Vancouver, Canada -- Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces the results of recently completed 3D induced polarization "IP" and shallow diamond drilling programs and outlines upcoming work plans for the Palokas prospect in Lapland, Arctic Finland.
Mr Michael Hudson, President & CEO states, "The geophysical results reported present a compelling target down plunge from known mineralization at the Palokas gold project. Our new hand portable rig with extra depth capacity will advance our understanding of the 1.2km long Palokas mineralized system below the 30 metres depth we have tested to date. Subject to final permitting, we will start drilling in April."
The IP area surveyed commenced more than 250 metres north of Palokas to 500 metres south of the Palokas prospect. Gold at Palokas is associated with pyrrhotite which forms the conductive and chargeable anomaly associated with drilled gold mineralization and has been confirmed by petrophysics. The thickness of the conductive body increases with depth and is open below the 250 metre investigative depth of the survey. The body plunges south and has little or no surface expression where recent near-surface drilling has provided near-miss and thinner mineralized gold hits.
The recently completed hand portable drill program consisted of 33 holes for 1160.5 metres with an average hole depth of 35.1 metres. Four additional holes did not drill through to basement. The final ten drill holes are reported here and shown in Tables 1 and 2. The best results from the final ten holes include 0.3m @ 49.6 g/t Au from 17.65m in PRAJ0097, 1.15m @ 1.49 g/t Au from 8.3m in PRAJ0099 and 2.2m @ 1.73 g/t Au from 18.75m in PRAJ0105. These results are considered to form up dip from gold mineralization and represent near miss signatures. This is supported by the recent 3D IP geophysical survey.
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.
The 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 commercial transport, or by Mawson personnel from site to ALS Chemex Ltd's laboratory in Piteå, Sweden. Samples were prepared at Piteå and sent to ALS Chemex Ltd's laboratory in Vancouver, Canada to be 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 Chemex 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,
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, including statements regarding anticipated exploration activities and the intended financing 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, permitting, 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.
Figure 1: 3D IP resistivity Shells (2.0 to 2.5 (log[Ohm-m]) from Palokas to South Palokas showing 600 metre strike length low resistive/conductor. Conductor correlates with drilling at Palokas and plunges below drilling at South Palokas.
Figure 2: Longitudinal section showing apparent resistivity from Palokas to South Palokas showing 600 metre strike length low resistive/conductor. Conductor correlates with drilling at Palokas and plunges below drilling at South Palokas.
Figure 3: Rajapalot Gold Project, Palokas Prospect: Update on hand-portable drill results 15:3:2015.
Table 1: Collar Information from the hand portable, low impact drill rig from the Palokas Prospect, Rajapalot, Finland.
|HoleID||Easting||Northing||Total Depth (m)||Dip||Azimuth||Date Reported|
|PRAJ0070||3408517||7373548||33.4||-60||115||October 07, 2014|
|PRAJ0071||3408506||7373549||43.2||-60||115||October 07, 2014|
|PRAJ0072||3408528||7373536||27.55||-60||115||October 07, 2014|
|PRAJ0073||3408542||7373530||15.8||-60||115||October 07, 2014|
|PRAJ0074||3408493||7373506||26.55||-60||155||October 07, 2014|
|PRAJ0075||3408486||7373517||28.27||-82||155||October 07, 2014|
|PRAJ0076||3408156||7372824||33.45||-60||59||October 07, 2014|
|PRAJ0077||3408168||7372831||35||-60||60||December 16, 2014|
|PRAJ0078||3408173||7372822||21.05||-60||115||December 16, 2014|
|PRAJ0079||3408160||7372818||23||-60||90||December 16, 2014|
|PRAJ0080||3408261||7372792||40.4||-60||115||December 16, 2014|
|PRAJ0081||3408241||7372787||41.4||-60||115||December 16, 2014|
|PRAJ0082||3408268||7372777||40.75||-60||115||December 16, 2014|
|PRAJ0083||3408314||7372378||33.2||-60||115||December 16, 2014|
|PRAJ0084||3408233||7372360||15.2||-60||115||December 16, 2014|
|PRAJ0085||3408389||7372277||43.4||-60||60||December 16, 2014|
|PRAJ0086||3408452||7372339||32.55||-60||20||December 16, 2014|
|PRAJ0087||3408852||7372282||8.85||-60||115||DID NOT REACH BASEMENT|
|PRAJ0088||3408815||7372268||4.95||-60||115||DID NOT REACH BASEMENT|
|PRAJ0089||3408815||7372268||5.7||-80||115||DID NOT REACH BASEMENT|
|PRAJ0091||3408840||7372188||37.4||-60||115||December 16, 2014|
|PRAJ0092||3408145||7373053||35.46||-60||115||December 16, 2014|
|PRAJ0093||3408131||7373059||40.95||-60||115||December 16, 2014|
|PRAJ0095||3408255||7373122||8.4||-60||135||DID NOT REACH BASEMENT|
|PRAJ0096||3408116||7372969||31.4||-60||115||December 16, 2014|
Table 2: Assay data from the hand portable, low impact drill rig from the Palokas Prospect, Rajapalot, Finland.
A lower cut of 0.5 g/t over 1 metre was applied.
|HOLE ID||Summary Result||Comment||Date Reported|
|PRAJ0070||2m @ 9.1 g/t Au from 25.4m||28 Oct 2014|
|PRAJ0071||1.75m @ 1 g/t Au from 34.7m||28 Oct 2014|
|PRAJ0072||1.0m @ 14.8 g/t Au from 16.3m||28 Oct 2014|
|PRAJ0073||3.0m @ 5.1 g/t Au from 8.65m||28 Oct 2014|
|PRAJ0073||1.0m @ 0.5 g/t Au from 12.75m||28 Oct 2014|
|PRAJ0075||3.0m @ 2.8 g/t Au from 14.4m||28 Oct 2014|
|PRAJ0075||1.0m @ 0.5 g/t Au from 20.95m||28 Oct 2014|
|PRAJ0075||1.0m @ 1.3 g/t Au from 22.95m||Stopped in mineralization||28 Oct 2014|
|PRAJ0076||3.9m @ 3.2 g/t Au from 23m||Visible gold at 24.2m||December 16, 2014|
|PRAJ0080||1.0m @ 1.3 g/t Au from 10m||December 16, 2014|
|PRAJ0080||3.4m @ 2 g/t Au from 14m||December 16, 2014|
|PRAJ0080||3.0m @ 1.4 g/t Au from 35.9m||Stopped in mineralization||December 16, 2014|
|PRAJ0081||1.0m @ 0.6 g/t Au from 2.65m||December 16, 2014|
|PRAJ0081||0.9m @ 1.8 g/t Au from 21.55m||December 16, 2014|
|PRAJ0082||1.0m @ 0.8 g/t Au from 5m||December 16, 2014|
|PRAJ0082||1.0m @ 0.7 g/t Au from 9m||December 16, 2014|
|PRAJ0082||1.0m @ 0.5 g/t Au from 21.2m||December 16, 2014|
|PRAJ0096||1.1m @ 1.5 g/t Au from 17.5m||December 16, 2014|
|PRAJ0096||0.4m @ 3 g/t Au from 20.9m||December 16, 2014|
|PRAJ0097||0.3m @ 49.6 g/t Au from 17.65m||Here|
|PRAJ0099||0.9m @ 0.69 g/t Au from 6.5m||Here|
|PRAJ0099||1.2m @ 1.49 g/t Au from 8.3m||Here|
|PRAJ0099||0.4m @ 0.75 g/t Au from 11.35m||Here|
|PRAJ0099||0.8m @ 0.73 g/t Au from 19.55m||Here|
|PRAJ0100||0.9m @ 1.06 g/t Au from 21.75m||Here|
|PRAJ0101||0.8m @ 0.78 g/t Au from 33.75m||Here|
|PRAJ0104||1.2m @ 1.41 g/t Au from 4.5m||Here|
|PRAJ0104||1.0m @ 1.1 g/t Au from 7.5m||Here|
|PRAJ0105||2.2m @ 1.73 g/t Au from 18.75m||Here|
|PRAJ0106||2.0m @ 0.99 g/t Au from 13.15m||Here|
|PRAJ0106||1.1m @ 1.54 g/t Au from 35.95||Here