VANCOUVER, Feb. 26, 2018 /PRNewswire/ - Mawson
Resources Limited ("Mawson") or (the "Company") (TSX:MAW)
(Frankfurt:MXR) (PINKSHEETS: MWSNF) announces completion of an
infill ground magnetic survey at the Company's 100% owned Rajapalot
gold project in Northern Finland.
Three diamond drill rigs continue to operate on site 24/7 with
initial results anticipated within the next week.
Key Points:
- A total of 90 line kilometres of infill ground magnetic data
was collected at 25 metre line spacing. Detailed ground magnetic
data now covers approximately 5 square kilometres at
Rajapalot;
- Interpretation of a previous detailed ground magnetic survey
from the Palokas gold prospect indicated infill would allow better
understanding of the regional and localized controls on gold
mineralization across a broader area;
- Drilling continues with three diamond drill rigs operating
around the clock. Initial drill results will be released during the
first week of March.
Mr. Hudson, Chairman and CEO, states, "With more than 60
people working at site and initial drill results imminent, we are
excited to see that detailed ground magnetic data demonstrates both
continuity of the host horizons and structural control on gold
mineralization. As the gold at Rajapalot is commonly associated
with both pyrrhotite and magnetite, ground magnetics is a valuable
tool to directly map gold-bearing host rocks under the thin glacial
soil that covers 99% of the area. We look forward to testing more
targets with the many diamond drill rigs currently on
site."
The completed infill ground magnetic survey covers the current
winter drill program area and was designed to accurately locate the
pyrrhotite-bearing rocks that are intimately associated with gold
mineralization. Detailed ground magnetics over the Palokas Prospect
reported in News Release of April 24,
2017 indicated the benefit of closer line spacing over
mineralized areas. Figure 1 shows the location of the new survey
with preliminary processed magnetics overlying the 50 m spaced
ground magnetic survey from 2017. Prospects with summarized results
from the News Release of July 05,
2017 are also included in Figure 1.
Mineralization consists of sulphide (pyrrhotite>>pyrite),
magnetite, biotite, muscovite and chlorite hydrothermal mineral
assemblages hosted in predominately grey albitites. Textures range
from veined albitic granofels through fractured and brecciated to
locally schistose. Veining and fracture fill minerals include
pyrrhotite, magnetite and magnetite-pyrrhotite (+/- quartz). Local
retrograde chlorite after biotite 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 iron-rich nature of the mineralized rocks is a
common theme in either the oxide or sulphide form, with a variably
sulphidic and chloritic overprint. The alteration is clearly
post-metamorphic, reduced, and most likely driven by granitoid
intrusions. Chlorite is regarded as the lowest temperature silicate
mineral with gold, structurally controlled in apparent association
with quartz veins. Altered rocks enclosing the mineralized package
contain locally abundant talc and tourmaline.
There is a strong structural control on mineralization that is
superimposed on reactive stratabound units with elevated transition
metals characteristic of now-metamorphosed and deformed, but
depositional redox boundaries. Detailed ground magnetics can map
the extent and deformation of these key horizons.
In other news, 66 people including geologists, field
technicians, environmental staff and drilling contractors are now
working in Finland with three
diamond drill rigs operating 24 hours per day with a further two
drill rigs planned to join the program in mid-March. Sixteen
diamond holes from 12 drill pads have been completed in 2018 and
are currently being logged for geotechnical, geological and
geophysical parameters. The drill rigs are currently located at the
Raja prospect (2017 drill results included PAL0075: 8.8 metres @
7.5 g/t gold from 82.2 metres), South Palokas prospect (prior
drill results included PAL0016: 8.4 metres @ 4.2 g/t gold
from 206.0 metres in PAL0016, including 3.4 metres @ 9.5 g/t
gold from 211 metres) and the Palokas prospect (2017 drill
results included PAL0030: 10.0 metres @ 11.6 g/t gold from
110.2 metres). The first batches of samples have now been submitted
for assay, and Mawson looks forward to commencing reporting assays
in the first week of March.
Technical and Environmental Background
The ground
magnetic survey was conducted by two personnel from GeoVista AB
(based in Luleå, Sweden). The area
discussed here is now covered at 25 metre line spacing with the
remainder of the Rajapalot ground survey at 50 m line spacing. Line orientations for this
program were matched with prior survey parameters. Levelling and
post-collection processing are completed by Dr Hans Thunehed of GeoVista AB.
The qualified person for Mawson's Finnish projects, Dr.
Nick Cook, President for Mawson and
Fellow of the Australasian Institute 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 has 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
Forward-Looking Statement
This news release contains forward-looking statements or
forward-looking information within the meaning of applicable
securities 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 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
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,
changes in equity markets, planned drill programs and 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, 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.
SOURCE Mawson Resources Ltd.
