EDITOR: | June 4th, 2014

Mawson Drill Results From Hirvimaa Prospect, Finland

| June 04, 2014 | No Comments
image_pdfimage_print

June 4, 2014 (Source: Marketwired) — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW)(FRANKFURT:MXR)(PINKSHEETS: MWSNF) reports on drill results from the recent shallow diamond drill program at the Hirvimaa gold prospect, at Rajapalot in Northern Finland.

Key points:

  • Best results returned from the shallow diamond drill program included 0.6 metres @ 21.3 g/t gold and 0.8 metres @ 13.1 g/t gold, from a large mineralized boulder.
  • Boulders have the same mineralization style as the Palokas prospect, where recent drill results included 19.5 metres @ 7.4 g/t gold from 1.3 metres (see Mawson Press Releases October 03, 2013, October 16, 2013 and January 20, 2014. The bedrock source for the gold-bearing boulders remains to be identified (Figure 1).
  • The shallow drill program also defined a 600 metre long mineralized trend, defined by lower tenor gold anomalism in bedrock, with the best result being 1 metre @ 0.12 g/t gold (Figure 1);
  • Drilling continues at Rajapalot with the diamond drill rig moved to the Raja prospect to test recently discovered outcrops (Figure 1).

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/950080-F1.pdf

Michael Hudson, President & CEO, states, “We are very encouraged to have identified and drilled into high-grade, gold-bearing boulders with the same Palokas-style mineralization at Hirvimaa. The source of the boulders is to the north-west of the drilled area, which indicates the mineralized system is more extensive than we have discovered to date. We have unfinished business in this area, however with the field team’s very recent discovery of new surface targets at the Raja project, a decision has been made to rapidly mobilize the drill rig to help map and define this new area.”

In total, 120 drill holes were completed by independent drilling contractor Ludvika BorrTeknik AB, within an area of 2.5 kilometres by 0.5 kilometres. The average depth of each drill hole was 7.3 metres and the average thickness of glacial soil overburden was 3.9 metres. An additional in-house diamond drill rig with capability to drill deeper was mobilized at the end of the program to complete 16 holes for 116.65 metres. The boulders that were drilled are large (average 0.85m3), angular and considered to be locally sourced from their original position. They were drilled to test initial interpretations which suggested the boulders may have been in-situ sub-crop, however drilling confirmed otherwise.

Geological interpretation of the drill core from this program has provided a better understanding of the host rocks to the Palokas-style mineralization. The disseminated sulphidic, gold mineralized rocks at Palokas prospect are hosted within a sequence of relatively oxidized albite-altered platform calcitic and dolomitic carbonates interbedded with quartz sandstones. It is these host rocks that have been identified in the boulders drilled at Hirvimaa. New interpretation of project-scale airborne geophysics combined with the additional geologic knowledge derived from the Hirvimaa prospect, has led to the identification of the mineralized host sequence in the Raja area, to the southeast of Palokas.

The 2014 summer exploration program has now commenced, with twelve geologists at site. Main field activities will include diamond drilling, surface geophysics, geological mapping and further prospecting work. Further details will be released soon.

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 Scandinavian exploration company with a focus on the flagship Rompas and Rajapalot gold projects in Finland.

Technical Background

The drilling was undertaken by Ludvika BorrTeknik AB of Sweden who provided 32 millimetre diameter core and Mawson’s in-house diamond drill rig which provided 25 millimetre diameter core. Drill recoveries were excellent and average close to 100% in fresh rock. Drill intersections are estimated to be 70 to 90 per cent of the true width, except drilling into boulders where true thickness is unknown. After photographing and logging, core intervals averaging one metre in length were cut in half at the Geological Survey of Finland core facilities in Rovaniemi, Finland. These half core one metre samples weigh from 1.5 to 2 kilograms. The samples were then transported by commercial couriers to ALS Chemex Ltd’s laboratory in Pitea, Sweden where the samples were prepared and sent to ALS Chemex Ltd’s laboratory in Vancouver, Canada to be analyzed by Au-ICP21, GRA-21, ME-MS41u, PGM-ICP27 and ME-MS61u techniques. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known gold content, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process. The remaining half core is retained on site for verification and reference purposes. The qualified person for Mawson’s Finnish projects, Mr Michael Hudson, President & CEO for Mawson and Fellow of the Australasian Institute of Mining Metallurgy has reviewed and verified the contents of this release.

On behalf of the Board,

Michael Hudson, President & CEO

Forward-Looking Statement

This press 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, including statements regarding the planned drill program and anticipated exploration results, 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, equipment failure, unexpected geological conditions, operational delays, 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.


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


Copyright © 2016 InvestorIntel Corp. All rights reserved. More & Disclaimer »


Leave a Reply

Your email address will not be published. Required fields are marked *