Mawson Resou rces Limited (“
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE MARCH 09, 2020
MAWSON DRILLS 7.2 METRES @ 21.7 g/t GOLD
INCLUDING 2 METRES @ 52.7 g/t GOLD IN A 120 METRE STEP-OUT HOLE
Vancouver, Canada — Mawson Resou rces Limited (“Mawson”) or (the “Company”) (TSX:MAW)
(Frankfurt:MXR) (PINKSHEETS: MWSNF) is pleased to announce results from the best drill hole of the 2020 winte r
season, PAL0222, which returned 7.2 metres @ 21.7 g/t gold from 267.9 metres including 2 metres @ 52.7 g/t gold
from 271.0 metres. PAL0222 is a 120 metre step-out that further extends high-grade gold beyond previously defined
resources.
Mawson has completed 34 holes for 14,232 metres, out of a 15,000 metre planned program and released results from 13
drill holes ( 20th January, 5th and 28th February 2020 and here). Drilling continues and the planned pr ogram should be
complete within two weeks. The 2020 program aims to extend and infill mineralization (Figures 1 and 2) and provide data
to allow re-estimation of the December 2018 resource during Q3 2020.
Assay results from only the Palo kas prospect are released here, with two drill holes for gold only (cobalt assays awaited)
and two drill holes for gold and cobalt.
Highlights:
Drill hole PAL0222 at Palokas intersected 7.2 metres @ 21.7 g/t gold from 267.9 metres, including 2 metres
@ 52.7 g/t gold from 271.0 metres within a broader zone of 11.4 metres @ 14.2 g/t gold from 266.9 metres
(Tables 1-3, Figures 1-2);
PAL0222 is located 120 metres down plunge from the nearest infe rred resources block ( > 2 g/t AuEq, Dec.
2018);
Drill hole PAL0221 at Palokas intersected 2.6 metres @ 6.2 g/t gold from 234.3 metres (Tables 1-3, Figures 1-
2);
PAL0221 was drilled 100 metres from the nearest inferred resource block (> 2 g/t AuEq, Dec. 2018);
Drill hole PAL0214 at Palokas intersected 4.8 metres @ 2.4 g/t gold, 894 ppm cobalt, 2.9 g/t gold
equivalent (“AuEq”) from 119.9 metres, including 1.7 metres @ 6.4 g/t gold, 761 ppm cobalt, 6.8g/t AuEq
from 122.0 metres (PAL0214) (Tables 1-3, Figures 1-2);
PAL0214 drilled 30 metres up-dip from the PAL0030 (10.0 metres @ 9.9 g/t gold and 562 ppm cobalt from
110.2 metres);
Drill hole PAL0211 at Palokas intersected 6 metres @ 0.1 g/t gold, 1,904 ppm cobalt, 1.3 g/t AuEq from
246.4 metres (Tables 1-3, Figures 1-2);
PAL0211 drilled 90 metres north-east of PAL0222, intersecting higher-grade cobalt on the flanks of high-grade
gold mineralization;
Palokas remains open at depth and along strike.
Mr. Hudson, Chairman and CEO, states, "The 2020 winter drill program continues to deliver, with an extremely high-grade
result, our best of the season so far with PAL0222 intersecting 7.2 metres @ 21.7 g/t gold, located 120 metres below earlier
defined high-grade resources. Improving grade and continuity of high-grade gold-cobalt mineralization at depth is
particularly encouraging. Strong news flow is anticipated to continue over the coming months with only 13 holes reported
from a total 34 holes drilled to date, with drilling ongoing.”
A plan view of the completed drill holes and the locations of drill hole targeting for this program is shown in Figure 1. Host
rocks at Palokas are in the same reduced stratabound host packa ge as South Palokas. When viewed in a down-plunge
orientation, mineralization, conductive electromagnetic plates and their enclosing rock packages show a similarity across all
prospects. The projected locations (Figure 2) of the drill holes reported in this release on a “grade times width” longitudinal
section highlights the resource expansion potential with an additional 30,000 metres of drilling from 2019 and 2020 to be
incorporated in resource models. The December 2018 resource utilized 15,000 metres of drilling.
Tables 1–3 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. Where cobalt data becomes available, a lower cut
of 0.3 g/t AuEq is used, based on modifying the open pit WhittleTM optimized open pit lower cut-off grade of 0.37 g/t AuEq
developed for the 2018 resource r ecalculated to a dollar value per tonne against current averaged gold and cobalt prices
(and therefore the 2018 resource cutoff 0.37 g/t AuEq is the same value per tonne as 0.30 g/t AuEq today).
Technical and Environmental Background
Up to five diamond drill rigs from the Arctic Drilling Company OY (“ADC”) and Kati OY (“Kati”) all with water recirculation and drill cuttings
collection systems are used in the drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average cl ose to
100% in fresh rock. After photographing and logging in Mawson’s Rovaniemi facilities, core intervals averaging 1 metre for min eralized
samples 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 refere nce 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 gol d 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.
Three-month average gold and cobalt prices have been used to calculate AuEq values according to the following:
Average gold price $1580 per oz
Average cobalt price $14.50 per pound
Resulting in gold equivalent formula of AuEq g/t = Au g/t + (Co ppm/1589).
The host rocks to the gold and cobalt mineralization comprise s ulphides (pyrrhotite>>pyrite) with biotite-muscovite-chlorite schists at
South Palokas and Mg-Fe amphibole-biotite-chlorite rocks at Palokas. Veining and fracture fill minerals include pyrrhotite, magnetite and
magnetite-pyrrhotite (+/- quartz, tourmaline). Retrograde chlorite after biotite, generations of secondary muscovite (“sericite”) and vein-
controlled chlorite+/- tourmaline and magnetite are also present. Preliminary hand-held XRF analysis confirms the presence of associated
scheelite and molybdenite, the former visible under UV light as tiny veinlets and disseminations. The minerals associated with the gold
are clearly post-metamorphic, reduced, and most likely driven by hydrothermal fluids from nearby granitoid intrusions. Chlorite and fine
muscovite are regarded as the lowest temperature silicate minerals with gold, structurally controlled in apparent spatial association with
quartz and/or K-feldspar veins. Altered rocks enclosing the mineralized package contain locally abundant talc and tourmaline.
The qualified person for Mawson's Finnish projects, Dr. Nick Co ok, President for Mawson and a Fellow of the Australasian Insti tute 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 ” ) , i n s u p p o r t o f t h e C o m p a n y ’ s n e w s r e l e a s e d a t e d 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. For rester are independent “qualified persons” as defined by Nation al
Instrument 43-101. The NI 43-101 Te chnical Report may be found on the Company’s website at www.mawsonresources.com or under
the Company’s profile on SEDAR at www.sedar.com. For the 2018 resource, the gold equivalent ("AuEq") value was c alculated using
averaged prices of the time, resulting in the following formula : AuEq g/t = Au g/t + (Co ppm/608) with assumed prices of Co $3 0/lb;
and Au $1,250/oz. AuEq varies with Au and Co prices.
About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)
Mawson Resources Limited is an exploration and developmen t company. Mawson has distingui shed itself as a leading Nordic Arctic
exploration company with a focus on the flagship Rajapalot gold project 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
T h i s n e ws r e l e as e c o n t a i ns f o r w ar d - l o ok i n g s t a t e m e n t s o r f o r w a rd-looking information within the meaning of applicable securiti es 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 t hat such expectations will prove to be correct. Forward-lookin g 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, c hanges in equity markets, planned drill programs and results va rying 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 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 of Rajapalot showing historic drilling and high-grade intersections, outline of 2018 NI43-101 resource, new drill holes reported and modelled ground TEM plates. Purple
outlines represents test areas for drilling this program.
Figure 2: Long section showing outline of 2018 resource and significant intersections over grade-width contours showing new results from PAL0211, 214, 221 and 222 extending mineralization beyond the
current resource areas (red dashed outlines). The view is looking onto mineralized surface at Palokas and South Palokas (this view is looking at 60 degrees towards 110). Red dotted outline represents
the current estimated limits to mineralized rocks, although testing between Palokas and South Palokas is restricted to just four drill holes.
Table 1: Collar Information from 2019-20 Winter drilling at the Rajapalot Project (Finnish Grid, Projection KKJ3; the “A” postscript refers to a daughter
hole off the primary hole and the depth range of the drill hole is indicated)
HoleID East North Azimuth Dip RL Depth (m) Prospect Comment
PAL0201D 3408545.6 7372603.2 56.0 -67.2 179.3 524.6 Raja Results awaited
PAL0202 3408978.0 7374402.6 229 -45 175.9 769.6 Palokas No significant
assays
PAL0202A 3408978.0 7374402.6 229 -45 175.9 451 to 826.7 Palokas
Au reported 5
Feb, 2020, Co
28 Feb, 2020
PAL0203 3408272.5 7373630.5 058 -63 173.6 420.0 South Palokas
Au reported 5
Feb, 2020, Co
28 Feb, 2020
PAL0204 3408522.0 7373604.3 235 -85 173.4 149.2 South Palokas
Au reported 20
Jan, 2020; Co
Feb 28, 2020
PAL0205 3408586.2 7373802.7 058 -49 173.5 191.5 Palokas
Au reported 20
Jan, 2020; Co
Feb 28, 2020
PAL0206 3408463.5 7373917.2 063 -57 173.7 326.2 Palokas
Au reported 5
Feb, 2020, Co
28 Feb, 2020
PAL0207 3408609.8 7373894.5 057 -76 173.7 200.2 Palokas
Au reported 5
Feb, 2020, Co
28 Feb, 2020
PAL0208 3408540.7 7372692.8 052 -75 179.1 555.4 Raja Results awaited
PAL0209 3408471.1 7373638.3 058 -82 173.5 200.7 South Palokas R esults awaited
PAL0210 3408609.8 7373894.5 054 -86 173.7 198.0 Palokas
Au & Co
reported 28 Feb
2020
PAL0211 3408463.5 7373917.2 063 -50 173.7 232.2 Palokas Au & Co
reported here
PAL0212 3408255.2 7373708.2 059 -75.5 172.5 492.5 South Palokas Results awaited
PAL0213 3408272.5 7373630.5 060 -73. 5 173.6 509.3 South Palokas
Au & Co
reported 28 Feb
2020
PAL0214 3408609.8 7373894.5 057 -52 173.7 154.3 Palokas Au & Co
reported here
PAL0215 3408676.1 7374105.0 237 -77. 5 173.8 395.5 Palokas Resul ts awaited
PAL0216 3408463.5 7373917.2 062 -65 173.7 344.6 Palokas Results awaited
PAL0217 3408540.7 7372692.8 052 -79. 5 179.1 519.2 Raja Results awaited
PAL0218 3408310.5 7373979.7 075 -58 173.8 469.4 Palokas Results awaited
PAL0219 3408272.5 7373630.5 059 -57. 9 173.6 419.7 South Palokas Results awaited
PAL0220 3408255.2 7373708.2 062 -80 172.5 501.1 South Palokas Results awaited
PAL0221 3408463.5 7373917.2 096 -53. 5 173.7 280.4 Palokas Au re ported here
PAL0222 3408463.5 7373917.2 066 -71.5 173.7 355.1 Palokas Au reported here
PAL0223 3408272.5 7373630.5 061 -79 173.6 404.1 South Palokas R esults awaited
PAL0224 3408168.5 7373753.6 063 -78.5 171.4 560.6 South Palokas Results awaited
PAL0225 3408255.2 7373708.2 070 -85 172.5 490.9 South Palokas R esults awaited
PAL0226 3408540.7 7372692.8 053 -83.5 179.1 487.8 Raja Results awaited
PAL0227 3408463.5 7373917.2 069 -77. 5 173.7 359.4 Palokas Resul ts awaited
PAL0228 3408463.5 7373917.2 110 -67 173.7 311.4 Palokas Results awaited
PAL0229 3408168.5 7373753.6 056 -81. 2 171.4 635.5 South Palokas Results awaited
PAL0230 3408486.6 7372775.8 047 -82 177.0 631.5 Raja Results awaited
PAL0231 3408463.5 7373917.2 073 -82. 7 173.7 396.6 Palokas Resul ts awaited
PAL0232 3408270.3 7373875.9 057 -60 173.8 521.0 Palokas Results awaited
PAL0233 3408585.8 7373802.5 058 -70 173.5 167.5 Palokas Results awaited
Table 2: Intersections from the 2019-20 Winter Drill Program. Intersections are reported with a lower cut of 0.3g/t AuEq (using updated gold and cobalt
prices of $1580 per ounce and 14.50 per pound respectively) over 1 metre lower cut. No upper cut-off was applied.
Prospect hole_id From (m) To (m) width (m) Au g/t Co
ppm
AuEq
Palokas PAL0202A 771.4 781.5 10.1 0.6 317 0.8
South Palokas PAL0203 303.0 315.0 12.0 5.4 2221 6.8
including 303.0 311.0 8.0 7.9 2672 9.6
South Palokas PAL0204 88.2 89.1 0.9 1.7 881 2.3
South Palokas PAL0204 93.7 103.0 10.3 5.7 961 6.3
including 97.0 103.0 6.1 8.4 901 8.9
Palokas PAL0205 101.0 105.5 12.9 1.8 590 2.2
including 101.0 104.0 3.0 6.4 606 6.8
Palokas PAL0205 114.0 118.0 4.0 <0.05 820 0.5
Palokas PAL0206 249.8 255.2 5.4 0.1 1189 0.8
Palokas PAL0206 262.2 264.2 2.0 14.1 370 14.4
Palokas PAL0206 296.4 299.2 2.8 0.8 880 1.3
Palokas PAL0206 395.3 308.3 3.0 <0.05 2324 1.5
Palokas PAL0207 117.3 119.3 2.0 <0.05 678 0.4
Palokas PAL0207 121.6 125.6 4.0 0.3 383 0.6
Palokas PAL0207 145.2 148.6 3.4 0.7 552 1.1
Palokas PAL0207 150.8 158.4 7.6 1.6 506 2.0
Palokas PAL0207 164.0 166.0 2.0 <0.05 578 0.4
Palokas PAL0207 170.8 172.0 1.2 <0.05 1398 0.9
Palokas PAL0210 128.3 151.7 23.4 1.0 565 1.4
Palokas PAL0210 153.6 158.1 4.5 3.9 302 4.1
Palokas PAL0211 246.4 252.3 6.0 0.1 1904 1.3
Palokas PAL0211 293.9 296.8 2.9 0.9 159 1.0
South Palokas PAL0213 250.2 252.0 1.8 2.8 150 2.9
South Palokas PAL0213 256.0 257.0 1.0 2.2 222 2.3
South Palokas PAL0213 261.0 263.0 2.0 0.8 257 1.0
South Palokas PAL0213 293.0 310.7 17.7 3.8 880 4.3
including 294.0 304.0 10.0 6.5 1012 7.2
South Palokas PAL0213 317.0 323.0 6.0 9.2 1364 10.0
Palokas PAL0214 119.9 124.7 4.8 2.4 894 2.9
including 122.0 123.7 1.7 6.4 761 6.8
Palokas PAL0221 215.0 216.0 1.0 2.8
Palokas PAL0221 234.3 236.9 2.6 6.2
Palokas PAL0222 266.9 278.3 11.4 14.2
including 267.9 275.1 7.2 21.7
Table 3: Individual assay data from drill holes reported in this press release.
Hole_ID From (m) To (m) Width (m) Au g/t Co ppm AuEq
PAL0211 246.4 247.4 1.0 <0.05 1393 0.9
PAL0211 247.4 248.3 1.0 <0.05 1083 0.7
PAL0211 248.3 249.3 0.9 0.3 3325 2.4
PAL0211 249.3 250.3 1.0 <0.05 490 0.3
PAL0211 250.3 251.3 1.1 0.1 2326 1.5
PAL0211 251.3 252.3 1.0 0.1 2816 1.8
PAL0211 252.3 253.3 1.0 0.1 157 0.2
PAL0211 253.3 254.3 0.9 0.2 234 0.3
PAL0211 254.3 255.3 1.1 <0.05 24 0.0
PAL0211 255.3 256.3 1.0 0.5 138 0.6
PAL0211 293.9 295.0 1.1 1.9 263 2.1
PAL0211 295.0 296.0 1.0 0.2 126 0.3
PAL0211 296.0 296.8 0.8 0.3 51 0.4
PAL0214 119.9 121.0 1.1 0.1 1161 0.8
PAL0214 121.0 122.0 1.0 0.2 1332 1.1
PAL0214 122.0 122.6 0.6 3.7 530 4.0
PAL0214 122.6 123.7 1.1 7.8 887 8.4
PAL0214 123.7 124.7 1.0 0.3 392 0.5
PAL0221 215.0 216.0 1.0 2.8
PAL0221 234.3 235.0 0.8 0.7
PAL0221 235.0 235.9 0.9 0.6
PAL0221 235.9 236.9 1.0 15.2
PAL0221 235.9 236.9 1.0 8.9
PAL0222 266.9 267.9 1.0 1.5
PAL0222 267.9 268.9 1.0 11.7
PAL0222 268.9 270.0 1.1 11.2
PAL0222 270.0 271.0 1.1 9.3
PAL0222 271.0 272.0 1.0 79.3
PAL0222 272.0 273.0 1.0 26.1
PAL0222 273.0 274.0 1.0 9.9
PAL0222 274.0 275.1 1.1 6.6
PAL0222 275.1 276.1 1.1 0.6
PAL0222 276.1 277.2 1.0 1.4
PAL0222 277.2 278.2 1.1 1.2