VANCOUVER, May 19, 2015 /CNW/ - Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces the latest high-grade drill results from the 100%-owned Palokas gold discovery in Northern Finland.
Key Points:
- Highlight intersections include:
- 19.6m @ 7.5 g/t gold from 18.1 metres in drill hole PRAJ0107 including
- 5.0m @ 24.1 g/t gold from 26.7 metres with visible gold present; and
- 5.1m @ 3.8 g/t gold from 18.3 metres in drill hole PRAJ0108;
- 19.6m @ 7.5 g/t gold from 18.1 metres in drill hole PRAJ0107 including
- Gold mineralization remains open in all directions;
- Drilling tested beneath previous gold intersections. These earlier intersections demonstrated excellent gold extraction results of between 95% and 99% (average 97%) from a combination of gravity separation and conventional cyanidation (see Mawson Press Release October 28 2014);
- Drill results are coincident with a series of near surface geophysical anomalies and form part of a 3.5 kilometre target horizon within a broader district of gold mineralization discovered within a 100km2 area between the Rompas and Rajapalot project areas;
- Follow up drilling with Mawson's new low-impact, hand-portable Winkie diamond core drill rig will recommence in August 2015.
Mr. Hudson, President & CEO, states, "This is a great result for our investors, and highlights the developing potential of the Palokas discovery. Gold intersections are wide, high-grade and near surface, all providing motivation for our continued optimism for this exciting gold discovery. Mawson's technical team, who discovered Palokas, is now planning follow up drilling along strike and down dip from these and other gold mineralized drill results. In addition, a summer exploration program is being planned along the 3.5 kilometres of prospective strike around Palokas, as defined by elevated gold in drilling and surface samples with co-incident geophysical responses."
Two drill holes for 180.2 metres were completed before winter access conditions ended, to test the down-dip extensions of the Palokas prospect, where drill results included 19.5 metres @ 7.4 g/t gold from 1.3 metres (see Mawson Press Releases October 03, 2013, October 16, 2013 and January 20, 2014). The true thickness of the mineralized interval is interpreted to be approximately 100% of the sampled thickness. Visible gold was observed in drill hole PRAJ0107 at 28.95 metres depth (Figure 1). Gold mineralization is covered by thin glacial till deposits and has an association with induced polarization and electromagnetic geophysical anomalies. Gold is associated with cobalt, tungsten and tellurium while no significant uranium was encountered. Drilling will recommence during summer conditions in August 2015, after a bird nesting exclusion period.
An image of visible gold from PRAJ0108 is shown in Figure 1, plan view of the drill results and relevant cross sections are shown in Figures 2-4, while Tables 1 and 2 show full collar and summary assay information.
About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)
Mawson Resources Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rompas and Rajapalot gold projects in Finland.
Technical and Environmental Background
Mawson's low-impact, hand-portable Winkie diamond core drill rig, manned by contract staff, was used for the program. Drill cuttings from the program were collected and removed from the site and all access was made on top of snow cover. Core sampling was undertaken by Mawson Staff who provided EW (25.2 mm) diameter core. Core recoveries were excellent and average close to 100% in fresh rock. After photographing and logging, core intervals averaging 1 metre in length were cut in half at the Geological Survey of Finland (GTK) core facilities in Rovaniemi, Finland. These half-core one metre samples weigh less than 0.7 kilograms. The remaining half core is retained on site for verification and reference purposes. Analytical samples were transported either by commercial transport or by Mawson personnel from site to ALS Limited's laboratory in Piteå, Sweden. Samples were prepared at Piteå and sent to ALS Limited's laboratory in Vancouver, Canada and analyzed by Au-ICP21, GRA-21, ME-MS41u and ME-MS61u techniques. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known gold content, with blanks at the beginning of each batch. In addition, ALS inserts a number of blanks and standards into the analytical process.
The qualified person for Mawson's Finnish projects, Mr Michael Hudson, President & CEO for Mawson and Fellow of the Australasian Institute of Mining Metallurgy has reviewed and verified the contents of this release.
On behalf of the Board,
"Michael Hudson"
Forward Looking Statement
This press 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, including statements regarding the planned drill program and anticipated exploration results, 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, equipment failure, unexpected geological conditions, operational delays, 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.
Table 1: Collar Information from drilling at the Palokas Prospect
| HoleID |
UTME |
UTMN |
Azimuth |
Dip |
Overburden Depth (m) |
Depth (m) |
| PRAJ0107 |
3408674 |
7373850 |
116 |
60 |
4.1 |
97.4 |
| PRAJ0108 |
3408663 |
7373820 |
116 |
60 |
2.3 |
82.8 |
Table 2: Assay data from the Palokas Prospect – new results from drill holes PRAJ0107-PRAJ0108.
A lower cut of 0.5 g/t over 2 metres was applied.
| Hole ID |
From (m) |
To (m) |
Width (m) |
Au g/t |
| PRAJ0107 |
18.1 |
37.7 |
19.6 |
7.5 |
| including |
26.7 |
31.7 |
5.0 |
24.1 |
| PRAJ0107 |
42.6 |
44.2 |
1.6 |
2.6 |
| PRAJ0108 |
18.3 |
23.35 |
5.1 |
3.8 |
| PRAJ0108 |
32.9 |
33.7 |
0.8 |
4.7 |
SOURCE Mawson Resources Ltd.
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Investor Information, www.mawsonresources.com, 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7, Mariana Bermudez +1 (604) 685 9316, Seema Sindwani +1 (647) 478 3017, Email: [email protected]
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