Mawson Magnetic Survey Highlights New Exploration Targets in Finland
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE September 6, 2022
Mawson Magnetic Survey Highlights New Exploration Targets in Finland
Vancouver, Canada — Mawson Gold Limited (“Mawson”) or (the “Com pany”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) announces the results of its rece ntly acquired drone-based magn etic survey encompassing a
large and untested area of its 18,000 ha 100% owned Rompas-Rajapalot gold-cobalt project in northern Finland.
Highlights:
New magnetic survey shows more than 30 gold targets over 4 km by 4 km area (Figure 1).
Target structures dated the same age as the property wide mineralizing event, and importantly, a
key gold mineralizing age in Lapland (1.8 billion years).
This larger target area remains undrilled, despite location between the Rajapalot (1.04 Moz AuEq
inferred resource) and Rompas ( 6 m at 617 g/t gold ) discoveries, and coinciding with a large (3
km x 2 km) C-horizon till anomaly.
Target testing by partial leach and base of till (BOT) geochemi cal sampling based on priority and
permit status, commencing immediately.
Mr. Fairhall, CEO, states: “Our recent magnetic survey has opened-up the camp scale of th e opportunity of
our large 100% ground holding in Finland. The Rompas and Rajapalot discoveries, which are separated by 8
km, have already proven intense gold flux across the width of our property. We can now marry those gold rich
fluids with structures active at the same time - perfect gold emplacement conditions, and critical factors in the
biggest discoveries in Finland.
With the Rajapalot gold-cobalt PEA in progress, Mawson is executing on its strategy to not just find, but also
de-risk ounces to create value for shareholders.”
In June 2022, Mawson commissioned a 3,000 ha drone-based magnetic survey to map an undrilled area of its 18,000 ha
land holding (Figure 2). Interpretation of the data was enhanced by Mawson’s regional and permit-wide knowledge gained
by field sampling, lithogeochemistry and a deep understanding of the timing and formation of gold in the adjacent Rompas
(to the west) and Rajapalot (to the east) project areas (Figures 2 & 3). A structural and stratigraphic interpretation of the
Rompas-Rajapalot project (Figure 3) has now been completed for the first time, and Mawson can now extend its search for
gold and cobalt to the central parts of the permit where no exploration, including drilling, has yet been conducted.
Mawson’s Rajapalot and Rompas discoveries are located within a 100%-owned contiguous permit package, and occur within
the same-age rocks as the highly gold-enriched Lapland Greensto n e b e l t , h o s t t o A g n i c o E a g l e ’ s K i t t i l ä M i n e , R u p e r t
Resources’ Ikkari discovery (ca 4 Moz) and Risti (B2 Gold-Aurion, JV).
At Rajapalot, our 1.04 Moz AuEq gold-cobalt Inferred Mineral Resource has been delineated at the intersection of structures
moderately developed within a well-defined stratigraphy and has been the almost-exclusive focus of Mawson’s exploration
effort in Finland since drilling out the Rajapalot resource com menced in 2017. At Mawson’s earlier Rompas discovery,
bonanza grades including 6 m at 617 g/t Au from 7 m (hole ROM00 11, which includes 1 m at 3,540 g/t gold from 11 m)
formed where fluids were concentrated within and adjacent to ur aninite grains within folded dolomite veins in mafic host
rocks. Both discoveries are the product of the same, evidently intense, mineralizing event dated to approximately 1.8 billion
years over a 100 sq km area.
Rupert’s Ikkari and B2/Aurion’s Risti discoveries, and the well -known Kittilä mine highlight the importance of structural
intensity in the emplacement of gold. Where these structures we re active during the Finland-wide mineralizing event,
significant deposits have formed. Despite defining a 100 sq km gold district at Rompas-Rajapalot, Mawson has not focused
on this target style up to now. The new magnetic survey has now identified additional opportunities to find further gold
with a larger structural input than previously identified in Mawson’s project area.
Mawson has developed more than 30 targets (examples shown in Fi gure 1) to be tested using a combination of partial
leach and base-of-till (BOT) methods, selected as appropriate f o r tar g et p r i or i ty an d p er m i t s tatu s . Tar g et te sti n g w i l l
commence immediately.
Figure 1 shows detail on targets, including three highlighted t o indicate the features that go into choosing a target for
testing.
Figure 1. Selected gold target polygons shown over stratigraphic and structural interpretation of unexplored central region
of Mawson’s permits. Three target polygons are numbered here to highlight examples of the components that go into
forming a target for investigation.
1) Elongate, north-west striking combined fault-fracture system terminated by magnetic low. This feature
contains both a transgressive conductor and a coincident magnetic zone.
2) Fault zone commencing at thrust fault where the oxidized low er package (Package 1 – oxidized rocks) is thrust
over the younger sulphidic and mafic package (Package 2 – reduced rocks). This fault also breaks the N-S
striking conductive rocks, a feature regarded as forming from the alteration of pyrrhotite to pyrite (an
association recorded elsewhere as related to gold deposition).
3) Reactivated fault zone extending from Package 1 rocks throug h Martimo-Package 2 boundary. Deep-seated,
likely long-lived fault forming the northern boundary of the Martimo rocks.
The prospective host package to gold mineralization includes me tasediments, mafic and ultramafic rocks and quartzites.
These rocks are variably sulphidic (pyrite and pyrrhotite) and are distinctive with magnetic and conductive geophysical
properties. Of particular importance is the mapping of faults a nd folds, especially where faul ts cut the prospective host
package – these are the locations where gold is most likely deposited (“targets”).
Mawson has collected 2,808 surficial soil and till samples over an area exceeding 55 km by 30 km across the larger Rompas-
Rajapalot area. Sample spacing has ranged from 1 km to 250 m. K nown gold mineralization correlates well with surficial
soil anomalies and many untested surface targets remain over a larger area. The three largest gold-tungsten anomalies
occur at Rompas, Rajapalot, and the third coincides with the ar ea in between which has been the focus of this magnetic
survey (Figure 4).
Technical Background and Qualified Person
The Qualified Person, Dr Nick Cook , Chief Geologist of Mawson G old and a Fellow of the Australasian Institute of Mining
and Metallurgy, has reviewed and verified the technical contents of this release.
Radai Oy carried out an airborne magnetic survey of Karhurommas about 40 km west of Rovaniemi in the Finnish Lapland.
The survey was made using unoccupied aerial vehicles (UAVs) on behalf of Mawson Oy. The survey was completed in a
single measurement campaign during June 7–8, 2022. The UAV flig ht operations were carried out by Dronnair Oy. The
separation between the EW-directed flight lines and the NS-directed tie-lines was 30 m and 300 m, respectively. According
to the flight plan, the total length of the 297 flight lines and 27 tie-lines was about 774 km + 77 km = 851 km. The nominal
flight altitude was set at 37.5 m above ground level defined by DEM.
The magnetic survey in Karhurommas consisted of survey flights made with the Puffin VTOL (vertical take-off and landing)
drones equipped with Radai’s multipurpose RMP dataloggers. The magnetic field was measured by a digital 3-component
fluxgate magnetometer located in the tail boom of the drone. In addition to the three orthogonal components of the
magnetic field, the datalogger records temperature and barometric pressure, which is used to determine barometric flight
altitude. The GNSS (GPS+Glonass) time (UT) and position (latitude, longitude and altitude) are also recorded. Optional IMU
(inertial measurement unit) is used to record the orientation (roll, pitch and yaw) of the drone. During flight, the horizontal
accuracy of the GNSS positioning is better than ±0.5 m and vertical accuracy is about ±1 m.
Gold equivalent “AuEq” = Au+(Co/1005) based on assumed prices of cobalt US$23.07/lb and gold US$1,590/oz. Details of
Mawson’s Inferred Mineral Resource can be read in the Company’s news release dated August 26, 2021.
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 its 100% owned flagship Rajapalot gold-cobalt project in Finland, and right to earn into the Skellefteå North gold project
in Sweden. Mawson also owns 60% of Southern Cross Gold Ltd (ASX:SXG) which in turn owns three high-grade, historic epizonal goldfields
covering 470 km2 in Victoria, Australia.
On behalf of the Board,
"Ivan Fairhall”
Ivan Fairhall, Director and 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
(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: capital and other costs varying significantly from estimates;
changes in world metal markets; changes in equity markets; ability to achieve goals; that the political environment in which the Company
operates will continue to support the development and operation of mining projects; the threat associated with outbreaks of viruses and
infectious diseases, including the novel COVID-19 virus; risks related to negative publicity with respect to the Company or th e mining
industry in general; reliance on a single asset; planned drill programs and results varying from expectations; unexpected geol ogical
conditions; local community relations; dealings with non-govern mental organizations; delays in operations due to permit grants ;
environmental and safety risks; and other risks and uncertainti es disclosed under the heading "Risk Factors" in Mawson's most recent
Annual Information Form filed on www.sedar.com. While these fac tors 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 2: New drone magnetic survey image in central area of Mawson permits. The area adjacent to the new central survey
contains older Mawson magnetic survey data overlying older public GTK survey data. Conductive areas are shown with the
dotted polygons. The grey areas lie outside Mawson’s 100%-owned permits. Location of resources (named prospects) at
Rajapalot, in addition to North and South Rompas prospect areas are also shown.
Figure 3: Interpretation of main geological units as packages ( stratigraphy), structures (faults and folds) developed for
t a r g e t c r e a t i o n i n M a w s o n ’ s R o m p a s - R a j a p a l o t p r o j e c t a r e a . K e y to this map is the understanding of the relationship
between “young” faults and the Package 2 rocks. Many of these y oung faults are interpreted to be approximately 1.8 Ga
and active during the time of gold-bearing hydrothermal fluids flow. And, for the first time, the location of the boundary of
overturned rocks (D1 event) has been identified showing the Raj a and East Joki prospect resources lying within an
overturned domain. The grey areas lie outside Mawson’s 100%-own ed permits. Location of resources at Rajapalot, in
addition to North and South Rompas prospect areas are also shown.
Figure 4: C-horizon till data, using combined levelled gold and tungsten sample assay values. Tungsten is commonly found
spatially related to gold mineralization at Rajapalot in the mineral scheelite