VANCOUVER, Nov. 5, 2018 /PRNewswire/ - Mawson Resources
Limited ("Mawson") or (the "Company") (TSX:MAW)
(Frankfurt:MXR) (PINKSHEETS: MWSNF) is pleased to announce
the Company has signed Exploration and Option Agreements for one of
the largest areas prospective for epithermal gold in the lower
mainland USA (150,500 hectares)
from an arm's length private landholder (the
"Landholder").
While Mawson shall maintain a sharp focus on its flagship
Rompas-Rajapalot gold-cobalt project in Finland where preparation for a substantial
winter drilling program is well advanced, this new Western USA project ("the WUSA project")
presents the opportunity for rapid progress and discovery in an
alternate jurisdiction. Dependent on results, the WUSA project
is being explored with a view to potential future joint venture,
strategic alliance, or corporate transaction.
Key Points:
- Mawson has optioned one of the largest areas for exploration in
mainland USA (150,500 hectares or
approximately 56 kilometres x 39 kilometres) from a private
landholder (Figure 1). The option area lies in the central Western
Cascade Ranges of Lane and
Douglas Counties, Oregon, USA;
- Due to long term ownership by a single landholder, the region
has remained largely unexplored and behind locked gates for more
than 150 years;
- The WUSA project is highly prospective for high and low
sulphidation epithermal gold systems, and lies adjacent to a
19th century gold rush area. Modern-day placer mining is
still being undertaken in the optioned area;
- Three gold prospects for immediate follow up have been defined
to date:
1.
Scorpion-Cinnabar
A 2.2 km long and up to 400-metre-wide
zone where soil geochemical samples regularly exceed 1g/t Au (up to
5.51g/t Au) (Figure 2). These gold anomalous soils lie above
highly acid altered rocks. The prospect has never been
drilled.
2. Huckleberry
A series of
siliceous ridges which trend over 3 kilometres, with high
sulphidation vuggy silica textures and acidic steam vents that
outcrop for 1,000 metres. Geochemically anomalous rock samples with
Sb, As, Hg, Bi, Mo are coincident with classic epithermal
alteration zones (alunitic, silicification, argillic and
propylitic) (Figures 3-6). The prospect has never been
drilled.
3. Walker Creek
A high-level
maar-type low sulphidation epithermal system developed over an area
of more than 3 square kilometres. The only prospect area
previously drill tested, where 10 vertical RC holes have
intersected anomalous gold over significant intervals.
- Work to date by Mawson on the WUSA project has consisted of
mapping, soil sampling, regional stream sediment sampling and
ground magnetic geophysical surveying.
- A reconnaissance 2,000 metre diamond drill program has just
commenced at the Huckleberry and Scorpion prospects.
Mr. Michael Hudson, CEO, states:
"Mawson is always on the look-out for high quality projects in
attractive jurisdictions that complement our exploration in
Finland. The WUSA project is certainly one of these projects,
presenting a unique opportunity to explore one of the largest
contiguous gold-prospective areas in mainland USA. The project has escaped significant
modern exploration as it has sat behind locked gates for the last
150 years, and now delivers Mawson a new epithermal exploration
frontier in a first world country. Should significant gold be
found in the upcoming drill program, we will review the
opportunities for a joint venture, strategic alliance, or corporate
transaction to create optionality and further value for
shareholders."
The WUSA Project lies in the central Western Cascade Ranges of
Lane and Douglas Counties, Oregon, USA and consists of an area of
interest of 150,500 hectares ("Exploration Agreement Area"), of
which 68,075 hectares of mineral and land rights ("fee-simple
land") are held by the Landholder. Also, within the
Exploration Agreement Area are smaller areas of mineral rights
owned by the Landholder (1,447 hectares), the Bureau of Land
Management ("BLM") claims held by the Landholder (333.1 hectares)
and directly by Mawson (142.2 hectares) (Figure 1).
The Cascade Range in Oregon is
underlain by Eocene to Holocene intermediate to felsic volcanics
and volcaniclastics rocks erupted along the western margin of
North America. Immediately
adjacent to Mawson's 150,500 hectare WUSA project lies a
well-mineralized district containing multiple mineral deposits
including polymetallic veins (Bohemia, a gold-rush mining area
discovered in 1858) and a historic hot-spring style mercury
mines. Placer mining is still undertaken within the option
area.
The WUSA Project consists of an underexplored, telescoped high
level caldera complex with significant gold potential. Prior
to Mawson's involvement, only sporadic regional stream sediment and
soil samples were collected, and one small area at Walker Creek
drill tested. Epithermal precious-metal vein deposits
identified to date within the option area include the Scorpion,
Huckleberry and Walker Creek prospects with new anomalous stream
sediment catchment areas identified but yet to be followed up.
Scorpion is a 2.2 km long by up to 400-metre-wide area
where soil geochemical samples regularly exceeding 1g/t Au.
These gold enriched soils overlie highly acid altered rocks with up
to 5.51g/t Au, however a bedrock gold-mineralized source has not
yet been identified (Figure 2). The prospect has never been
drill tested and Mawson plans to drill three 400 metre long drill
holes to test below the gold anomalous zones. Mineral tenure at
Scorpion consists of fee-simple land held by the Landholder. Drill
permits have been received from the Oregon Department of
Geology and Mineral Industries ("DOGAMI").
Huckleberry is a high sulphidation gold prospect with an area of
intense hypogene acid sulphate (quartz, alunite, clay) alteration
known in outcrop for 1,000 metres along strike (Figures 3-6).
A northeast trending shear zone over 1,600 metres long and up
to 300 metres wide forms the core of the prospect area, and is
associated with strong As, Sb, Hg, Bi, Mo anomalism and argillic
and silica-alunite alteration. The prospect has never been
drilled and Mawson proposes to drill two 400 metre long drill holes
to test for buried targets at deeper structural levels.
Tenure at Huckleberry is comprised of areas of landholder mineral
rights plus areas of claims placed by Mawson and the Landholder on
public land administered by the BLM. Drill permits have been
received from both the BLM and DOGAMI.
The Walker Creek prospect consists of a maar-type hydrothermal
vent with adularia associated low sulphidation gold mineralization
and corresponding Ag, Hg and Sb. Work conducted in early
1990's by the Landholder consisted of detailed mapping, surface
sampling and drilling. Ten vertical reverse circulation
("RC") holes drilled in the early 1990's by the Landholder
intersected thick intervals of anomalous gold with better
intersections including 12.2 metres @ 1.3g/t gold and 6.1 metres @
1.2g/t gold. Although Mawson has no immediate plans to drill
at Walker Creek, the prospect requires further drilling to target
structural controls. Tenure at Walker Creek consists of both
fee-simple land and BLM land claims.
Three agreements have been signed with the Landholder to provide
access and secure 100% of the mineral rights for the WUSA project
subject to certain royalty clauses. Mawson has the right to explore
the project initially for three years and must incur costs of
US$500,000 of in-the-ground
expenditures and lease payments of US$100,000 in Year 1 before electing to continue
onto further years of exploration.
Technical Background
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-Rajapalot
gold cobalt project in Finland. Idea Drilling are conducting
the diamond drilling producing oriented NQ diameter (46.7 mm)
diamond drill core.
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.
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SOURCE Mawson Resources Ltd.
