Mawson Announces BATCircle Geometallurgical Testwork for the Rajapalot Gold-Cobalt Project, Finland
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE JUNE 07, 2021
Mawson Announces BATCircle Geometallurgical Testwork for the Rajapalot Gold-Cobalt
Project, Finland
Vancouver, Canada — Mawson Gold Limited (“Mawson”) or (the “Com pany”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) is pleased to announce metallurgical testwork results from the BATCircle joint research project
geometallurgical orientation study of Mawson’s 100%-owned Rajapalot gold-cobalt project in Finland. BATCircle is funded
by Business Finland in cooperation with several consortium members, including Mawson, the Geological Survey of Finland
(GTK) and Aalto University.
Key results from BATCircle:
Excellent gold recoveries by conventional cyanidation across multiple resource areas between 97.3% to 98.0% and
compare well with earlier studies by Mawson;
Gravity concentration yielded recoveries for 44% for gold and 20% for cobalt. Gravity gold recoveries compare well
with earlier studies by Mawson;
Flotation could be the most effective separation process to recover both gold and cobalt. Results suggest recovery
rates and concentrate grades above 90% and 100g/t for gold, and between 23%-63% and above 1% for cobalt,
with recovery rates between 78%-93% for cobaltite (the most common cobalt mineral at Rajapalot);
Magnetic separation can be used to selectively recover pyrrhotite (up to 90% recovery) at relatively low amperage
(LIMS equivalent) and with it the cobalt content associated wit h the lesser cobalt-forming mineral at Rajapalot
(linnaeite);
N e x t s t e p s a r e f u r t h e r c o n t i n u o u s c y c l e t e s t w o r k t o f u r t h e r o p timize gold and cobalt recoveries and define a
definitive flowsheet.
Mr. Hudson, Chairman and CEO, states, "The most comprehensive m etallurgical studies performed at Rajapalot to date
demonstrate excellent gold recoveries with a viable flowsheet which could include crushing and grinding, gravity recovery,
and cyanide leaching with gold recovery via a carbon-in-pulp circuit for production of onsite gold doré.
Rajapalot is already the 7 th largest European cobalt resourc e, and the BATCircle test work has shown potential to obtain
industrial acceptable recoveries to produce cobalt concentrates that could be further treated by hydrometallurgical methods
(leaching, solvent extraction, purification) to produce cobalt sulphate. The battery supply chain, through to the customer,
is demanding sustainable and ethically sourced metals and miner als, and the Finnish ability to deliver against these
demands, via projects such as Rajapalot, is a unique and competitive advantage.”
The full report from BATCircle entitled ”Metallurgical testwork for the geometallurgical orientation study of the Mawson
Gold’s Rajapalot Au-Co project BATCircle Project Report 05 – WP1 Task 1.2” by Dehaine et al. (2021) can be downloaded
here. Multiple samples from three geometallurgical end-members were chosen for the study from the Palokas and Raja
resource areas. At Rajapalot, gold is present as free grains wi th low silver and copper content (gold is greater than 95%
fineness). Gold extraction via cyanidation was over 97% for each sample. There was no sign of preg-robbing for any of the
samples. Magnetic and gravity concentration yielded lower recoveries for gold below 50% for all sample types.
Rajapalot hosts cobalt minerals that form the most common prima ry cobalt ore minerals currently exploited, including
sulpharsenides (cobaltite) and cobalt sulphides (linnaeite). Mineral processing tests results obtained in this study clearly
highlight a mineralogical control over cobalt recovery. Cobalti te is preferentially recovered by flotation (78%-93%) and
linnaeite through low amperage magnetic separation (up to 71% cobalt).
Flotation has been found to be an efficient technique both for gold and cobalt recovery, with recovery rates and concentrate
grades above 90% and 100g/t for gold, and between 23%-63% and a bove 1% for cobalt, but cobalt recovery as high as
71% has been obtained during the magnetic separation of some ore types.
While the test work results described in this study do not allo w for the establishment of a d efinitive flowsheet for the
Rajapalot Au-Co project, it provides grounds for future work and the next stage of the geometallurgical campaign, whereby
different process paths are tested. Next steps are further continuous cycle testwork to optimize gold and cobalt recoveries,
and the development of a definitive flowsheet.
Technical Background
BATCircle is a project developed and funded by Business Finland (https://www.businessfinland.fi). This is a 21-million-euro project with
23 consortium partners, and is drawing to a close after 24 months. The BATCircle project was designed to be based around the concept
of a Circular Ecosystem of Battery Metals in Finland. The concept includes both primary raw materials, downstream refining, and recycling
in batteries. Most relevant Finnish operators in the existing b attery business at all stages of the regional value chain are i nvolved with
the project in some form. Mawson provided sample materials and technical support.
NI 43-101 Technical Report: On September 14, 2020, an updated resource estimation was completed by Rodney Webster of AMC of
Melbourne, Australia, and Dr. Ku rt Simon Forrester of Arn Persp ective of Surrey, England. Each o f Mr. Webster and Dr. Forreste r are
independent “qualified persons” as defined by NI 43-101. The NI 43-101 technical report is entitled “Rajapalot Property Mineral Resource
Estimate NI 43-101 Technical Report” and dated September 14, 20 20 (the “Updated Technical Report”). The Updated Technical Report
may be found on the Company’s website at www.mawsongold.com or under the Company’s profile on SEDAR at www.sedar.com. Readers
are encouraged to read the entire Updated Technical Report.
Qualified Person
Dr. Nick Cook (FAusIMM), Chief Geologist for the Company, is a qualified person as defined by National Instrument 43-101 – Standards
of Disclosure or Mineral Projects and has prepared or reviewed the preparation of the scientific and technical information in this press
release.
About Mawson Gold Limited (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)
Mawson Gold Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration
company with a focus on the flagship Rajapalot gold-cobalt proj ect in Finland. Mawson also owns or is joint venturing into thr ee high-
grade, historic epizonal goldfields covering 470 square kilometres in Victoria, Australia and is well placed to add to its already significant
gold-cobalt resource in Finland.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, Chairman & CEO
Further Information
www.mawsongold.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez (Canada), Corporate Secretary, +1 (604) 685 9316,
Forward-Looking Statement
This news release contains forward-looking statements or forwar d-looking information within the meaning of applicable securiti es laws
This news release contains forward-looking statements or forwar d-looking information within the meaning of applicable securiti es laws
(collectively, "forward-looking statements"). All statements he rein, other than statements of h istorical fact, are forward-loo king
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 fo rward-
looking statements as a result of various factors, including, but not limited to, timing and successful completion of future testwork planned
at Rajapalot, capital and other costs varying significantly fro m estimates, changes in world metal markets, changes in equity markets,
the potential impact of epidemics, pandemics or other public he alth crises, including the current pandemic known as COVID-19 o n the
Company’s business, planned drill programs and results varying from expectations, delays in obtaining results, equipment failu re,
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 la ws, Mawson disclaims any intent or obligation to update any for ward-
looking statement, whether as a result of new information, future events or results or otherwise.