News

Vancouver, Canada — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces gold-cobalt results from 5 drill holes at the Raja prospect from the Company’s 100% owned Rajapalot Project in northern Finland. Sixteen holes with full assays remain to be reported from the 44 hole winter drill program.

The best result is PAL0190 which intersected 19.7 metres @ 8.9 g/t gold equivalent (“AuEq”), 7.4 g/t gold (“Au”) and 908 ppm cobalt (“Co”) from 371.0 metres, confirming a 250 metre-long high-grade Au-Co core that remains open down plunge. PAL0190 was drilled to target this high-grade trend, providing encouragement on the continuity of the high-grade core and the ability to target high grade mineralization.

This high-grade core, which occurs within a broader mineralized envelope, has now been intersected multiple times including 85 metres up-plunge from PAL0190 in drill hole PAL0188 (31.3 metres @ 6.0 g/t AuEq, 4.3 g/t Au and 1,030 ppm Co from 298.6 metres) and PAL0093 located 140 metres up plunge (33.6 metres @ 9.7 g/t AuEq, 8.0 g/t Au, 823 ppm Co from 243.0 metres). Additionally, on section 30 metres east of PAL0190, PAL0118 intersected 20.7 metres @ 5.6 g/t AuEq, 3.6 g/t Au, 956 ppm Co from 365.2 metres. PAL0191 drilled 80 metres down plunge in the trend contains visible gold associated with pyrrhotite (assay results remain to be reported).

"The winter drilling has delivered further strong results from Raja with 19.7 metres @ 8.9 g/t gold equivalent intersected by PAL0190 within a high core” said Mr. Michael Hudson, Chairman and CEO of Mawson. “Most significant is the predictability and continuity of the cigar-shaped high-grade core that is now 30-50 metres wide and 20-30 metres thick that has now been traced over 250 metres down plunge and remains open at depth. This a significant advancement in understanding of the mineralized system by our geological team, which will deliver benefits in future targeting during on-going exploration programs.”

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 5 holes from the Raja prospect are provided here (PAL0167, 175, 187, 189 & 190; Tables 1-3). Sixteen holes with full assays remain to be reported that were predominantly drilled down plunge from resource areas including PAL0191 (Raja), PAL0194 (Palokas) and PAL0198 (South Palokas), where sulphidic (pyrrhotite-rich) intersections with visible gold provide encouragement.

Drill hole PAL0190 is the deepest high-grade drill hole reported from Raja to date, at greater than 300 metres vertically from surface. The predictable sub-vertical and linear nature of the high-grade Au-Co structural control within certain stratabound units provides encouragement for the continuity of mineralized bodies. The trend of this high-grade Au-Co core shown in Figure 1 is 339 degrees (true). Longitudinal section (Figure 2) and cross sectional (Figure 3) views show the location of this high-grade core with respect to other drill holes.

Other holes reported in this release include PAL0189, previously reported for gold-only, which was drilled 230 metres up-plunge from PAL0190 and intersected 5.0 metres @ 3.7 g/t AuEq, 2.7 g/t Au and 581 ppm Co from 200.0 metres; and 4.3 metres @ 3.8 g/t AuEq, 2.3 g/t Au and 931 ppm Co from 210.0 metres representing 35% and 67% increases respectively on earlier results (reported April 23, 2019). Drill hole PAL0187 was drilled 50 metres down plunge from PAL0190 and 45 metres west of the inferred high-grade core and intersected 1.4 metres @ 2.3 g/t AuEq, 0.1 g/t Au, 1,345 ppm Co from 400.4 metres.

Mawson will continue to release results on a prospect-by-prospect basis as assay data become available.

Technical and Environmental Background

The gold equivalent ("AuEq") value used in the resource and this press release 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 gold and cobalt prices. A long-term price point has been chosen for both commodities to maintain consistency of reporting individual drill holes against the resource dated December 2018.Approximate spot prices for gold and cobalt are currently $1280/oz and $16/lb respectively.

Assuming a predominant stratabound control, the true thickness of the mineralized interval is interpreted to be approximately 90% of the sampled thickness. Quality control duplicates for all holes show good repeatability of gold assays. Intersections are reported with a lower-cut of 0.5g/t gold or 304ppm Co over 2 metre lower cut, except where indicated. No upper cut-off was applied.

Four diamond drill rigs (K3 & K8) from the Arctic Drilling Company OY (“ADC”), Kati OY (“Kati”) and MK Core Drilling OY (“MK”), all with water recirculation and drill cuttings collection systems were used for the drill program. Core diameter is NQ2 (50.7 mm). Core recoveries were excellent and average close to 100% in fresh rock. 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 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. Multi-element assays, including cobalt are determined using the ICP-MS method (IMS-230) of MS Analytical shipped directly from the CRS Minlab Oy facility. 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 and MS Analytical insert blanks and standards into the analytical process.

The qualified person for Mawson's Finnish projects, Dr. Nick Cook, President for Mawson and a Fellow of the Australasian Institute of Mining Metallurgy has reviewed and verified the contents of this release.

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.

About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)

Mawson Resources Limited is a sustainable and ethical exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rajapalot gold-cobalt project in Finland, a significant and strategic gold-cobalt resource for Finland with the maiden resource 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.

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.

Figure 1: Plan of Raja prospect area indicating drill results, the outline of 43-101 resource, modelled ground TEM plates over a Lidar background. Note also the trend of the high-grade Au-Co trend of 339 degrees. For more detailed location information, refer to press release of April 23, 2019.

Figure 2: Longitudinal section at Raja prospect indicating the new and existing high-grade Au-Co results within the 339 linear trend. The view is towards 069 degrees. The blocks from within existing resources are shown along with the modelled TEM plate. See Figure 1 for location of section in plan view.

Figure 3: Cross section at Raja prospect indicating the projection of the high-grade trend with PAL0190 and PAL0118 AuEq results. See Figure 1 for section location in plan view.

Table 1: Collar Information from 2019 Winter drilling at the Rajapalot Project (Finnish Grid, Projection KKJ3)

Table 2: Better intersections report from the 2019 Winter Drill Program.

Intersections are reported with a lower cut of 0.5g/t gold over 2 metre lower cut except where highlighted with **. No upper cut-off was applied.

Table 3: Individual assay data from key drill holes reported in this release.