Mawson Drills 1.3 Metres @ 25.3 G/T GOLD and 0.5 Metres @ 23.0 G/T GOLD at Joki East
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE NOVEMBER 25, 2020
MAWSON DRILLS 1.3 METRES @ 25.3 g/t GOLD AND 0.5 METRES @ 23.0 g/t GOLD AT JOKI EAST
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) is pleased to announce it has drill intersected further high-grade gold at the Joki East prospect
at the 100% owned Rajapalot Project in Finland. Joki East is located 1,600 metres north-east of the Raja resource area and
is permitted for year-round drill access (Figure 1).
Key points:
PAL0245 returned 1.3 metres @ 25.3 g/t gold from 177.1 metres, 0.5 metres @ 23.0 g/t gold from 191.0
metres and 1.7 metres @ 3.4 g/t gold from 194.8 metres;
o First observation of multiple levels of mineralization at Joki East;
o Encouraging thickness and continuity developing down plunge;
o PAL0245 was drilled 60 metres north west of PAL0241, the discovery hole at Joki East, that intersected 1.6
metres @ 28.3 g/t gold from 168.6 metres (News Release 10 November, 2020) and 80 metres north west
of PAL0242 returned 1.6 metres @ 19.2 g/t gold from 155.0 metres (News Release 18 November, 2020)
(Figure 1);
First cobalt assays returned from Joki East, adding to previously released gold-only assays, show universal cobalt
enrichment:
o PAL0241 intersected 1.6 metres @ 28.3 g/t gold and 1,190ppm cobalt (29.2 g/t gold equivalent
(“AuEQ”)) from 168.6 metres;
o PAL0242 returned 1.6 metres @ 19.2 g/t gold and 1,478ppm cobalt (20.3 g/t AuEQ) from 155.0
metres;
o A previously reported low-grade gold intersection in PAL0240, intersected significant cobalt 2.4 metres @
0.1 g/t gold and 1,187 ppm cobalt (1.0 g/t AuEQ) from 165.1 metres showing the continuity of
the host package and mineral system outside gold-rich areas;
A total of eight drill holes have been completed at Joki East. Visible gold has been identified in 4 of the 8 drill
holes, including PAL0245 reported here and the visible gold -bearing drill hole PAL0247 yet to be reported. Holes
drilled to date define a body of 50-60 metres across strike and 120 metres down plunge within a modelled
electromagnetic (“EM”) plate with dimensions of 300 me tres by 140 metres. Mineralization remains open in all
directions. The body plunges at 25 degrees to the NW, a similar trend to the mineralized bodies defined in the other
resource areas at Rajapalot. Mineralization so far is thin, but high grade and appears to be thickening down plunge.
Mr. Hudson, Chairman and CEO, states: "Joki East continues to deliver high grades with increased confidence of continuity
with the larger 60 metre step-outs reported here. Gold is no w seen over 3 separate levels augering well for increasing
widths down plunge. With high cobalt values also now seen for the first time , Joki East continues to deliver extremely
positive results. We look forward to further drill assays and for drilling to recommence over the coming weeks.”
In total, 11 diamond drill holes for 2,344.6 metres were completed during the autumn program, as initially announced on
September 23, 2020. This included eight holes at Joki East (PAL0240-247) for 2,084.7 metres, while 2 holes (PAL0237-238)
for 218.2 metres were also drilled at Hirvimaa. PAL0239 was abandoned at 41.7 metres at Joki East and redrilled as
PAL0240. Drilling was targeted using the inferred location of the stratigraphic host to the gold-cobalt mineralization,
transverse structures, combined with ba se-of-till drill hole gold anomalies, cond uctors first recognized in airborne
electromagnetic (“VTEMplus”), and then followed up by ground EM surveys (Figure 1).
Two drill holes are reported here for gold only assays (PAL 0234, PAL0245), and 3 previously reported holes for gold are
reported here with cobalt assays (PAL0240, PAL0241 and PAL0242). PAL0245 returned 1.3 metres @ 25.3 g/t gold
from 177.1 metres, including 0.9 metres @ 36.6 g/t gold from 177.5 metres, 0.5 metres @ 23.0 g/t gold from
191.0 metres and 1.7 metres @ 3.4 g/t gold from 194.8 metres. PAL0245 was drilled 60 metres north west of PAL0241,
the discovery hole at Joki East, that intersected 1.6 metres @ 28.3 g/t gold from 168.6 metres (News Release 10 November,
2020) and 80 metres north west of PAL0242 returned 1.6 metres @ 19.2 g/t gold from 155.0 metres ( News Release 18
November, 2020) (Figure 1). PAL0243 also reported here drilled 32 metres north east of PAL0245 only intersected 0.5
metres @ 2.1 g/t gold from 193.9 metres.
One drill rig will return to Rajapalot in early December (awaiting initial freeze to solidify water-sodden tracks), with 3 further
rigs to be mobilized in late Decemb er 2020-early January 2021. Further drill resu lts will be released as they become
available. Electromagnetic (“EM”) geophysical surveys remain in progress, covering the entire 2 kilometre trend at Joki East
and other prospective areas (Figure 1).
The host rocks to the gold mineralization at Joki East are sim ilar to mineralization observed 1.6 kilometres to the west at
the Raja and Palokas resource areas, and comprise sulphides (pyrrhotite>>pyrite) with biotite-albite schists and Mg-Fe
amphibole-biotite-chlorite rocks +/- scheelite. Veining and fracture fill minerals include pyrrhotite, pyrite and minor
chalcopyrite (+/- quartz, visible gold). Retrograde chlorite after amphibole and vein-controlled chlorite-biotite are also
present. Altered rocks enclosing the mineralized package contain locally minor talc.
One drill rig from Nivalan Timanttikairaus Oy with water recirculation and drill cuttings collection systems was used in the
drill program. Core diameter is NQ2 (50. 7 mm). Core recoveries are excellent an d 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 samples are cut in half at the Geologic al Survey of Finland (GTK) core facilities in Rovaniemi,
Finland. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by
commercial transport from site to the CRS Minlab Oy facility in Kempele, Finland. Samples were 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 measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis
(including cobalt) are pulped at CRS Minlab, then transported by air to the MSA labs in Vancouver, Canada and analyzed
using four acid digest ICP-MS methods. The QA/QC program of Mawson consists of the systematic insertion of certified
standards of known gold content, duplicate samples by quartering the core, and blanks the within interpreted mineralized
rock. In addition, CRS inserts blanks and standards into the analytical process.
Tables 1–2 provide collar and assay data. Assuming a predominant stratabound control, the true thickness of the mineralized
interval is interpreted to be approximately 90% of the sampled thickness. Gold-only intersections are reported with a lower-
cut of 0.5 g/t gold over a 1 metre width. No upper cut-off was applied.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393).
NI 43-101 Technical Report: On September 14, 2020 , an updated resource estimati on was completed by Rodney
Webster of AMC of Melbourne, Australia, and Dr. Kurt Simon Fo rrester of Arn Perspective of Surrey, England. Each of Mr.
Webster and Dr. Forrester 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, 2020 (the
“Updated Technical Report”). The U pdated 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.
The gold equivalent (“AuEq”) value was calculated using the following formula: AuEq g/t = Au g/t + (Co ppm/1430) with
assumed prices of US$1,694 per ounce for golf and US$17.28/lb for cobalt.
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. Maws on has distinguished itself as a leading Nordic
Arctic exploration company with a focus on the flagship Raja palot gold-cobalt project in Finland. More recently it has
acquired three significant epizonal goldfields with a large tene ment portfolio of 471 sq km in the Victorian Goldfields of
Australia, which provides a strategic and diversified portfolio of high-quality gold exploration assets in two safe jurisdictions.
The company will have nine drill rigs turning in four global gold projects during the remainder of 2020.
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 forward-looking information wi thin the meaning of applicable securitie s laws
(collectively, "forward-looking statements") . All statements herein, other than statements of historical fact, are forward-look ing
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 for ward-
looking statements as a result of various factors, including, but not limited to, timing and successful completion of planned drill programs
and results varying from expectations, delays in obtaining results, the Company’s expect ations to find additional resource area s and
expand the Sept 2020 Mineral Resource in Finland, capital and ot her costs varying significantly from estimates, changes in world metal
markets, changes in equity markets, the po tential impact of epidemics, pandemics or other public health crises, including the c urrent
outbreak of the novel coronavirus known as COVID-19 on the Company’s business, planned drill programs and results varying from
expectations, delays in obtaining results, equipment failure, unexpected geological conditions, local community relations, deal ings with
non-governmental organizations, delays in operations due to pe rmit grants, environmental and sa fety 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 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 location of the Rajapalot project showing drill holes drilled during the autumn 2020 drill program, ground TEM conductive plates at Joki East, resource wireframes
from the September 2020 resource estimate, modelled EM plates base-of-till (BOT) anomalous drill holes and the summer permitted Joki East and Hirvimaa target areas.
Table 1: Collar Information autumn 2020 drilling at the Joki East and Hirvimaa prospects at the Rajapalot Project (Finnish Grid, Projection KKJ3).
HoleID East North RL Dip Az Depth (m) Prospect
Comment
PAL0237 3409690 7374570 180.406 -61 220 68.5 Hirvimaa 2 metres @ 95.9 ppm cobalt from 42.1 metres
PAL0238 3409663 7374613 181.126 -77 220 149.65 Hirvimaa 2 metres @ 101.8 ppm cobalt from 86.0 metres
PAL0239 3410303 7372643 151 -66 60 41.7 Joki East Abandoned
PAL0240 3410305 7372644 151.203 -66 60 281.65 Joki East 1 metres @ 0.9 g/t gold from 148.8 metres and 2.4 metres
@ 0.1 g/t gold and 1,187ppm cobalt (1.0g/t AuEQ) from
165.1 metres
PAL0241 3410336 7372660 151.709 -66 60 236.4 Joki East 1.6 metres @ 28.3 g/t gold and 1,190ppm cobalt (29.2g/t
AuEQ) from 168.6 metres;
PAL0242 3410363 7372674 150.709 -66 60 236.8 Joki East 1.6 metres @ 19.2 g/t gold and 1,478ppm cobalt (20.3g/t
AuEQ) from 155.0 metres;
PAL0243 3410309 7372708 151.383 -68 60 239.7 Joki East 0.5 metres @ 2.1 g/t gold from 193.9 metres
PAL0244 3410337 7372726 151.616 -68 62 251.7 Joki East Results TBA
PAL0245 3410275 7372690 151.473 -66 60 257.5 Joki East 1.3 metres @ 25.3 g/t gold from 177.1 metres, including
0.9 metres @ 36.6 g/t gold from 177.5 metres, 0.5 metres
@ 23.0 g/t gold from 191.0 metres and 1.7 metres @ 3.4
g/t gold from 194.8 metres
PAL0246 3410267 7372745 152.58 -71 60 287.55 Joki East Results TBA
PAL0247 3410211 7372728 151.791 -65 61 293.4 Joki East Results TBA, visible gold identified
Table 2: Individual assay data from drill holes reported in this press release.
HoleID From (m) To (m) Length (m) Au g/t Co ppm
PAL0240 165.05 166.05 1 0.1 755.5
PAL0240 166.05 166.7 0.65 0.2 1928.3
PAL0240 166.7 167.45 0.75 0.1 1118.7
PAL0240 167.45 168.45 1 -0.1 1186.6
PAL0241 168.55 169.4 0.85 22.0 603.6
PAL0241 169.4 170.15 0.75 35.5 1854.6
PAL0242 154 155 1 1.2 243.8
PAL0242 155 156 1 26.0 1681.7
PAL0242 156 156.6 0.6 7.9 1137.8
PAL0242 156.6 157 0.4 0.1 707.4
PAL0242 157 157.55 0.55 0.5 621.5
PAL0242 157.55 158.45 0.9 0.3 41.8
PAL0243 192.95 193.25 0.3 0.3
PAL0243 193.25 193.85 0.6 <0.05
PAL0243 193.85 194.35 0.5 2.0
PAL0243 194.35 195 0.65 0.1
PAL0243 195 195.85 0.85 0.5
PAL0245 177.1 177.5 0.4 1.5
PAL0245 177.5 178.35 0.85 36.6
PAL0245 190.95 191.45 0.5 23.0
PAL0245 191.45 192.45 1 <0.05
PAL0245 192.45 193.8 1.35 <0.05
PAL0245 193.8 194.8 1 <0.05
PAL0245 194.8 195.7 0.9 1.2
PAL0245 195.7 196.45 0.75 6.1
PAL0245 196.45 196.9 0.45 0.4