News

Drills 21.0 metres @ 3.2 g/t gold, 481 ppm cobalt including 9.0 metres @ 6.2 g/t gold, 647 ppm cobalt

Vancouver, Canada — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces further drill results from the Raja prospect from the Company’s 100% owned Rajapalot Project in northern Finland. Drilling results continue to extend mineralization beyond the current resource boundaries with further continuous and thick high-grade gold-cobalt results.

"Raja continues to expand with further thick high-grade gold-cobalt intersections that show impressive continuity for 320 metres down plunge with the trend remaining open” said Mr. Michael Hudson, Chairman and CEO. “Our ability to consistently hit high-grade mineralization at Raja provides compelling evidence for the strength of the Rajapalot mineral system, and augers well for further discoveries within Raja and the other projects that we have defined within the larger project area.”

PAL0191 continues the success of targeting high grade mineralization this drill season with many results already reported over the last few months, that build volume and grade beyond the December 17, 2018 resource calculation, which include:

• PAL0190 reported 19.7 metres @ 8.9 g/t AuEq, 7.4 g/t Au and 908 ppm Co from 371.0 metres in May 2019 and located 70 metres up plunge from PAL0191. Additionally, on the same section 30 metres to the east of PAL0190, PAL0118 drilled in 2018 intersected 20.7 metres @ 5.6 g/t AuEq, 3.6 g/t Au, 956 ppm Co from 365.2 metres;
• PAL0188 reported 31.3 metres @ 6.0 g/t AuEq, 4.3 g/t Au and 1,030 ppm Co from 298.6 metres in April 2019 and located 155 metres up plunge from PAL0191;
• PAL0093, drilled in the 2018, intersected 33.6 metres @ 9.7 g/t AuEq, 8.0 g/t Au, 823 ppm Co from 243.0 metres and was located 140 metres up plunge from PAL0191.

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 the final three drill holes (PAL0191, 201, & 201D; Tables 1-3) from the Raja prospect are reported here, while assays from seven holes from other prospects remain to be reported.

Drill hole PAL0191 is the deepest high-grade drill hole reported from Raja to date, greater than 350 metres vertically from surface. The down plunge continuity of the high-grade core tested by PAL0191 is 30-50 metres wide (within a broader 100-metre-wide mineralized envelope) by 20-30 metres thick, has been traced over 320 metres down plunge and remains open at depth. The total length of mineralization at Raja has now been traced by drilling from surface to 600 metres down plunge. The sub-vertical and linear geometry of the high-grade Au-Co core within certain stratabound units is validated by this intersection, confirming the continuity of mineralized bodies throughout the conductive sulphidic zone highlighted by the modelled electromagnetic conductors. The trend of this high-grade Au-Co core shown in Figure 1 is 339 degrees (with respect to true north). A longitudinal (Figure 2) shows the location of this high-grade core with respect to other drill holes.

Other drill holes reported in this release are PAL0201 and a wedge from this hole, PAL0201D which targeted the high-grade core 50 metres down plunge from PAL0191 on the next section to the NNW on the 339 degree trend. PAL0201 was drilled west of the mineralized trend and, PAL0201D which was targeted to hit the high-grade core, did not reach the target depth before winter drill conditions ended. This hole will be re-entered and continued at the start of the next drill season. Mawson will continue to release results as interpretations of assay data become available.

Comment on Gold Equivalence Calculation

The gold equivalent ("AuEq") value used in the 2018 inferred resource and this press release was calculated using the formula: AuEq g/t = Au g/t + (Co ppm/608) with assumed metal prices of Co $30/lb; and Au $1,250/oz. AuEq varies with gold and cobalt prices. Approximate spot prices for gold and cobalt are currently $1,400/oz and $13.40/lb respectively.

The cobalt price has fallen 60% over the past year due mostly to an increase in supply from mines, many artisanal, in the Democratic Republic of Congo. Mawson considers cobalt retains strong fundamentals with demand remaining robust as the electric mobility industry continues to grow and, a long-term price of $20 to $30/lb cobalt (and $1250/oz Au) is therefore reasonable.Prices used in the 2018 inferred resource calculation have been maintained here to ensure consistency of reporting individual drill holes against prior news releases and the resource dated December 2018, and will be reviewed once all data from the current drill program is released.Within the December 2018 resource, cobalt contributes approximately 20% of in-situ value.

Technical and Environmental Background

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 0.5 g/t gold or 304 ppm 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 for PAL0191, 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 that remains open down plunge to the NNW. 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 for PAL0191 within the 339 linear trend that extends known mineralization by 70 metres down plunge. The view is towards 069 degrees. The blocks from within existing resources are shown along with the high-grade core area (dotted red outline) and the modelled TEM plate that remains open at depth. See Figure 1 for location of section 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.