Mawson Drills 15.2 Metres @ 8.5 g/t Gold Equivalent In 275 Metre Step Out At Palokas, Finland
Vancouver, Canada — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces gold-cobalt drill results from 2 holes at the Palokas prospect from the Company’s 100% owned Rajapalot Project in northern Finland. Fourteen holes with full assays remain to be reported from the 44 drill hole winter program.
In one of the most significant advances made at the Rajapalot gold-cobalt project this year, drill hole PAL0194 intersected 15.2 metres @ 8.5 g/t gold equivalent (“AuEq”), 4.3 g/t gold (“Au”) and 2,566 ppm cobalt (“Co”) from 418.7 metres (Figures 1-4) and was drilled 275 metres down-plunge from the high-grade gold-cobalt mineralization previously announced at Palokas. The intersection, in which both visible gold and cobaltite were noted in the core, is located approximately 425 metres down plunge from the surface whereas the nearest previous high-grade drill hole (PAL0030 (10.0 metres @ 10.8 g/t AuEq, 9.9 g/t Au and 562 ppm Co from 110.2 metres) is located about 150 metres down plunge from surface. The results from this hole effectively triple the potential high-grade gold-cobalt mineralization trend at Palokas and it remains open at depth and to the north. This result shows the strong potential to significantly increase the known resources at Palokas.
Also noteworthy is the high cobalt content in PAL0194 compared to other holes on the property. The highest-grade interval in PAL0194 assayed 1 metre @ 23.6 g/t Au and 1.5% Co (47.7 g/t AuEq). The Rajapalot project is a significant and strategic gold-cobalt resource for Finland with the maiden resource positioned as one of Finland's current top three gold resources by grade and contained ounces and one of a small group of cobalt resources prepared in accordance with NI 43-101 policy within Europe.
Mr. Michael Hudson, Chairman and CEO states: “The 2019 drill program is now delivering across multiple prospects. This is an extremely strong result, tripling Palokas’ high grade potential with PAL0194 intersecting 15.2 metres @ 8.5 g/t AuEq from a 275 metre step out below high-grade mineralization. The targeting of such broad step-outs is a credit to our technical team, and was developed using careful analysis of the Au-Co grade distribution combined with geophysical conductors, highlighting the importance of the knowledge gained during the last two drill campaigns across the Rajapalot project area. The Palokas high-grade zone remains open up and down-plunge of PAL0194 and to the north of the conductive trend.”
PAL0194 validates the Company’s drill targeting methodology and confirms the significant linear down-plunge extensions to Palokas interpreted from the modelled ground-based electromagnetic (“TEM”) conductors. PAL0194 effectively triples the potential for high-grade mineralization at Palokas with the mineralized shoot, open up and down plunge, and also to the north where the limits of the conductive body have not been tested. Other high-grade intersections within the Palokas shoot include PRAJ0009 (30.8 metres @ 7.9 g/t AuEq, 7.1 g/t Au and 525 ppm Co from 2.5 metres) and PAL0027 (21.3 metres @ 6.2 g/t AuEq, 5.4 g/t Au and 482 ppm Co from 27.5 metres).
Further drilling on the linear high grade trend at Palokas is required, but the similarities to the linear trend at Raja prospect, located 1.4 kilometres SSE of the Palokas prospect, are immediately evident. Drilling on fans across the plunge of the Au-Co mineralization at Raja prospect has been the key to successfully targeting high-grade Au-Co mineralization.
Mawson completed 44 holes (PAL0159–PAL0201D1) for 15,059 metres (two short holes abandoned, one wedged hole) during the 2019 winter drill season. Results from 2 holes from Palokas prospect are provided here (PAL0194, 200, Tables 1-4). Fourteen holes with full assays remain to be reported that were predominantly drilled down plunge from resource areas including PAL0191 (Raja) and PAL0198 (South Palokas), where sulphidic (pyrrhotite-rich) intersections with visible gold provide encouragement.
The Palokas mineralization contains abundant pyrrhotite in a magnesium and iron-rich silicate matrix. The gold occurs as free grains, most commonly on the margins of sulphides and the high cobalt zones are dominated by the mineral cobaltite. The pyrrhotite is well connected to create a strong conductor, in the order of 6 times that measured at Raja prospect. The ground-based model TEM plate extends over 650 metres down plunge and is only terminated by the position of the ground loop layout. Signs of proximity to mineralization (“near hit”) in drill core include reduced sulphidic rocks and iron-magnesium-rich silicate minerals. The next deeper hole (PAL0200) reported here did not hit the desired target and is regarded as a “near-hit” where highly altered and sulphidic (up to 2 wt % S) rocks contained 1.0 metre @ 0.6 g/t AuEq, 0.1 g/t Au & 298 ppm Co from 466.4 metres. Drilling to the north of this location on the high-grade trend is required. The Palokas and South Palokas prospects appear to anastomose at depth and are now less than 350 metres apart horizontally.
Mawson will continue to release results from the 2019 drill program as assay data become available.