Mawson Resources Limited

TSX : MAW
FRANKFURT : MRY
PINKSHEETS : MWSNF


Mawson Resources Limited

January 20, 2014 08:15 ET

Mawson Intersects 19.0 Metres at 2.3 g/t Gold at Palokas, Finland

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 20, 2014) - Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW)(FRANKFURT:MXR)(PINKSHEETS:MWSNF) announces further intersections of strong gold mineralization from the Palokas gold project at Rompas in Finland.
Key Points:

  • Highlighted intersections include:
    • 19.0m @ 2.3 g/t gold from 8.0 metres from PRAJ0022; and
    • 8.7m @ 4.6 g/t gold from 16.9 metres from PRAJ0025;
  • Exploration at Palokas is at a very early stage. Gold mineralization is covered by shallow glacial till deposits and remains open in all directions, with many holes stopping in mineralization;
  • Sampling is coincident with a VTEM geophysical conductor that extends for more than 500 metres through an area with less than 1% outcrop, and forms part of a 3.5 kilometre target horizon between basaltic and quartzitic rocks;
  • A 26 kilometre induced polarization ("IP") geophysical survey that tested 5 kilometres of target horizon along strike from the drill area at Palokas has just been completed;
  • Core sampling continues at Palokas and further results are pending.

Mr Hudson, the Company's President & CEO, states, "The high degree of continuity of gold mineralization at Palokas is further emphasized by these new shallow core sample results. Mineralization continues from surface and all mineralized sections remain open down dip. We look forward to extending core sampling along strike from the area already tested, with more than 3.5 kilometres of strike potential defined by anomalous gold surface samples and geophysical responses."

A plan view of the core sampling, a complete series of cross sections and a longitudinal section are shown in Figures 1-10, while Tables 1 and 2 show full collar and summary assay information. Better results returned from holes PRAJ0010 to PRAJ0024 are shown below:

HOLEID Summary Result Comment
PRAJ0022 19.0m @ 2.3 g/t gold from 8 metres
PRAJ0025 8.7m @ 4.6 g/t gold from 16.9 metres
PRAJ0023 9.9m @ 2.2 g/t gold from 18.6 metres Stopped in mineralization
PRAJ0024 7.9m @ 2.7 g/t gold from 28.1 metres Stopped in mineralization
PRAJ0020 3.0m @ 4.2 g/t gold from 5.2 metres

Twenty-four core sample holes have been completed to date along a strike length of 150 metres, and a further five core holes are planned to test an additional 50 metres of the strike potential at Palokas. Finely disseminated gold mineralization occurs within magnesian chlorite-biotite-tourmaline-pyrrhotite rich rocks between mafic rocks and relatively oxidized quartzites. The true thickness of the mineralized interval is interpreted to be approximately 80% of the sampled thickness.

These new results follow on from the previous core sampling result at Palokas (PRAJ0003-PRAJ0009), reported in Mawson Press Releases October 3, 2013 and October 16, 2013.

Additionally, the 26 kilometre gradient array IP and 480 metres of pole-dipole IP geophysical surveys have just been completed. These surveys tested approximately a 5 kilometre trend to the north and south of the Palokas drill area. Ground magnetic measurements remain ongoing at Palokas. These results will be made available shortly.

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 gold project 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 by Mawson or GTK personnel from GTK to the Labtium Oy ("Labtium") laboratory in Rovaniemi, Finland where they were prepared and analyzed for Au by 705P techniques and multi-element analysis by XRF technique (pellet), method +175X. 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, Labtium 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, 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.

Table 1: Collar Information from the hand portable low impact core sampler from the Palokas Prospect
HoleID UTME UTMN Azimuth Dip Overburden
Depth (m)
Depth
(m)
Date Reported
PRAJ0003 3408688 7373822 118 60 0.0 20.19 03 Oct 2013
PRAJ0004 3408681 7373826 116 60 0.8 19.63 16 Oct 2013
PRAJ0005 3408673 7373830 116 60 4.2 19.26 16 Oct 2013
PRAJ0006 3408686 7373839 116 60 1.3 29.04 16 Oct 2013
PRAJ0007 3408705 7373831 116 60 5.0 5.0 16 Oct 2013
PRAJ0008 3408696 7373836 116 60 0.3 13.3 16 Oct 2013
PRAJ0009 3408692 7373859 116 60 2.5 34.95 16 Oct 2013
PRAJ0010 3408711 7373854 116 60 0.3 13.02 Here
PRAJ0011 3408753 7373879 140 60 4.5 4.5 Here
PRAJ0012 3408730 7373906 140 60 0.0 3.36 Here
PRAJ0013 3408736 7373898 140 60 3.0 7.8 Here
PRAJ0014 3408743 7373889 140 60 1.0 7.8 Here
PRAJ0015 3408729 7373862 140 60 1.0 12.7 Here
PRAJ0015 3408729 7373862 140 60 12.7 Here
PRAJ0016 3408686 7373802 116 60 28.4 Here
PRAJ0017 3408686 7373776 116 60 23.0 Here
PRAJ0018 3408677 7373765 116 60 20.75 Here
PRAJ0019 3408666 7373787 116 60 4.5 Here
PRAJ0020 3408669 7373808 116 60 31.2 Here
PRAJ0021 3408695 7373819 116 60 19.94 Here
PRAJ0022 3408677 7373842 116 60 37.5 Here
PRAJ0023 3408682 7373863 116 76.5 28.52 Here
PRAJ0024 3408673 7373868 116 76.5 37.02 Here
PRAJ0025 3408697 7373878 116 76.5 40.25 Here
PRAJ0026 3408693 7373856 116 76.5 30.0 TBA

Table 2: Assay data from the hand portable low impact core sampler from the Palokas Prospect - new results from core sample holes PRAJ0010-PRAJ0025. Holes PRAJ0007 and PRAJ0019 failed to intersect bedrock. Holes PRAJ0015-17 contained no significant assays, holes PRAJ0011-14 were short holes less than 8 metres depth and contained no significant assays. A lower cut of 0.5 g/t over 2 metres was applied.

Hole ID From
(m)
To
(m)
Width
(m)
Au
g/t
Comment Reported
PRAJ0003 0 9 9.0 10.2 3 Oct 2013
PRAJ0003 12 13 1.0 0.6 3 Oct 2013
PRAJ0004 2 10.25 8.3 5.9 16 Oct 2013
PRAJ0005 6.65 19.22 12.6 3.6 Stopped in mineralization 16 Oct 2013
PRAJ0006 1.3 20.8 19.5 7.6 16 Oct 2013
PRAJ0008 0.3 8 7.7 1.4 16 Oct 2013
PRAJ0009 2.5 7.9 5.4 37.6 16 Oct 2013
PRAJ0009 13.9 14.7 0.8 0.6 16 Oct 2013
PRAJ0009 22.7 23.7 1.0 2.6 16 Oct 2013
PRAJ0009 25.4 28.25 2.9 2.3 16 Oct 2013
PRAJ0009 30.25 31.25 1.0 0.6 16 Oct 2013
PRAJ0009 32.25 33.25 1.0 0.7 16 Oct 2013
PRAJ0010 3.3 6.3 3.0 1.4 Here
PRAJ0018 4.4 5.4 1.0 1.6 Here
PRAJ0018 14.75 15.75 1.0 0.5 Here
PRAJ0020 5.2 8.2 3.0 4.2 Here
PRAJ0020 11.2 13.2 2.0 4.4 Here
PRAJ0020 22 24 2.0 2.2 Here
PRAJ0020 26 27 1.0 0.9 Here
PRAJ0021 2.7 4.7 2.0 1.1 Here
PRAJ0022 8 27 19.0 2.3 Here
PRAJ0022 32.6 33.6 1.0 1.9 Here
PRAJ0023 11.16 14.4 3.2 1.0 Here
PRAJ0023 18.62 28.52 9.9 2.2 Stopped in mineralization Here
PRAJ0024 22.65 26.8 4.2 0.6 Here
PRAJ0024 28.05 35.95 7.9 2.7 Stopped in mineralization Here
PRAJ0025 16.9 25.6 8.7 4.6 Here

To view Figure 1 please visit the following link: http://media3.marketwire.com/docs/922882fig1.pdf

To view Figure 2 please visit the following link: http://media3.marketwire.com/docs/922882fig2.pdf

To view Figure 3 please visit the following link: http://media3.marketwire.com/docs/922882fig3.pdf

To view Figure 4 please visit the following link: http://media3.marketwire.com/docs/922882fig4.pdf

To view Figure 5 please visit the following link: http://media3.marketwire.com/docs/922882fig5.pdf

To view Figure 6 please visit the following link: http://media3.marketwire.com/docs/922882fig6.pdf

To view Figure 7 please visit the following link: http://media3.marketwire.com/docs/922882fig7.pdf

To view Figure 8 please visit the following link: http://media3.marketwire.com/docs/922882fig8.pdf

To view Figure 9 please visit the following link: http://media3.marketwire.com/docs/922882fig9.pdf

To view Figure 10 please visit the following link: http://media3.marketwire.com/docs/922882fig10.pdf

Contact Information

  • Mawson Resources Limited
    Mariana Bermudez
    Investor Information
    +1 (604) 685 9316
    +1 (604) 683 1585 (FAX)

    Mawson Resources Limited
    Donna Werbes
    Investor Information
    +1 (604) 685 9316
    +1 (604) 683 1585 (FAX)

    Mawson Resources Limited
    Seema Sindwani
    Investor Information
    +1 (647) 478 3017
    info@mawsonresources.com
    www.mawsonresources.com