EDITOR: | March 16th, 2015

Mawson extends Palokas gold prospect, Finland

| March 16, 2015 | No Comments
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March 16, 2015 (Source: CNW) — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces the results of recently completed 3D induced polarization “IP” and shallow diamond drilling programs and outlines upcoming work plans for the Palokas prospect in Lapland, Arctic Finland.

Key Points:

  • A 600 metre long conductive anomaly (Figures 1 and 2) has been defined by a pseudo-3D pole-dipole IP and resistivity survey at Palokas Prospect extending down plunge from drilled near-surface gold mineralization (ie 19.5 metres @ 7.4 g/t gold from 1.3 metres depth (see Mawson Press Releases October 03, 2013October 16, 2013 and January 20, 2014);
  • The thickness of the conductive body increases with depth and is open below the 250 metre investigative depth of the survey;
  • Final results from near-surface investigative drilling has returned results including 0.3m @ 49.6 g/t Au from 17.7 metres in drillhole PRAJ0097 located 1000 metres from the Palokas prospect (Figure 3).  Results from recent drilling are located above the conductive body defined by the 3D-IP program;
  • The Company has purchased and will take delivery this week, of a hand portable Winkie diamond drill to extend its drill depth capacity from 40 metres down to 120 metres.  Drilling with the Winkie rig, which remains subject to final permitting, is planned to commence at Palokas in April, to test below known gold mineralization.

Mr Michael Hudson, President & CEO states, “The geophysical results reported present a compelling target down plunge from known mineralization at the Palokas gold project. Our new hand portable rig with extra depth capacity will advance our understanding of the 1.2km long Palokas mineralized system below the 30 metres depth we have tested to date. Subject to final permitting, we will start drilling in April.”

The IP area surveyed commenced more than 250 metres north of Palokas to 500 metres south of the Palokas prospect. Gold at Palokas is associated with pyrrhotite which forms the conductive and chargeable anomaly associated with drilled gold mineralization and has been confirmed by petrophysics. The thickness of the conductive body increases with depth and is open below the 250 metre investigative depth of the survey.  The body plunges south and has little or no surface expression where recent near-surface drilling has provided near-miss and thinner mineralized gold hits.

The recently completed hand portable drill program consisted of 33 holes for 1160.5 metres with an average hole depth of 35.1 metres. Four additional holes did not drill through to basement. The final ten drill holes are reported here and shown in Tables 1 and 2.  The best results from the final ten holes include 0.3m @ 49.6 g/t Au from 17.65m in PRAJ0097, 1.15m @ 1.49 g/t Au from 8.3m in PRAJ0099 and 2.2m @ 1.73 g/t Au from 18.75m in PRAJ0105. These results are considered to form up dip from gold mineralization and represent near miss signatures.  This is supported by the recent 3D IP geophysical survey.

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.

Technical Background

The core sampling was undertaken by Mawson Staff who provided EW (25.2 mm) diameter core. Core recoveries were excellent and average close to 100% in fresh rock. After photographing and logging, core intervals averaging 1 metre in length were cut in half at the Geological Survey of Finland (GTK) core facilities in Rovaniemi, Finland. These half-core one metre samples weigh less than 0.7 kilograms. The remaining half core is retained on site for verification and reference purposes. Analytical samples were transported either commercial transport, or by Mawson personnel from site to ALS Chemex Ltd’s laboratory in Piteå, Sweden. Samples were prepared at Piteå 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.

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”
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 anticipated exploration activities and the intended financing 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: Collar Information from the hand portable, low impact drill rig from the Palokas Prospect, Rajapalot, Finland.

HoleID

Easting

Northing

Total Depth (m)

Dip

Azimuth

Date Reported

PRAJ0070

3408517

7373548

33.4

-60

115

October 07, 2014

PRAJ0071

3408506

7373549

43.2

-60

115

October 07, 2014

PRAJ0072

3408528

7373536

27.55

-60

115

October 07, 2014

PRAJ0073

3408542

7373530

15.8

-60

115

October 07, 2014

PRAJ0074

3408493

7373506

26.55

-60

155

October 07, 2014

PRAJ0075

3408486

7373517

28.27

-82

155

October 07, 2014

PRAJ0076

3408156

7372824

33.45

-60

59

October 07, 2014

PRAJ0077

3408168

7372831

35

-60

60

December 16, 2014

PRAJ0078

3408173

7372822

21.05

-60

115

December 16, 2014

PRAJ0079

3408160

7372818

23

-60

90

December 16, 2014

PRAJ0080

3408261

7372792

40.4

-60

115

December 16, 2014

PRAJ0081

3408241

7372787

41.4

-60

115

December 16, 2014

PRAJ0082

3408268

7372777

40.75

-60

115

December 16, 2014

PRAJ0083

3408314

7372378

33.2

-60

115

December 16, 2014

PRAJ0084

3408233

7372360

15.2

-60

115

December 16, 2014

PRAJ0085

3408389

7372277

43.4

-60

60

December 16, 2014

PRAJ0086

3408452

7372339

32.55

-60

20

December 16, 2014

PRAJ0087

3408852

7372282

8.85

-60

115

DID NOT REACH BASEMENT

PRAJ0088

3408815

7372268

4.95

-60

115

DID NOT REACH BASEMENT

PRAJ0089

3408815

7372268

5.7

-80

115

DID NOT REACH BASEMENT

PRAJ0090

3408818

7372227

43.34

-60

90

Here

PRAJ0091

3408840

7372188

37.4

-60

115

December 16, 2014

PRAJ0092

3408145

7373053

35.46

-60

115

December 16, 2014

PRAJ0093

3408131

7373059

40.95

-60

115

December 16, 2014

PRAJ0094

3408127

7373079

36.64

-60

180

Here

PRAJ0095

3408255

7373122

8.4

-60

135

DID NOT REACH BASEMENT

PRAJ0096

3408116

7372969

31.4

-60

115

December 16, 2014

PRAJ0097

3408107

7372978

37.35

-60

170

Here

PRAJ0098

3408442

7373471

27.65

-60

160

Here

PRAJ0099

3408435

7373485

34.95

-60

160

Here

PRAJ0100

3408427

7373499

31

-60

160

Here

PRAJ0101

3408419

7373516

48

-60

160

Here

PRAJ0102

3408415

7373536

48.05

-60

160

Here

PRAJ0103

3408401

7373553

49.7

-60

160

Here

PRAJ0104

3408466

7373511

32.2

-60

115

Here

PRAJ0105

3408447

7373519

46.55

-60

115

Here

PRAJ0106

3408430

7373528

45.7

-60

115

Here

Table 2: Assay data from the hand portable, low impact drill rig from the Palokas Prospect, Rajapalot, Finland.

A lower cut of 0.5 g/t over 1 metre was applied.

HOLE ID

Summary Result

Comment

Date Reported

PRAJ0070

2m @ 9.1 g/t Au from 25.4m

28 Oct 2014

PRAJ0071

1.75m @ 1 g/t Au from 34.7m

28 Oct 2014

PRAJ0072

1.0m @ 14.8 g/t Au from 16.3m

28 Oct 2014

PRAJ0073

3.0m @ 5.1 g/t Au from 8.65m

28 Oct 2014

PRAJ0073

1.0m @ 0.5 g/t Au from 12.75m

28 Oct 2014

PRAJ0075

3.0m @ 2.8 g/t Au from 14.4m

28 Oct 2014

PRAJ0075

1.0m @ 0.5 g/t Au from 20.95m

28 Oct 2014

PRAJ0075

1.0m @ 1.3 g/t Au from 22.95m

Stopped in mineralization

28 Oct 2014

PRAJ0076

3.9m @ 3.2 g/t Au from 23m

Visible gold at 24.2m

December 16, 2014

PRAJ0080

1.0m @ 1.3 g/t Au from 10m

December 16, 2014

PRAJ0080

3.4m @ 2 g/t Au from 14m

December 16, 2014

PRAJ0080

3.0m @ 1.4 g/t Au from 35.9m

Stopped in mineralization

December 16, 2014

PRAJ0081

1.0m @ 0.6 g/t Au from 2.65m

December 16, 2014

PRAJ0081

0.9m @ 1.8 g/t Au from 21.55m

December 16, 2014

PRAJ0082

1.0m @ 0.8 g/t Au from 5m

December 16, 2014

PRAJ0082

1.0m @ 0.7 g/t Au from 9m

December 16, 2014

PRAJ0082

1.0m @ 0.5 g/t Au from 21.2m

December 16, 2014

PRAJ0096

1.1m @ 1.5 g/t Au from 17.5m

December 16, 2014

PRAJ0096

0.4m @ 3 g/t Au from 20.9m

December 16, 2014

PRAJ0097

0.3m @ 49.6 g/t Au from 17.65m

Here

PRAJ0099

0.9m @ 0.69 g/t Au from 6.5m

Here

PRAJ0099

1.2m @ 1.49 g/t Au from 8.3m

Here

PRAJ0099

0.4m @ 0.75 g/t Au from 11.35m

Here

PRAJ0099

0.8m @ 0.73 g/t Au from 19.55m

Here

PRAJ0100

0.9m @ 1.06 g/t Au from 21.75m

Here

PRAJ0101

0.8m @ 0.78 g/t Au from 33.75m

Here

PRAJ0104

1.2m @ 1.41 g/t Au from 4.5m

Here

PRAJ0104

1.0m @ 1.1 g/t Au from 7.5m

Here

PRAJ0105

2.2m @ 1.73 g/t Au from 18.75m

Here

PRAJ0106

2.0m @ 0.99 g/t Au from 13.15m

Here

PRAJ0106

1.1m @ 1.54 g/t Au from 35.95

Here

SOURCE Mawson Resources Ltd.

PDF available at: http://stream1.newswire.ca/media/2015/03/16/20150316_C5998_PDF_EN_13266.pdf

PDF available at: http://stream1.newswire.ca/media/2015/03/16/20150316_C5998_PDF_EN_13265.pdf


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>


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