Mawson Provides Summary for Completed 2019 Drilling at Rajapalot, Finland
VANCOUVER:
Mawson Resources Limited (Mawson) or (the Company) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) summarizes results from the 15,059 metre drill program completed at the Company's 100pc owned Rajapalot Project in northern Finland during the first half of 2019.
Key Results
Following the 2019 program, the Rajapalot project is comprised of 3 resource bodies plus 2 new discovery areas within a 4 x 3 square kilometre area. Approximately 80% of this area is untested. Best results from the 2019 drill program below resource areas were (Table 1)
Raja prospect PAL0188 31.3 metres @ 4.3 g/t gold (Au), 1,030 ppm cobalt (Co), 6.0 g/t AuEq (Gold Equivalent) from 298.3 metres;
Palokas prospect PAL0194 15.2 metres @ 4.3 g/t Au, 2,566 ppm Co, 8.5 g/t AuEq from 418.7 metres, a 275 metres down-plunge step-out;
South Palokas PAL0197 32.0 metres @ 1.4 g/t Au, 1,556 ppm Co, 3.9 g/t AuEq from 294.3 metres.
Definition of two new prospect areas located between 500-1100 metres from known resource areas.
Rumajarvi PAL0182 7.4 metres @ 3.4 g/t Au, 597 ppm Co, 4.4 g/t AuEq from 93.7 metres
The Hut PAL0199 3.0 metres @ 6.4 g/t Au, 722 ppm Co, 7.6 g/t AuEq from 140.4 metres.
Significant expansion of the mineralized footprint with high-grade gold-cobalt intersected down-plunge of Raja, Palokas and South Palokas resource areas (NI43-101 resource; dated December 17, 2018);
Post drilling an exploration target of 0.8-1.0 million ounces between 3-5 g/t gold equivalent is now estimated within the three mineralized bodies of Raja, Palokas and South Palokas. The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to increase the mineral resource and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource.
Mawson is permitted within 3 exploration permit areas (3,256 hectares) to undertake all-year-round drilling. Additionally, the Company is currently permitted via enforcement of a 3-year permit (from January 2019) to drill from 200 platforms (from 529 optional sites) plus 76 existing drill platforms within the 1,462 hectare Kairamaat 2-3 exploration permit area. This is the longest and best permit the company has received in this area and provides a runway to drill and define further resources during this period. Drilling is restricted to winter in Kairamaat 2-3, although it is possible to drill for resource extensions from summer permitted areas.
Direct targeting of mineralization was aided by both
A strong correlation of high-grade gold-cobalt intersections with electromagnetic conductors that provide a large upside for increasing the resources in future drill campaigns; and,
Recognition of a strong linear vertical control to high-grade gold-cobalt that resulted in a high drill success rate where 8 of the top 12 holes for the season were drilled in the last quarter of the program.
Clear evidence for potential to expand the published resource at Rajapalot was confirmed during the past winter's drill campaign said Mr. Michael Hudson, Chairman and CEO. The project has recently pivoted to a resource expansion focus, with 83% of the 49 kilometres of drilling completed over the last 3 drill seasons. Nevertheless, we remain at an early stage of testing with drill hole depth averaging only just over 100m. We are permitted to drill across the project area over the next 2.5 years with down-plunge electromagnetic conductors providing excellent potential for very substantial resource expansion. Drilling remains sparse at numerous pre-resource prospects where mapped conductors and gold and cobalt mineralization provide unlimited upside of the total resource potential of the Rajapalot field. Our team is excited about the prospects for the next drill program which will begin after financing has been secured.
Mawson completed 44 holes (PAL0159-PAL0201D1) for 15,059 metres (two short holes abandoned, one wedged hole) during the 2019 winter drill season. Results from all holes are provided in Tables 2-4 below.
Following the 2019 drill program an exploration target of 0.8-1.0 million ounces between 3-5 g/t AuEq is estimated to exist within the three mineralized bodies of Palokas, South Palokas and Rajapalot. The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to increase the mineral resource and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource. Mawson is now working with a qualified resource professional to determine if a new resource calculation is justified.
Mawson is permitted within 3 exploration permit areas (3,256 hectares) to undertake all-year-round drilling. Additionally, the Company is currently permitted via enforcement of a 3-year permit (from January 2019) to drill from 200 platforms (from 529 optional sites) plus 76 existing drill platforms within the 1,462 hectare Kairamaat 2-3 exploration permit area. This is the longest and best permit the company has received in this area and provides a runway to drill and define further resources during this period. Drilling is restricted to winter in Kairamaat 2-3, although it is possible to drill for resource extensions from summer permitted areas.
Ongoing metallurgical studies in conjunction with the BATCircle project will add to the understanding of the nature of the high-grade gold and cobalt and provide guidance on the next stages of testing to advance the project. Biological field mapping in preparation for planning the next drill season is nearing completion. Drill site preparation prior to the commencement of winter drilling is thus well advanced.
Following the 2019 program, the Rajapalot project is comprised of 3 resource bodies plus 2 new discovery areas within a 4 x 3 square kilometre area. Approximately 80% of this area is untested. Best results from the 2019 drill program below resource areas were (Table 1)
Raja prospect PAL0188 31.3 metres @ 4.3 g/t gold (Au), 1,030 ppm cobalt (Co), 6.0 g/t AuEq (Gold Equivalent) from 298.3 metres;
Palokas prospect PAL0194 15.2 metres @ 4.3 g/t Au, 2,566 ppm Co, 8.5 g/t AuEq from 418.7 metres, a 275 metres down-plunge step-out;
South Palokas PAL0197 32.0 metres @ 1.4 g/t Au, 1,556 ppm Co, 3.9 g/t AuEq from 294.3 metres.
Definition of two new prospect areas located between 500-1100 metres from known resource areas.
Rumajarvi PAL0182 7.4 metres @ 3.4 g/t Au, 597 ppm Co, 4.4 g/t AuEq from 93.7 metres
The Hut PAL0199 3.0 metres @ 6.4 g/t Au, 722 ppm Co, 7.6 g/t AuEq from 140.4 metres.
Significant expansion of the mineralized footprint with high-grade gold-cobalt intersected down-plunge of Raja, Palokas and South Palokas resource areas (NI43-101 resource; dated December 17, 2018);
Post drilling an exploration target of 0.8-1.0 million ounces between 3-5 g/t gold equivalent is now estimated within the three mineralized bodies of Raja, Palokas and South Palokas. The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to increase the mineral resource and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource.
Mawson is permitted within 3 exploration permit areas (3,256 hectares) to undertake all-year-round drilling. Additionally, the Company is currently permitted via enforcement of a 3-year permit (from January 2019) to drill from 200 platforms (from 529 optional sites) plus 76 existing drill platforms within the 1,462 hectare Kairamaat 2-3 exploration permit area. This is the longest and best permit the company has received in this area and provides a runway to drill and define further resources during this period. Drilling is restricted to winter in Kairamaat 2-3, although it is possible to drill for resource extensions from summer permitted areas.
Direct targeting of mineralization was aided by both
A strong correlation of high-grade gold-cobalt intersections with electromagnetic conductors that provide a large upside for increasing the resources in future drill campaigns; and,
Recognition of a strong linear vertical control to high-grade gold-cobalt that resulted in a high drill success rate where 8 of the top 12 holes for the season were drilled in the last quarter of the program.
Clear evidence for potential to expand the published resource at Rajapalot was confirmed during the past winter's drill campaign said Mr. Michael Hudson, Chairman and CEO. The project has recently pivoted to a resource expansion focus, with 83% of the 49 kilometres of drilling completed over the last 3 drill seasons. Nevertheless, we remain at an early stage of testing with drill hole depth averaging only just over 100m. We are permitted to drill across the project area over the next 2.5 years with down-plunge electromagnetic conductors providing excellent potential for very substantial resource expansion. Drilling remains sparse at numerous pre-resource prospects where mapped conductors and gold and cobalt mineralization provide unlimited upside of the total resource potential of the Rajapalot field. Our team is excited about the prospects for the next drill program which will begin after financing has been secured.
Mawson completed 44 holes (PAL0159-PAL0201D1) for 15,059 metres (two short holes abandoned, one wedged hole) during the 2019 winter drill season. Results from all holes are provided in Tables 2-4 below.
Following the 2019 drill program an exploration target of 0.8-1.0 million ounces between 3-5 g/t AuEq is estimated to exist within the three mineralized bodies of Palokas, South Palokas and Rajapalot. The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to increase the mineral resource and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource. Mawson is now working with a qualified resource professional to determine if a new resource calculation is justified.
Mawson is permitted within 3 exploration permit areas (3,256 hectares) to undertake all-year-round drilling. Additionally, the Company is currently permitted via enforcement of a 3-year permit (from January 2019) to drill from 200 platforms (from 529 optional sites) plus 76 existing drill platforms within the 1,462 hectare Kairamaat 2-3 exploration permit area. This is the longest and best permit the company has received in this area and provides a runway to drill and define further resources during this period. Drilling is restricted to winter in Kairamaat 2-3, although it is possible to drill for resource extensions from summer permitted areas.
Ongoing metallurgical studies in conjunction with the BATCircle project will add to the understanding of the nature of the high-grade gold and cobalt and provide guidance on the next stages of testing to advance the project. Biological field mapping in preparation for planning the next drill season is nearing completion. Drill site preparation prior to the commencement of winter drilling is thus well advanced.