VANCOUVER, Jan. 21, 2019 /PRNewswire/ - Mawson Resources
Limited ("Mawson") or (the "Company") (TSX:MAW, Frankfurt:MXR,
PINKSHEETS: MWSNF) announces renewal of the Kairamaat 2-3
exploration permit, part of the Rajapalot project area, by the
Finnish Mining Authority, TUKES, on 18
January, 2019.
Key Points:
- Immediate commencement of ground preparation and winter diamond
drilling according to the legal enforcement of earlier exploration
permit conditions;
- Regranting of the entire 1,462 hectare Kairamaat 2-3
exploration permit for an additional 3 years, according to specific
environmental ("Natura") assessments performed by Mawson;
- The permit defines exploration methods that can be undertaken
within Natura 2000 areas, including but not limited to diamond
drilling, base of till drilling and geophysics;
- Four drill rigs to be mobilized to site within a week, to focus
on expanding the maiden gold-cobalt resource for the Rajapalot
project announced on December 17,
2018;
- The Raja prospects will be the initial focus of the 15,000
metre drill program. Approximately 70 people will be employed to
execute the approximate €3 million program once work commences;
- The Company welcomes all stakeholders to a public forum to be
held at the Ylitornio Municipal Hall on January 28th to celebrate the recently
published maiden resource and the commencement of the 2019 winter
drill program.
Mr Hudson, Chairman & CEO states, "Mawson has worked
closely with all Finnish mining and environmental authorities, as
well as all local stakeholders, to ensure our work programs are
implemented in a safe, efficient and environmentally friendly way,
to avoid impacts within biodiversity areas. 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 looks forward
to an exciting 2019 with drill rigs once again ready to start for
our resource expansion drill programs."
Statements or consolidating evidence supporting Mawson's permit
renewal were received from independent Professorial experts, the
Environmental Authority and the local Ylitornio municipality while
the local reindeer herder association did not lodge any
concerns.
The Finnish Mining Authority, TUKES, the responsible permitting
authority, made a clear decision to regrant the permit for 3 years,
while ensuring all environmental values of the permit area will be
secured. The ruling was based on Mawson's comprehensive Natura
assessment and mitigation procedures to avoid impacts on the
natural environment. As is standard under Finnish
Administrative law, the permit is appealable within 30 days of the
decision. However, the enforcement order allows commencement of
work according to the legal enforcement of the earlier exploration
permit conditions (i.e. drilling operations), until any appeals, if
received, are addressed by the Administrative Court. Only the
Administrative Court has the power to cancel an enforcement
order.
According to the Finnish Mining Act, after the first renewal
period of up to 4 years, exploration permits in Finland can be renewed in 3-year maximum
intervals, for a combined total of 15 years. The Kairamaat 2-3
exploration permit area was first granted to Mawson as exploration
claims in October 2011 under an
older version of the Mining Act, and then renewed in June 2014. Due to expanded work programs and a
new Natura Assessment, the new permit decision replaces a
superseded permit decision made on January
12, 2018.
In other news, the Company welcomes all stakeholders to a public
forum to be held at the Ylitornio Municipal Hall on January 28th to celebrate the recently
published maiden resource and the commencement of the 2019
winter drill program. Many staff, including the Company's CEO
and Environmental Director will be in attendance to address all
questions regarding the Rajapalot project, work programs and the
Company.
Technical Background
The qualified person for Mawson, Mr. Michael Hudson, Chairman and CEO 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 equivalent
("AuEq") 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 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.