Mawson Resources Limited (“Maws on”) or (the “Company”) (TSX: MAW) (Frankfurt: MXR) (PINKSHEETS: MWSNF) announces results from five new drill hole s at the Company’s 100% owned Rajapalot gold-cobalt project in Northern Finland. Holes are reported from three prospect areas and all
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE MAY 22, 2018
MAWSON DRILLS 4.0 METRES @ 17.7 g/t GOLD AT THE RAJA PROSPECT
Vancouver, Canada — Mawson Resources Limited (“Maws on”) or (the “Company”) (TSX: MAW) (Frankfurt:
MXR) (PINKSHEETS: MWSNF) announces results from five new drill hole s at the Company’s 100% owned Rajapalot
gold-cobalt project in Northern Finland. Holes are reported from three prospect areas and all intersected gold mineralization.
Key Points:
The best result reported is PAL0092 which intersected 4.0 metres @ 17.7 g/t gold from 246 metres (Figures 1-4) at
the Raja prospect. Cobalt assays are awaited (see Mawson New Release May 14, 2018);
PAL0092 was drilled 45 metres west of drill hole PAL0093 whic h intersected 31.7 metres @ 8.4 g/t gold from 244.1
metres (see Mawson News Release March 01, 2018 and Figures 1-4) showing significant encouragement for the
continuity of high-grade gold mineralization at Raja;
PAL0116, drilled up-plunge from PAL0092 and PAL0093, intersected 5.0 metres @ 3.3 g/t gold from 144.0 metres
and 2 metres @ 3.6 g/t gold from 154.0 metres. Cobalt assays are awaited;
PAL00116 was drilled 50 metres east of PAL0085 which intersected 9.9 metres @ 4.1 g/t gold from 124.0 metres (see
Mawson News Release March 01, 2018);
Over 470 metres of down plunge continuity of high grade gold-cobalt mineralization has now been demonstrated at the
Raja prospect alone, with mineralization remaining uncons trained down-plunge and partly across strike. Gold-cobalt
mineralization is associated with sufficient sulphide to fo rm an electrical conductor, and interpretation of VTEM
geophysical data indicates potential down-plunge extent from surface for greater than 900 metres;
To date, only 3 from 16 drill holes at Raja have been as sayed for cobalt, including PAL0075, drilled up-plunge from
PAL0116 and PAL0085, which intersected 10.8 metres @ 1,299 ppm Co, 6.2 g/t Au (8.7 g/t AuEq) from 8.7
metres (see Mawson News Release May 14, 2018) . A systematic cobalt assay program of approximately 3,000
Rajapalot samples continues with further assays to be reported in the coming months.
The winter diamond drill program totalled 16,204 metres in 75 drill holes across four exploration permit areas. Including
those published here, assays from 28 drill holes have been released from Rajapalot and East Rompas. A further 47 drill
holes are currently being logged and assayed.
Diamond drilling is planned to restart during August 2018 at Hirvimaa and Männistö exploration permit areas.
Mr. Hudson, Chairman and CEO, states, "O ur Raja prospect, which is one of many prospect areas, continues to deliver.
High-grade gold has again been intersected at Raja and drilled down plunge for greater than 450 metres with a width
exceeding 100 metres. The continuity and predictability of high -grade mineralization is encouraging, with 4.0 metres @
17.7 g/t gold in PAL0092, 5.0 metres @ 12.4 g/t in PAL0118 and 31.7 metres @ 8.4 g/t gold in PAL0093 all recently drilled.
With cobalt assays outstanding from thes e drill holes, and thousands of gold and co balt assays still in the laboratory, we
look forward to announcing data as they become available.”
This release provides results from 5 drill holes: PAL0092 (Raja), PAL0104 (Raja), PAL0115 (Rumajärvi), PAL0116 (Raja) and
PAL0122 (South Palokas). Drill holes not reported above (PAL0104, PAL0115 and PAL0122) also intersected anomalous
gold mineralization and assay results are provided in Tables 2 and 3. A plan view of the drill results and named prospects
is provided in Figure 1. Cross and long section views and a prospect plan are included as Figures 2–4. Tables 1–3 include
all relevant collar and assay information. Assuming a predomin ant stratabound control, true thickness of the mineralized
interval is interpreted to be approximately 90% of the sample d thickness. Intersections are reported with a lower cut of
0.5 g/t gold over 1 metre lower cut, no upper cut-off was applied.
In other news, a pilot hyperspectral study of 832 metres of drill core (PAL0092, PAL0093 and PAL0097) is in progress using
the TerraCore SisuRock Gen 2 system (3 cameras). This study aims to understand the relationship between high-grade gold
and hydrothermal silicate alteration, in particular, hydrous silicates, muscovite, biotite and amphiboles.
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. Analytical samples were transported by Mawson personne l or commercial transport from site to the CRS Minlab Oy facili ty in
Kempele, Finland. Samples were prepared an d analyzed for gold at Kempele using the PAL1000 technique which involves grinding th e
sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment.
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, CRS inserts blanks and standards into 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 statemen ts, 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. Forward-looking stat ements 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, ch anges in equity markets, planned drill programs and results var ying 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 o n 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.
Table 1: Collar Information from 2018 Winter drilling at the Rajapalot Project (Finnish Grid, Projection KKJ2003)
HoleID East North Azimuth Dip RL Depth
(m)
Prospect Reported
PAL0083 3408879.4 7372218.7 60 60 172.1 101.7 Raja Results
Awaited
PAL0084 3408480.4 7373564.5 116 65 175.0 191.2 South
Palokas
Results
Awaited
PAL0085 3408764.2 7372323.9 60 70 173.5 215.7 Raja Mar 01,
2018
PAL0086 3408742.9 7373932.4 116 60 175.0 135.0 Palokas Results
Awaited
PAL0087 3408764.2 7372324.0 60 50 172.0 241.7 Raja Mar 01,
2018
PAL0088 3408764.2 7372323.9 60 88 173.5 221.5 Raja Here
PAL0089 3408438.4 7373589.0 155 60 176.4 169.0 South
Palokas
Mar 01,
2018
PAL0090 3408590.7 7374004.3 116 74 175.4 320.3 Palokas Results
Awaited
PAL0091 3408412.0 7373658.1 155 60 176.3 352.8 South
Palokas
Mar 01,
2018
PAL0092 3408703.1 7372438.0 60 83 174.8 323.9 Raja Here
PAL0093 3408703.1 7372438.0 60 75 174.8 329.8 Raja Mar 01,
2018
PAL0094 3408525.5 7373608.3 116 60 174.2 191.0 South
Palokas
Results
Awaited
PAL0095 3408590.7 7374004.3 116 88 175.4 370.0 Palokas Results
Awaited
PAL0096 3408590.4 7373662.5 116 60 173.8 131.0 South
Palokas
Results
Awaited
PAL0097 3408703.1 7372438.0 60 69 174.8 344.7 Raja April 10,
2018
PAL0098 3408379.1 7373476.6 116 60 173.7 199.9 South
Palokas
Results
Awaited
PAL0099 3408188.6 7372763.8 110 60 179.7 154.6 Terry’s
Hammer
April 10,
2018
PAL00100 3408703.1 7372438.0 60 62 174.8 343.8 Raja April 10,
2018
PAL00101 3408109.8 7372764.0 105 60 174.0 182.7 Terry’s
Hammer
Results
Awaited
PAL00102 3408757.7 7374034.7 116 60 176.9 202.7 Palokas Results
Awaited
PAL00103 3408053.3 7372789.4 105 60 173.4 172.9 Terry’s
Hammer
Results
Awaited
PAL00104 3408703.1 7372438.0 240 88 174.8 326.7 Raja Here
PAL00105 3407898.2 7372624.5 120 60 173.0 220.9 Rumajärvi Results
Awaited
PAL0106 3408863.7 7373985.4 130 60 175.2 161.1 Palokas Results
Awaited
PAL0107 3408775.6 7372487.6 60 70 176.8 335.1 Raja Results
Awaited
PAL0108 3407960.9 7372405.2 116 60 176.4 226.9 Rumajärvi Results
Awaited
PAL0109 3407962.1 7372405.1 60 50 176.1 289.9 Rumajärvi April 10,
2018
PAL0110 3408646.1 7373807.1 116 60 174.1 128.2 Palokas April 10,
2018
PAL0111 3408577.4 7372513.9 60 69 178.3 432.3 Raja April 10,
2018
PAL0112 3408288.9 7373153.0 180 55 171.8 221.7 Hut Results
Awaited
PAL0113 3408532.9 7374097.2 116 70 174.3 20 Palokas Results
Awaited
PAL0114 3407874.3 7372385.0 116 47 174.7 218.4 Rumajärvi Results
Awaited
PAL0115 3407903.4 7372520.2 123 48 173.4 320.1 Rumajärvi Here
PAL0116 3408861.0 7372371.6 240 82 173.8 186.7 Raja Here
PAL0117 3408479.3 7373336.5 116 45 172.4 148.9 South
Palokas
Results
Awaited
PAL0118 3408577.4 7372513.9 60 62 178.3 445.6 Raja April 10,
2018
PAL0119 3408915.9 7372341.2 240 88 172.9 178.2 Raja Results
Awaited
PAL0120 3408531.3 7373318.5 116 47 171.7 170.1 South
Palokas
Results
Awaited
PAL0121 3407986.0 7372584.6 116 50 177.5 249 Rumajärvi Results
Awaited
PAL0122 3408354.0 7373580.0 116 60 174.7 209.6 South
Palokas
Here
PAL0123 3407939.0 7372655.0 120 60 173.8 198.45 Rumajärvi Results
Awaited
PAL0124 3408561.5 7372192.0 70 50 173.7 132.6 Raja Results
Awaited
PAL0125 3408577.4 7372513.9 60 56 178.3 112.5 Raja Results
Awaited
PAL0126 3408089.0 7373033.2 90 60 173.7 8.9 Hut April 10,
2018
PAL0127 3409496.5 7374569.3 142 50 178.7 157.7 Hirvimaa Results
Awaited
PAL0128 3410577.1 7372673.7 35 50 150.5 305.7 Regional Results
Awaited
PAL0129 3409604.1 7372111.5 36 50 151.8 305 Regional Results
Awaited
PAL0130 3409436.6 7374642.8 142 50 179.4 212 Hirvimaa Results
Awaited
PAL0131 3410496.2 7372437.2 125 50 145.9 149.4 Regional Results
Awaited
PAL0132 3409524.4 7371979.3 36 50 163.7 300.1 Regional Results
Awaited