Mawson Finland Limited Further
Expands the Known Mineralized Zones at Rajapalot: Palokas step-out
drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt
VANCOUVER, BC -- September 17,
2024 -- InvestorsHub NewsWire -- Mawson
Finland Limited ("Mawson" or the
"Company") (TSXV:MFL)
is pleased to announce new drill results from 8 drillholes at the
Palokas zone of mineralization which were drilled as part of the
Company's 38-hole 2024 winter drilling campaign on the Company's
wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1
and Figure 1 in Schedule "A" hereto).
Highlights:
-
PAL0346 intercepted 7 m @ 9.1 g/t gold and 706 ppm
cobalt from 88.75 m demonstrating that thicker and
higher-grade mineralization exists in the southern margin of the
Palokas gold-cobalt system
-
PAL0354 intercepted 12 m @ 1.7 g/t
gold from 416 m(cobalt to be announced) demonstrating
the Palokas system remains open at depth; opens new vector for
further exploration
-
PAL0351 and PAL0362 intercepted
mineralized extensions to the south of the previous known extents
of the Palokas system including:
-
PAL0351: 6 m @ 0.43 g/t gold from 254 m (cobalt to be
announced)
-
PAL0351: 1.25 m @ 2.42 g/t gold from 261.64 m (cobalt to be
announced)
-
PAL0351: 1 m @ 0.31 g/t gold from 287.9 m (cobalt to be
announced)
-
PAL0362: 1 m @ 4.71 g/t gold from 56.55 m (cobalt to be
announced)
-
PAL0343 and PAL0345 drilled
into the northern margin of the Palokas system returning thin
intervals of lower-grade mineralization, including:
-
PAL0342 and PAL0357 similarly drilled into the northern margins
of the Palokas system but failed to return significant
intercepts
Ms. Noora Ahola, Mawson Finland CEO,
states:
"We are very excited to report the latest results from our
resource step-out drilling at the Palokas zone from the Rajapalot
project. The drill results demonstrate that the mineralization at
Palokas is wide open both to the south-west and down dip. We look
to be well on our way to achieving our objective to increase the
Rajapalot resource. Further drill results will be reported in the
coming weeks".
Detailed Results
The 8 drillholes reported here (table 1)
are from the Palokas zone of mineralization at Rajapalot (drill
holes PAL0342, PAL0343, PAL0345, PAL0346, PAL0351, PAL0354, PAL0357
& PAL0362 see Figure 1 and Figure 2 in Schedule "A" hereto for
collar and intercept locations, and Table 1, Table 2 and Table 3 in
Schedule "A" hereto for collar and available assay
data) represent 2,310 metres of
drilling from the winter programme of a
finalized total of 11,376 metres in 38 drillholes. To
date, a total of 15 holes for a total of 4,406 m have now been
reported. Gold concentrations are reported here for intercepts that
contained over 0.3 g/t Au over a minimum sample interval of 1 metre
(lower-cut), while corresponding cobalt concentrations are reported
from those same intervals where available (cobalt concentrations
are currently only available from holes PAL0343 and PAL0346, and
the remainder of such results will be reported in due course as the
same become available). Composite assay values recording gold
concentrations above the lower-cut limits are presented below in
Table 2 in Schedule "A" hereto, and all raw sample intervals are
presented in Table 3 in Schedule "A" hereto. Due to the abandonment
of hole PAL0359 for technical reasons at 47.2 metres of a planned
750 meters depth, the total and finalised tally of metres drilled
at Rajapalot for the 2024 drilling season is 11,376 metres from the
38 drillholes.
Drillholes PAL0346, PAL0351, PAL0354 and PAL0362 are all located
along the depth extent of the southern margin of the Palokas zone
of gold-cobalt mineralization, with intercept depths ranging from
around 40 m to 300 m below surface. The most significant intercept
reported here from PAL0346 intercepted a strongly mineralized
interval of 7 m @ 9.1 g/t gold and 706 ppm cobalt located
approximately 70 m below surface, and approximately 40 m south of
its nearest drillhole (see figure 2). Drillhole PAL0354 intercepted
12 m @ 1.7 g/t gold (cobalt to be announced) located nearly 300 m
below surface, in an area that had only previously reported
lower-grade results (see figure 2); these results now
open-up a significant new search-space for further exploration on
the Palokas zone, and increase the strike-extension length of
Palokas from around 130 m, to over 200 m at its deepest known
point (see figure 2). The remainder of the drillholes
reported here were drilled along the northern margin of the Palokas
zone and intercepted some minor mineralization (holes PAL0343 and
PAL0345) or no significant mineralisation (PAL0342 and PAL0357)
suggesting that much of the immediate northern margin of the
Palokas zone between surface to around 350 m below surface does not
host further significant gold-cobalt mineralisation (see figure
2).
Technical Background, Data Verification and Quality
Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy
and Arctic Drilling Company Oy, all with water recirculation and
drill cuttings collection systems, were used in this drill program.
Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and
average close to 100% in fresh rock. After photographing and
logging in Mawson's Rovaniemi facilities, core intervals of between
0.5 to 2 metres are taken for sampling, then half-sawn by
independent contractors the Geological Survey of Finland (GTK) in
Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The
remaining half core is retained for verification and reference
purposes. Analytical samples are transported by commercial
transport from site to the independent contractor CRS Minlab Oy
("CRS") facility in Kempele, Finland. Samples are
prepared and analyzed for gold 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. Samples for multi-element analysis
(including cobalt) are pulped at CRS, then transported by air to
MSALABS in Vancouver, Canada and analyzed using four acid digest
ICP-MS methods. All the foregoing laboratories are independent of
the Company. The quality assurance and quality control program of
Mawson consists of the systematic insertion of certified standards
of known gold content, duplicate samples by quartering the core,
and blanks placed within sample runs in interpreted mineralized
rock. In addition, CRS inserts blanks and standards into the
analytical process. In addition to the sample preparation and
security measures described above, data verification procedures are
well integrated into the Company's quality assurance and quality
control program. Routine ongoing checking of all data is undertaken
prior to being uploaded to the database. This will be followed by
independent data verification audits at exploration milestones
throughout the Rajapalot project's development. Dr. Fromhold (see
"Qualified Person" below) has also reviewed the
qualifications and analytical procedures of the above-mentioned
laboratories, photographs of drill cores, and the PEA in connection
with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform
Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto
provide collar and assay data. Due to the typically low angles of
drill intercepts, the true thickness of the mineralized intervals
are interpreted to be approximately 80-90% of the drilled
thickness. Table 3 gives detailed individual assay data of all
intervals reported in this press release. Intersections are
reported with a lower cut of 0.3 g/t Au over 1 metre intervals,
with composite data (Table 2 in Schedule "A" hereto) containing no
more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m
intervals with <0.3 g/t Au). No upper-cut was applied.
At Rajapalot, all examples of gold-cobalt mineralisation are
consistently located within highly-sheared and foliated wall-rocks
adjacent to strongly hydrothermally altered, northwest to north
dipping shear-zones. Mineralisation is typically encountered as
disseminated to semi-massive sulfide lenses (predominantly
pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly
deformed and altered, mafic volcanic and volcaniclasitic
stratigraphy of the upper portions of the Paleoproterozoic-aged
Kivalo Group of the Peräpohja Greenstone Belt. Prospects with
high-grade gold and cobalt mineralisation at Rajapalot occur across
a 3 km (east-west) by 2 km (north-south) area within the larger
Rajapalot project area measuring 4 km by 4 km with multiple
mineralized boulders, base-of-till (BOT). Gold-Cobalt
mineralization at Rajapalot has been drilled to approximately 470
metres below surface at both South Palokas and Raja prospects, and
mineralisation remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release
was reviewed, verified and approved by Dr. Thomas Fromhold, an
employee of Fromhold Geoconsult AB, and Member of The Australian
Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold
is a "qualified person" as defined under NI 43-101. Dr. Fromhold is
not considered independent of the Company under NI 43-101 as he is
a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining
development company engaged in the acquisition and exploration of
precious and base metal properties in Finland. The Company is
primarily focused on gold and cobalt. The Corporation currently
holds a 100% interest in the Rajapalot Gold-Cobalt Project located
in Finland. The Rajapalot Project represents approximately 5% of
the 100-square kilometre Rompas-Rajapalot Property, which is wholly
owned by Mawson and consists of 11 granted exploration permits for
10,204 hectares and 2 exploration permit applications and a
reservation notification area for a combined total of 40,496
hectares. In Finland, all operations are carried out through the
Company's fully owned subsidiary, Mawson Oy. Mawson maintains an
active local presence of Finnish staff with close ties to the
communities of Rajapalot.
Additional disclosure including the Company's financial
statements, technical reports, news releases and other information
can be obtained at mawsonfinland.com or
on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman
at neil@mawsonfinland.com or +1 (778) 999-4653, or
Noora Ahola Chief Executive Officer at nahola@mawson.fi or
+358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. No securities regulatory authority
has reviewed or approved of the contents of this news
release.
Forward-looking Information
This news release includes certain "forward-looking information"
and "forward-looking statements" within the meaning of applicable
securities laws (collectively, "forward-looking information") which
are not comprised of historical facts. Forward-looking information
includes, without limitation, estimates and statements that
describe the Company's future plans, objectives or goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking information may be
identified by such terms as "believes", "anticipates", "expects",
"estimates", "aims", "may", "could", "would", "will", "must" or
"plan". Since forward-looking information is based on assumptions
and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements
are based on information currently available to the Company, and
management of the Company believes them to be reasonable based
upon, among other information, the contents of the PEA and the
exploration information disclosed in this news release, the Company
provides no assurance that actual results will meet management's
expectations. Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, the Company's objectives, goals or future plans,
any expected receipt of additional assay results or other
exploration results and the impact upon the Company thereof, any
expected milestone independent data verification, the continuance
of the Company's quality assurance and quality control program,
potential mineralization whether peripheral to the existing
Rajapalot resource or elsewhere, any anticipated disclosure of
assay or other exploration results and the timing thereof, the
estimation of mineral resources, exploration and mine development
plans, including drilling, soil sampling, geophysical and
geochemical work, any expected search for additional exploration
targets and any results of such searches, potential acquisition by
the Company of any property, the growth potential of the Rajapalot
resource, all values, estimates and expectations drawn from or
based upon the PEA, and estimates of market conditions. Factors
that could cause actual results to differ materially from such
forward-looking information include, but are not limited to: any
change in industry or wider economic conditions which could cause
the Company to adjust or cancel entirely its exploration plans,
failure to identify mineral resources or any additional exploration
targets, failure to convert estimated mineral resources to
reserves, any failure to receive the results of completed assays or
other exploration work, poor exploration results, the inability to
complete a feasibility study which recommends a production
decision, the preliminary and uncertain nature of the PEA, the
preliminary nature of metallurgical test results, delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company's public documents filed on SEDAR+. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID
|
Easting TM35
|
Northing TM35
|
Elevation (mRL)
|
Azimuth
|
Dip
|
Total Depth (m)
|
Prospect
|
PAL0335
|
3408345
|
7373507
|
174
|
50.4
|
-70.2
|
405.3
|
South Palokas
|
PAL0336
|
3410540
|
7372676
|
151
|
144.1
|
-70.1
|
131
|
Joki East
|
PAL0337
|
3410481
|
7372590
|
148
|
61.2
|
-70.9
|
125.3
|
Joki East
|
PAL0338
|
3410422
|
7372775
|
153
|
144.7
|
-55.4
|
190
|
Joki East
|
PAL0339
|
3408209
|
7373303
|
172
|
104.3
|
-44.8
|
150.1
|
South Palokas
|
PAL0340
|
3408347
|
7373505
|
174
|
118.4
|
-79.2
|
395.85
|
South Palokas
|
PAL0341
|
3408222
|
7373377
|
173
|
131
|
-44.4
|
136.7
|
South Palokas
|
PAL0342
|
3408715
|
7373997
|
175
|
115.7
|
-58.3
|
148.6
|
Palokas
|
PAL0343
|
3408627
|
7373991
|
175
|
88.9
|
-50.1
|
193
|
Palokas
|
PAL0344
|
3408300
|
7373532
|
174
|
52.3
|
-75.9
|
476.6
|
South Palokas
|
PAL0345
|
3408606
|
7374008
|
174
|
60.8
|
-71.9
|
278.1
|
Palokas
|
PAL0346
|
3408571
|
7373723
|
174
|
45
|
-65
|
184.4
|
Palokas
|
PAL0347
|
3408710
|
7372442
|
175
|
134.4
|
-72.1
|
273.6
|
Raja
|
PAL0348
|
3408306
|
7373530
|
175
|
119.1
|
-80.2
|
242.1
|
South Palokas
|
PAL0349
|
3408694
|
7372549
|
179
|
170
|
-80
|
341.85
|
Raja
|
PAL0350
|
3408402
|
7373671
|
174
|
75
|
-52
|
290.1
|
South Palokas
|
PAL0351
|
3408461
|
7373877
|
175
|
143
|
-69.5
|
334.5
|
Palokas
|
PAL0352
|
3408247
|
7373715
|
172
|
62.4
|
-66.4
|
474.1
|
South Palokas
|
PAL0353
|
3408850
|
7372504
|
176
|
160
|
-70
|
260.55
|
Raja
|
PAL0354
|
3408308
|
7373984
|
175
|
126.1
|
-50.9
|
466.9
|
Palokas
|
PAL0355
|
3408817
|
7372720
|
174
|
168
|
-77
|
428.9
|
Raja
|
PAL0356
|
3408138
|
7373637
|
174
|
80.4
|
-74.4
|
496.9
|
South Palokas
|
PAL0357
|
3408558
|
7374143
|
175
|
168.8
|
-82.9
|
445.6
|
Palokas
|
PAL0358
|
3408984
|
7372343
|
173
|
244.5
|
-79.1
|
178.75
|
Raja
|
PAL0359
|
3408138
|
7373933
|
172
|
150.9
|
-77.7
|
47.2
|
South Palokas
|
PAL0360
|
3408679
|
7372340
|
174
|
75
|
-80.4
|
251.7
|
Raja
|
PAL0361
|
3408088
|
7373643
|
173
|
51.1
|
-81.9
|
665.95
|
South Palokas
|
PAL0362
|
3408576
|
7373723
|
174
|
95.3
|
-47.6
|
258.55
|
Palokas
|
PAL0363
|
3407996
|
7373198
|
172
|
88.2
|
-55.3
|
338.8
|
Hut
|
PAL0364
|
3408346
|
7373509
|
174
|
65.7
|
-66.4
|
359.2
|
South Palokas
|
PAL0365
|
3408347
|
7373434
|
174
|
71
|
-70.1
|
304.4
|
South Palokas
|
PAL0366
|
3407996
|
7373198
|
172
|
88.6
|
-70.6
|
374.4
|
Hut
|
PAL0367
|
3408138
|
7373935
|
172
|
150.8
|
-79.2
|
785.3
|
South Palokas
|
PAL0368
|
3407940
|
7373069
|
173
|
137.5
|
-47.7
|
250.9
|
Hut
|
PAL0369
|
3408026
|
7373279
|
172
|
82.5
|
-44.6
|
253.5
|
South Palokas
|
PAL0370
|
3408231
|
7372823
|
182
|
124
|
-55.1
|
175.9
|
Terry's Hammer
|
PAL0371
|
3408231
|
7372823
|
182
|
172.6
|
-44.8
|
148
|
Terry's Hammer
|
PAL0372
|
3410436
|
7372555
|
149
|
106.7
|
-69.4
|
113.4
|
Joki East
|
Table 1: Drillhole collar locations
(finish KKJ grid), with corresponding hole orientations (azimuth
and dip), total depth, and prospect target. Holes reported in this
news release are highlighted in bold text, and holes reported in
prior releases highlighted in italics.
Hole ID
|
From (m)
|
To (m)
|
Drilled Thickness1 (m)
|
Gold (g/t)
|
Gold (gram-metres)
|
Cobalt ppm
|
PAL0342
|
-
|
-
|
-
|
-
|
-
|
-
|
PAL0343
|
151.4
|
152.4
|
1
|
1.29
|
1.29
|
260.5
|
PAL0345
|
145
|
145.95
|
0.95
|
0.64
|
0.61
|
TBA
|
PAL0346
|
81.75
|
85.75
|
4
|
0.89
|
3.56
|
943.7
|
PAL0346
|
88.75
|
95.75
|
7
|
9.10
|
63.69
|
706.2
|
PAL0346
|
104.9
|
105.9
|
1
|
0.78
|
0.78
|
101.6
|
PAL0351
|
254
|
260
|
6
|
0.43
|
2.57
|
TBA
|
PAL0351
|
261.65
|
262.9
|
1.25
|
2.42
|
3.03
|
TBA
|
PAL0351
|
287.9
|
288.9
|
1
|
0.31
|
0.31
|
TBA
|
PAL0354
|
389
|
391
|
2
|
0.41
|
0.82
|
TBA
|
PAL0354
|
416
|
428
|
12
|
1.70
|
20.42
|
TBA
|
PAL0357
|
-
|
-
|
-
|
-
|
-
|
-
|
PAL0362
|
56.55
|
57.55
|
1
|
4.75
|
4.75
|
TBA
|
1True-thickness of the mineralized intervals are
interpreted to be approximately 80-90% of the Drilled Thickness.
True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt
concentrations from the drillholes reported in this news release.
Individual assay values are listed in Table 3 hereinbelow.
Figure 1: Locality map illustrating collar
positions and drill-hole traces from Mawson's 2024 winter drilling
campaign.
Drillholes coloured red are those reported in this news release,
while holes coloured black have been reported in
previous releases, and blue coloured holes are awaiting results
and publication. Pale-blue line represents the
section line on which long sections in Figure 2 hereinbelow are
oriented.
Figure 2: Long-section illustration
demonstrating both historical and 2024 drill intercepts in
thePalokas prospect.
Intercepts from the 2024 drilling season are labelled in bold
with their results represented in gold gram-metres
(gold g/t x intercept thickness in metres). The small black
rings indicate 'no significant intercept' and open blue
rings indicate 'awaiting assay result'. Red arrows demonstrate
the direction in which gold-cobalt mineralisation
remains 'open' and untested. Section line is oriented on
approximately 030° strike; see pale-blue line in Figure 1
above for reference.
Hole ID
|
From (m)
|
To (m)
|
Length (m)
|
Gold g/t
|
Cobalt ppm
|
Mineralisation
|
PAL0343
|
151.4
|
152.4
|
1
|
1.29
|
260.5
|
Palokas
|
PAL0345
|
145
|
145.95
|
0.95
|
0.64
|
TBA
|
Palokas
|
PAL0346
|
81.75
|
82.75
|
1
|
2.04
|
782.4
|
Palokas
|
|
82.75
|
83.75
|
1
|
0.63
|
1114.9
|
Palokas
|
|
83.75
|
84.75
|
1
|
0.48
|
1046.2
|
Palokas
|
|
84.75
|
85.75
|
1
|
0.41
|
831.2
|
Palokas
|
|
88.75
|
89.75
|
1
|
5.69
|
624.2
|
Palokas
|
|
89.75
|
90.75
|
1
|
30.3
|
1067.7
|
Palokas
|
|
90.75
|
91.75
|
1
|
13.6
|
820.6
|
Palokas
|
|
91.75
|
92.75
|
1
|
8.02
|
832
|
Palokas
|
|
92.75
|
93.75
|
1
|
0.9
|
439
|
Palokas
|
|
93.75
|
94.75
|
1
|
4.7
|
604.9
|
Palokas
|
|
94.75
|
95.75
|
1
|
0.48
|
554.8
|
Palokas
|
|
104.9
|
105.9
|
1
|
0.78
|
101.6
|
Palokas
|
PAL0351
|
254
|
255
|
1
|
0.82
|
TBA
|
Palokas
|
|
255
|
256
|
1
|
0.36
|
TBA
|
Palokas
|
|
257
|
258
|
1
|
0.4
|
TBA
|
Palokas
|
|
258
|
259
|
1
|
0.36
|
TBA
|
Palokas
|
|
259
|
260
|
1
|
0.52
|
TBA
|
Palokas
|
|
261.65
|
262.9
|
1.25
|
2.42
|
TBA
|
Palokas
|
|
287.9
|
288.9
|
1
|
0.31
|
TBA
|
Palokas
|
PAL0354
|
389
|
390
|
1
|
0.45
|
TBA
|
Palokas
|
|
390
|
391
|
1
|
0.37
|
TBA
|
Palokas
|
|
416
|
417
|
1
|
1.7
|
TBA
|
Palokas
|
|
417
|
418
|
1
|
2.21
|
TBA
|
Palokas
|
|
418
|
419
|
1
|
5.77
|
TBA
|
Palokas
|
|
419
|
420
|
1
|
1.04
|
TBA
|
Palokas
|
|
420
|
421
|
1
|
1.41
|
TBA
|
Palokas
|
|
421
|
422
|
1
|
1.34
|
TBA
|
Palokas
|
|
422
|
423
|
1
|
1.31
|
TBA
|
Palokas
|
|
423
|
424
|
1
|
1.385
|
TBA
|
Palokas
|
|
425
|
426
|
1
|
3.37
|
TBA
|
Palokas
|
|
427
|
428
|
1
|
0.78
|
TBA
|
Palokas
|
PAL0362
|
56.55
|
57.55
|
1
|
4.75
|
TBA
|
Palokas
|
Table 3: All gold and cobalt sample
intervals with their corresponding gold and cobalt concentrations
(where available), that are contained within above composited
intervals, that meet the lower-cut criteria of 1 metre intervals at
greater than 0.3 g/t gold.
SOURCE: Mawson Finland Limited
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