Mawson Extends Discovery Trend at Palokas, Finland
August 13, 2014 (Source: CNW) — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) has extended the discovery zones of gold mineralization at the Palokas project in Northern Finland. The summer field program has returned surface grab samples returning up to 221 g/t gold up to 550 metres south of previous drilled areas.
- A total of 37 grab samples of locally sourced glacial boulders and subcrop within an area of 250 metres by 150 metres from South Palokas prospect average 12.9 g/t gold and 1,136 ppm uranium oxide (“U3O8“) and range from 0.01 g/t to 221 g/t gold and 1.3 ppm to 9,659 ppm U3O8.
- Extends the Palokas prospect by up to 550 metres, and is part of a broader 4 kilometres mineralized trend;
- Mineralized samples correlate with immediate extensions of the Palokas prospect where Mawson’s drill results include 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.
- Drill testing by hand portable drilling is expected to commence in late August, 2014.
Mr Hudson, President & CEO states, “The Palokas prospect continues to demonstrate strong prospectivity with the discovery of further gold mineralization, up to 550 metres south of drilled areas and within a larger 4 kilometre trend. We look forward to drill testing the area shortly with a hand portable rig. Our patience in continuing our momentum in the field, while conducting all our base line environmental surveys with diligence is being rewarded.”
Surface prospecting this summer by Mawson’s field teams has led to the discovery of gold bearing, locally sourced boulders and subcrop on the opposite edge of a swamp, 300 metres from and extending up to 550 metres south of the Palokas prospect. The new occurrences are associated with an increased geophysical induced polarization (“IP”) response, interpreted to reflect near-surface mineralization, 300-550 metres along strike from the Palokas prospect where recent drill results, also associated with high IP responses, included 19.5 metres @ 7.4 g/t gold from 1.3 metres.
A summary of sample statistics is shown in Table 1 and all results received, to date, shown in Table 2. Figure 1 shows the location of the new discovery area. Grab samples are selective by nature and are unlikely to represent average grades on the property.
About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)
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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.
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.
Samples were transported by Mawson personnel from site 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 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.
On behalf of the Board,
Michael Hudson, President & 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, including statements regarding the planned summer drill program and anticipated exploration activities 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, permitting, 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.
Table 1: Summary statistics of 37 grab samples of locally sourced glacial boulders and subcrop within an area of 250 metres by 150 metres from South Palokas.
|Au g/t||U3O8 ppm|
Table 2: Individual assay from of 37 grab samples of locally sourced glacial boulders and subcrop within an area of 250 metres by 150 metres from South Palokas
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