Mawson Maintains Momentum in Finland
June 26, 2014 (Source: Marketwired) — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW)(FRANKFURT:MXR)(PINKSHEETS:MWSNF) reports plans for an active 2014 summer exploration program at the Rompas and Rajapalot projects in Northern Finland.
- The Mawson Board has approved a budget for June-December 2014 of C$1.8M. Today, the Company holds $5.2M cash and no debt;
- The 2014 summer exploration program has commenced. Main field activities will include diamond drilling, surface geophysics, geological mapping and further prospecting work;
- Diamond drilling and gradient array IP geophysics has already commenced at Rajapalot;
Mr Hudson, President & CEO states, “Despite external market conditions remaining weak for the junior exploration business, the budget momentum and summer work program at Rompas-Rajapalot demonstrates the great confidence the Company’s technical staff, Board and major shareholders hold in the project. We have experienced a slow four months of news flow due to the inability to test our best targets due to Finland’s very slow permitting process, together with winter conditions. However, the summer program has now started and we look forward to the news flow it will generate.”
Summer Field Program
Twelve geologists are now at site to commence the summer work program. The main field activities will include diamond drilling, surface geophysics, geological mapping and further prospecting work.
The initial focus this summer is to identify the extensions of gold mineralization outside the Natura 2000 biodiversity areas which covers approximately 80% of Mawson’s granted permit area, where full drilling access is permitted. A secondary focus is to continue to prospect surface expressions of the highly prospective Palokas gold mineralized zone, within the biodiversity areas, while awaiting drill permitting.
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A surface geophysical induced polarization and ground magnetic survey has already commenced in the Raja area outside the Natura 2000 biodiversity area. The total length of the survey lines is 18.5 kilometres, with line separation at 100 metres.
Reconnaissance prospect diamond drilling is ongoing with a small in-house diamond drill rig testing geological and geochemical targets outside of the Natura 2000 biodiversity area and along strike from previously discovered mineralization. The rig will operate continuously and is expected to drill 10-15 holes per month with an average depth of 20-30 metres.
In addition to the on-the-ground work programs, numerous scientific studies on the gold and uranium mineralization at Rompas-Rajapalot are ongoing. This includes ore geology research of gold deposits with unconventional metal associations by the Geological Survey of Finland (GTK) which has led to major advances in the understanding of the Rompas gold and uranium mineralization and its regional implications. The GTK and University of St Andrews in Scotland are leading studies on the relationship between the gold formation, carbon and sulphur. In addition, dating of molybdenite associated with gold mineralization at Palokas and Rompas is ongoing, as is one Finnish PhD and two Masters Theses.
Finnish Permitting Update
After applying for the original exploration claims in October 2008, the claims gained legal force in October 2012 with a restriction on drilling within Natura 2000 biodiversity area until an assessment on the exploration impact was undertaken. Mawson commissioned Golder Associates of Finland to complete a one and a half year-long Natura 2000 assessment that mapped and reported in detail the floral distribution and natural habitat types of the area. The assessment also defined the impact that Mawson’s exploration work will have on the biodiversity values. The Company formally submitted the study on June 26, 2013, and the Centre for Economic Development, Transport and the Environment (“ELY”) in Lapland submitted their comments on this study after 8 months. A final decision on the permit to allow drilling in the Natura 2000 biodiversity areas is now expected shortly from the Mining Authority (“TUKES”).
Additionally, the Company has received a decision from the Regional Administrative Court on a temporary stop work order requested by ELY during the permit application period on the Company’s hand-portable core sampling in Natura 2000 areas, including the Palokas prospect. This decision does not affect drilling outside of these areas. The Company appealed this temporary stop work order after receiving interpretation from TUKES that the method satisfied the current claim permit conditions as originally outlined by TUKES. The Administrative Court has subsequently overturned ELY’s stop work order and returned the matter to ELY for new handling. The court ruled that the matter must be resolved. Mawson sees this as a balanced decision which allows the Company an opportunity to discuss and resolve these matters rationally with the relevant authorities.
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.
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 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.
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