News

Vancouver, Canada — Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces results from the first six diamond drill holes reported from the 2019 winter program at the Company's 100% owned Rajapalot Project in Northern Finland.

Eighteen holes (PAL0159–PAL0176) for a total of 6,003 metres (two short holes abandoned) of a planned 15,000 metre winter program have been drilled. The drill program is focused on expanding gold-cobalt resources at Raja and South Palokas, and testing less drilled prospect areas including Terry's Hammer and Rumajärvi (Figure 1). Gold-only assay results from the first 6 holes are reported (PAL0159 - PAL0161, PAL0163, PAL0164 and PAL0173), with multi-element including cobalt assays awaited.

Mr. Hudson, Chairman and CEO, states, "This is a solid start to our winter drilling with down-plunge extensions of mineralization defined at both the South Palokas and Raja resource areas. These drill hits targeted TEM conductors, giving strong encouragement that new conductors at Palokas and South Palokas, will be associated with further mineralization. We welcome all to Mawson's PDAC booth #2941 from 3rd to 6th March and at the Core Shack #3104B (5th to 6th March), to discuss our work programs and view representative samples of drill core. Come and see if you can spot some visible gold in our new drill holes!"

PAL0173, which intersected 17 metres @ 3.0 g/t gold from 264 metres at South Palokas extended mineralization 60 metres down plunge from PAL0016 (8.4 metres @ 5.9 g/t AuEQ from 206 metres) (Figure 2). Mineralization was encountered from 232 metres to 405 metres (170m down hole width) and is one of the thickest intersections on the property to date. The hole was targeted into the upper margin of a strong linear electromagnetic conductor which extends 450 metres down plunge and forms an excellent target for continued drilling.

At the Raja prospect, drill hole PAL0161 intersected 4.0 metres @ 2.9 g/t gold from 345 metres to extend mineralization 25 metres east from previous drilling. PAL0159 intersected 3.0 metres @ 2.3 g/t gold from 434 metres and 3.5 metres @ 2.4 g/t from 452 metres (Figures 3-4) and extended mineralization 130 metres down plunge from the resource reported in December 2018. Further infill drilling is planned. Additional lower grade gold was intersected on this section (PAL0164: 2.0 metres @ 1.1 g/t gold from 407 metres) demonstrating the continuity of mineralization below the resource. Further infill drilling is now planned.

New ground electromagnetic (TEM) surveys at both Palokas and South Palokas have defined plunging conductors with the same dimensions as the Raja prospect conductor (450 metres long and 100 metres wide) below the resource areas. Both the deeper extension of the conductors at Palokas and South Palokas are undrilled and will be the focus of future drilling (Figure 1).

A plan view of the completed drill holes and the locations of the electromagnetic conductors is provided in Figure 1. Cross and longitudinal sectional views are included in Figures 2-4. Tables 1-3 include all relevant collar and assay information. Assuming a predominant stratabound control, the true thickness of the mineralized interval is interpreted to be approximately 90% of the sampled thickness. Visible gold was noted in drill hole PAL0173 between 267 and 268 metres with a strong association with scheelite. Cobalt data will be provided when multi-element assays are reported by the laboratory. Quality control duplicates for all holes show good repeatability of gold assays. Intersections are reported with a lower-cut of 0.5g/t gold over 1 metre lower cut, except PAL0173 264.0-281.0 metres. No upper cut-off was applied.

The hosts rocks to the gold and cobalt mineralization comprise sulphide (pyrrhotite>>pyrite), biotite, muscovite, chlorite, Mg-Fe amphibole hydrothermal mineral assemblages within and adjacent to predominately grey albitites. Textures range from veined albitic granofels through fractured and brecciated to locally schistose. Veining and fracture fill minerals include pyrrhotite, magnetite and magnetite-pyrrhotite (+/- quartz, tourmaline). Retrograde chlorite after biotite, generations of secondary muscovite ("sericite") and vein-controlled chlorite+/- tourmaline and magnetite are also present. Preliminary hand-held XRF analysis confirms the presence of associated scheelite and molybdenite, the former visible under UV light as tiny veinlets and disseminations. The alteration is clearly post-metamorphic, reduced, and most likely driven by granitoid intrusions. Chlorite and fine muscovite are regarded as the lowest temperature silicate minerals with gold, structurally controlled in apparent spatial association with quartz and/or K-feldspar veins. Altered rocks enclosing the mineralized package contain locally abundant talc and tourmaline.

Technical and Environmental Background
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. 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 inserts 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. The gold equivalent ("AuEq") value 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 Au and Co prices.

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 Rajapalot gold project in Finland.

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 Rajapalot showing historic drilling, outline of 43-101 resource, new drill holes reported, modelled ground TEM plates over a background of 25 and 50 metre spaced ground magnetics

Figure 2: Cross section of South Palokas showing location of PAL0173, extent of existing resource and modelled EM plates.

Figure 3: Long section at Raja prospect showing continuation of mineralized sequence below existing resource. Outlines of existing resource are also indicated.

Figure 4: Cross section at Raja prospect showing location of reported drill holes PAL0164 and PAL0159.

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

Table 2: Better intersections from the 2019 Winter Drill Program.
Intersections are reported with a lower cut of 0.5g/t gold over 1 metre lower cut, except PAL0173 264.0-281.0. No upper cut-off was applied.

Table 3: Individual assay data from drill holes PAL0159, PAL0161, PAL0164 and PAL0173. No significant assays were recorded in PAL0160 and PAL0163.