Mawson extends Palokas gold prospect, Finland

VANCOUVER, March 16, 2015 /CNW/ - 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.

Key Points:

  • A 600 metre long conductive anomaly (Figures 1 and 2) has been defined by a pseudo-3D pole-dipole IP and resistivity survey at Palokas Prospect extending down plunge from drilled near-surface gold mineralization (ie 19.5 metres @ 7.4 g/t gold from 1.3 metres depth (see Mawson Press Releases October 03, 2013October 16, 2013 and January 20, 2014);
  • The thickness of the conductive body increases with depth and is open below the 250 metre investigative depth of the survey;
  • Final results from near-surface investigative drilling has returned results including 0.3m @ 49.6 g/t Au from 17.7 metres in drillhole PRAJ0097 located 1000 metres from the Palokas prospect (Figure 3).  Results from recent drilling are located above the conductive body defined by the 3D-IP program;
  • The Company has purchased and will take delivery this week, of a hand portable Winkie diamond drill to extend its drill depth capacity from 40 metres down to 120 metres.  Drilling with the Winkie rig, which remains subject to final permitting, is planned to commence at Palokas in April, to test below known gold mineralization.

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.

Technical Background

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,

"Michael Hudson"                  
Michael Hudson, President & CEO

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.

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

PRAJ0090


3408818


7372227


43.34


-60


90


Here

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

PRAJ0094


3408127


7373079


36.64


-60


180


Here

PRAJ0095


3408255


7373122


8.4


-60


135


DID NOT REACH BASEMENT

PRAJ0096


3408116


7372969


31.4


-60


115


December 16, 2014

PRAJ0097


3408107


7372978


37.35


-60


170


Here

PRAJ0098


3408442


7373471


27.65


-60


160


Here

PRAJ0099


3408435


7373485


34.95


-60


160


Here

PRAJ0100


3408427


7373499


31


-60


160


Here

PRAJ0101


3408419


7373516


48


-60


160


Here

PRAJ0102


3408415


7373536


48.05


-60


160


Here

PRAJ0103


3408401


7373553


49.7


-60


160


Here

PRAJ0104


3408466


7373511


32.2


-60


115


Here

PRAJ0105


3408447


7373519


46.55


-60


115


Here

PRAJ0106


3408430


7373528


45.7


-60


115


Here

 

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

 

SOURCE Mawson Resources Ltd.

PDF available at: http://stream1.newswire.ca/media/2015/03/16/20150316_C5998_PDF_EN_13266.pdf

PDF available at: http://stream1.newswire.ca/media/2015/03/16/20150316_C5998_PDF_EN_13265.pdf

For further information: Investor Information: www.mawsonresources.com, 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7, Seema Sindwani +1 647-478-3017, Mariana Bermudez +1 604-685-9316, Email: info@mawsonresources.com

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