Mawson Drills 5.5 Metres @ 6.9 G/T GOLD and 732 PPM Cobalt Including 1.0 Metre @ 25.4 G/T GOLD at Joki East IN Finland
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE DECEMBER 21, 2020
MAWSON DRILLS 5.5 METRES @ 6.9 g/t GOLD AND 732 ppm COBALT
INCLUDING 1.0 METRE @ 25.4 g/t GOLD AT JOKI EAST IN FINLAND
Vancouver, Canada — Mawson Gold Limited (“Mawson ” or the “Company”) (TSX: MAW) (Frankfurt: MXR)
(PINKSHEETS: MWSNF) is pleased to announce further high-grade gold and cobalt assays from the initial 8 hole drill
program from the Joki East prospect located within 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).
Additionally, Mawson has now commenced its 18,000 kilometre wi nter drill program with the first of four drill rigs now
mobilized to site to commence drilling at Joki East. Three additional drilling rigs will be mobilized in the new year.
Key points:
PAL0247 returned 5.5 metres @ 6.9 g/t gold and 732 ppm cobalt (7.4 g/t AuEq) from 220.9 metres
including 1.0 metre @ 25.4 g/t gold and 617 ppm cobalt (25.8 g/t AuEq) from 223.8 metres:
o PAL0247 is the deepest hole at Joki East with encouraging thickness and continuity of grade developing
down plunge and was drilled 130 metres north west of PAL0241, the discovery hole at Joki East, that
intersected 1.6 metres @ 28.3 g/t gold and 1,190 ppm cobalt (29.2 g/t AuEq) from 168.6 metres (News
Release 10 November, 2020) (Figure 1);
PAL0246 returned 0.6 metres @ 10.3 g/t gold and 725ppm cobalt (10.8 g/t AuEq) from 188.6 metres, 1.0
metre @ 3.2 g/t gold and 766 ppm cobalt (3.8 g/t AuEq) from 208.6 metres and 1.1 metres @ 0.6 g/t gold and
1,156 ppm cobalt (1.4 g/t AuEq) from 211.2 metres:
o PAL0246 was drilled 36 metres northeast of PAL0247 an d are the only two holes on the deepest section
drilled to date at Joki East;
Further cobalt assays returned from Joki East, adding to previously released gold-only assays, show universal cobalt
enrichment:
o PAL0245 intersected 1.3 metres @ 25.3 g/t gold and 2,327 ppm cobalt (26.9 g/t AuEq) from 177.1
metres, including 0.9 metres @ 36.6 g/t gold and 2,539 ppm Co (38.3 g/t AuEq) from 177.5 metres,
0.5 metres @ 23.0 g/t gold and 3, 974 ppm cobalt (25.8 g/t AuEq) from 191.0 metres and 2.1 metres @
2.8 g/t gold and 806 ppm cobalt (3.3 g/t AuEq) from 194.8 metres; and
o A previously reported low-grade gold intersection in PAL0243 intersected significant cobalt: 1.4 metres @
0.8 g/t gold and 966 ppm cobalt (1.5 g/t AuEq) from 193.0 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. Mineralization remains open in all directions and now
extends over at least 130 metres by 35 metres at a minimum. The body plunges at 25 degrees to the NW, a similar
trend to the mineralized bodies defined in the other resour ce areas at Rajapalot. Mineralization so far is thin, but
high grade, and appears to be thickening down plunge;
Mise-a-la-masse geophysics undertaken at Joki East has confirmed the shape and extent of the sulphidic gold-
bearing body up plunge and demonstrated that mineralization shows good connectivity between drill holes; and
Mawson’s 18,000 metre winter drill program with the first of four drill rigs now mobilized to commence drilling at
Joki East. Three additional drilling rigs will be mobilized in the new year.
Mr. Hudson, Chairman and CEO, states: "Joki East continues to deliver high grades of both gold and cobalt with increased
confidence of continuity with further 60 metre step-outs repo rted here. The consistency of high-grade mineralization and
the increasing widths down plunge are encouraging. We have remobilized a drill rig back to Joki East, as part of our large
18 kilometre winter drill program and look forward to further results as they come to hand.”
In total eight holes at Joki East (PAL0240-247) for 2,084.7 metres have been completed. One drill hole is reported here for
gold only assays (PAL0244), two drill holes are reported he re for gold and cobalt assa ys (PAL0246 and PAL0247) and 2
previously reported holes for gold are reported here with cobalt assays (PAL0243 and PAL0245). Drilling was targeted using
the inferred location of the stratigraphic host to the gold-cobalt mineralization, transverse structures, combined with base-
of-till drill hole gold anomalies, conductors first recognized in airborne electromagnetic (“VTEMplus”), and then followed up
by ground EM surveys (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.
In other news, Mawson Oy, Mawson’s 100%-owned subsidiary in Finland, has requested the Lapland Centre for Economic
Development, Transport and the Environment (“ELY”) to arrange a preliminary consultation in accordance with section 8 of
the Environmental Impact Assessment (“EIA”) Procedure Act. The EIA procedure identifies, assesses, and describes the
significant environmental effects of a project and subsequently allows Mawson to consult with the authorities and those
whose conditions or interests may be affected by the project. The EIA procedure is not a permit procedure, but provides
information on the environmental effects of a project that w ill subsequently be taken into account by official authorities
during mine permitting. The EIA program is expected to be completed in 2023. Mawson has also proposed to the regional
municipality of Ylitornio and the city of Rovaniemi that these bodies request the Regional Lapland Council (“Lapin Liitto”) to
initiate regional land use planning for the Rajapalot project.
Technical Information
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 and average close to 100% in fresh rock. After photographing and logging
in Mawson’s Rovaniemi facilities, core intervals averaging 1 metre for mineralized sa mples and 2 metres for barren samples are 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 are transported by commercia l transport from site to the CRS Minlab Oy facility in Kempe le,
Finland. Samples were prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel po ts
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 Maws on 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 estimation was completed by Rodney Webster of AMC of
Melbourne, Australia, and Dr. Kurt Simon Forrester of Arn Perspe ctive 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 Updated 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 t his press
release.
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 a focus on the flagship Rajapa lot gold-cobalt project in Finland. More re cently it has acquired three significant epizonal
goldfields with a large tenement portfolio of 471 sq km in the Victorian Goldfields of Australia, in addition to its significan t exploration
holdings in Mt. Isa, QLD, which provide a strategic and diversified portfolio of high-quality gold exploration assets in two safe jurisdictions.
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 1.4 metres @ 0.8 g/t gold and 966ppm cobalt (1.5g/t
AuEq) from 193.0 metres
PAL0244 3410337 7372726 151.616 -68 62 251.7 Joki East No signific ant gold results. Cobalt assays awaited.
PAL0245 3410275 7372690 151.473 -66 60 257.5 Joki East 1.3 metres @ 25.3 g/t gold and 2,327ppm cobalt (26.9g/t
AuEq) from 177.1 metres, including 0.9 metres @ 36.6 g/t
gold and 2,539ppm Co (38.3g/t Au EQ) from 177.5 metres,
0.5 metres @ 23.0 g/t gold and 3,974ppm cobalt (25.8g/t
AuEq) from 191.0 metres and 2.1 metres @ 2.8 g/t gold
and 806ppm cobalt (25.8g/t AuEq) from 194.8 metres
PAL0246 3410267 7372745 152.58 -71 60 287.55 Joki East 0.6 metres @ 10.3 g/t gold and 725ppm cobalt (10.8g/t
AuEq) from 188.6 metres, 1.0 metres @ 3.2 g/t gold and
766ppm cobalt (3.8g/t AuEq) from 208.6 metres. 1.1
metres @ 0.6 g/t gold and 1,156ppm cobalt (1.4g/t AuEq)
from 211.2 metres
PAL0247 3410211 7372728 151.791 -65 61 293.4 Joki East 5.5 metres @ 6.9 g/t gold and 732ppm cobalt (7.4 g/t
AuEq) from 220.9 metres including 1.0 metre @ 25.4 g/t
gold and 617ppm cobalt (25.8 g/t AuEq) from 223.8
metres
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
PAL0243 192 192.95 0.95 -0.05 123.1
PAL0243 192.95 193.25 0.3 0.34 2625.2
PAL0243 193.25 193.85 0.6 0.025 55.1
PAL0243 193.85 194.35 0. 5 2.05 1063.35
PAL0243 194.35 195 0.65 0.1 216.6
PAL0243 195 195.85 0.85 0.52 200.5
PAL0245 177.1 177.5 0.4 1.46 1876.2
PAL0245 177.5 178.35 0.85 36.55 2539
PAL0245 190.95 191.45 0.5 23 3974.4
PAL0245 191.45 192.45 1 -0.05 5.2
PAL0245 192.45 193.8 1.35 -0.05 27.6
PAL0245 193.8 194.8 1 -0.05 44.9
PAL0245 194.8 195.7 0.9 1.19 545.9
PAL0245 195.7 196.45 0.75 6.14 1530.3
PAL0245 196.45 196.9 0.45 0.36 119.4
PAL0246 188.6 189.2 0.6 10.3 724.7
PAL0246 204.4 205.4 1 0.53 50.9
PAL0246 205.4 206.4 1 0.31 86
PAL0246 206.4 207.5 1.1 0.32 233.8
PAL0246 207.5 208.55 1.05 0.15 43.1
PAL0246 208.55 209.55 1 3.24 765.6
PAL0246 209.55 210.4 0.85 0.05 64
PAL0246 210.4 211.25 0.85 -0.05 43.7
PAL0246 211.25 212.35 1.1 0.64 1156.4
PAL0246 212.35 212.75 0.4 0.08 66
PAL0247 216.6 217.5 0.9 0.7 119.9
PAL0247 217.5 218.5 1 0.61 86.9
PAL0247 218.5 219.4 0.9 0.1 88.9
PAL0247 219.4 220.9 1.5 -0.05 3.4
PAL0247 220.9 221.75 0.85 3.03 453.5
PAL0247 221.75 222.75 1 4.74 1786.2
PAL0247 222.75 223.75 1 2.55 1058.7
PAL0247 223.75 224.75 1 25.4 617.3
PAL0247 224.75 225.25 0.5 0.42 132.4
PAL0247 225.25 226.35 1.1 1.93 67.6
PAL0247 226.35 227.3 0.95 0.07 26.0
PAL0247 227.3 228 0.7 0.77 60.3
PAL0247 228 229 1 0.72 42.0
PAL0247 229 230 1 0.39 61.6
PAL0247 230 231 1 0.18 55.4