VANCOUVER, Jan. 16, 2019 /CNW/ - Mawson Resources Limited
("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) announces promising electromagnetic survey
results from the South Palokas prospect and updates winter 2019
drill plans at the Company's 100% owned gold-cobalt Rajapalot
project in northern Finland.
The Company announced a maiden gold-cobalt resource for the
Rajapalot project on December 17
2018, which was comprised of the Raja and Palokas prospects. South
Palokas is one of two bodies that made up the Palokas resource
estimate and at the time measured 180 metres of strike, depth of
220 metres and widths of up to 20 metres.
Key Points:
- A recently completed electromagnetic geophysical survey has
outlined a strongly conductive body immediately down plunge from
the South Palokas gold-cobalt resource. At the upper margin, this
conductive zone encompasses PAL0016, the deepest drill hole
at South Palokas, which intersected 8.4
m @ 5.7 g/t AuEq ("gold equivalent"), 4.9 g/t gold, 471
ppm cobalt from 206 metres;
- Modelled conductive plates extend 250 metres down dip beyond
the South Palokas resource. The conductive body doubles the South
Palokas mineralization footprint (Figures 1 & 2) and remains
open down dip to the northwest;
- Geophysical field crews continue to collect fixed-loop
transient electromagnetic ("TEM") data at Palokas, and over a
broader area at Rajapalot with the aim of mapping the source of
additional strong heliborne VTEMplus anomalies (Figure 2)
along the 4 kilometre trend that includes the Raja, Rumajärvi, Hut
and Palokas prospects;
- The South Palokas and Raja conductive bodies, along with other
extensions to gold-cobalt resources, will be tested by a drill
program scheduled to commence in late January 2019 (subject to final permitting). A
15,000 metre, five drill rig program is proposed, with contracts in
place with three drilling companies. Approximately 70 people will
be employed to execute the program once work commences.
Mr. Hudson, Chairman and CEO, states, "Electromagnetic
geophysical surveys have defined an undrilled conductive body,
extending more than 200 metres down-plunge from high grade gold
intersections at South Palokas. Similar success was achieved
with TEM at Raja, where a conductive body was
discovered for 550 metres below the resource. Geophysical
surveying is ongoing at Rajapalot, in preparation for an exciting
15,000 metre winter drill campaign focused on resource expansion,
scheduled to start in January 2019
(subject to final permits).
For the past decade, Mawson has been a safe and sustainable
investor and mineral explorer in the Ylitornio region. With
the recent publication of a gold-cobalt resource at Rajapalot, the
Company has never been better positioned to define a project that
can contribute positively to the economic well-being of the
communities of Lapland, while providing the opportunity for a
conflict-free cobalt supply for the Finnish State and European
Union. We thank all our stakeholders for their support over
the past year and look forward to an exciting 2019."
A recently completed TEM geophysical survey has confirmed and
further defined earlier helicopter-borne VTEMplus
electromagnetic surveys and outlined a strongly conductive body
immediately down plunge from the South Palokas gold-cobalt
resource. At the upper margin, this conductive zone
encompasses PAL0016, the deepest drill hole at South
Palokas, which intersected 8.4
m @ 5.7 g/t AuEq ("gold equivalent"), 4.9 g/t gold, 471
ppm cobalt from 206 metres. Electromagnetic techniques
were first used in 2013 by Mawson at Rajapalot with a
helicopter-borne VTEMplus survey indicating the conductive
nature of areas subsequently discovered to be the Palokas, South
Palokas, The Hut, Terry's Hammer, Rumajärvi and Raja gold-cobalt
prospects. The broad scale of the line spacing (100 metres) and the
low current induced in the ground from the VTEMplus survey
required follow-up with ground TEM surveys to accurately locate
conductors to the accuracy of a drillable target with
electromagnetic loops positioned to gain maximum response from
inferred locations of mineralization. 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 and then continues to at least 1 kilometre
down plunge (600 metre vertical depth) with increasing conductivity
and remains open. It appears the northern extensions of Raja may
coalesce with the Hut prospect VTEM conductor at depth.
Subject to final drill permit approvals a five rig, 15,000 metre
drill program will commence in late January
2019 at the Raja and South Palokas prospects to target the
electromagnetic down-plunge extensions of the resource
mineralization. Modelling of fixed loop electromagnetic surveys
(TEM) have been instrumental in the planning for the winter drill
program.
Technical Background
The electromagnetic 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 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
$1,250/oz.
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 with a focus on the resource expansion of its high-grade
Rajapalot gold-cobalt in Finland.
Mawson has distinguished itself as a leading Nordic Arctic
exploration company.
Rajapalot is a significant and strategic gold-cobalt resource
for Finland with the recently
published maiden resource already 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. A pit and underground Constrained Inferred
Mineral Resource of 424,000 ounces of gold at 3.1 g/t
AuEq (4.3 million tonnes at 2.3 g/t Au, 430 ppm Co) at 0.37
g/t AuEq cut-off open pit and 2 g/t AuEq underground was
calculated, within a combined Unconstrained Inferred Mineral
Inventory for the Palokas and Raja prospects of 482,000
ounces gold equivalent ("AuEq") at a grade of 2.4 g/t
AuEq (6.2 million tonnes at 1.7 g/t Au, 410 ppm Co) at 0.4 g/t
AuEq cut-off. The constrained resource demonstrates
the high-grade of Rajapalot with open-pittable
grades of 2.8 g/t AuEq (2.1 g/t Au and 420 ppm Co)
and underground grades of 5.2 g/t AuEq. The calculation
represents the first resource estimate for the Rajapalot
Gold-Cobalt Project and has substantial potential to grow, with
only 20% (800 metres) of the 4 kilometres known mineralized trend
included within the maiden resource to relatively shallow depths
(average depth of drilling 88 metres within 34.2 kilometres drilled
to date at Rajapalot)
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. The gold equivalent ("AuEq") value
was calculated using the following formula: AuEq g/t = Au g/t + (Co
ppm/608) with assumed prices of Co $30/lb; and Au $1,250/oz. AuEq varies with Au and Co prices.
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.