VANCOUVER, Sept. 13, 2016 /CNW/ - Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces a hand-portable diamond drill rig has been mobilized to the Boardwalk prospect along the Palokas trend, at the 100% owned Rompas-Rajapalot project in Northern Finland.
- Hand-portable diamond drilling to 100m depth will resume this week at the Boardwalk prospect, located 550 metres south of the main Palokas prospect;
- Boardwalk is an untested surface outcrop and boulder field, with 15 samples >0.1 g/t gold averaging 15.3 g/t gold, ranging from 0.18 g/t gold to 221 g/t gold, with a median of 1.0 g/t gold.
- A geophysical magnetic high is directly coincident with the auriferous mineralization at Boardwalk; and
- Boardwalk is interpreted to be hosted within the same host unit as the Palokas mineralization.
- A 225 base-of-till ("BOT") drill hole program has now been completed at the Raja prospect, located one kilometre east of Palokas.
Mr Hudson, President & CEO states, "We look forward to this first program diamond drill program at the Boardwalk prospect on the Palokas trend and the news flow which will follow. Significant advances in the geological understanding of the Rompas-Rajapalot project have been achieved since we completed our last diamond drill program early this year. Structural, stratigraphic and fluid-rock similarities have been identified across a range of mineralization styles, allowing recognition of more than 65 kilometres strike of gold-prospective host stratigraphy of Paleoproterozoic age, with multiple targets remaining to be tested."
Hand portable diamond drilling with a Winkie rig will commence this week at the Boardwalk prospect, located 550 metres south of the Palokas main prospect. An initial program of 10 holes for 1,000 metres are planned to test near surface gold mineralization over the coming months. This summer, Mawson's geologists have discovered, many large, angular and clustered gold mineralized boulders at the Boardwalk prospect (Figure 1). These are interpreted to be proximal to their source and contain a similar chlorite-magnetite-sulphide alteration style to the main Palokas prospect. This maiden drill program at the Boardwalk prospect will target a magnetic anomaly interpreted to be the source of these boulders, fifteen of which assay >0.1 g/t gold and range from 0.18 g/t gold to 221 g/t gold, and average 15.3g/t gold with a median of 1.0 g/t gold.
In other news, drilling of two hundred and twenty-five bottom of till (BOT) holes at Raja has now been completed (Figure 1). The prospect lies one kilometre east of Palokas. Drilling was undertaken on a 150 metre grid, with infill holes at closer spacing planned after geochemical assays have been returned in the coming weeks. The aim of the BOT program is to delineate geochemically anomalous undercover targets for follow-up diamond drilling.
Infill ground magnetic and gradient IP geophysical surveys are also planned for autumn. From December, when frozen ground conditions allow for permitted access, the winter program will commence with seven hundred BOT drill holes planned to systematically test the larger Palokas and North Rompas areas, as well as 10,000 metres of diamond drilling with larger drill rigs. This drill program is subject to final permitting.
Technical and Environmental Background
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.
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, President & 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: aim, 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, timing and the successful completion of the Company's proposed drill programs, 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.
Image with caption: "Figure 1: Plan view of the Rajapalot area, Finland showing mineralized trends and prospects, surface samples and BOT drill area. (CNW Group/Mawson Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20160913_C7554_PHOTO_EN_771274.jpg
For further information: www.mawsonresources.com, 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7, Mariana Bermudez, Corporate Secretary, +1 (604) 685 9316, [email protected]