Mawson Drills 31.3 Meters at 6.0 G/t AuEq at Raja Gold-Cobalt Prospect

 

VANCOUVER - Mawson Resources Limited reported highly encouraging gold and cobalt assay results from 14 diamond holes drilled at the Raja prospect during the 2019 winter program at the Company's 100% owned Rajapalot Project in northern Finland.   The drill program focused on expanding and defining gold-cobalt resources at Raja, Palokas and South Palokas and testing less drilled prospect areas outside resource areas including the Hut, Terry's Hammer and Rumajarvi. Twenty-eight holes with full assays remain to be reported over the coming months.

A total of 44 holes (PAL0159–PAL0201D1) for 15,059 meters (two short holes abandoned, one wedged hole) have been completed during the winter season.  The winter program was executed as proposed with the planned drill meters achieved safely and without incident.

Michael Robert Hudson, Chairman and CEO, said, "The great drill result from Raja of 31.3 meters @ 6.0 g/t AuEq, demonstrates a linear control on the highest-grade parts of the Raja system, which will allow more accurate down plunge drill targeting beyond the extent of current high-grade gold-cobalt resources. We achieved the aims of our winter drill program by exceeding 15 kilometers in 44 holes. Assays from 28 drill holes remained to be reported, with visible gold noted in 4 of these holes.  Importantly, the resolution of our drill permit allows us to plan well in advance for the next drill campaigns. Mawson continues to work 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 as we drill to grow our gold-cobalt maiden resource."

The 2019 drill program has revealed that gold-cobalt mineralization at Rajapalot is controlled by linear and upright fault systems within the complexly deformed and hydrothermally altered Paleoproterozoic metamorphic rocks. At Raja, drill hole PAL0188 intersected the mid-point between 120 meter spaced sections including PAL0093 (33.6 meters @ 9.7 g/t AuEq, 8.0 g/t gold, 823 ppm cobalt from 243.0 meters) and PAL0118 (20.7 meters @ 5.6 g/t AuEq, 3.6 g/t Au, 956 ppm Co from 365.2 meters) within the resource reported in December 2018.  This hole establishes the linear control on the highest-grade parts of the Raja system, and allowed more accurate drill targeting down plunge external to the resource. The results of these down-plunge drill holes on the linear trend are pending, with some including visible gold. PAL0188 intersected 31.3 meters @ 6.0 g/t gold equivalent ("AuEq"), 4.3 g/t gold ("Au") and 1,030 ppm cobalt ("Co") from 298.6 meters (no lower cut), including 17.4 meters @ 4.8 g/t AuEq, 2.9g/t Au and 1,113ppm Co from 298.3 meters and 9.0 meters @ 11.7 g/t AuEq, 9.4 g/t Au and 1,412ppm Co from 298.3 meters (Tables 1-3).

Drill hole PAL0164 was located 120 meters down plunge of the last drill section included in the resource and intersected 8.3 meters @ 1.3 g/t AuEq, 0.4 g/t Au and 519 ppm Co from 406.0 meters. The mineralized intersection in PAL0164 is inferred to be approximately 75 metres to the southwest of the linear high-grade gold trend intersected in PAL0188, and the last drill hole in this program, PAL0201D1, has been planned to target the high-grade trend on this section.

Drill hole PAL0159 intersected 18.0 meters @ 1.4 g/t AuEq, 0.5 g/t Au and 547 ppm Co from 419 meters, and 4.5 meters @ 3.2 g/t AuEq, 1.9 g/t Au and 754 ppm Co from 451 meters. This includes 4.0 meters @ 2.6 g/t AuEq, 0.3 g/t Au and 1,419 ppm Co from 422 meters, 3.0 meters @ 3.4 g/t AuEq, 2.3 g/t Au and 672 ppm Co from 434 meters and is a 142% increase on the earlier gold-only reported result of 3.0 meters @ 2.3 g/t gold from 434 meters. PAL0159 is 55 meters northeast of PAL0164 reported above in the same drill section.

The western limits of the mineralization in the drill section including holes PAL0159 and PAL0164 discussed above include the highest-grade cobalt intersection without gold drilled to date. PAL0163 included 1 meter @ 1.0% Co from 417.6 m, within an intersection of 2.9 meters @ 6,604 ppm Co from 416.6 meters. This indicates high-grade cobalt mineralization can also form peripheral to high grade Au-Co mineralization.  This is 90 meters in the section from gold-cobalt mineralization intersected in PAL0159.

Drill hole PAL0176 intersected 11.4 meters @ 1.4 g/t AuEq, 0.8g/t Au and 382 ppm Co from 20.5 meters and 3.0 meters @ 4.0 g/t AuEq, 3.8g/t Au and 86 ppm Co from 49 meters. This hole was designed as a near-surface test of the uppermost mineralized horizon of the Raja resource.

Drill hole PAL0161 intersected 5.0 meters @ 3.3 g/t AuEq, 2.3 g/t Au and 600 ppm Co from 344 meters, a 42% increase in AuEq on earlier gold-only result of 4.0 meters @ 2.9 g/t gold from 345 meters. This hole was completed on the eastern limit drilled to date of the drill section including PAL0118.

PAL0162, PAL0169 and PAL0172 were targeted to hit surface and downhole EM conductive plates between 300 to 380 meters down plunge from the last mineralized section in the resource.  Although they hit minor gold-cobalt mineralization the main target is interpreted to be further east and has not been drilled tested.  As such Raja remains open in the down plunge direction and further drilling is required (Figure 2).

Mawson's permit enforcement has gained positive resolution, which 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 next drill season and likely for 3 years total (including this year's 15,000 meter drill program). This is considered an extremely positive outcome.

The company’s address is 1305, 1090 West Georgia Street, Vancouver, BC V6E 3V7, (604) 699 0202, mawsonresources.com.