in Q1 2018.
In Finland, although the mineralized host position was discovered in multiple holes at two
prospects, the relatively minor structural overprint is interpreted to have limited the development of higher gold and cobalt
grades. Further work is underway to define targets outside the 3.5 kilometre mineralized trend at Rajapalot, where a maiden
resource calculation is being finalized and a 15,000 metre winter drill program (subject to final permitting) is set to begin
during January 2019."
At the WUSA project, 4 diamond drill holes for 1,033 metres were completed (Figures 2 and 3), with 3 drill holes at
Huckleberry (one abandoned) and one at Scorpion. Intense silicification and argillic alteration of porphyritic andesite and
quartz phyric latite was intersected in all drill holes. Iron oxides and pyrite were commonly associated with brecciation
and stockwork fractures and disseminated pyrite was present throughout more weakly altered hosts. Assays and drill logs
will be available for reporting during Q1 2019.
In Finland, drilling was conducted at the satellite Hirvimaa and Korkiakoivikko prospects to
test a combination of base-of-till anomalies, conductors recognized in VTEMplus data and the inferred location of the
stratigraphic host to the gold-cobalt mineralization. Korkiakoivikko is located 4.3 kilometres south of the Raja prospect and
Hirvimaa is located 2.6 kilometres north east of Palokas (Figure 1). At Hirvimaa, the mineralized stratigraphic horizon was
intersected in drill holes PAL0149, PAL0150 and PAL0152. PAL0151 was abandoned after intersecting a fractured and faulted quartz
vein. Minor sulphides and weak metal anomalism were associated with the inferred stratigraphic host. Besides the inferred
stratigraphic metasediment host, weakly mineralized sections were found in mafic volcanics/sills with sulphide and magnetite
dissemination and veins. Best results were 2 metres @ 1,078 ppm cobalt from 111.3 metres in PAL0157 and 3 metres @ 384 ppm cobalt
from 28.0 metres in PAL0156. The absence of a later structural control appears to have limited the formation of higher
grades of gold and cobalt. The Korkiakoivikko drill hole (PAL0148) was aimed at a large late-time VTEMplus anomaly in the south
western corner of the permit. The boundary between a sequence of dolomitic carbonates and marls with a quartzite marked a short
carbonaceous and sulphidic unit (approximately 6 metres wide from 91.7 metres) with weakly anomalous gold, tungsten,
molybdenum, bismuth, copper and nickel characteristic. This stratigraphic unit appears to be the source of the VTEMplus
anomaly and appears to lack the structural and hydrothermal overprint of the high-grade gold-cobalt prospects seen 4.3 kilometres
north.
Plan view of drill locations are provided in Figures 1-3. Tables 1 and 2 show all relevant collar information. Table 3 shows
better intersections from Finland. In Finland, assuming a
predominant stratabound control, the true thickness of the mineralized interval is interpreted to be approximately 90-95% of the
sampled thickness. Intersections are reported with a lower cut of 0.5 g/t gold or 0.5 g/t gold equivalent when cobalt assays were
available, over 1 metre width and no upper cut-off was applied. The gold equivalent (AuEq) value was calculated using the
following formula: AuEq=Au+Co/608 based on assumed prices of Co $30/lb and Au $1,250/oz.
Technical Background
In Finland, one diamond drill rigs from MK Core Drilling OY ("MK"), with water recirculation
and drill cuttings collection systems was used for the drill program. Core diameter was 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 ALSGlobal facility in Sodankylä, Finland. Samples were
prepared and analyzed for gold and multi-elements at ALSGlobal, gold by method Au-ICP22 (fire assay and ICP-AES, 50 g sub-sample)
and multi-elements by ME-MS61 (four acid digest and ICP analysis). At the WUSA project, one diamond drill rigs from Idea Drilling was used for the drill program. Core diameter was
HQ (63.5 mm). Core recoveries were moderate and averaged 90% in fresh rock. After photographing and logging in Mawson's
Oregon facilities, core intervals averaging 1.5 metres were cut in half at ALS Chemex's
facilities in Reno Nevada. The remaining half core has been retained for verification and
reference purposes. Analytical samples were prepared and analyzed for gold and multi-element geochemistry at ALS Chemex using the
Au-ICP22 and ME-MS61 techniques.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"
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 2018 Autumn drilling at the Rajapalot Project (Finnish Grid, Projection KKJ2003)
HoleID
|
East
|
North
|
Azimuth
|
Dip
|
RL
|
Depth (m)
|
Prospect
|
Reported
|
PAL0148
|
3410601.9
|
7368194.3
|
149.5
|
-60.8
|
131.2
|
266.3
|
Korkiakoivikko
|
Here
|
PAL0149
|
3410584.6
|
7374738.2
|
150.7
|
-59.9
|
178.4
|
130.1
|
Hirvimaa
|
Here
|
PAL0150
|
3410547.7
|
7374791.5
|
151.8
|
-60.6
|
179.6
|
136.6
|
Hirvimaa
|
Here
|
PAL0151
|
3410958.6
|
7374848.3
|
170.0
|
-60.0
|
179.4
|
15.1
|
Hirvimaa
|
Abandoned. Here
|
PAL0152
|
3410959.6
|
7374846.3
|
167.4
|
-60.3
|
179.4
|
200.5
|
Hirvimaa
|
Here
|
PAL0153
|
3410999.1
|
7374407.9
|
141.1
|
-60.2
|
172.5
|
140.5
|
Hirvimaa
|
Here
|
PAL0154
|
3411028.9
|
7374366.6
|
139.8
|
-60.1
|
172.7
|
91.1
|
Hirvimaa
|
Here
|
PAL0155
|
3410864.1
|
7374328.3
|
139.9
|
-59.4
|
172.4
|
169.9
|
Hirvimaa
|
Here
|
PAL0156
|
3410907.1
|
7374278.4
|
139.9
|
-58.9
|
173.5
|
140.8
|
Hirvimaa
|
Here
|
PAL0157
|
3410648.1
|
7374380.5
|
140.2
|
-60.2
|
172.8
|
149.2
|
Hirvimaa
|
Here
|
PAL0158
|
3411509.8
|
7374817.7
|
163.6
|
-60.6
|
180.1
|
219.9
|
Hirvimaa
|
Here
|
Table 2: Collar Information from 2018 drilling at the WUSA Project (NAD27 Grid, Projection UTM Zone 10N)
HoleID
|
East
|
North
|
Azimuth
|
Dip
|
Depth (m)
|
Prospect
|
Reported
|
HDH-001-18
|
512830.0
|
4816186.0
|
341.9
|
-58.7
|
395.6
|
Huckleberry
|
Results pending
|
HDH-002-18
|
513045.0
|
4816413.0
|
350.0
|
-60.0
|
112.8
|
Huckleberry
|
Abandoned. Results pending
|
HDH-003-18
|
513045.0
|
4816413.0
|
351.2
|
-65.6
|
282.8
|
Huckleberry
|
Results pending
|
SDH-001-18
|
495294.0
|
4822665.0
|
295.2
|
-58.3
|
241.7
|
Scorpion
|
Results pending
|
Table 3: Better intersections from the Finland 2018 Autumn Drill Program. Intersections are
reported with a lower cut of 0.5g/t gold over 2 metre lower cut, except where indicated by **. No upper cut-off was applied.
Hole ID
|
Depth From (m)
|
Depth To (m)
|
Width (m)
|
Au (g/t)
|
Co ppm
|
Au Eq (g/t)
|
Date Reported
|
PAL0153
|
30.4
|
30.8
|
0.4
|
0.015
|
493
|
0.83
|
Here
|
PAL0153
|
119.3
|
120.3
|
1.0
|
0.003
|
414
|
0.68
|
Here
|
PAL0156
|
28.0
|
31.0
|
3.0
|
0.004
|
384
|
0.64
|
Here
|
PAL0157
|
111.3
|
113.3
|
2.0
|
0.003
|
1,078
|
1.78
|
Here
|
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SOURCE Mawson Resources Ltd.