Mawson Discovers 8 New Prospects with High Grade Boulders up to 546 G/T GOLD over 20 Kms IN Finland
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE NOVEMBER 10, 2021
MAWSON DISCOVERS 8 NEW PROSPECTS WITH HIGH GRADE BOULDERS UP TO 546 g/t GOLD
OVER 20 kms IN FINLAND
Vancouver, Canada – Mawson Gold Limited (“Mawson”) or (the “Com pany”) (TSX: MAW) (Frankfurt: MXR)
(PINKSHEETS: MWSNF) provides an update on summer field programs aimed at defining near-surface mineralization
beyond the current resource boundaries within its Rajapalot project in Finland.
After two years of sharp focus t o drill out resources, Mawson’s summer exploration work has returned back to a regional
scale within Mawson’s 100%-owned large and strategic 18,349 hec tare ground holding in the Peräpohja Schist belt. The
program leverages the intimate understanding of the mineral sys tem defining the 1.04 Moz @ 3.0 g/t gold equivalent
(“AuEq”) 2021 Inferred Mineral Resource estimate (link) to demonstrate the camp-scale opportunity to grow resources at
Rajapalot.
Key Points:
Regional-scale prospecting defines 8 new gold-cobalt prospects not linked to the 1.04 Moz @ 3.0 g/t AuEq
2021 Inferred Mineral Resource estimate at Rajapalot;
Highest-grade samples in boulders include 546 g/t, 290 g/t and 129 g/t Au:
o 30 boulders and outcrops averaging 35.1 g/t Au (samples >0.1 g/t Au, median of 1.5 g/t Au). Samples
from boulders and outcrop are grab samples, which are selective by nature and are unlikely to represent
average grades on the property;
Prospects cover an area of 14 kilometres x 15 kilometres, considerably extending the footprint of 2 x 3 km area
which constrains the known resource;
Ground-based geophysical electromagnetic and magnetic studies across the larger permit area are ongoing to further
define drill-ready targets for the upcoming winter drill season;
Mawson holds first mover advantage into the Peräpohja Schist belt with its gold-cobalt discovery. Adjacent tenure
holders to Mawson include Rio Tinto, First Quantum and Latitude 66 Cobalt (Figure 1).
Mr. Fairhall, CEO, states, “Our strategy in Finland is to not only grow resou rces through open extensions of the known
resource bodies, but to also find repeat bodies to prove the mu lti-million ounce district potential of the Rajapalot project.
Prior to defining any resources in Finland we announced we were exploring nine high-grade boulder fields over twelve
square kilometres. We now have 1 million ounces coincident with 5 of those boulder fields. Eight additional high-grade
prospect areas across a much wider area, with extremely high-gr ade gold found in boulders and outcrops (a rare thing in
Finland), massively enlarges our search space and highlights th e potential to compound our proven resource discovery
success in Finland.”
The new targets are at an early exploration stage, but contain the key elements Mawson considers to be associated with
gold mineralization. The entire area is under thin cover, and it is estimated that much less than 1% of the bedrock outcrops.
Glacial transport direction, combined with geological features and base of till drill results indicate only a short travel distance
for all mineralized boulders (<250 m).
Follow-up work for the eight new prospects (Figure 1) will include ground magnetic and electrical conductivity geophysical
surveys prior to drill testing.
Technical Background
The Qualified Person, Dr Nick Cook, Mawson’s Chief Geologist, a nd a Fellow of the Australasian Institute of Mining and Metallu rgy, has
reviewed and verified the technical contents of this release.
Three laboratories are being used to conduct gold and multi-ele ment assay work. Samples were transported by Mawson personnel o r
commercial transport from site to the CRS Minlab Oy facility in Kempele, Finland, or to the ALSGlobal sample preparation facil ity at
Sodankylä, Finland. Samples submitted to Kempele were prepared and analyzed for gold using the PAL1000 technique which involve s
grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame
AAS equipment. In order to improve the detection limit of the PAL1000 technique from 0.05 g/t Au to 0.01 g/t Au for a 1 kg sample, gold
concentration using the DiBK (di -isobutyle ketone) extraction method was also used. Samples transported for gold assay to Soda nkylä
were analyzed using 50 g fire assay and ICP finish method Au-ICP22. Multi-element analytical work was conducted by MS Analytical and
ALSGlobal using methods IMS-230 and ME-MS61 respectively, both using four acid digest followed by ICP analysis. The QA/QC program
of Mawson consists of the systematic insertion of certified standards of known gold and cobalt content, duplicate samples by quartering
the core, and blanks the within interpreted mineralized rock. I n addition, all three laboratories insert blanks and standards during the
analytical process.
Gold equivalent “AuEq” = Au+(Co/1005) based on assumed prices of cobalt US$23.07/lb and gold US$1,590/oz.
About Mawson Gold Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)
Mawson Gold Limited is a gold exploration and development company and has distinguished itself as a leading exploration company with
a focus on the flagship Rajapalot gold-cobalt project in Finland and its Victorian gold properties in Australia.
On behalf of the Board,
"Ivan Fairhall"
Ivan Fairhall, 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 Canadian s e c u r i t i e s l a w s
(collectively, "forward-looking statements"). All statements herein, other than statements of historical fact, are forward-looking statements and are based
upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access
financing, appropriate equipment and sufficient labor. Forward -looking statements are typically identified by words such as: believe, expect, anticipate,
intend, estimate, postulate, and similar expressions, or are th ose, which, by their nature, refer to future events. Mawson cau tions 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; ability to achieve goals; t hat the political environment in which the Company operates wil l continue to support the
development and operation of mining projects; the threat associ ated with outbreaks of viruses and infectious diseases, includi ng the novel COVID-19
virus; risks related to negative publicity with respect to the Company or the mining industry in general; reliance on a single asset; planned drill programs
and results varying from expectations; unexpected geological conditions; local community relations; dealings with non-governmental organizations; delays
in operations due to permit grants; environmental and safety ri sks; and other risks and uncertainties disclosed under the head ing "Risk Factors" in
Mawson's most recent Annual Information Form filed on www.sedar.com. While these factors and assumptions are considered reasonable by Mawson, in
light of management’s experience and perception of current conditions and expected developments, Mawson can give no assurance that such expectations
will prove to be correct. 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.
Figure 1: Figure 1: Plan view showing new outcrop and boulder results (light pink text boxes) and selected existing prospect,
resource and drilling information from within Mawson permits (with regional Peräpohja Schist belt permit holders shown).
Grid system EUREF_FIN_TM35FIN