VANCOUVER, Dec. 6, 2016 /CNW/ - Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces signing of a +10,000 metre diamond drill contract and over 700 hole base-of-till ("BOT") drill program at the 100% owned Rompas-Rajapalot gold project in Northern Finland. The first drill rig is to mobilize to site this week.
- Diamond drill program will exceed 10,000 metres with more than 50 holes planned;
- Program will double the drill metres into the Rajapalot prospect, and will be the first systematic, large scale and deep test of the area;
- Two diamond drill rigs will be mobilized to the Rompas-Rajapalot site by the third week of December 2016;
- Drilling will continue until April 2017;
- Base-of-till drilling ("BOT") will commence immediately, with over 700 holes planned.
Mr. Michael Hudson, CEO, states: "With a $6 million financing just closed, we are wasting no time in getting the rigs turning at Rajapalot, as we begin our largest ever drill program. All permits are in place for this systematic and deep diamond drill testing that will double drilling completed in this highly prospective area. Our aim is to drill up to 4 kilometres along strike and down dip from mineralization discovered during this early stage drilling at Palokas, which included 19.0 metres @ 5.3 g/t gold from 38.7 metres in drill hole PRAJ0109 (see Mawson Press Release September 01, 2015).
In addition, fast and cost effective grid base-of-till drilling will be used to discover and test targets within a 1,425 hectare area around Palokas. Systematic base-of-till drilling of over 700 drill holes at 150 metre spacing will be completed across a broad prospective sequence that is masked by thin glacial soil cover."
More than 50 holes for 10,000 diamond drill metres are planned in the program. To date 94 holes for only 5,972 metres with an average depth of 64 metres have been completed in the Rajapalot area. The planned +10,000 metre diamond drill program will focus on determining the strike and depth continuity of Palokas prospect mineralization and drilling targets developed in conjunction with existing drill and surface data and the recently completed gradient array IP-Resistivity and magnetic surveys. Drill holes will average between 150 and 250 metres long with some holes up to 500 metres down-hole depth as required.
The qualified person for Mawson's Finnish projects, Mr. Michael Hudson, CEO & Chairman 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, CEO & Chairman
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.
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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]