First Assays Expected Early
March
VANCOUVER, Feb. 21, 2019 /CNW/ - Mawson Resources
Limited ("Mawson") or (the "Company") (TSX:MAW,
Frankfurt:MXR, PINKSHEETS: MWSNF) announces a drill and
permitting update from Finland.
Highlights:
- Mawson commenced drilling Jan 21,
2019 and continues to drill with four rigs operating 24/7
executing a 15,000 metre drill program. Fourteen holes for 5,040
metres were completed in the first month of drilling, with first
assay results expected to be available in early March;
- The drilling is targeting electromagentic geophysical ("EM")
plates that are contiguous and extend down plunge from the
constrained Inferred Mineral Resources of 424,000 ounces of gold
at 3.1 g/t AuEq, with a focus on the Raja, South Palokas and
Palokas prospects. At the same time geophysical crews continue to
survey and define further targets along the known 4 kilometre
trend;
- The recent decision by the Finnish mining authority ("TUKES")
in relation to the 1,462-hectare Kairamaat 2/3 exploration permit
allows Mawson to drill from 200 drill platforms (from 529 optional
sites) plus 76 existing drill platforms for an additional 3
years;
- As a standard part of Finnish Administrative Law, appeals on
the granted exploration permit by the mining authority were lodged
by two parties during the 30-day window. A local Non-Governmental
Organization ("NGO") appealed on general grounds, which was
expected, and Parks & Wildlife Finland, Lapland
("Metsähallitus") appealed a specific issue of a buffer zone around
an eagle nest. Appeals were not received from key stakeholders
including the official environmental authority ("ELY"), reindeer
herders nor anyone in the local community. Drilling will continue
during the appeal period.
Mr Hudson, Chairman & CEO states, "Four rigs continue to
target EM extensions below and along strike from the maiden
resource area. We have seventy people employed at site
and highly anticipate the release of the first batch of assay
results from the laboratory in the coming weeks. The new
exploration permit which provides a three-year runway for drilling
from 200 new drill platforms is a game changer for Mawson. We
have dealt with the Finnish appeal system for each drill program
over the long term, and we are very happy to have reached agreement
with all environmental authorities on how exploration in the area
should be conducted over the next 3 years. In combination with the
wonderful support from local communities, we can now continue
exploring without further delays."
Geophysical EM surveying is ongoing at Rajapalot, and is driving
the 15,000 metre winter drill campaign focused on resource
expansion. The EM plates are generated by sulphide minerals
that also are associated with the gold and cobalt mineralization
and at least double the footprint of known mineralization.
The drill program initially aims to test the down-plunge and
lateral extents of the Raja, South Palokas and Palokas
mineralization. To date 14 drill holes for 5,040 metres have been
completed in the first month of drilling of the 15,000 metre
program, with first assay results available in early March.
Approximately 70 people are employed at site.
The Finnish Mining Authority, TUKES, the responsible permitting
authority, made a clear decision to renew the Kairamaat 2/3 permit
for 3 years, while ensuring all environmental values of the permit
area will not be impacted. The ruling was based on Mawson's new and
comprehensive Natura assessment with certain mitigation procedures
to avoid impacts on the natural environment. Statements or
consolidating evidence supporting Mawson's permit renewal were
received from independent Finnish Professorial experts and the
local Ylitornio municipality, while the national environmental
regulator, ELY's statement outlined that Mawson's work also,
according to the permit conditions, will not produce any
significant impacts.
As is standard under Finnish Administrative Law, all
governmental decisions are appealable within 30 days. Two appeals
were lodged by a local NGO group and Metsähallitus. The enforcement
order in place allows ongoing drilling until both appeals are
addressed by the Administrative Court. This process can take
up to 18 months. The Metsähallitus appeal relates to a
specific technical and narrow detail related to a buffer around an
eagle nest and was not against the permit conditions nor the
enforcement order. Only the Administrative Court has the
power to cancel an enforcement order, a possible, yet unlikely
outcome, given the support from independent legal experts and the
view of ELY. The enforcement order allows Mawson to drill from 200
drill platforms (from 529 optional sites) plus 76 existing drill
platforms within the 1,462 hectare Kairamaat 2-3 exploration permit
area for an additional 3 years, according to specific exploration
methods that can be undertaken within Natura 2000 areas, including
but not limited to diamond drilling, base-of-till drilling and
geophysics.
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 of 18 January, 2019 replaces a superseded
permit decision made on January 12,
2018. In summary, Mawson has 8 years 9 months
remaining of its 15-year permit time at Kairamaat 2-3.
In other news, Mawson welcomes all to visit management and board
members at the Prospectors and Developers Association of
Canada ("PDAC") meeting from
Sunday March 03 to Wednesday 06 2019
at Booth #2941 and at the Core Shack Booth
#3104B (05-06 March 2019).
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.
Four diamond drill rigs (K3 & K8) from the Arctic Drilling
Company OY ("ADC"), one from MK Core Drilling OY ("MK"), and one
from KATI OY ("KATI") all with water
recirculation and drill cuttings collection systems were used for
the drill program. Core diameter is NQ2 (50.7 mm) diameter core.
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 CRS Minlab Oy facility in
Kempele, Finland. Samples were
prepared at Kempele and analyzed for gold at Raahe using the
PAL1000 technique which involves grinding the sample in steel pots
with abrasive media in the presence of cyanide, followed by
measuring the gold in solution with flame AAS equipment. 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.
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 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.