VANCOUVER, April 24, 2017 /CNW/ - Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces mobilization of a geophysical survey contractor to extend the ground magnetic data coverage at the Company's 100% owned Rajapalot Project in Northern Finland. Two diamond drill rigs continue to operate on site 24/7.
- Given the success of the winter diamond drilling program at Rajapalot, which discovered gold mineralization well beyond the current limits of geophysical coverage, Mawson has mobilized a geophysical crew to extend ground magnetic acquisition;
- A total of 105 line km of ground magnetics at 50 metre spacing is planned to be collected over the next two weeks;
Mr. Hudson, Chairman and CEO, states, "Our winter drilling program has significantly expanded the footprint of gold mineralization at Rajapalot, well beyond the area where we have detailed ground geophysical data. Owing to the association of pyrrhotite and magnetite with gold mineralization, ground magnetics is a valuable tool to map gold-bearing host rocks at Rajapalot under the thin glacial soil that covers 99% of the prospect area. While winter conditions persist, we have moved quickly to mobilize a geophysical team to site."
The planned ground magnetic survey will cover the newly discovered area of potassic-iron-sulphide alteration described in Mawson Press Release March 06, 2017 at South Rajapalot. Line spacing for the new survey will be 50 metre at Rajapalot, and 10 metre infill at Palokas. To date, drilling has defined a zone that extends for 1,200m along strike and 400m in width that remains open. Further mineralization of the same style was reported in News Release April 06 2017 and included PAL0048 (6.0 metres @ 2.0 g/t gold from 53 metres and 13.7 metres @ 2.0 g/t gold from 82 metres), PAL0043 (12.0 metres @ 1.2 g/t gold from 10.6 metres), and PAL0040 (5.0 metres @ 1.2 g/t gold from 37.3 metres). The true thickness of the mineralized interval is interpreted to be approximately 90% of the sampled thickness.
Mineralization consists of sulphide, magnetite, biotite and chlorite hydrothermal mineral assemblages hosted in predominately grey albitites. Textures range from veined albitic granofels through fractured and brecciated to locally schistose. Veining and fracture fill minerals include magnetite, pyrrhotite and magnetite-pyrrhotite (+/- quartz). Local retrograde chlorite after biotite 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 iron-rich nature of the mineralized rocks is a common theme in either the oxide or sulphide form, with a variably sulphidic and chloritic overprint. The alteration is clearly post-metamorphic, reduced, and most likely driven by granitoid intrusions. Chlorite is regarded as the lowest temperature silicate mineral with gold, structurally controlled in apparent association with quartz veins. Altered rocks enclosing the mineralized package contain locally abundant talc and tourmaline. Figure 1 shows the area in which the ground magnetic survey is being conducted along with the updated location of diamond drill holes.
In other news, two diamond drill rigs remain at site as winter conditions persist for a few weeks longer than expected. 53 holes (PAL0027-PAL0077, PAL0079, PAL0080) have been completed to date, totaling 10,250 metres of diamond drill core. A total of 19 holes have been reported, while results are pending for an additional 34 completed holes. A further 3 diamond drill holes are planned to be drilled before the completion of the winter program.
Technical and Environmental Background
The ground magnetic survey is being conducted by two personnel from GeoVista AB (based in Luleå, Sweden). Measurements are on a fifty metre line spacing conducted either in E-W or NW-SE line orientations and are locally infilled to closer spacing where required by geological complexity. Levelling and post-collection processing are completed by Dr Hans Thunehed of GeoVista AB.
The qualified person for Mawson's Finnish projects, Dr. Nick Cook, President for Mawson and Fellow of the Australasian Institute of Mining Metallurgy has reviewed and verified the contents of this release.
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.
On behalf of the Board,
Michael Hudson, Chairman & CEO
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.
SOURCE Mawson Resources Ltd.
For further information: www.mawsonresources.com, 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7, Mariana Bermudez (Canada), Corporate Secretary, +1 (604) 685 9316, [email protected]