EDITOR: | October 7th, 2014

Mawson Resources Limited – First high grade gold shallow drill results triple Palokas prospect footprint in Finland

| October 07, 2014 | No Comments
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October 7, 2014 (Source: CNW) — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces results from the first 6 shallow drill holes completed with the low impact core sampler south of the Palokas prospect at the Rompas-Rajapalot gold project in Arctic Finland.

Key Points:

  • Highlighted intersections include:
    • 2.0m @ 9.1 g/t gold from 25.4 metres in hole PRAJ0070; and
    • 3.0m @ 5.1 g/t gold from 8.7 metres in hole PRAJ0073;
    • 1.0m @ 14.7 g/t gold from 16.3 metres in hole PRAJ0072;
  • New gold intercepts are located 300 metres south of previous drilling at Palokas.  These results triple the drilled gold mineralized footprint;
  • Five holes out of 6 holes intersected significant gold mineralization.  All discoveries are blind, covered by 4-5 metre thick glacial till deposits, and are open along strike and at depth.  Hole PRAJ00075 stopped in mineralization;
  • Drill results are coincident with and immediately up-dip of extensive VTEM geophysical conductors and strong and consistent IP chargeability anomalies, and forms part of an open 3.5 kilometre target horizon;
  • Drilling continues 1.1 kilometres SSW of Palokas and further results are pending over the coming weeks.

Mr Hudson, the Company’s President & CEO, states, “The high degree of continuity and strike rate of blind, but near surface high grade gold mineralization intersected in these first shallow drill holes is an very encouraging start.  Importantly, these results triple the drilled gold mineralized footprint at Palokas.  Mineralization continues from surface and all mineralized sections remain open down dip.  These are early days with our drilling testing no more than 20-30 metres vertically from surface, and more than 3.5 kilometres of strike potential at Rajapalot that remains to be tested.”

This is the first time the Company has had the opportunity to drill across the entire Palokas trend at the Rajapalot project.  Drilling commenced approximately 300 metres south of Palokas prospect where core sample results obtained within the last year have included 19.5 metres @ 7.4 g/t gold from 1.3 metres depth (see Mawson Press Releases October 03, 2013, October 16, 2013 and January 20, 2014).  These blind gold discoveries were made under 4-5 metres of glacial till.  This impressive hit rate for the start of the program validates gradient IP chargeability as a direct targeting tool for gold mineralization at Rajapalot.  While higher grades form over thinner intervals of 1-3 metres, drill hole PRAJ0075, without applying a lower cut, intersected 15.6 metres @ 0.8 g/t gold from 12.4 metres and finished in mineralization.  The holes reported all lie immediately up dip from a modelled strong VTEM electromagnetic anomaly.   The average depth of holes reported is 29 metres.  Uranium is consistently low grade through all holes drilled and averaged 20-30ppm uranium.  A plan view of the core sampling results across Rajapalot, and cross sections from South Palokas are shown in Figures 1, 2 and 3, while Tables 1 and 2 show full collar and summary assay information.  Mineralization is hosted by altered pelitic, calcsilicate and mafic rocks with pervasive to incipient albite, amphiboles, hematite, pyrrhotite and pyrite.

Drilling was performed with a Company-owned and operated, hand portable, low impact rig, through 2-5 metres of glacial till overburden in the vicinity of gold bearing glacial boulders and subcrop. The plan is to drill within an area of 1.2 kilometres strike by up to 1.0 kilometre across strike. It is estimated between 25 sites will be tested until October 31, 2014 with drilling being undertaken 24 hours per day, 6 days a week. The maximum depth of each hole is approximately 40 metres, while the average of hole drilled to date is 29 metres depth. Initial results reported here are from 6 holes. A total of 12 holes have been drilled to date, with the next 6 holes located 1.1 kilometre SSW of Palokas.  The true thickness of the mineralized interval is interpreted to be approximately 80% of the sampled thickness.

Mawson has completed biological mapping of all areas where drilling will take place, and worked together with all authorities to minimize its impacts, including the capture of all drill cuttings, reduction in total machine weight and the placement of walkways to reduce foot traffic.

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 core sampler from the Palokas Prospect.

HoleID

Easting

Northing

Till (m)

EOH (m)

Date Reported

PRAJ0082

3408268

7372777

3.35

39.5

TBA

PRAJ0081

3408241

7372787

2.65

41.4

TBA

PRAJ0080

3408261

7372792

3.2

40.4

TBA

PRAJ0079

3408163

7372818

1

23

TBA

PRAJ0078

3408173

7372822

0

21.05

TBA

PRAJ0077

3408168

7372831

1.6

33.62

TBA

PRAJ0076

3408156

7372824

0

33.45

TBA

PRAJ0075

3408486

7373517

3.2

28.27

Here

PRAJ0074

3408493

7373506

4.2

26.55

Here

PRAJ0073

3408542

7373530

5.5

15.8

Here

PRAJ0072

3408533

7373535

4.6

27.1

Here

PRAJ0071

3408506

7373549

4

43.2

Here

PRAJ0070

3408517

7373543

4.7

33.4

Here

Table 2: Assay data from the hand portable low impact core sampler from the Palokas Prospect.

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

HOLEID

Summary Result

Comment

Date Reported

PRAJ0070

2.0m @ 9.1 g/t gold from 25.4 metres

Here

PRAJ0071

1.8m @ 1.0 g/t gold from 34.7 metres

Here

PRAJ0072

1.0m @ 14.8 g/t gold from 16.3 metres

Here

PRAJ0073

3.0m @ 5.1 g/t gold from 8.7 metres

Here

PRAJ0074

No significant results

Here

PRAJ0075

3.0m @ 2.8 g/t gold from 14.4 metres

Here

PRAJ0075

1.0m @ 0.5 g/t gold from 21.0 metres

Here

PRAJ0075

1.0m @ 1.3 g/t gold from 23.0 metres

Stopped in mineralization

Here

SOURCE Mawson Resources Ltd.


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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