Mawson Reports GOLD-Cobalt Drill Results from Three Prospects at Rajapalot
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE June 27, 2018
MAWSON REPORTS GOLD-COBALT DRILL RESULTS FROM THREE PROSPECTS AT RAJAPALOT
Additional Cobalt Improves Result to 33.6 metres @ 9.7 g/t Au Eq (22% increase)
Vancouver, Canada — Mawson Resources Limited (“Maws on”) or (the “Company”) (TSX: MAW) (Frankfurt:
MXR) (PINKSHEETS: MWSNF) announces results from ten holes drilled at the Company’s 100% owned Rajapalot gold-
cobalt project in Northern Finland during the winter 2018 program.
Eight new holes are reported from three prospect areas while cobalt assays are provided from two holes where gold-only
values were previously available. All ho les except one intersected gold-cobalt mineralization, with results delivering
increased confidence and extensions of the cobalt-gold mineralization at Rajapalot. Thirty-six holes from a total of 75 drilled
have now been reported from the winter program.
Key Points:
New cobalt assays, when added to the previously reported gold-only assays from PAL0093 at the Raja prospect returned
33.6 metres @ 9.7 g/t Au Eq (“gold equivalent”), 8.0 g/t gold, 823 ppm cobalt from 243.0 metres, increasing
the previously reported gold-only result by 22% (31.7 metres @ 8.4 g/t gold from 244.1 metres) (Figures 1 and 2);
PAL0119 intersected 4.0 metres @ 6.7 g/t Au Eq, 6.6 g/t gold, 74 ppm cobalt from 19 metres at Raja. This
new near-surface structurally-controlled gold mineralization was discovered 230 metres to the SSE of PAL0093 (Figure
3);
Cobalt assays from Raja continue to indicate the strong spatial relationship with gold but with a larger halo, as shown
in Figure 3;
The mineralized zone at the Palokas prospect, located 2 kilometres NNW of Raja, has been extended 100 metres down
plunge (Figures 1 and 4);
Drilling at Hirvimaa, located outside Natura 2000 and a pproximately 1 kilometre NE of Palokas has defined the
mineralized system at least one kilometre further than previously identified (Figure 1);
The winter diamond drill program totalled 16,204 metres in 75 drill holes across four exploration permit areas. Including
those published here, assays from 36 drill holes have been released from Rajapalot and East Rompas. A further 39 drill
holes are currently being logged and assayed.
Diamond drilling is planned to restart during September 2018 at Hirvimaa, Raja and Männistö exploration permit areas;
Ground magnetic and electromagnetic surveying is planned to commence in late June and September respectively.
Mr. Hudson, Chairman and CEO, states, "Rajapalot continues to present new and exciting opportunities with every additional
result. We continue to be encouraged by the broad uplift in gold-equivalent grades after the addition of cobalt assays,
particularly in PAL0093 which assayed 33.6 metres @ 9.7 g/t Au Eq. New targets continue to be generated as evidenced
by the near-surface structural zone of mineralization discovered at Raja with PAL0119 intersecting 4.0 metres @ 6.7 g/t
Au Eq. Known mineralization was extended at Palokas, 1.8 kilo metres from Raja, where the mineralized position was
successfully extended down-plunge by 100 metres. Furthermore, our increased geological knowledge of the mineralized
system has facilitated regional targeting with 1-2 kilometre step out holes. With thousands of gold and cobalt assays still in
the laboratory, we look forward to announcing data as they become available.”
Assays from ten holes are reported: PAL0083, 90, 93 (cob alt only), 95, 104 (cobalt only), 107, 119, 124 (gold only), 139
and 143 from the Raja, Palokas and Hirvimaa prospects. All holes, except PAL0124 (gold-only assays to date) hit anomalous
gold and/or cobalt mineralization. A plan view of the drill resu lts and named prospects is provided in Figure 1. Cross and
longitudinal sectional views and prospect plan views are included in Figures 2–4. Tables 1–3 include all relevant collar and
assay information. Assuming a predominant stratabound control, the true thickness of the mineralized interval is interpreted
to be approximately 90% of the sampled th ickness. Intersections are reported with a lower cut of 0.5 g/t gold or 0.5 g/t
gold equivalent when cobalt assays were available, over 1 metre width and no upper cut-off was applied. The gold equivalent
(Au Eq) value was calculated using the following formula: Au Eq g/t = Au g/t + (Co_ppm/481) with assumed prices of Co
$88,185/t; and Au $1,320/oz, where 1 g/t Au is equivalent to 0.048 % Co.
Raja Prospect
Drilling has successfully delineated extensions to known gold areas, including the Raja prospect where gold mineralization
has been discovered over 470 metres down plunge. Mineralization is unconstrained down-plunge and partly across strike.
The gold mineralization contains sufficient associated sulphide to form an electrical conductor, and VTEM geophysical data
indicates a down-plunge extent from surface for over 800 metr es. The structurally-controlled mineralized footprint trends
approximately 340 degrees and is oblique to the surface orientation of the host strata. Highlights include:
The first cobalt assays from the Raja project from this year’s drilling were returned and continue to add significant
value to the gold zones:
Cobalt assays from PAL0093 increased the gold equivalent intersection over previously reported gold-only result
by 22% with 33.6 metres @ 8.0 g/t gold (“Au”), 823 ppm Cobalt (“Co”) or 9.7 g/t Au Eq from 243.0
Figures 1 and 2 compare with the previously reported re sults of 31.7 metres @ 8.4 g/t Au from 244.1 metres
– Mawson News Release March 01, 2018 (Figures 1, 2 and 3);
New results are reported for near surface hole, PAL0119 , drilled 230 metres to the SSE of PAL0093 which
intersected 4.0 metres @ 6.7 g/t Au Eq, 6.6 g/t gold, 74 ppm cobalt from 19 metres (Figure 3) . This hole
defined a higher structurally-controlled zone of gold mineralization than previously observed at Raja, which may
present opportunities for extending the mineralized system;
16 drill holes were completed at Raja during the winter 2018 season of which 4 have been assayed for cobalt and
gold (PAL0093, PAL0104, PAL0107, PAL0119). Cobalt assays are awaited for the remaining 12 holes;
Gold mineralization at Raja has a drilled down-plunge extent of over 470 metres. Mineralization remains open down
plunge with an airborne VTEM conductor suggesting continuation down-plunge to over 900 metres;
Palokas Prospect
At Palokas (Figures 1 and 4), 2 kilometres NNW of Raja, drillin g has extended mineralization for an additional 100 metres
with the total down-plunge extent now exceeding 330 metres. New results are:
PAL0090: 8.9 metres @ 3.1 g/t Au Eq, 1.1 g/t gold, 947 ppm cobalt from 173.1 metres;
PAL0095: 5.9 metres @ 1.4 g/t Au Eq, 0.6 g/t gold, 394 ppm cobalt from 227.2 metres;
Regional Prospects
With increased geological knowledge, the mineralized system has now been targeted at both Hirvimaa, 1 kilometre NE of
Palokas (Figure 1) and at Raja East, 1.8 kilometres to the ENE of the Raja prospect.
Drilling at Hirvimaa, located 1 kilometre NE of Palokas and outs ide the Natura 2000 area, revealed a continuation of the
prospective stratigraphic mineralized sulphide position and extended the mineralized system at least one kilometre further
than previously identified. Both reported drill holes intersected pyrite with low grade gold but elevated cobalt mineralization,
including: PAL0143: 4.1 metres @ 386 ppm Co (0.8 g/t Au Eq) from 93.1 metres and PAL0139: 2.0 metres @ 365 ppm Co
(1.4 g/t Au Eq) from 41.6 metres.
In addition, 1.8 kilometres to the ENE of Raja prospect, the same interpreted altered host sequence has been discovered
in the most recent drilling.
General Observations
A cobalt geometallurgical study has commenced to investigate the relationships of the cobalt minerals (cobaltite and cobalt
pentlandite) to the gold, sulphide and silicate minerals. This is being conducted with the Geological Survey of Finland (GTK)
and the Camborne School of Mines (University of Exeter).
Initial interpretations of the pilot hyperspectral study of drill core from the Raja prospect shows significant variation in the
compositions of hydrous minerals associated with gold and cobalt mineralization, in particular muscovite species. Research
projects in cooperation with the Geological Survey of Finland (GTK) and Oulu University Graduate students will help to
define the extent, nature and controls of the hydrothermal alteration responsible for the gold-cobalt mineralization at
Rajapalot.
Diamond drilling is planned to restart during September 2018 at Hirvimaa, Raja and Männistö exploration permit areas.
Further ground magnetic work and planning of ground and downhole electromagnetic surveys to further refine winter 2019
drill targets, in particular, the down-plunge continuity of Raja prospect continues. Ground magnetic surveys will commence
in late June and electromagnetic surveys in September 2018.
Technical and Environmental Background
Five diamond drill rigs from the Arctic Drilling Company OY (“ADC”), Oy Kati Ab (“Kati”) and MK Core Drilling OY (“MK”), all with water
recirculation and drill cuttings collection sy stems were used for the drill program. Co re diameter is NQ2 (50.7 mm) or WL76 (57 .5mm)
diameter core. Core recoveries were excellent and average close to 100% in fresh rock. After phot ographing and logging in Mawso n’s
Rovaniemi facilities, core intervals averaging 1 metre for minera lized samples and 2 metres for barren samples 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.
Three laboratories are being used to conduct gold and multi-elem ent assay work. Samples were transported by Mawson personnel or
commercial transport from site to the CRS Minlab Oy facility in Kempele, Finland, or to the AL SGlobal sample preparation facili ty at
Sodankylä, Finland. Samples submitted to Kempele were prepared and analyzed for go ld using the PAL1000 technique which involves
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 ke tone) extraction method was also used. Sa mples transported for gold assay to Sodan kylä
were analysed using 50 g fire assay and ICP finish method Au-ICP22.
Multi-element analytical work was conducte d by MS Analytical and ALSGlobal using me thods 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 insertio n of certified standards of known gold content, duplicate samples by
quartering the core, and blanks the within interpreted mineralized rock. In addition, all three laboratories insert blanks and standards
during the analytical process.
The qualified person for Mawson's Finnish projects, Dr. Nick Cook , President for Mawson and a Fell ow of the Australasian Instit ute 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 ha s 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"
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 Mar 01, 2018in, 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. Forwar d-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 forwar d-looking statements are not guar antees of future results or p erformance, 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 meta l markets, changes in equity markets, planned drill programs a nd 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, envi ronmental and safety risks, and other risks and uncertainties dis closed 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 upd ate any forward-looking
statement, whether as a result of new information, future events or results or otherwise.
Table 1: Better intersections from the 2018 Winter Drill Program.
Intersections are reported with a lower cut of 0.5g/t gold over 2 metre lower cut. No upper cut-off was applied.
Hole ID Depth
From (m)
Depth To
(m)
Width
(m)
Au (g/t) Co ppm AuEq
ppm
Au
Reported
Co
Reported
PAL0083 45 46 1 2.6
2.6 Here TBA
PAL0085 124 133.9 9.9 4.1
1-Mar-18 TBA
PAL0085 137.9 138.9 1 0.5
1-Mar-18 TBA
PAL0085 170 171 1 1.7
1-Mar-18 TBA
PAL0088 142 143.4 1.4 0.6
10-Apr-18 TBA
PAL0088 205 206 1 0.6
10-Apr-18 TBA
PAL0089 86.65 88.65 2 1.2
1-Mar-18 TBA
PAL0089 92.45 93.45 1 1.7
1-Mar-18 TBA
PAL0089 101.2 102.2 1 0.6
1-Mar-18 TBA
PAL0090 162.5 166.4 3.9 0 548 1.2 Here Here
PAL0090 173.1 182 8.9 1.1 947 3.1 Here Here
PAL0090 218.35 219.25 0.9 0.1 260 0.6 Here Here
PAL0090 227.7 228.65 0.95 0 604 1.3 Here Here
PAL0091 145.9 155.8 9.9 2.5
1-Mar-18 TBA
including 155 155.8 0.8 19.9
1-Mar-18 TBA
PAL0091 159.4 160.5 1.1 0.9
1-Mar-18 TBA
PAL0091 248.6 251.7 3.1 2.3
1-Mar-18 TBA
PAL0091 256.5 257.4 0.9 0.6
1-Mar-18 TBA
PAL0092 246 250 4 17.7
22-May-18 TBA
PAL0093 186 187 1 0.6 58 0.7 1-Mar-18 Here
PAL0093 203 204 1 0.1 401 0.9 1-Mar-18 Here
PAL0093 243 276.55 33.55 8 823 9.7 1-Mar-18 Here
PAL0093 280.4 281.4 1 6.8 206 7.3 1-Mar-18 Here
PAL0095 214.8 216.8 2 0.2 360 0.9 Here Here
PAL0095 217.85 218.85 1 0 392 0.8 Here Here
PAL0095 220.75 221.45 0.7 1.1 558 2.3 Here Here
PAL0095 224.15 225.15 1 0 439 0.9 Here Here
PAL0095 227.15 233 5.85 0.6 394 1.4 Here Here
PAL0095 235 237 2 0.4 290 1 Here Here
PAL0095 279.7 280.7 1 0.2 554 1.4 Here Here
PAL0095 283.75 284.7 0.95 0.1 269 0.6 Here Here
PAL0095 285.6 287.8 2.2 0.1 572 1.3 Here Here
PAL0095 298.5 299.5 1 0 516 1.1 Here Here
PAL0095 309 310 1 0 257 0.5 Here Here
PAL0095 321 321.85 0.85 0 429 0.9 Here Here
PAL0097 164 165 1 0.7
10-Apr-18 TBA
PAL0097 169.6 170.6 1 0.7
10-Apr-18 TBA
PAL0097 197 198.3 1.3 0.7
10-Apr-18 TBA
PAL0097 200.3 201.4 1.1 0.6
10-Apr-18 TBA
PAL0097 256.6 264.3 7.7 1.5
10-Apr-18 TBA
PAL0097 269.3 270.3 1 1.5
10-Apr-18 TBA
PAL0097 281.3 285.3 4 1.9
10-Apr-18 TBA
PAL0097 290.5 291.6 1.2 2.5
10-Apr-18 TBA