VANCOUVER, Nov. 26, 2018 /CNW/ - Mawson Resources
Limited ("Mawson") or (the "Company") (TSX:MAW)
(Frankfurt:MXR) (PINKSHEETS: MWSNF) announces promising
electromagnetic survey results from the Raja prospect and updates
the progress of geophysical surveys within the Company's 100% owned
gold-cobalt Rajapalot project in northern Finland.
Multiple geophysical surveys are ongoing at the Rajapalot area
with fixed-loop transient electromagnetic ("TEM") designed to
refine winter resource extension drilling and constrain airborne
VTEMplus electromagnetic anomalies ("VTEM"); induced
polarization ("IP") to target new near-surface gold-cobalt
mineralization (Figure 1); and mise-á-la-masse ("MALM") to define
mineralization in subcrop and demonstrate continuity of mineralized
bodies.
Key Points:
- TEM surveying completed to date has discovered a strongly
conductive body to the north of Raja, that corresponds closely with
known mineralized drill intercepts (including drillhole PAL0093:
33.6 metres @ 9.4 g/t Au Eq ("gold equivalent"), 8.0 g/t gold, 823
ppm cobalt from 243.0 metres), and extends 550 metres down plunge
beyond the drilled area. The conductive body more than doubles the
Raja mineralization footprint to more than 1 kilometre (Figures 1
& 2) and remains open down plunge;
- This conductive body and other extensions to Raja will be
tested within a planned 15,000 metre drill program that will begin
in January (subject to final permitting);
- TEM surveying continues at Raja to map the northern extension
of the conductive body. Surveying will then define sources of
strong airborne VTEM anomalies (Figure 1) along the 2 kilometre
trend from the Rumajärvi, Hut and Palokas prospects;
- MALM surveys at Raja have located anomalies associated with
drilled mineralization that demonstrate mineralization is coherent
over a 450-metre strike length and supports the north-west
extensions identified by TEM data (Figure 3);
- In-fill gradient array IP surveys at 50 metre line spacing
continue to be a valuable tool and have revealed an undrilled low
resistivity target with the same characteristics as drilled
mineralization immediately west and parallel with Raja (Figures 4
and 5);
Mr. Hudson, Chairman and CEO, states, "Gold-cobalt
mineralized zones at Rajapalot form excellent conductive targets
which allows us to geophysically identify potentially mineralized
areas at depth and increase the confidence of our drill targeting.
A key result to date is the doubling of the conductive body
associated with Raja mineralization, delivering an untested target
with more than 500 metres down-plunge extent from high grade gold
intersections. Geophysical surveying is ongoing along the 3.5
kilometre Rajapalot mineralized trend, in preparation for an
exciting 15,000 metre winter drill campaign, scheduled to start in
January 2019 (subject to final
permits)."
Electromagnetic techniques, first used in 2013 by Mawson at
Rajapalot with a helicopter-borne VTEMplus survey indicated
the conductive nature of areas subsequently discovered to be the
Palokas, South Palokas, The Hut, Terry's Hammer, Rumajärvi and Raja
prospects (Figure 1). The broad scale of the line spacing (100
metres) and the low current induced in the ground from the
VTEMplus survey requires follow-up with ground TEM surveys
to accurately locate conductors to the accuracy of a drillable
target. TEM surveys have already more than doubled the 450 metre
long Raja prospect to greater than 1 kilometre down plunge. The
Raja conductive body corresponds with known mineralization
(including drillhole PAL0093: 33.6 metres @ 9.4
g/t Au Eq ("gold equivalent"), 8.0 g/t gold, 823 ppm
cobalt from 243.0 metres), and then continues to at least 1
kilometre depth with increasing conductivity and remains open. It
appears the northern extensions of Raja may coalesce with the Hut
prospect VTEM conductor at depth.
The complex nature of the resistivity and chargeability data
obtained from the 50-metre line spacing on the gradient array
survey is evident in Figures 4 and 5. So-called "negative IP"
effects are clear with a low forming directly over the subsurface
projection of the conductor – these effects are typically recorded
in areas of multiple conductors and large contrasts in physical
parameters. The strong target some 250 metres to the west of Raja
lies within a fold hinge and displays the same complex
chargeability and conductivity features of the Raja prospect. This
target will be tested in the forthcoming drill program commencing
in January 2019 (subject to final
drill permitting).
Technical Background
The IP-resistivity,
electromagnetic and MALM surveys were conducted by two and three
person teams 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.
The gold equivalent (Au Eq) value was calculated using the
following formula: Au Eq g/t = Au g/t + (Co_ppm/608) with assumed
prices of Co $30/lb; and Au
$1,200/oz.
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 Rajapalot
gold-cobalt project 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.