Mawson Completes Geophysical Survey at the Palokas Gold Prospect in Finland
Vancouver, Canada - Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces the completion of a 3D induced polarization "IP" survey at the Palokas prospect in Lapland, Arctic Finland.
- The field component of a pseudo-3D pole-dipole IP and resistivity survey at Palokas Prospect has been completed. Results are pending with processing ongoing;
- The survey covers an area of 750 metres of strike length and 600 metres width enclosing the Palokas gold prospect;
- The aim of the survey is to identify deeper diamond drill targets beneath near-surface mineralization defined by hand portable drilling;
- Drill testing of additional shallow targets 400 metres south of Palokas with the hand portable rig at Rajapalot is continuing.
Mr Michael Hudson, President & CEO states, "We remain active in the field in Finland with both near-surface, hand portable drilling and geophysical surveying and processing continuing during January 2015. The IP survey covers the Palokas prospect that contains the strongest near-surface mineralization discovered to date, along the 1.2 kilometre mineralized trend, where hand portable drilling results have included 19.5 metres @ 7.4 g/t gold from 1.3 metres depth (see Mawson Press Releases October 03, 2013, October 16, 2013 and January 20, 2014). Initial geophysical testing in 2013 showed the geophysical response of mineralization to continue to more than 150 metres depth, and this survey will aid in defining deeper drilling targets below near-surface mineralization."
The IP area surveyed commences more than 250 metres north of Palokas to 500 metres south of the Palokas prospect. The data will be combined with the existing 2013 pole-dipole and gradient array survey data to improve the resolution of the inversions. Additional ground magnetic data were collected over the same area to enhance the surface definition of the gridded ground magnetics collected in 2013. Surveying was completed by GeoVista of Luleå, Sweden. The quality of the data was checked daily in the field and processing, data inversion and interpretation are ongoing.
Drill testing of shallow targets 400 metres south of Palokas with the hand portable rig at Rajapalot will be completed soon. Geochemical results from 12 drill holes remain pending from the laboratory.
The key milestone awaited by the Company is the administrative court decision on an appeal by an NGO group. The appeal was made against a decision by the mining authority, the Finnish Safety and Chemical Agency ("TUKES") on July 2014 to grant modified and renewed exploration claims, titled Kairamaat 2 and 3, that cover a surface area of 1,462 hectares at Mawson's Rajapalot gold project in northern Finland. The decision by TUKES entitles Mawson full drill access during winter conditions within Natura 2000 biodiversity areas. A decision on the appeal by the administrative court is expected during 2015. Subject to this decision by the administrative court, the plan is to undertake a substantial winter deep diamond drilling program at the Palokas prospect.
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 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,
Michael Hudson, President & CEO
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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.