Mawson Extends High-Grade Mineralization 70 Metres Down Plunge at the Raja Prospect, Finland
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE JULY 02, 2019
MAWSON EXTENDS HIGH-GRADE MINERALIZATION 70 METRES DOWN PLUNGE AT THE RAJA
PROSPECT, FINLAND
Drills 21.0 metres @ 3.2 g/t gold, 481 ppm cobalt including 9.0 metres @ 6.2 g/t gold, 647 ppm cobalt
Vancouver, Canada — Mawson Resources Limite d (“Mawson”) or (the “Company”) (TSX:MAW)
(Frankfurt:MXR) (PINKSHEETS: MWSNF) announces further drill results from the Raja prospect from the Company’s
100% owned Rajapalot Project in northern Finland. Drilling resu lts continue to extend mine ralization beyond the current
resource boundaries with further continuous and thick high-grade gold-cobalt results.
Key Results:
Building of a high-grade core at the Raja prospect co ntinues (Figures 1 and 2) with PAL0191, reported here,
extending the core zone by a further 70 metres to a total 320 metres length and the total length of mineralization
at Raja has been traced from surface to 600 metres down plunge;
PAL0191 intersected 21.0 metres @ 4.0 g/t gold equivalent (“AuEq”), 3.2 g/t gold (“Au”) and 481 ppm
cobalt (“Co”) from 417.0 metres, including 9.0 metres @ 7.2 g/t AuEq, 6.2 g/t Au and 647 ppm Co from
421.0 metres;
Mineralization remains open down plunge at Raja with electromagnetic conductors extending the trend to at least
900 metres down plunge from surface;
PAL0191 is the deepest high-grade drill hole reported from Raja to date, at greater than 350 metres vertically from
surface.
"Raja continues to expand with further thick high-grade gold -cobalt intersections that show impressive continuity for 320
metres down plunge with the trend remaining open” said Mr. Michael Hudson, Chairman and CEO. “Our ability to
consistently hit high-grade mineralization at Raja provides co mpelling evidence for the strength of the Rajapalot mineral
system, and augers well for further discoveries within Raja and the other projects that we have defined within the larger
project area.”
PAL0191 continues the success of targeting high grade mineralization this drill season with many results already reported
over the last few months, that build volume and grade beyond the December 17, 2018 resource calculation, which include:
PAL0190 reported 19.7 metres @ 8.9 g/t AuEq, 7.4 g/t Au and 908 ppm Co from 371.0 metres in May 2019 and
located 70 metres up plunge from PAL0191. Additionally, on the same section 30 metres to the east of PAL0190,
PAL0118 drilled in 2018 intersected 20.7 metres @ 5.6 g/t AuEq, 3.6 g/t Au, 956 ppm Co from 365.2 metres;
PAL0188 reported 31.3 metres @ 6.0 g/t AuEq, 4.3 g/t Au and 1,030 ppm Co from 298.6 metres in April 2019 and
located 155 metres up plunge from PAL0191;
PAL0093, drilled in the 2018, intersected 33.6 metres @ 9.7 g/t AuEq, 8.0 g/t Au, 823 ppm Co from 243.0 metres
and was located 140 metres up plunge from PAL0191.
Mawson completed 44 holes (PAL0159–PAL0201D1) for 15,059 me tres (two short holes abandoned, one wedged hole)
during the 2019 winter drill season. Results from the final th ree drill holes (PAL0191, 201, & 201D; Tables 1-3) from the
Raja prospect are reported here, while assays from seven holes from other prospects remain to be reported.
Drill hole PAL0191 is the deepest high-grade drill hole reported from Raja to date, greater than 350 metres vertically from
surface. The down plunge continuity of the high-grade core tested by PAL0191 is 30-50 metres wide (within a broader 100-
metre-wide mineralized envelope) by 20-30 metres thick, has been traced over 320 metres down plunge and remains open
at depth. The total length of mineralization at Raja has now been traced by drilling from surface to 600 metres down plunge.
The sub-vertical and linear geometry of the high-grade Au-Co core within certain stratabound units is validated by this
intersection, confirming the continuity of mineralized bodies throughout the conductive sulphidic zone highlighted by the
modelled electromagnetic conductors. The trend of this high -grade Au-Co core shown in Figure 1 is 339 degrees (with
respect to true north). A longitudinal (Figure 2) shows the location of this high-grade core with respect to other drill holes.
Other drill holes reported in this release are PAL0201 and a wedge from this hole, PAL0201D which targeted the high-grade
core 50 metres down plunge from PAL0191 on the next section to the NNW on the 339 degree trend. PAL0201 was drilled
west of the mineralized trend and, PAL0201D which was targeted to hit the high-grade core, did not reach the target depth
before winter drill conditions ended. This hole will be re-entered and continued at the start of the next drill season. Mawson
will continue to release results as interpretations of assay data become available.
Comment on Gold Equivalence Calculation
The gold equivalent ("AuEq") value used in the 2018 inferred resource and this press release was calculated using the formula: AuEq g/t
= Au g/t + (Co ppm/608) with assumed metal prices of Co $30/lb; and Au $1,250/oz. AuEq varies with gold and cobalt prices. Approximate
spot prices for gold and cobalt are currently $1,400/oz and $13.40/lb respectively.
The cobalt price has fallen 60% over the past year due mostly to an increase in supply from mines, many artisanal, in the Democ ratic
Republic of Congo. Mawson considers cobalt retains strong fundamentals with demand remaining robust as the electric mobility industry
continues to grow and, a long-term price of $20 to $30/lb cobalt (and $1250/oz Au) is th erefore reasonable. Prices used in the 2018
inferred resource calculation have been maintained here to ensure consiste ncy of reporting individual dr ill holes against prior news
releases and the resource dated December 2018, and will be reviewed once all data from th e current drill program is released. Within
the December 2018 resource, cobalt contributes approximately 20% of in-situ value.
Technical and Environmental Background
Assuming a predominant stratabound control, th e true thickness of the mineralized interv al is interpreted to be approximately 9 0% of
the sampled thickness. Quality control duplicates for all holes show good repeatabilit y of gold assays. Intersections are repor ted with a
lower-cut of 0.5 g/t gold or 304 ppm Co over 2 metre lower cut, except where indicated. No upper cut-off was applied.
Four diamond drill rigs (K3 & K8) from the Arctic Drilling Company OY (“ADC”), Kati OY (“Kati”) and MK Core Drilling OY (“MK”), all with
water recirculation and drill cuttings collection systems were used for the drill program. Core diameter is NQ2 (50.7 mm). Core recoveries
were excellent and average close to 100% in fresh rock. After photographing and logging in Mawson’s Rovaniemi facilities, core intervals
averaging 1 metre for mineralized samples and 2 metres for barren sa mples were cut in half at the Geological Survey of Finland (GTK)
core facilities in Rovaniemi, Finland. The remaining half core is retained for verification and reference purposes. Analytical samples were
transported by Mawson personnel or commercial transport from site to the CRS Minlab Oy facility in Kempele, Finland. Samples we re
prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the
presence of cyanide, followed by measurin g the gold in solution with flame AAS equi pment. Multi-element assays, including cobal t are
determined using the ICP-MS method (IMS-230) of MS Analytical shipped directly from the CRS Minlab Oy facility. The QA/QC program
of Mawson consists of the systematic insertion of certified stan dards of known gold content, du plicate samples by quartering th e core,
and blanks the within interpreted mineralize d rock. In addition, CRS and MS Analytical insert blanks and standards into the ana lytical
process. The qualified person for Mawson's Finnish projects, Dr. Nick Cook, President for Mawson and a Fellow of the Australasi an
Institute of Mining Metallurgy has reviewed and verified the contents of this release.
NI 43-101 Technical Report
On December 19, 2018, Mawson filed an independent National Instrument 43-101 Technical Report (the “NI 43-101 Technical Report”)
on the Mineral Resource Estimate for the Raja and Palokas Prospects, at the 100% owned Rajapalot Project in Finland, (the “NI 43-101
Technical Report ”), in support of the Company’s news release dated December 17, 2018 . The NI 43-101 Technical Report was
authorized by Mr. Rod Webster of AMC Consultants Pty Ltd (“AMC”) of Melbourne, Australia, and Dr. Kurt Simon Forrester of Arn
Perspective of Surrey, England. Each of Mr . Webster and Dr. Forrester are independent “q ualified persons” as defined by Nationa l
Instrument 43-101. The NI 43-101 Technical Re port may be found on the Company’s website at www.mawsonresources.com or under
the Company’s profile on SEDAR at www.sedar.com.
About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)
Mawson Resources Limited is a sustainable and ethical exploration and developm ent company. Mawson has distinguished itself as a
leading Nordic Arctic exploration company with a focus on the flagship Rajapalot gold-cobalt project in Finland, a significant and strategic
gold-cobalt resource for Finland with the maiden resource positioned as one of Finland's current top three gold resources by grade and
contained ounces and one of a small group of cobalt resources prepared in accordance with NI 43-101 policy within Europe.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, Chairman & CEO
Further Information
www.mawsonresources.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 forward-looking information within the meaning of applicable securitie s 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, ch anges in equity markets, planned drill programs and results var ying 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 o n 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: Plan of Raja prospect area in dicating drill results for PAL0191, the outl ine of 43-101 resource, modelled ground TEM plates over a Lidar
background. Note also the trend of the high-grade Au-Co trend of 339 degrees that remains open down plunge to the NNW. For more detailed location
information, refer to press release of April 23, 2019.
Figure 2: Longitudinal section at Raja prospect indicating the new and existing high-grade Au-Co results for PAL0191 within the 339 linear trend that extends known mineralization by 70 metres down
plunge. The view is towards 069 degrees. The blocks from within existing resources are shown along with the high-grade core are a (dotted red outline) and the modelled TEM plate that remains open at
depth. See Figure 1 for location of section in plan view.
Table 1: Collar Information from 2019 Winter drilling at the Rajapalot Project (Finnish Grid, Projection KKJ3)
HoleID East North Azimuth Dip RL Depth Prospect Comment
PAL0159 3408545.8 7372603.5 56 -71 179.162 473.8 Raja Au results Mar 04 2019
Co results Apr 23 2019
PAL0160 3408485.8 7372581.1 67 -79 177.865 447 Raja Au and Co results Apr
23 2019
PAL0161 3408696.1 7372556.6 57 -75 179.24 405.8 Raja Au results Mar 04 2019
Co results Apr 23 2019
PAL0162 3408446.4 7372648.4 46 -84.5 180. 158 482.9 Raja Au results Mar 04 2019
Co results Apr 23 2019
PAL0163 3408487.0 7372587.9 65 -73.5 178.218 470.05 Raja Au results Mar 04 2019
Co results Apr 23 2019
PAL0164 3408545.4 7372603.2 61.1 -75.6 178.586 441.7 Raja Au and Co results Apr
23 2019
PAL0165 3408612.7 7372312.2 60 -79 176.25 167.9 Raja Au results Mar 04 2019
Co results Apr 23 2019
PAL0166 3408897.7 7372385.3 240 -83 170.452 238.6 Raja Au and Co results Apr
23 2019
PAL0167 3408486.0 7372587.0 96 -85 178 398.6 Raja Au results Mar 04 2019
Co results May 28 2019
PAL0168 3408554.5 7372806.4 233 -83 173.987 45.6 Raja Abandoned hole
PAL0169 3408553.5 7372806.4 233 -83 173.987 545.8 Raja Au and Co results Apr
23 2019
PAL0170 3408713.0 7372255.4 60 -79 172.803 200.2 Raja Results here
PAL0171 3408603.8 7372636.0 58 -73 179.753 497.6 Raja Au and Co results Apr
23 2019
PAL0172 3408447.4 7372648.4 47 - 79.5 180.158 491.9 Raja Au and Co results Apr
23 2019
PAL0173 3408255.8 7373707.9 116 -56 173.48 427.9 South Palokas Au results Mar 04 2019
Co results Jun 13 2019
VG
PAL0174 3408255.8 7373707.9 116 - 69.5 173.48 8.3 South Pa lokas Abandoned hole
PAL0175 3408830.5 7372237.5 60 -74 172.071 120.1 Raja Au and Co results May
28 2019
PAL0176 3408937.3 7372300.3 240 -79.5 173.012 140.0 Raja Au and Co results Apr
23 2019
PAL0177 3408434.0 7372388.0 240 -60 176.1 250.5 Rumajärvi Au and Co results May
13 2019
PAL0178 3408225.9 7372340.1 60 -75 177.064 237.2 Rumajärvi Results Awaited
PAL0179 3408105.5 7372350.5 60 -80 180.572 209.0 Rumajärvi Au and Co results May
13 2019
PAL0180 3408128.3 7372706.1 41 - 61 173.634 778.65 Terry's
Hammer
Results Awaited
PAL0181 3407954.6 7372245.0 150 -60 177.834 161.7 Rumajärvi Au and Co results May
13 2019
PAL0182 3407944.8 7372476.5 60 - 70 176.8 439.65 Rumajärvi Au and Co results May
13 2019
PAL0183 3408094.0 7372422.1 160 -70 178.624 170.0 Rumajärvi Au and Co results May
13 2019
PAL0184 3407754.4 7372867.6 120 -50 173.07 211.8 Ruma järvi Au and Co results May
13 2019
PAL0185 3407900.4 7372519.6 60 -68 173.064 381.1 Rumajärvi Results Awaited
PAL0186 3407905.2 7372446.2 55 -75 174.386 341. 85 Rumajärvi Results Awaited
PAL0187 3408547.0 7372492.4 47 -63.5 176.807 474 Raja Au and Co results May
28 2019
PAL0188 3408630.2 7372440.6 53 - 63.5 176.974 379.4 Raja Au and Co results Apr
23 2019
PAL0189 3408768.8 7372378.8 48 -77 173.301 245.5 Raja Co results May 28 2019
PAL0190 3408576.2 7372512.8 63 -65 177.732 427.9 Raja Au and Co results May
28 2019
PAL0191 3408547.0 7372492.4 44 -58.5 176.807 492.1 Raja Results here
VG
PAL0192 3408221.8 7373180.6 130 -60 171. 892 203.2 Hut Results Awaited
PAL0193 3408255.3 7373706.4 104 -53 173.478 427.15 South Palokas Au and Co results Jun
13 2019
PAL0194 3408312.2 7373980.0 74 -57 173.8 497. 8 Palokas Au and Co results June
3 2019; VG
PAL0195 3408353.9 7373580.2 65 -77 174.918 245.6 South Palokas Au and Co results Jun
13 2019
PAL0196 3408089.1 7373031.9 90.5 -60 172. 308 317.4 Hut Results Awaited
PAL0197 3408271.4 7373630.1 63 -66.5 173.603 466.8 South Palokas Au and Co results Jun
13 2019
PAL0198 3408414.1 7373660.3 117 -70 174.417 296.2 So uth Palokas Au and Co results Jun
13 2019, VG
PAL0199 3408126.6 7373140.2 215 -80 173.042 386.7 Hut Results Awaited
PAL0200 3408312.2 7373979.0 62 - 61.8 173.8 536.8 Palokas Au and Co results June
3 2019
PAL0201 3408545.8 7372603.5 57 -67.25 179.162 281.0 Raja Results here
PAL0201D1 3408545.8 7372603.5 57 -67.25 179.162 195.0-
392.2
Raja Results here
Table 2: Better intersections report from the 2019 Winter Drill Program.
Intersections are reported with a lower cut of 0.5g/t gold over 2 metre lower cut except where highlighted with **. No upper cut-off was applied.
Prospect HoleID from (m) to (m) width (m) Au g/t Co ppm AuEq g/t
Raja PAL0159 419.0 437.0 18.0 0.5 547 1.4
including 419.0 420.2 1.2 0.2 378 0.8
including 422.0 426.0 4.0 0.3 1377 2.5
Raja PAL0159 434.0 437.0 3.0 2.3 672 3.4
Raja including 429.0 432.0 3.0 0.1 488 0.9
Raja PAL0159 451.0 455.5 4.5 1.9 754 3.2
Raja PAL0161 305.5 313.0 7.5 0.0 636 1.1
Raja PAL0161 336.0 338.0 2.0 2.1 362 2.7
Raja PAL0161 344.0 349.0 5.0 2.3 600 3.3
Raja PAL0162 323.0 324.0 1.0 0.0 701 1.2
Raja PAL0162 452.0 453.0 1.0 0.0 562 0.9
Raja PAL0163 416.6 419.4 2.8 0.0 6604 10.9
Raja PAL0164 406.0 414.3 8.3 0.4 519 1.3
Raja PAL0164 418.4 419.7 1.3 0.0 546 0.9
Raja PAL0166 55.3 56.3 1.0 0.1 355 0.6
Raja PAL0166 67.8 68.8 1.0 0.0 568 1.0
Raja PAL0166 76.6 77.6 1.0 0.1 596 1.1
Raja PAL0166 79.3 80.3 1.0 0.0 958 1.6
Raja PAL0169 522.3 524.4 2.1 0.1 368 0.7
Raja PAL0171 299.0 300.1 1.1 0.0 528 0.9
Raja PAL0172 120.0 122.0 2.0 0.0 541 0.9
Raja PAL0172 329.0 332.0 3.0 0.0 573 1.0
South Palokas PAL0173 232.0 233.7 1.7 0.3 363 0.9
South Palokas PAL0173 264.0 281.0 17.0 3.0 827 4.3
including 264.0 269.0 5.0 4.9 536 5.8
including 276.1 281.0 4.9 4.6 1805 7.6
South Palokas PAL0173 380.0 381.1 1.1 0.8 426 1.5
South Palokas PAL0173 384.8 388.8 4.0 0.7 300 1.1
Raja PAL0176 14.0 15.6 1.6 2.4 58 2.5
Raja PAL0176 20.5 31.9 11.4 0.8 382 1.4
Raja PAL0176 33.8 35.7 1.9 1.0 105 1.2
Raja PAL0176 49.0 52.0 3.0 3.8 86 4.0
Rumajärvi PAL0179 6.0 10.7 4.7 1.0 578 1.9
Rumajärvi PAL0179 37.0 38.0 1.0 0.1 311 0.6
Rumajärvi PAL0179 39.0 40.0 1.0 0.0 592 1.0
Rumajärvi PAL0179 48.0 51.0 3.0 0.0 344 0.6
Rumajärvi PAL0179 73.8 76.3 2.5 0.1 342 0.6
Rumajärvi PAL0182 86.3 93.7 7.4 3.4 597 4.4
Rumajärvi PAL0183 54.3 55.1 0.8 0.4 728 1.6
Rumajärvi PAL0183 112.3 114.2 1.9 0.1 364 0.7
Rumajärvi PAL0183 142.5 143.1 0.6 2.2 340 2.8
Rumajärvi PAL0184 117.6 118.6 1.0 1.3 206 1.7
Raja PAL0187 400.4 401.8 1.4 0.1 1345 2.3
Raja PAL0187 416.0 417.0 1.0 0.0 684 1.1
Raja PAL0188 298.3 329.6 31.3 4.3 1030 6.0