VANCOUVER, Aug. 13, 2018 /PRNewswire/ - Mawson
Resources Limited ("Mawson") or (the "Company")
(TSX: MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces an
update on summer geophysical programs and drilling plans at the
Company's 100% owned Rajapalot gold-cobalt project in northern
Finland.
Key Points:
- Over the past 6 weeks geophysical contractors have completed a
103-line kilometre ground magnetic survey on 25 metre spaced lines
in the northern part of the Hirvimaa permit area, focussed on
testing areas with anomalous base-of-till ("BOT") drill results
(Figure 1);
- Further geophysical programs to start during August include
downhole electromagnetics ("EM"), fixed-loop EM and
mise-a-la-masse. These geophysical surveys will test the Kairamaat
2/3 permit and are designed to discover new mineralized bodies and
the extension to known gold mineralization at Raja, Rumajärvi and
Palokas;
- Diamond drilling to test geophysical and base-of-till anomalies
is scheduled to commence at Hirvimaa and Männistö exploration
permits during September;
- 6,912 from a total of 7,078 assays remain unreported from the
cobalt re-assay program. Further results will be released
shortly;
Mr. Hudson, Chairman and CEO, states, "The sulphide minerals
associated with gold-cobalt mineralization at Rajapalot have a
predictable geophysical signature. These new geophysical surveys
will allow us to derisk, refine and expand drilling targets for
testing in the coming months. Combined with BOT geochemical drill
data we have multiple drill targets defined on the Hirvimaa and
Raja permits that are accessible for drilling year-round. We look
forward to restarting diamond drilling during September as we wrap
up the final assays and compilation from our extensive 75 drill
hole (16,204 metres) winter diamond drill program."
The geophysical character of the gold-cobalt mineralization at
Rajapalot is now well understood. Ground magnetic surveys at 25
metre line spacing are effective at locating pyrrhotite with a
strong reverse remanent magnetic signal. Gradient array IP surveys
can accurately locate both disseminated sulphide minerals (where
the surface area of sulphides may produce a chargeable electrical
response) and electrically conductive features. Mawson's experience
at Rajapalot indicates that gold mineralized rocks often contain
sufficient sulphide minerals to form magnetic, chargeable and
conductive responses. The discovery success when drill testing
these features (see Figure 1) strongly supports applying this
strategy in the development of new target areas.
Detailed structural logging of the drill core continues in
association with PGN Geoscience (Jackson
van den Hove, Laurent Ailleres), in addition to regional
structural and geochemical studies with Nick Oliver of HCOV Global and structural
consultant Leigh Rankin. Using the
skills of Mawson's experienced personnel, these data are being
integrated with field and lithogeochemical interpretations to
produce a new 3D geological model to understand the shape, size,
grade distribution and controls on the gold-cobalt
mineralization.
Technical and Environmental Background
The ground
magnetic survey was conducted by personnel from GeoVista AB (based
in Luleå, Sweden). Line
orientations for this program were matched with prior survey
parameters. Post-collection processing and inversions of the data
are completed by Dr Hans Thunehed of
GeoVista AB.
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.
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SOURCE Mawson Resources Ltd.