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Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce results from downhole electro-magnetic "DHEM" geophysical surveys conducted at the Rajapalot gold-cobalt project in Finland
Highlights:
Mawson Finland (TSXV:MFL) is a mining development company focused on gold-cobalt in northern Finland advancing its the Rajapalot gold-cobalt project in the Lapland region. Driven by a highly experienced local management and technical team, and supported by a strong Finnish investor ownership, the company is poised to become a key player in the gold-cobalt market.
Mawson Finland's Rajapalot project spans 18,000 hectares and boasts an inferred resource of 9.8 Mt consisting of 867,000 oz gold at 2.8 g/t and 4,311 tonnes of cobalt at 441 parts per million (ppm). A completed preliminary economic assessment (PEA) estimated a net present value (NPV) of US$211 million and a 27 percent internal rate of return (IRR) based on US$1,700 gold price, with significant upside from greenfield exploration.
The Rajapalot gold-cobalt project is the company's cornerstone asset. Covering approximately 18,000 hectares, Rajapalot is distinguished by its significant gold and cobalt mineralization, making it one of the notable dual-commodity projects in Europe.
Company Highlights
- Mawson Finland is a newly listed exploration company focused on advancing its gold-cobalt project in the Lapland Region of Finland, a tier 1 mining jurisdiction.
- The project hosts multiple high-grade zones, which have been the focus of extensive exploration activities.
- The completed PEA on Rajapalot has an inferred resource of 9.78 million tonnes containing 867,000 ounces of gold and 4,311 tonnes of cobalt with grades of 2.8 g/t and 441 ppm, respectively. Additionally, the PEA includes an NPV (5 percent) of US$ 211 million with a 27 percent IRR.
- Cobalt, a key by-product of the Rajapalot project, is crucial for the manufacturing of electric vehicle (EV) batteries and renewable energy storage solutions.
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Mawson Finland Limited
Investor Insight
With its focused and strategic goals of advancing, expanding and de-risking its highly prospective gold and cobalt resource in Finland, Mawson Finland is well-placed to become a key player in Europe’s growing precious metals and battery markets.
Overview
Mawson Finland (TSXV:MFL) is a relatively new listed exploration-stage mining development company focused on gold-cobalt in northern Finland. The company is advancing its 100 percent owned Rajapalot gold-cobalt project in Finland's Lapland region. The project covers 18,000 hectares and boasts an inferred resource of 9.8 Mt consisting of 867,000 oz gold at 2.8 g/t and 4,311 tonnes of cobalt at 441 parts per million (ppm). The company aims to de-risk and expand this project, targeting resource growth through drilling. A completed preliminary economic assessment (PEA) estimated a net present value (NPV) of US$211 million and a 27 percent internal rate of return (IRR) based on US$1,700 gold price, with significant upside from greenfield exploration.
Mawson Finland is driven by a highly experienced local management and technical team, and supported by a strong Finnish investor ownership, all committed to rapidly advancing the Rajapalot project. Noora Ahola, the CEO of Mawson Finland, is a seasoned mining professional with over a decade of experience working on the Rajapalot gold-cobalt project. Based in Rovaniemi, Finland, Ahola has played a key role in advancing the project under its previous owner, Mawson Gold, and in bringing in a roster of Finnish investors into the company. Mawson Finland has a tight shareholder structure, with 19 million shares outstanding and no warrants.
Committed to sustainable development, Mawson Finland places a strong emphasis on environmental stewardship and community engagement. The company adheres to Finland’s rigorous environmental regulations, conducting its operations with a focus on minimizing the ecological impact in the area in which it operates. The ethical sourcing of cobalt, a metal critical for electric vehicle batteries, aligns the project well with current global efforts to ensure responsible supply chains for green energy technologies.
Company Highlights
- Mawson Finland is a newly listed exploration company focused on advancing its gold-cobalt project in the Lapland Region of Finland, a tier 1 mining jurisdiction.
- The project hosts multiple high-grade zones, which have been the focus of extensive exploration activities.
- The completed PEA on Rajapalot has an inferred resource of 9.78 million tonnes containing 867,000 ounces of gold and 4,311 tonnes of cobalt with grades of 2.8 g/t and 441 ppm, respectively. Additionally, the PEA includes an NPV (5 percent) of US$ 211 million with a 27 percent IRR.
- Cobalt, a key by-product of the Rajapalot project, is crucial for the manufacturing of electric vehicle (EV) batteries and renewable energy storage solutions.
Key Project
Rajapalot Gold-Cobalt Project
The Rajapalot gold-cobalt project is the cornerstone asset of Mawson Finland, situated in the Lapland region of northern Finland, a tier 1 location. Covering approximately 18,000 hectares, the project is distinguished by its significant gold and cobalt mineralization, making it one of the notable dual-commodity projects in Europe.
The project hosts multiple high-grade gold-cobalt zones, including Palokas, South Palokas, Raja and Rumajärvi. These zones have been the focus of extensive exploration activities, leading to the delineation of a substantial inferred mineral resource. The resource estimates indicate the presence of both gold and cobalt, with gold grades and cobalt credits enhancing the overall economic potential of the project. The mineralization remains open at depth and along strike, suggesting considerable upside from resource expansion through further drilling.
Rajapalot is characterised by its favourable geology within the Paleoproterozoic Peräpohja Belt. The mineralization is associated with metamorphosed volcanic and sedimentary rocks. Anomalous gold is known to correlate with elevated levels of cobalt, bismuth, and other minerals. The area’s geological similarities to other significant mining districts add to the Project’s prospectivity.
Mawson Finland has undertaken comprehensive exploration programs, including diamond drilling, geophysical surveys, and geological mapping. These efforts have not only expanded the known mineralized zones, but have also identified new targets for future exploration. The company’s strategy focuses on both increasing the resource base and advancing the project towards a feasibility study.
Mawson Finland has completed and reported on its 2024 drill results. The company’s goal remains increasing its gold and cobalt resources at the Rajapalot project. The upcoming results will focus on expanding known high-grade zones and testing new exploration targets, with the goal of boosting both the gold and cobalt resources. These efforts are part of the company’s broader strategy to demonstrate the full potential of the project and to continue growing the resource.
Management Team
Neil MacRae - Executive Chairman
Neil MacRae is a capital markets professional with 29 years of experience in investor relations, commodities trading and corporate development within the global mining industry. MacRae holds a Bachelor of Arts degree from the University of Calgary and started his career in 1994 with Mitsui & Co. (Canada). Over the years, he has held various management and investor relations roles with companies such as First Majestic Silver, Sherwood Copper (merged with Capstone in 2008), Farallon Mining (sold to Nyrstar in 2011), NovaGold Resources, and Santacruz Silver Mining. MacRae was previously a director of Mawson Gold.
Noora Ahola - President, CEO and Director
Noora Ahola is a forestry engineer with a masters degree in natural resources and Landscape Management. She has developed strong experience within the Finnish environmental administration, applying environmental and other land-use legislation for nature protection and other purposes. Her most recent roles include managing director of Mawson Oy and interim CEO and environmental director of Mawson Gold. She also worked at The Centre for Economic Development, Transport and the Environment for Lapland (ELY-Centre) in the nature protection unit as a manager for a program based on developing biodiversity and ecological connections between Natura 2000 sites. As environmental director at Mawson Gold, Ahola set environmental policy, and was responsible for permitting, environmental monitoring and management and research plans. She was responsible also for identifying and managing key environmental risks associated with Mawson Gold’s projects and for ensuring all ESG factors are effectively addressed and managed. Ahola continues to represent Mawson Oy as a director in the Lapland Chamber of Commerce and Finnish Mining Association boards. She is also a member of the national Chamber of Commerce delegation.
Nick DeMare – Chief Financial Officer
Nick DeMare, a chartered professional accountant, has been president of Chase Management since 1991, providing accounting, management, securities regulatory compliance and corporate secretarial services to private and public-listed companies. DeMare also serves as an officer and/or director of a number of public-listed companies. He holds a Bachelor of Commerce degree from the University of British Columbia and is a member in good standing of the Institute of Chartered Accountants of British Columbia.
Mawson Finland Limited Presents Downhole EM Geophysics: Multiple Deep Conductors Newly Identified at Rajapalot
Results and interpretation from downhole EM surveys found multiple deep conductors at Rajapalot
Several strong conductors are located down-dip/down-plunge of both the Palokas and South Palokas zones suggesting gold-cobalt mineralization continues with depth
Additional deep conductors located along-strike from the Palokas Zone, ~500 metres to the north-east
Five conductive targets identified within/nearby to inferred resource area and ready to be drill-tested in this up-coming 2025 winter drill-season
Ms. Noora Ahola, Mawson Finland CEO, states:"We are very excited to report the results of our recent geophysics surveys at Rajapalot. We have identified several exciting targets in downhole EM surveys that suggest the gold-cobalt mineralization at Rajapalot continues with depth at Palokas and South Palokas, while further anomalies are also present in un-drilled areas close-by. We plan to conduct further EM geophysical studies at Rajapalot in the coming weeks in our lead-up to the 2025 winter drilling campaign, in addition to an approximate 600-hectare sub-audio magnetic "SAM" ground-survey presently being carried out over our high-grade Rompas gold project located 6 kilometres east of Rajapalot. We look forward to presenting the results of these additional surveys prior to the initiation of our winter drilling campaign planned to begin in January 2025."
Downhole EM Results
Electromagnetic techniques were first used in 2013 by Mawson at Rajapalot with a helicopter-borne VTEMplus survey indicating the conductive nature of areas subsequently discovered to be the Palokas, South Palokas, The Hut, Terry's Hammer, Rumajärvi, Raja and Joki zones of gold-cobalt mineralization. Due to the close association of gold-cobalt mineralization with pyrrhotite accumulations at the known mineralized occurrences at the Rajapalot project, detection of these sulfide-bearing mineral-systems with EM geophysical methods is achievable due to their associative, highly-reactive EM properties.
In this downhole EM campaign, five EM-loops were set-out in order to measure conductivity responses in the vicinity of 8 selected drillholes to explore for further nearby gold-cobalt mineralized rock-bodies at Rajapalot (refer to map in Figure 1). Five of 8 drillholes, corresponding to 3-EM loops (loops 1-3), were located around the Palokas and South Palokas zones of gold-cobalt mineralization, while 1 drillhole (loop 4) was located 400 metres north-east of Palokas, and 2 drillholes (loop 5) located on the northern margin of the Raja zone (refer to Figure 1 for drillhole, and EM-loop locations/survey layout).
At South Palokas, 2 strong EM conductors were located ‘off-hole' to both the north and south of drillhole PAL0367 (loop 3) at the presently defined base of gold-cobalt mineralization. South Palokas conductive body "A" is found to the south of drillhole PAL0367, with the top of the conductor modelled at around -340mRL and continues for some 200 metres in the down-dip direction, while conductive body "B" is located to the north of drillhole PAL0367, with its top modelled at -370mRL and continues for a further 110 metres in the down-dip direction (refer Table 1, and to 3-D projections in Figure 2 and Figure 3). These results strongly suggest that further gold-cobalt mineralization may be present at depth at South Palokas.
At Palokas, a strong EM-conductive body is interpreted on the lower, northern margin of the mineralized zone, extending down-dip from PAL0200 (loop 3), with the top of this conductor modelled at -129mRL, continuing a further 135 metres in the down-dip direction. This modelled conductor initially appears coincident with the lower portions of the deeper areas of the Palokas mineralized zone however, it is interpreted to be separated from the main Palokas mineralized zone. The anomaly isn't readily explained by simply enlarging the presently known geometry of the Palokas mineralized system down-dip with a northerly plunge and as such, these results suggest an additional lens of gold-cobalt mineralization may exist beyond the known limits of mineralization in the deeper areas of the Palokas zone (refer Table 1, and to 3-D projections in Figure 2 and Figure 3).
Two further loops were set-out in the Palokas and South Palokas area in order to search for conductive rocks in between Palokas and South Palokas zones of mineralization (drillhole PAL0352; loop 1), and to search the footwall zone to Palokas in light of the recent discovery of "New Lens" in the footwall area of South Palokas (drillholes PAL0072 and PAL0362; loop 2; refer to Figure 1). No conductive anomalies were observed in these areas beyond that of the signals detected from the known mineralized conductive bodies of both Palokas and South Palokas.
North-east of Palokas, approximately 400 metres along-strike, a further drillhole, PAL0073 (loop 4), was used to measure for the presence of deep conductive anomalies in the vicinity of this drillhole. A strongly conductive, 150m by 150m sized EM anomaly was modelled ‘off-hole' to the north of PAL0073, approximately 220 metres below surface at the -50mRL (refer to Table 1, Figure 1, and 3D EM-plate model in Figure 4). These data suggest the presence of a potentially mineralized rock-system located approximately 450 to 600 metres along-strike, to the north-east of the Palokas zone.
A final loop was set-out in the Raja area, using drillholes PAL0171 and PAL0355 (loop 5; see figure 1). A smaller, 70m by 110m sized, ‘off-hole' conductive anomaly was measured on the mid-northern margin of the Raja zone of gold-cobalt mineralization. Modelling of the conductive anomaly places a plate-anomaly in the footwall of the Raja zone of mineralization, only 30 metres below the known zone by approximately (refer to Figure 5). While this general area has received some drilling previously, no drilling has penetrated the specific area defined in the modelled EM plate, and as such presents a very compelling drill-target.
Geophysical Survey Parameters
The downhole EM (DHEM) survey was conducted by Finnish geophysics provider Geovisor Oy from Rovaniemi, using a Zonge ZT-30 transmitter system. The acquisition was measured using the EMIT Smartem24 receiver system with EMIT DHEM Digiatlantis probe that measures the decaying magnetic field with three orthogonal Fluxgate magnetometer sensors producing along hole (A-component), and two perpendicular components (namely U and V- components). For each loop configuration, the base frequency was tested, and the base frequency was altered from 0.25 Hz to 1 Hz. The EM response was stacked over 32,128 EM pulses depending on the base frequency and the observed signal strength. The used time windows scheme was SMARTem standard containing 39 to 43 time channels depending on the base frequency. All the holes were measured in one piece from the collar with surveys having 10 metre reading intervals. The modelling was done using Maxwell software, using plate models. All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393).
Technical Background
At Rajapalot, all examples of gold-cobalt mineralization are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralization is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralization at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralization remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Loop | Conductor | Drillhole | Conductivity-thickness (s) | Dimensions (Strike x Dip) | Dip/Dip-direction | Depth to top (mRL) |
Loop 1 | NA | PAL0352 | - | - | - | - |
Loop 2 | NA | PAL0072, PAL0362 | - | - | - | - |
Loop 3 | South Palokas Deep "A" | PAL0367 | 100 | 130m x 200m | 48/333 | -340m |
Loop 3 | South Palokas Deep "B" | PAL0367 | 110 | 120m x 110m | 17/314 | -370m |
Loop 3 | Palokas Deep | PAL0200 | 160 | 100m x 135m | 34/330 | -129m |
Loop 4 | Hirvimaa | PAL0073 | 150 | 150m x 150m | 12/103 | -50m |
Loop 5 | Raja Footwall | PAL0171, PAL0355 | 80 | 70m x 110m | 44/326 | -125m |
Table 1: Results from the DHEM survey, with anomaly names and areas listed, their conductance, size, orientation and depth below surface (surface level across survey area is between ~+165m - +175mRL).
SOURCE: Mawson Finland Limited
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Mawson Finland Limited Confirms 'New Lens' Continuity with Multiple Significant Intercepts as well as Expands South Palokas Mineralized Zones at Rajapalot
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from the final 13 drillholes of the 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto
Highlights:
‘New lens' reported in September 4, 2024 NR is expanded up-dip
Seven holes intersect significant mineralized intercepts
PAL0361 drilled multiple significant intercepts targeting down-dip depth extensions of South Palokas, defining two lenses of gold-cobalt mineralization at depth, including:
6 m @ 2.24 g/t Au and 302 ppm Co from 493.8 metres
5.3 m @ 2.75 g/t Au and 559 ppm Co from 533.25 metres
PAL0364 drilled multiple significant intercepts in modest step-outs in the upper southern portions of South Palokas, and then continued onwards to intercept ‘New lens' located in the footwall of South Palokas including:
4 m @ 2.41 g/t Au and 227 ppm Co from 141.35 metres at South Palokas
17 m @ 1.05 g/t Au and 224 ppm Co from 263.9 metres on ‘New lens'
PAL0356 drilled 0.9 m @ 5.07 g/t Au and 19 ppm Co from 424.45 metres in a deep, southward step-out from South Palokas
PAL0367 drilled a single intercept of 0.85 m @ 0.94 ppm Au from 614.75 meters (cobalt TBA) on a deep steep-out on the northern margin of South Palokas
PAL0368 drilled multiple significant intercepts in southward step-outs to The Hut zone of gold-cobalt mineralization, including:
5.7 m @ 0.83 g/t Au and 519 ppm Co from 161.15 metres
PAL0363 drilled two significant intercepts in northwards step-outs of The Hut zone of mineralization, including:
4.15 m @ 0.67 g/t Au and 579 ppm Co from 203.1 metres
1 m @ 1.02 g/t Au and 129 ppm Co from 209.25 metres
PAL0370 drilled a single intercept in a modest step-out at Terry's Hammer of:
1 m @ 1.86 g/t Au and 466 ppm Co from 64.85 metres
Drillholes PAL0352 and PAL0365 (South Palokas), drillholes PAL0366 and PAL0369 (The Hut), and drillhole PAL0371 (Terry's Hammer) failed to intercept significant mineralization, while drillhole PAL0359 (South Palokas) was abandoned at 47.2 metres due to drilling technicalities.
Ms. Noora Ahola, Mawson Finland CEO, states: "In recent weeks our Executive Chairman Neil MacRae and I have had a chance to meet many of our shareholders as well as local stakeholder groups. We appreciate the confidence that our shareholders have shown in our team by funding our new Company. We hope that our shareholders are as excited as our team is by the results of this latest drill season. I think our 2024 drill results speak loudly to the potential expansion of Rajapalot well beyond its current size.
However, we will not rest on our laurels and intend to continue to build on our exploration success. Our exploration team is currently in the field conducting both surface-geochemical and geophysical surveys in order to allow us to try to improve on our current success rate when the Winter 2025 drilling campaign begins."
Detailed Results
The 13 drillholes reported here (Table 1) are from the South Palokas, New lens, The Hut and Terry's Hammer zones of mineralization at Rajapalot (PAL0352, PAL0356, PAL0359, PAL0361, PAL0363, PAL0364, PAL0365, PAL0366, PAL0367, PAL0368, PAL0369, PAL0370, PAL0371; see Figure 1, Figure 2 and Figure 3 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 4,675 metres of drilling from the 2024 programme of a total of 11,376 metres in 38 drillholes, of which all holes have now been reported for gold their analysis. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are available for all but drillhole PAL0367 of this news release, of which results from this hole, and all remaining and unreported cobalt results will be reported in due course as the remaining data becomes available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto.
Drillholes PAL0356 and PAL0361 were drilled on the deep, southern margin of the South Palokas zone of gold-cobalt mineralization, where they intercepted significant mineralization with respective step-outs of between 50 metres and 85 metres southwards from their nearest known historical drill-intercepts (refer to Figure 2). Drillhole PAL0367 was drilled on the deepest northern margins of South Palokas where it intercepted a thin, weakly mineralized interval. Drillholes PAL0352 (northern margin) and PAL00365 (southern margin) intercepted no significant mineralization, while drillhole PAL0359 was abandoned after only 47.3 metres due to drilling difficulties, and failed to reach projected depth of mineralization.
One further drillhole was drilled in the South Palokas area to follow-up a previously reported high-grade intercept on ‘New lens' that is located in the footwall of South Palokas, approximately 100 metres directly below the main mineralized body in this area (see Mawson Finland Limited news release dated September 4th, 2024). Drillhole PAL0364intercepted a thick, 17 metre drilled interval of gold-cobalt mineralization approximately 50 metres up-dip of the previously reported high-grade intercept (PAL0335; 20.75 m @ 5.25 g/t Au & 515 ppm Co from 295.05 metres). This confirms both geological and grade continuity of ‘New lens', meaning that geometry of this gold-cobalt-bearing structure is now understood, and further step-out drilling can be conducted in the down-plunge direction (refer to Figure 2).
Drilling at The Hut and Terry's Hammer zones of gold-cobalt mineralization consisted of 6 drillholes in total. Drillholes PAL0663, PAL0366 and PAL0369 targeted northerly step-outs to The Hut zone of mineralization, with drillhole PAL0363 intercepting gold-cobalt mineralization in a step-out of approximately 60 metres to the north of its nearest historical intercept (refer to Figure 3). Drillhole PAL0368 intercepted gold-cobalt mineralization in an approximately 35 metre step-out to the south of the next closest historical intercept at The Hut. Drillholes PAL0370 and PAL0371 were drilled to target down-dip extension of Terry's Hammer, with PAL0371 intercepting gold-cobalt mineralization approximately 35 metres below its nearest historical intercept (refer to Figure 3).
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralization are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralization is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralization at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralization remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth (m) | Prospect |
PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | South Palokas |
PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | Hole abandoned |
PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (Finnish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.
Hole ID | From (m) | To (m) | Thickness1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt (ppm) |
PAL0356 | 424.45 | 425.35 | 0.90 | 5.07 | 4.56 | 19 |
PAL0361 | 464.80 | 465.80 | 1.00 | 0.31 | 0.31 | 8 |
PAL0361 | 473.80 | 475.80 | 2.00 | 1.32 | 2.64 | 120 |
PAL0361 | 493.80 | 499.80 | 6.00 | 2.24 | 13.47 | 302 |
PAL0361 | 533.25 | 538.55 | 5.30 | 2.75 | 14.56 | 559 |
PAL0363 | 203.10 | 207.25 | 4.15 | 0.67 | 2.78 | 579 |
PAL0363 | 209.25 | 210.25 | 1.00 | 1.02 | 1.02 | 129 |
PAL0364 | 96.80 | 97.80 | 1.00 | 1.32 | 1.32 | 399 |
PAL0364 | 111.30 | 114.30 | 3.00 | 0.65 | 1.94 | 361 |
PAL0364 | 130.35 | 132.35 | 2.00 | 0.85 | 1.69 | 109 |
PAL0364 | 141.35 | 145.35 | 4.00 | 2.41 | 9.64 | 227 |
PAL0364 | 149.35 | 155.30 | 5.95 | 0.83 | 4.90 | 543 |
PAL0364 | 263.90 | 280.90 | 17.00 | 1.05 | 17.79 | 224 |
PAL0364 | 282.90 | 283.90 | 1.00 | 0.32 | 0.32 | 95 |
PAL0364 | 292.75 | 293.75 | 1.00 | 0.58 | 0.58 | 182 |
PAL0367 | 614.75 | 615.60 | 0.85 | 0.94 | 0.80 | TBA |
PAL0368 | 103.60 | 104.60 | 1.00 | 1.81 | 1.81 | 89 |
PAL0368 | 161.15 | 166.85 | 5.70 | 0.83 | 4.66 | 519 |
PAL0368 | 168.20 | 168.90 | 0.70 | 1.60 | 1.12 | 488 |
PAL0371 | 64.85 | 65.85 | 1.00 | 1.86 | 1.86 | 466 |
1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Drillholes coloured red are those reported in this news release, while holes coloured black have been reported in previous releases.
Figure 2: Long-section of the South Palokas (left) and ‘New lens' (right) zones of mineralization at Rajapalot. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralization remains ‘open' and untested.
Figure 3: Long-section of The Hut and Terry's Hammer zones of mineralization at Rajapalot. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralization remains ‘open' and untested.
Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralization |
PAL0356 | 424.45 | 425.35 | 0.90 | 5.07 | 19 | South Palokas |
PAL0361 | 464.80 | 465.80 | 1.00 | 0.31 | 8 | South Palokas |
473.80 | 474.80 | 1.00 | 0.86 | 54 | South Palokas | |
474.80 | 475.80 | 1.00 | 1.78 | 185 | South Palokas | |
493.80 | 494.80 | 1.00 | 0.41 | 74 | South Palokas | |
494.80 | 495.80 | 1.00 | 4.71 | 210 | South Palokas | |
495.80 | 496.80 | 1.00 | 3.97 | 328 | South Palokas | |
496.80 | 497.80 | 1.00 | 1.93 | 505 | South Palokas | |
497.80 | 498.80 | 1.00 | 2.01 | 615 | South Palokas | |
498.80 | 499.80 | 1.00 | 0.44 | 80 | South Palokas | |
533.25 | 534.25 | 1.00 | 1.82 | 1177 | South Palokas | |
534.25 | 535.25 | 1.00 | 7.32 | 833 | South Palokas | |
535.25 | 536.55 | 1.30 | 0.46 | 160 | South Palokas | |
536.55 | 537.55 | 1.00 | 0.33 | 489 | South Palokas | |
537.55 | 538.55 | 1.00 | 4.49 | 258 | South Palokas | |
PAL0363 | 203.10 | 204.10 | 1.00 | 0.81 | 541 | Hut |
204.10 | 205.25 | 1.15 | 0.25 | 294 | Hut | |
205.25 | 206.25 | 1.00 | 0.97 | 939 | Hut | |
206.25 | 207.25 | 1.00 | 0.71 | 586 | Hut | |
209.25 | 210.25 | 1.00 | 1.02 | 129 | Hut | |
PAL0364 | 96.80 | 97.80 | 1.00 | 1.32 | 399 | South Palokas |
111.30 | 112.30 | 1.00 | 0.60 | 52 | South Palokas | |
112.30 | 113.30 | 1.00 | 0.08 | 720 | South Palokas | |
113.30 | 114.30 | 1.00 | 1.26 | 313 | South Palokas | |
130.35 | 131.35 | 1.00 | 1.10 | 138 | South Palokas | |
131.35 | 132.35 | 1.00 | 0.59 | 80 | South Palokas | |
141.35 | 142.35 | 1.00 | 0.50 | 147 | South Palokas | |
142.35 | 143.35 | 1.00 | 2.01 | 340 | South Palokas | |
143.35 | 144.35 | 1.00 | 4.03 | 332 | South Palokas | |
144.35 | 145.35 | 1.00 | 3.10 | 88 | South Palokas | |
149.35 | 150.35 | 1.00 | 1.85 | 813 | South Palokas | |
150.35 | 151.35 | 1.00 | 0.38 | 629 | South Palokas | |
151.35 | 152.35 | 1.00 | 0.16 | 117 | South Palokas | |
152.35 | 153.35 | 1.00 | 1.44 | 957 | South Palokas | |
153.35 | 154.35 | 1.00 | 39 | South Palokas | ||
154.35 | 155.30 | 0.95 | 1.18 | 700 | South Palokas | |
263.90 | 264.90 | 1.00 | 0.83 | 356 | South Palokas | |
264.90 | 265.90 | 1.00 | 0.67 | 669 | South Palokas | |
265.90 | 266.90 | 1.00 | 0.24 | 420 | South Palokas | |
266.90 | 268.20 | 1.30 | 1.11 | 469 | South Palokas | |
268.20 | 269.20 | 1.00 | 0.34 | 290 | South Palokas | |
269.20 | 270.20 | 1.00 | 0.12 | 80 | South Palokas | |
270.20 | 271.20 | 1.00 | 0.59 | 110 | South Palokas | |
271.20 | 272.20 | 1.00 | 0.18 | 65 | South Palokas | |
272.20 | 272.90 | 0.70 | 1.57 | 216 | South Palokas | |
272.90 | 273.90 | 1.00 | 2.90 | 143 | South Palokas | |
273.90 | 274.90 | 1.00 | 5.17 | 48 | South Palokas | |
274.90 | 275.90 | 1.00 | 1.90 | 167 | South Palokas | |
275.90 | 276.90 | 1.00 | 0.14 | 52 | South Palokas | |
276.90 | 277.90 | 1.00 | 0.40 | 191 | South Palokas | |
277.90 | 278.90 | 1.00 | 0.57 | 228 | South Palokas | |
278.90 | 279.90 | 1.00 | 0.85 | 136 | South Palokas | |
279.90 | 280.90 | 1.00 | 0.35 | 101 | South Palokas | |
282.90 | 283.90 | 1.00 | 0.32 | 95 | South Palokas | |
292.75 | 293.75 | 1.00 | 0.58 | 182 | South Palokas | |
PAL0367 | 614.75 | 615.60 | 0.85 | 0.94 | TBA | South Palokas |
PAL0368 | 103.60 | 104.60 | 1.00 | 1.81 | 89 | Hut |
161.15 | 161.55 | 0.40 | 0.52 | 256 | Hut | |
161.55 | 162.75 | 1.20 | 18 | Hut | ||
162.75 | 163.50 | 0.75 | 0.57 | 155 | Hut | |
163.50 | 164.50 | 1.00 | 0.31 | 1011 | Hut | |
164.50 | 165.10 | 0.60 | 1.43 | 1260 | Hut | |
165.10 | 165.80 | 0.70 | 1.06 | 797 | Hut | |
165.80 | 166.85 | 1.05 | 2.08 | 375 | Hut | |
168.20 | 168.90 | 0.70 | 1.60 | 488 | Hut | |
PAL0371 | 64.85 | 65.85 | 1.00 | 1.86 | 466 | Terry's Hammer |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
SOURCE: Mawson Finland Limited
View the original press release on accesswire.com
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Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Raja Step-Out Drilling Returns Multiple Significant Intercepts
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from 10 drillholes at the Raja and Joki zones of mineralization which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto
Highlights:
PAL0347 and PAL0349 drilled multiple intercepts in south-westward step-outs to the Raja gold-cobalt mineral system, extending the envelope of mineralisation significantly by approximately 30 and 50 metres respectively, including;
PAL0347 - 5.8 m @ 2.17 g/t gold from 184.3 m (cobalt TBA), 3 m @ 2.43 g/t gold from 201.55 m (cobalt TBA), and 8.6 m @ 1.9 g/t gold from 209 m (cobalt TBA)
PAL0349 - 3.6 m @ 1.74 g/t gold and 1007 ppm cobalt from 294.5 m, and 4 m @ 0.65 g/t gold and 32 ppm cobalt from 320.8m
PAL0355, PAL0353 and PAL0358 drilled multiple intercepts in north-eastward step-outs to the Raja gold-cobalt mineral system, extending the envelope of mineralisation by between 40 and 90 metres, including;
PAL0355 - 2 m @ 2.85 g/t gold and 130 ppm cobalt from 257.5 m, and 2 m @ 1.73 g/t gold and 262 ppm cobalt from 265.6 m
PAL0353 - 0.9 m @ 0.37 g/t Au and 77 ppm cobalt from 91.3 m, and 3 m @ 1.81 g/t gold and 288 ppm cobalt from 211 m
PAL0358 - 5.95 m @ 1.52 g/t gold and 82 ppm cobalt from 130.25 m, 3 m @ 1.44 g/t gold from and 42 ppm cobalt, and 3 m @ 3.22 g/t cobalt and 142 ppm cobalt from 157.2 m
PAL0338 drilled a single intercept in a north-eastward step-out at Joki zone of gold-cobalt mineralisation returning;
PAL0338 - 1 m @ 4.03 g/t gold and 749 ppm cobalt from 148 metres
Drillhole PAL0360 from Raja, and drillholes PAL0336, PAL0337 and PAL0372 from Joki failed to intercept significant mineralisation.
Ms. Noora Ahola, Mawson Finland CEO, states: "We are pleased to report the latest results from our resource step-out drilling at the Raja and Joki zones of Rajapalot. Of particular note is the up-to 90 meter north-eastward extension of gold-cobalt mineralization at the Raja zone of mineralisation that we can expect will contribute additional gold-cobalt mineralised material to our resource inventory in this area. We are proud to inform our shareholders that we remain on-track with our resource expansion ambitions and will continue to report drill results in the coming weeks".
Detailed Results
The 10 drillholes reported here (Table 1) are from the Raja and Joki zones of mineralization at Rajapalot (drill holes PAL0336, PAL0337, PAL0338, PAL0347, PAL0349, PAL0353, PAL0355, PAL358, PAL0360 & PAL0372; see Figure 1, Figure 2 and Figure 3 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 2,295 metres of drilling from the winter programme of a total of 11,376 metres in 38 drillholes. To date, a total of 25 holes for a total of 6,701 m has now been reported. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are available for all but drillhole PAL0347 of this news release, of which results from this hole will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto.
Drillholes PAL0355, PAL0353 and PAL0358 were drilled on the north-eastern margin of the Raja zone of gold-cobalt mineralization where they all intercepted multiple significant intercepts of mineralization between 40 meters (PAL0358) and 90 meters (PAL0355) to the north-east of their closest historical intercepts (refer to Figure 2 and Tables 2 & 3). Drillholes PAL0347, PAL0349 and PAL0360 where drilled on the south-west margin of the Raja zone of mineralization with multiple significant intercepts found between 30 meters (PAL0347) and 50 meters (PAL0349) to the south-west from their nearest historical intercepts, while PAL0360 did not intercept any significant mineralisation in an attempted 90 metre step-out to the south-west of Raja (refer to Figure 2, and Tables 2 & 3). While the host shear-structure was intercepted in hole PAL0360 from between 145 to 162 meters downhole, the host-succession was found to consist of sulfate-rich lithologies which are often found to inhibit gold-cobalt mineralisation at the Rajapalot property. Similarly, drillholes PAL0336, PAL0337 and PAL0372 intercepted unfavourable host lithologies in the projected up-dip position of mineralization at Joki and as such, failed to return significant mineralized intercepts from this zone of gold-cobalt mineralisation. Only PAL0338 returned a thin interval of mineralization at Joki, extending the known mineralization here to the north-east by some 30 meters (refer to Figure 3 and Tables 2 & 3).
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth (m) | Prospect |
PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | South Palokas |
PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | South Palokas |
PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.
Hole ID | From (m) | To (m) | Drilled Thickness1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt ppm |
PAL0336 | - | - | - | - | - | - |
PAL0337 | - | - | - | - | - | - |
PAL0338 | 148.00 | 149.00 | 1.00 | 4.03 | 4.03 | 748.5 |
PAL0347 | 184.30 | 190.10 | 5.80 | 2.17 | 12.60 | TBA |
PAL0347 | 201.55 | 204.55 | 3.00 | 2.43 | 7.30 | TBA |
PAL0347 | 209.00 | 217.60 | 8.60 | 1.90 | 16.35 | TBA |
PAL0349 | 294.50 | 298.10 | 3.60 | 1.74 | 6.27 | 1006.7 |
PAL0349 | 320.80 | 324.80 | 4.00 | 0.65 | 2.60 | 32.4 |
PAL0353 | 91.30 | 92.20 | 0.90 | 0.37 | 0.33 | 76.5 |
PAL0353 | 211.00 | 214.00 | 3.00 | 1.81 | 5.43 | 288.0 |
PAL0355 | 257.50 | 259.50 | 2.00 | 2.85 | 5.70 | 130.0 |
PAL0355 | 265.60 | 267.60 | 2.00 | 1.73 | 3.46 | 261.7 |
PAL0358 | 130.25 | 136.20 | 5.95 | 1.52 | 9.04 | 82.3 |
PAL0358 | 143.20 | 146.20 | 3.00 | 1.44 | 4.33 | 42.1 |
PAL0358 | 157.20 | 160.20 | 3.00 | 3.22 | 9.66 | 142.0 |
PAL0360 | - | - | - | - | - | - |
PAL0372 | - | - | - | - | - | - |
1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Drillholes coloured red are those reported in this news release, while holes coloured black have been reported in previous releases, and blue coloured holes are awaiting results and publication.
Figure 2: Plan-view illustration demonstrating both historical and 2024 drill intercepts in the Raja prospect. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralisation remains ‘open' and untested.
Figure 3: Plan-view illustration demonstrating both historical and 2024 drill intercepts in the Joki prospect. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralisation remains ‘open' and untested.
Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralisation |
PAL0338 | 148.00 | 149.00 | 1.00 | 4.03 | 748.5 | Joki |
PAL0347 | 184.30 | 185.30 | 1.00 | 1.44 | TBA | Raja |
185.30 | 186.30 | 1.00 | 4.26 | TBA | Raja | |
186.30 | 187.10 | 0.80 | 0.12 | TBA | Raja | |
187.10 | 188.10 | 1.00 | 2.73 | TBA | Raja | |
188.10 | 189.10 | 1.00 | 2.77 | TBA | Raja | |
189.10 | 190.10 | 1.00 | 1.31 | TBA | Raja | |
201.55 | 202.55 | 1.00 | 0.99 | TBA | Raja | |
202.55 | 203.55 | 1.00 | 1.28 | TBA | Raja | |
203.55 | 204.55 | 1.00 | 5.03 | TBA | Raja | |
209.00 | 210.00 | 1.00 | 1.15 | TBA | Raja | |
210.00 | 211.00 | 1.00 | 0.82 | TBA | Raja | |
211.00 | 212.05 | 1.05 | 1.14 | TBA | Raja | |
212.05 | 212.80 | 0.75 | 0.05 | TBA | Raja | |
212.80 | 214.15 | 1.35 | 0.60 | TBA | Raja | |
214.15 | 215.20 | 1.05 | 0.55 | TBA | Raja | |
215.20 | 216.40 | 1.20 | 7.09 | TBA | Raja | |
216.40 | 217.60 | 1.20 | 2.71 | TBA | Raja | |
PAL0349 | 294.50 | 295.50 | 1.00 | 1.17 | 655.0 | Raja |
295.50 | 296.50 | 1.00 | 0.86 | 941.2 | Raja | |
296.50 | 297.50 | 1.00 | 3.90 | 1876.6 | Raja | |
297.50 | 298.10 | 0.60 | 0.56 | 252.4 | Raja | |
320.80 | 321.80 | 1.00 | 1.62 | 29.6 | Raja | |
321.80 | 322.80 | 1.00 | 0.25 | 9.9 | Raja | |
322.80 | 323.80 | 1.00 | 0.05 | 30.0 | Raja | |
323.80 | 324.80 | 1.00 | 0.68 | 60.2 | Raja | |
PAL0353 | 91.30 | 92.20 | 0.90 | 0.37 | 76.5 | Raja |
211.00 | 212.00 | 1.00 | 1.49 | 506.5 | Raja | |
212.00 | 213.00 | 1.00 | 3.08 | 235.1 | Raja | |
213.00 | 214.00 | 1.00 | 0.86 | 122.4 | Raja | |
PAL0355 | 257.50 | 258.50 | 1.00 | 5.39 | 148.2 | Raja |
258.50 | 259.50 | 1.00 | 0.31 | 111.9 | Raja | |
265.60 | 266.60 | 1.00 | 2.40 | 490.1 | Raja | |
266.60 | 267.60 | 1.00 | 1.06 | 33.2 | Raja | |
PAL0358 | 130.25 | 131.20 | 0.95 | 0.74 | 72.0 | Raja |
131.20 | 132.20 | 1.00 | -0.05 | 117.9 | Raja | |
132.20 | 133.20 | 1.00 | 0.22 | 124.6 | Raja | |
133.20 | 134.20 | 1.00 | 1.48 | 73.6 | Raja | |
134.20 | 135.20 | 1.00 | 5.60 | 90.7 | Raja | |
135.20 | 136.20 | 1.00 | 1.09 | 14.8 | Raja | |
143.20 | 144.20 | 1.00 | 0.81 | 50.1 | Raja | |
144.20 | 145.20 | 1.00 | 3.14 | 40.3 | Raja | |
145.20 | 146.20 | 1.00 | 0.38 | 35.9 | Raja | |
157.20 | 158.20 | 1.00 | 3.35 | 68.6 | Raja | |
158.20 | 159.20 | 1.00 | 5.91 | 341.3 | Raja | |
159.20 | 160.20 | 1.00 | 0.40 | 16.2 | Raja |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
SOURCE:Mawson Finland Limited
View the original press release on accesswire.com
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Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas Step-Out Drills 7 Metres @ 9.1 g/t gold & 706 ppm Cobalt
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from 8 drillholes at the Palokas zone of mineralization which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto
Highlights:
PAL0346 intercepted 7 m @ 9.1 g/t gold and 706 ppm cobalt from 88.75 m demonstrating that thicker and higher-grade mineralization exists in the southern margin of the Palokas gold-cobalt system
PAL0354 intercepted 12 m @ 1.7 g/t gold from 416 m(cobalt to be announced) demonstrating the Palokas system remains open at depth; opens new vector for further exploration
PAL0351 and PAL0362 intercepted mineralized extensions to the south of the previous known extents of the Palokas system including:
PAL0351: 6 m @ 0.43 g/t gold from 254 m (cobalt to be announced)
PAL0351: 1.25 m @ 2.42 g/t gold from 261.64 m (cobalt to be announced)
PAL0351: 1 m @ 0.31 g/t gold from 287.9 m (cobalt to be announced)
PAL0362: 1 m @ 4.71 g/t gold from 56.55 m (cobalt to be announced)
PAL0343 and PAL0345 drilled into the northern margin of the Palokas system returning thin intervals of lower-grade mineralization, including:
PAL0343: 1 m @ 1.29 g/t Au and 260 ppm cobalt
PAL0345: 0.95 @ 0.64 g/t Au (cobalt to be announced)
PAL0342 and PAL0357 similarly drilled into the northern margins of the Palokas system but failed to return significant intercepts
Ms. Noora Ahola, Mawson Finland CEO, states:
"We are very excited to report the latest results from our resource step-out drilling at the Palokas zone from the Rajapalot project. The drill results demonstrate that the mineralization at Palokas is wide open both to the south-west and down dip. We look to be well on our way to achieving our objective to increase the Rajapalot resource. Further drill results will be reported in the coming weeks".
Detailed Results
The 8 drillholes reported here (table 1) are from the Palokas zone of mineralization at Rajapalot (drill holes PAL0342, PAL0343, PAL0345, PAL0346, PAL0351, PAL0354, PAL0357 & PAL0362 see Figure 1 and Figure 2 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 2,310 metres of drilling from the winter programme of a finalized total of 11,376 metres in 38 drillholes. To date, a total of 15 holes for a total of 4,406 m have now been reported. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are currently only available from holes PAL0343 and PAL0346, and the remainder of such results will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto. Due to the abandonment of hole PAL0359 for technical reasons at 47.2 metres of a planned 750 meters depth, the total and finalised tally of metres drilled at Rajapalot for the 2024 drilling season is 11,376 metres from the 38 drillholes.
Drillholes PAL0346, PAL0351, PAL0354 and PAL0362 are all located along the depth extent of the southern margin of the Palokas zone of gold-cobalt mineralization, with intercept depths ranging from around 40 m to 300 m below surface. The most significant intercept reported here from PAL0346 intercepted a strongly mineralized interval of 7 m @ 9.1 g/t gold and 706 ppm cobalt located approximately 70 m below surface, and approximately 40 m south of its nearest drillhole (see figure 2). Drillhole PAL0354 intercepted 12 m @ 1.7 g/t gold (cobalt to be announced) located nearly 300 m below surface, in an area that had only previously reported lower-grade results (see figure 2); these results now open-up a significant new search-space for further exploration on the Palokas zone, and increase the strike-extension length of Palokas from around 130 m, to over 200 m at its deepest known point (see figure 2). The remainder of the drillholes reported here were drilled along the northern margin of the Palokas zone and intercepted some minor mineralization (holes PAL0343 and PAL0345) or no significant mineralisation (PAL0342 and PAL0357) suggesting that much of the immediate northern margin of the Palokas zone between surface to around 350 m below surface does not host further significant gold-cobalt mineralisation (see figure 2).
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth (m) | Prospect |
PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | South Palokas |
PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | South Palokas |
PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.
Hole ID | From (m) | To (m) | Drilled Thickness1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt ppm |
PAL0342 | - | - | - | - | - | - |
PAL0343 | 151.4 | 152.4 | 1 | 1.29 | 1.29 | 260.5 |
PAL0345 | 145 | 145.95 | 0.95 | 0.64 | 0.61 | TBA |
PAL0346 | 81.75 | 85.75 | 4 | 0.89 | 3.56 | 943.7 |
PAL0346 | 88.75 | 95.75 | 7 | 9.10 | 63.69 | 706.2 |
PAL0346 | 104.9 | 105.9 | 1 | 0.78 | 0.78 | 101.6 |
PAL0351 | 254 | 260 | 6 | 0.43 | 2.57 | TBA |
PAL0351 | 261.65 | 262.9 | 1.25 | 2.42 | 3.03 | TBA |
PAL0351 | 287.9 | 288.9 | 1 | 0.31 | 0.31 | TBA |
PAL0354 | 389 | 391 | 2 | 0.41 | 0.82 | TBA |
PAL0354 | 416 | 428 | 12 | 1.70 | 20.42 | TBA |
PAL0357 | - | - | - | - | - | - |
PAL0362 | 56.55 | 57.55 | 1 | 4.75 | 4.75 | TBA |
1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralisation |
PAL0343 | 151.4 | 152.4 | 1 | 1.29 | 260.5 | Palokas |
PAL0345 | 145 | 145.95 | 0.95 | 0.64 | TBA | Palokas |
PAL0346 | 81.75 | 82.75 | 1 | 2.04 | 782.4 | Palokas |
82.75 | 83.75 | 1 | 0.63 | 1114.9 | Palokas | |
83.75 | 84.75 | 1 | 0.48 | 1046.2 | Palokas | |
84.75 | 85.75 | 1 | 0.41 | 831.2 | Palokas | |
88.75 | 89.75 | 1 | 5.69 | 624.2 | Palokas | |
89.75 | 90.75 | 1 | 30.3 | 1067.7 | Palokas | |
90.75 | 91.75 | 1 | 13.6 | 820.6 | Palokas | |
91.75 | 92.75 | 1 | 8.02 | 832 | Palokas | |
92.75 | 93.75 | 1 | 0.9 | 439 | Palokas | |
93.75 | 94.75 | 1 | 4.7 | 604.9 | Palokas | |
94.75 | 95.75 | 1 | 0.48 | 554.8 | Palokas | |
104.9 | 105.9 | 1 | 0.78 | 101.6 | Palokas | |
PAL0351 | 254 | 255 | 1 | 0.82 | TBA | Palokas |
255 | 256 | 1 | 0.36 | TBA | Palokas | |
257 | 258 | 1 | 0.4 | TBA | Palokas | |
258 | 259 | 1 | 0.36 | TBA | Palokas | |
259 | 260 | 1 | 0.52 | TBA | Palokas | |
261.65 | 262.9 | 1.25 | 2.42 | TBA | Palokas | |
287.9 | 288.9 | 1 | 0.31 | TBA | Palokas | |
PAL0354 | 389 | 390 | 1 | 0.45 | TBA | Palokas |
390 | 391 | 1 | 0.37 | TBA | Palokas | |
416 | 417 | 1 | 1.7 | TBA | Palokas | |
417 | 418 | 1 | 2.21 | TBA | Palokas | |
418 | 419 | 1 | 5.77 | TBA | Palokas | |
419 | 420 | 1 | 1.04 | TBA | Palokas | |
420 | 421 | 1 | 1.41 | TBA | Palokas | |
421 | 422 | 1 | 1.34 | TBA | Palokas | |
422 | 423 | 1 | 1.31 | TBA | Palokas | |
423 | 424 | 1 | 1.385 | TBA | Palokas | |
425 | 426 | 1 | 3.37 | TBA | Palokas | |
427 | 428 | 1 | 0.78 | TBA | Palokas | |
PAL0362 | 56.55 | 57.55 | 1 | 4.75 | TBA | Palokas |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
SOURCE:Mawson Finland Limited
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Mawson Finland Limited Expands Known Mineralized Zones at Rajapalot: New Lens Intercepts 21.75 m at 5.25 g/t Gold & 515 ppm Cobalt
Mawson Finland Limited (" Mawson " or the " Company ") (TSX-V: MFL) is pleased to announce new drill results from 7 drillholes on the South Palokas prospect which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto).
Highlights:
Drillholes PAL0335, PAL0340, PAL0344 and PAL0348 all penetrated significant intercepts beyond the southern margin of South Palokas, extending gold-cobalt mineralisation here by between 45 and 90 metres to the south.
- Hole PAL0335 drilled a 21.75m wide mineralised intercept from a new lens of mineralisation located in the footwall below the South Palokas ore-body returning 5.25 g/t gold and 515 ppm cobalt (21.75 m @ 5.25 g/t Au & 515 ppm Co from 295.05 m, including: 3.2 m @ 21.61 g/t Au and 373 ppm Co from 311.3 m)
- Hole PAL0335 went on to drill 3 further intervals of mineralisation immediately below the footwall contact of the new lens, returning:
- 2 m @ 1.86 g/t Au and 164 ppm Co from 322.4 m
- 4 m @ 2.99 g/t Au and 94 ppm Co from 335 m
- 6.6 m @ 2.37 g/t Au and 279 ppm Co from 350.25 m
- Holes PAL0340 and PAL0344 drilled further intercepts demonstrating respective step-outs along-strike of 50 m and 55 m to the south of the presently defined limit of mineralisation at South Palokas, including:
- PAL0340: 0.7 m @ 7.47 g/t Au from 91.8 m (cobalt to be announced)
- PAL0344: 4 m @ 2.78 g/t Au from 201 m (cobalt to be announced)
- Holes PAL0348 and PAL0350 returned one metre intervals of mineralisation (see Table 2 in Schedule "A" hereto), while holes PAL0339 and PAL0341 recorded no significant intercepts
Ms. Noora Ahola, Mawson Finland CEO, states: " We are very excited to report some significant drill-intersections from our first round of results from the 2024 winter drilling campaign. The discovery of a new lens of high-grade mineralisation situated in the footwall to the South Palokas prospect is a significant step forward for our resource-expansion ambitions. Similarly, adding significant intercepts along-strike from the southern margin of South Palokas is highly encouraging, being a further indication that the current mineral resources can likely be expanded. We look forward to presenting further drill results from this year's drilling in the coming weeks ."
Detailed Results
The 7 drillholes reported here (see Table 1 in Schedule "A" hereto) are all from the South Palokas area of gold-cobalt mineralisation at Rajapalot (drillholes PAL0335, PAL0339, PAL0340, PAL341, PAL0344, PAL0348 and PAL0350: see Figure 1 and Figure 2 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 2,097 metres of drilling from the total winter programme of 12,070 metres in 38 drillholes . Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are currently only available from holes PAL0335 and PAL0350, and the remainder of such results will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto.
The ‘new lens' of mineralisation as reported here from the lower portions of hole PAL0335 is located in an interpreted sub-parallel lens of mineralisation some 100 m vertically below the defined gold-cobalt mineralisation at South Palokas. Two historical drillholes have previously penetrated ‘new lens' (drill holes PAL0091 and PAL0173: for more information see the Company's current preliminary economic assessment, entitled " NI 43-101 Technical Report on a Preliminary Economic Assessment of the Rajapalot Gold-Coblat Project, Finland ", with an effective date of December 19, 2023, which the Company has filed and which is available on SEDAR+ (the " PEA ")), however the tenor of gold-cobalt mineralisation recorded within these holes was not considered significant enough to warrant further investigation, as PAL0091 recorded a best intercept of 4.2 m @ 1.81 g/t Au & 22 ppm Co (located 90 metres up-dip to correlated PAL0335 intercept), and PAL0173 a best intercept of 4 m @ 0.65 g/t Au & 300 ppm Co (located 50 m along-strike northwards of the correlated PAL0355 intercept; see Figure 2 in Schedule "A" hereto). Holes PAL0340, PAL0344 and PAL0348 were drilled to explore for southern strike-extensions of ‘new lens' but failed to return any significant mineralisation (see Figure 2 in Schedule "A" hereto). PAL0364 targeted up-dip extensions to ‘new vein' and currently awaits assay results.
Drillholes PAL0335, PAL0340, PAL0344 and PAL0348 all penetrated significant intercepts beyond the southern margin of South Palokas, extending gold-cobalt mineralisation here by between 45-90 metres to the south. PAL0339 and PAL0341 drilled for larger-scale southwards step-outs from the southern margin of South Palokas mineralisation (150 m and 230 m respectively) but failed to intercept mineralisation.
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy (" CRS ") facility in Kempele, Finland. Samples were prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see " Qualified Person " below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1–3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Q ualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca .
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" – TABLES AND FIGURES
| Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth | Prospect |
| PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
| PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
| PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
| PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
| PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
| PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
| PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
| PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
| PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
| PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
| PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
| PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
| PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
| PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
| PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
| PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | Palokas |
| PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
| PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
| PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
| PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
| PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
| PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
| PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
| PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
| PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | South Palokas |
| PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
| PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
| PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
| PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
| PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
| PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
| PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
| PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
| PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
| PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
| PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
| PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
| PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text.
| Hole ID | From | To | Drilled Thickness 1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt ppm |
| PAL0335 | 122.2 | 123.2 | 1 | 0.49 | 0.5 | 52.5 |
| PAL0335 | 126.35 | 128.35 | 2 | 1.19 | 2.4 | 167.0 |
| PAL0335 | 136.35 | 137.35 | 1 | 1.62 | 1.6 | 516.9 |
| PAL0335 | 142 | 146.6 | 4.6 | 0.99 | 4.6 | 1376.2 |
| PAL0335 | 150.6 | 156 | 5.4 | 2.99 | 16.2 | 2137.1 |
| PAL0335 | 295.05 | 316.8 | 21.75 | 5.25 | 114.3 | 514.8 |
| including | 311.3 | 314.5 | 3.2 | 21.61 | 69.15 | 373.2 |
| PAL0335 | 322.4 | 324.4 | 2 | 1.86 | 3.7 | 164.3 |
| PAL0335 | 335 | 339 | 4 | 2.99 | 11.9 | 94.4 |
| PAL0335 | 350.25 | 356.85 | 6.6 | 2.37 | 15.6 | 278.8 |
| PAL0339 | - | - | - | - | - | - |
| PAL0340 | 21.25 | 22.25 | 1 | 0.58 | 0.6 | TBA |
| PAL0340 | 91.8 | 92.5 | 0.7 | 7.42 | 5.2 | TBA |
| PAL0340 | 98.8 | 100.8 | 2 | 0.78 | 1.6 | TBA |
| PAL0341 | - | - | - | - | - | - |
| PAL0344 | 197 | 198 | 1 | 0.66 | 0.7 | TBA |
| PAL0344 | 201 | 205 | 4 | 2.78 | 11.1 | TBA |
| PAL0348 | 124.75 | 125.75 | 1 | 0.30 | 0.3 | TBA |
| PAL0348 | 151.35 | 152.35 | 1 | 0.58 | 0.6 | TBA |
| PAL0350 | 95.55 | 96.55 | 1 | 0.45 | 0.45 | 14.7 |
1 True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Drillholes coloured red are those reported in this new release, while holes coloured black have been reported in previous releases, and blue coloured holes are awaiting results and publication. Dashed blue line represents the section line on which long sections in Figure 2 hereinbelow are oriented.
Figure 2: Long-section illustration demonstrating both historical and 2024 drill intercepts in the South Palokas prospect (left) and the ‘new lens' (right) that is positioned approximately 100 m vertically below the South Palokas mineralisation. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept' and open blue rings indicate ‘awaiting assay result'. Red arrows demonstrate the direction in which gold-cobalt mineralisation remains ‘open' and untested. Section line is oriented on approximately 030 strike; see dashed blue line in Figure 1 above for reference.
| Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralisation |
| PAL0335 | 122.2 | 123.2 | 1 | 0.49 | 52.5 | South Palokas |
| 126.35 | 127.35 | 1 | 2.06 | 283.3 | South Palokas | |
| 127.35 | 128.35 | 1 | 0.31 | 50.7 | South Palokas | |
| 136.35 | 137.35 | 1 | 1.62 | 516.9 | South Palokas | |
| 142 | 143 | 1 | 0.97 | 593 | South Palokas | |
| 143 | 144 | 1 | 1.17 | 1109.8 | South Palokas | |
| 144 | 145 | 1 | 1.08 | 1223.7 | South Palokas | |
| 145 | 146 | 1 | 0.15 | 1142.1 | South Palokas | |
| 146 | 146.6 | 0.6 | 2 | 3769.9 | South Palokas | |
| 150.6 | 151.6 | 1 | 3.26 | 1770 | South Palokas | |
| 151.6 | 152.5 | 0.9 | 3.1 | 2715.6 | South Palokas | |
| 152.5 | 153.5 | 1 | 1.77 | 1974.2 | South Palokas | |
| 153.5 | 154.5 | 1 | 2.12 | 1132.6 | South Palokas | |
| 154.5 | 155.5 | 1 | 3.24 | 2547.8 | South Palokas | |
| 155.5 | 156 | 0.5 | 5.95 | 3343.6 | South Palokas | |
| 295.05 | 296.05 | 1 | 8.25 | 674.3 | New Lens | |
| 296.05 | 297.05 | 1 | 1.33 | 549.8 | New Lens | |
| 297.05 | 298.05 | 1 | 0.89 | 895.4 | New Lens | |
| 298.05 | 299.05 | 1 | 0.35 | 673.3 | New Lens | |
| 299.05 | 299.5 | 0.45 | 0.15 | 421.5 | New Lens | |
| 299.5 | 300.5 | 1 | 1.42 | 585.2 | New Lens | |
| 300.5 | 301.5 | 1 | 2.51 | 627.6 | New Lens | |
| 301.5 | 302.5 | 1 | 0.46 | 445.1 | New Lens | |
| 302.5 | 302.95 | 0.45 | 0.59 | 623.1 | New Lens | |
| 302.95 | 303.95 | 1 | 1.2 | 927.5 | New Lens | |
| 303.95 | 304.45 | 0.5 | 0.92 | 1096.4 | New Lens | |
| 304.45 | 305.3 | 0.85 | 0.85 | 153.4 | New Lens | |
| 305.3 | 306.3 | 1 | 0.35 | 677.2 | New Lens | |
| 306.3 | 307.3 | 1 | 0.41 | 553.6 | New Lens | |
| 307.3 | 308.3 | 1 | 0.47 | 373 | New Lens | |
| 308.3 | 309.3 | 1 | 7.1 | 827.4 | New Lens | |
| 309.3 | 310.3 | 1 | 2.87 | 321.3 | New Lens | |
| 310.3 | 311.3 | 1 | 6.74 | 370.5 | New Lens | |
| 311.3 | 312.3 | 1 | 14 | 276.8 | New Lens | |
| 312.3 | 313 | 0.7 | 10 | 690.3 | New Lens | |
| 313 | 313.5 | 0.5 | 53.9 | 549.6 | New Lens | |
| 313.5 | 314.5 | 1 | 21.2 | 159.5 | New Lens | |
| 314.5 | 315.5 | 1 | 6.3 | 120 | New Lens | |
| 315.5 | 315.8 | 0.3 | 7.53 | 106.4 | New Lens | |
| 315.8 | 316.8 | 1 | 0.69 | 200 | New Lens | |
| 322.4 | 323.4 | 1 | 0.77 | 172.1 | New Lens | |
| 323.4 | 324.4 | 1 | 2.95 | 156.5 | New Lens | |
| 335 | 336 | 1 | 0.8 | 85.6 | New Lens | |
| 336 | 337 | 1 | 4.31 | 134.8 | New Lens | |
| 337 | 338 | 1 | 6.49 | 118.8 | New Lens | |
| 338 | 339 | 1 | 0.34 | 38.3 | New Lens | |
| 350.25 | 351.25 | 1 | 8.61 | 672.3 | New Lens | |
| 351.25 | 352.25 | 1 | 3.72 | 422.1 | New Lens | |
| 352.25 | 353.25 | 1 | 2.05 | 219.8 | New Lens | |
| 353.25 | 354.25 | 1 | 0.28 | 227.8 | New Lens | |
| 354.25 | 355.25 | 1 | 0.56 | 235.8 | New Lens | |
| 355.25 | 356.25 | 1 | 0.07 | 10.3 | New Lens | |
| 356.25 | 356.85 | 0.6 | 0.58 | 86.4 | New Lens | |
| PAL0340 | 21.25 | 22.25 | 1 | 0.58 | TBA | South Palokas |
| 91.8 | 92.5 | 0.7 | 7.42 | TBA | South Palokas | |
| 98.8 | 99.8 | 1 | 1.21 | TBA | South Palokas | |
| 99.8 | 100.8 | 1 | 0.35 | TBA | South Palokas | |
| PAL0344 | 197 | 197.4 | 0.4 | 0.61 | TBA | South Palokas |
| 197.4 | 198 | 0.6 | 0.69 | TBA | South Palokas | |
| 201 | 202 | 1 | 9.78 | TBA | South Palokas | |
| 202 | 203 | 1 | 0.13 | TBA | South Palokas | |
| 203 | 204 | 1 | 0.51 | TBA | South Palokas | |
| 204 | 205 | 1 | 0.69 | TBA | South Palokas | |
| PAL0348 | 124.75 | 125.75 | 1 | 0.3 | TBA | South Palokas |
| 151.35 | 152.35 | 1 | 0.58 | TBA | South Palokas | |
| PAL0350 | 95.55 | 96.55 | 1 | 0.45 | 14.7 | South Palokas |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9766b456-0d52-408b-9722-e72ba3759fe0
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3d46ec0-107b-4a8c-8f45-88caadc4e295
News Provided by GlobeNewswire via QuoteMedia
TEM | Yalgoo Update - Further Excellent Iron Results
Key Points
- Additional high-grade magnetite iron intercepted in RC drilling
- Consistent intercepts over >2 km of drilled strike length
- Identical outcropping geology mapped over a 5 km total strike length
- Potential for a large-scale iron ore deposit nearby other world-class processing facilities
Remorse Target
High-grade iron
In addition to the lab results for the first drillhole previously reported 1, the Company is pleased to announce the completion of drilling and that follow-up results in subsequent drillholes confirm the presence of high-grade iron at the Remorse Target. New results include:
WARDH00180 16m @ 32.6% Fe from 93m (pXRF)
WARDH00169 20m @ 32.3% Fe from 120m (pXRF)
and 11m @ 30.8% Fe from 182m (pXRF)
WARDH00166 7m @ 32.8% Fe from 96m (Lab)
WARDH00171 8m @ 30.1% Fe from 130m (pXRF)
* Portable XRF (pxrf) results are not comparable in reliability to authorised laboratory results and should be not relied on for quantitative purposes outside indicative demonstrations of potential order of magnitude of enrichments.
Background
TEM has completed the first phase of RC drilling at the Remorse Target of its flagship Yalgoo Project. In total, 21 RC holes were drilled for 4,005m. Samples have been Boxscanned (pXRF) and submitted to the lab and final assay results are expected in December 2024.
The previously reported iron intercept from the first hole drilled at Remorse was WARDH00160 of 32m @ 30.0% Fe from 96m (including 7m @ 37% Fe) (Lab).
The Remorse Target is part of Tempest's broader Yalgoo Project which spans over 1,000 square kilometres of prospective terrain for base metals, precious metals and iron ore.
Figure 01: Section through iron mineralisation WARDH00180
Figure 02: Section through iron mineralisation WARDH00169 and WARDH00163-165.
All samples collected have been analysed using a Boxscan unit which includes a mounted portable X-ray fluorescence (pXRF). Although not as accurate as laboratory analysis, pXRF data when collected in a quality and consistent manner can also exhibit high accuracy and precision. The pXRF data has been compared with assays received to date (>800 samples) and has an average variance of -4.2% and a median of -4.3%. The results indicate the accuracy is considered acceptable for current exploration reporting purposes (and potentially an overall slight underestimation by pXRF).
Remaining assay results are due in December and are expected to correlate strongly with the pxrf results announced.
As previously advised, the drill program design was focused on the strong base metal geochemical anomaly exhibited at the Remorse Target 2. The planned holes were focused strongly on testing the 'hanging wall' stratigraphy at Remorse and were not initially focused on the newly identified iron layer. However, the program did result in the 4 most northerly drill holes intercepting the main magnetite layer and numerous holes intercepting adjacent magnetite-rich layers.
The widely spaced drilling shows continuity and consistency over more than 2 kilometres and identical iron-rich stratigraphy outcrops can be traced over an extensive 5-kilometre zone correlating with the original Remorse Target footprint.
Click here for the full ASX Release
This article includes content from Tempest Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Brunswick Exploration
Investor Insight
With multiple significant lithium discoveries under its belt and a proven exploration strategy that yields results, Brunswick Exploration makes a compelling investment proposition in the ever- expanding lithium space.
Overview
Brunswick Exploration (TSXV:BRW,OTCQB:BRWXF,1XQ:FF) is among the only public companies aggressively and systematically conducting grassroots exploration for lithium in Canada and Greenland using state-of-the-art exploration technology to identify high-potential targets. Specifically, the company has staked major under-explored pegmatite fields across Quebec, Newfoundland and Labrador, Nova Scotia, New Brunswick, Ontario, Manitoba, Saskatchewan and Greenland.
Brunswick Exploration’s team of geologists begins by compiling available data and conducting research to identify locations where they believe the potential for minerals of interest might be
found. The technical field team is dispatched to conduct a prospecting program by gathering robust observational data using tried-and-true field geology techniques. The goal of the program is to reveal the presence of mineralization that may predict the presence of an unknown mineral deposit.
The company's exploration team is guided by its executive chairman Robert Wares, who co- founded the original Osisko Mining and was responsible for discovering the Canadian Malartic bulk tonnage gold mine. That mine was subsequently developed by Osisko into one of Canada's largest gold producers. Wares is an established and award-winning professional geologist with over 40 years of experience in mineral exploration and development.
Brunswick Exploration has identified five high-priority projects in the Eeyou Istchee-James Bay region of Quebec: Mirage, Elrond, Anatacau, PLEX and Mythril. In 2023, grassroots lithium discoveries were made at Mirage, Elrond and Anatacau, which are currently the focus of drilling.
In 2024, Brunswick Exploration successfully discovered Greenland’s first lithium-bearing spodumene pegmatitewithin the Ivisaartoq pegmatite field covered by the company’s Nuuk license. The Ivisaartoq pegmatite field is Mesoarchean in age and contains amphibolites, metasediments, ultramafics, gneiss, gabbros, granites and pegmatites. Following this discovery, the company is now seeking to expand its licence in the the Nuuk area, and has acquired new landholding in new regions in Western Greenland.
Company Highlights
- Brunswick Exploration (BRW) is a Montreal-based mineral exploration company listed on the TSXV under symbol BRW. The company is focused on grassroots exploration for lithium in Canada and Greenland, a critical metal necessary to global decarbonization and energy transition.
- This has generated one of the largest grassroots lithium portfolios globally.
- BRW's board includes Robert Wares, one of the founders of Osisko Mining.
- BRW was recognized as one of the Top 50 TSX Venture listed companies in 2023.
- The company has staked hundreds of untested prospective pegmatites measuring a minimum strike length of 500 meters and within 50 kilometers of infrastructure.
- In 2023, three discoveries were made in the Eeyou Istchee-James Bay region of Quebec at the Mirage, Anatacau Main and Elrond projects.
- Sirios Resources signed an agreement with Brunswick Exploration granting it the right to purchase a 0.5 percent net smelter return (NSR) held by Sirios on eight claims that are part of Brunswick Exploration's Mirage lithium property located in Eeyou Istchee James Bay.
- In 2024, BRW announced a newly discovered pegmatite outcrop from its Nuuk License making it the first confirmed lithium discovery in Greenland.
Key Projects
Mirage Project
The Mirage project comprises 427 claims with a total surface area of 21,230 hectares (staked and optioned claims), located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec’s James Bay region. Fruitful discussions with a geologist that worked the area twenty- five years ago for gold exploration led to the staking of the BRW claims, as he recorded the presence of several angular pegmatitic glacial boulders hosting well-defined, decimetric spodumene crystals. The largest observed boulder measured 8 meters by 4 meters by 3 meters. In the fall of 2023, BRW discovered several high grade spodumene outcrops over a 2.5 kilometer trend as well as an adjacent 3.0 kilometer spodumene boulder train that has different mineralogy than the discovered outcrops.
In 2023, BRW completed a 5,000-meter drill program at the Mirage project. Phase 1 of the 26- hole program, aimed to test the continuity and widths of the six widest spodumene-bearing pegmatite dykes that have been discovered to date on the property over a total cumulative strike length of 2,500 meters. Final drill results from the 2023 program at the Mirage project have outlined two new spodumene mineralized dykes (MR-5 and MR-6) with significant thickness and grade, all within the Central Zone. MR-23-28 intersected high-grade mineralization of 1.80 percent Li2O over 37.2 meters starting from surface in newly discovered dyke MR-6 located 500 metres northeast of MR-3. Evidence of potential stacking of dykes in Central Zone where MR-23-35 intercepted 11.5 meters grading 1.1 percent Li2O approximately 100 meters south of MR-3 in new dyke MR-5.
In H1 2024, a Phase II drilling campaign, containing 35 holes was completed at the Mirage project by targeting the extensions of known pegmatite dykes (MR-1 to MR-6) while new prospective outcrops have yet to be drill-tested. Results have generated up to 58.10 meters of 1.59 percent Li2O.
In 2024, Brunswick Exploration signed an agreement with Sirios Resources to repurchase an existing 0.5 percent NSR on certain claims within the Mirage project.
Elrond Project
The Elrond Project comprises 136 claims with a total area of 7,048 hectares, located roughly 12 kilometers east of the Billy Diamond Highway in Quebec’s James Bay region. Elrond is part of the Mythril option agreement with Midland Exploration whereby BRW can earn a maximum of 85 percent interest in the project.
In the fall of 2023, BRW uncovered a new, undocumented spodumene-bearing pegmatite, known as the Arwen showing, that is exposed over a surface area measuring approximately 250 meters by 100 meters, dipping very shallowly to the north. The pegmatite remains open in all directions.
The Arwen outcrop is well mineralized in spodumene throughout the showing with an apparent higher-grade zone, containing up to 30 percent spodumene, which has a visible extent of approximately 75 by 15 meters. The spodumene crystals are well formed and up to 30 centimeters in length with an off-white color and were confirmed through LIBS analysis and UV light.
In early 2024, the company completed a maiden drilling campaign at the Elrond project to test the Arwen spodumene-bearing pegmatite. The Arwen pegmatite is well mineralized and three representative grab samples returned values between 1 and 3 percent Li2O. A high-resolution airborne magnetic survey was flown in the fall of 2023 and suggests that the Arwen showing is emplaced in a favorable structural corridor that is 4 kilometers long and 500 meters wide. The target area is proximal to infrastructure, located approximately 12 kilometers from the Billy- Diamond Highway and drilling activities will be ground supported via a winter road.
Anatacau
Comprising the Anatacau Main and Anatacau West projects, these assets are under an option agreement with Osisko GP, a subsidiary of Osisko Development, under which Brunswick Exploration can earn a 90 percent interest in the projects. The Anatacau property is located just east of Arcadium’s (NYSE:ALTM) James Bay Lithium deposit (previously known as the Cyr deposit), which has a total mineral resource of 110.2 million tons (Mt) at 1.30 percent lithium oxide and a total ore reserve of 37.3 Mt at 1.27 percent lithium oxide.
BRW completed a maiden drill program at the Anatacau West property totalling 3,712 meters. 17 of the 18 drilled holes intersected spodumene mineralization that generated up to 26.5 metres at 1.51 percent Li2O.
In the summer of 2023, Brunswick discovered a significant lithium pegmatite outcrop, measuring at least 100 meters long by 15 meters wide known as the Anais showing in Anatacau Main. The outcrop is within a larger cluster of pegmatite dykes all of which contain high-grade lithium mineralization.
This discovery is located 22 kilometers east of Anatacau West and Arcadium’s James Bay project along a large-scale E-W deformation corridor which is host to the known lithium-bearing pegmatite dykes in the region.
BRW reported multiple high spodumene grain countson the Anatacau West property during a till sampling campaign undertaken in the summer of 2024. These highly encouraging results (up to 1,225 spodumene grains in a single sample) further reinforce lithium potential in the bedrock and delineate a new, highly prospective unexplored area at the Anatacau West property beyond the previously drilled pegmatites.
Greenland
Since its confirmation of Greenland’s lithium potential, Brunswick Exploration has a renewed focus on further strengthening its targets in Greenland. The company now controls one of the most significant grassroots exploration portfolios in the country and is the only company actively exploring for lithium in Greenland, according to president and CEO Killian Charles.
Nuuk Expansion
The Nuuk holdings host the new Ivisaartoq discovery within the Ivisaartoq belt. The company has applied to stake the adjacent Ujarassuit amphibolite belt that is up to 1 km in width and roughly 40 km in strike length. The company has also staked additional amphibolite belts within the Fiskefjord Complex, 95 kilometers north of Nuuk, and 75 kilometers southeast of the community of Maniitsoq. These belts are up to 4.5 km in width and 20 km in strike length. In total, the new claims contain hundreds of mapped and interpreted pegmatite outcrops including six that are between 500 and 2,000 meters in strike length for a total license expansion area of 33,138 hectares.
Disko Bay
The Disko Bay licenses are located roughly 30 to 80 km from the coastal city of Ilulissat, which is the third largest city in Greenland. The licenses are near multiple seaports and container terminals, including Ilulissat. The area is situated within the Aasiaat domain, part of the Paleoproterozoic Nagssugtoqidian Orogen, sandwiched to the south by the Archean North Atlantic Craton and to the north by the Archean Rae Craton. The Orogen extends west into the Trans-Hudson orogeny of Canada that continues to the lithium deposits near Snow Lake Manitoba and the Black Hills of South Dakota.
Multiple amphibolite and metasedimentary belts were acquired with some belts being over 20 km in strike length. The new claims have hundreds of mapped and interpreted pegmatite targets with a total license area of 49,639 hectares.
Uummannaq
The licenses are located roughly 70 km from the coastal city of Uummannaq, about 80 km north of Ilulissat. Uummannaq has a population of about 1,660, an airport and a ferry terminal as well as a nearby container terminal. The area is located within the Archean Rae Craton that is intermixed with the Paleoproterozoic Rinkian fold-thrust belt, both of which are in contact with the Paleoproterozoic Nagssugtoqidian Orogen to the south.
The new license contains multiple amphibolite and metasedimentary belts with dozens of mapped and interpreted pegmatites with a total license area of 9,770 hectares.Management Team
Robert Wares - Executive Chairman
Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development. He was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which was subsequently developed by Osisko Mining into one of Canada's largest gold producers. Wares was a co-winner of the Prospectors and Developers Association of Canada's "Prospector of the Year Award" for 2007. He was also named one of the "Mining
Men of the Year" for 2009 by the Northern Miner. He has a bachelor of science and an honorary doctorate in Earth sciences from McGill University.
Killian Charles - President and CEO
From 2017 to 2021, Killian Charles worked as VP of corporate development for Osisko Metals. Charles was previously the manager of corporate development at Integra Gold Corp, which was an advanced-stage gold development company until it was acquired by Eldorado Gold in July 2017. He worked as a mining analyst at Industrial Alliance Securities and Laurentian Bank Securities. Charles covered small and mid-cap exploration and production companies as a mining analyst. Charles holds a bachelor of science with a major in Earth and planetary sciences from McGill University.
Anthony Glavac - CFO
Anthony Glavac has more than 17 years of experience in financial reporting, including over 12 years in the mining industry. Since August 2017, Glavac has served as vice-president, and corporate controller for Falco Resources, and previously served as director, financial reporting and internal controls at Dynacor Gold Mines. Glavac spent 10 years at KPMG, working with both public and private companies, providing audit, taxation, strategic advisory and public offering services. Glavac is also involved with other public companies in the mining industry.
François Goulet - Exploration Manager, Quebec
François Goulet holds a master’s degree in structural geology from the Université du Québec à Montréal (UQÀM). In recent years he was president and CEO of Harfang Exploration, a gold project generator in the James Bay region. He has extensive experience working in the James Bay region of Quebec as well as international experience in a variety of exploration projects.
Goulet has worked for Virginia Mines, Unigold, Maya Gold and Silver, the Canadian Malartic Partnership, Glencore Canada and several other junior companies. He is a member of the board of directors of l’Association de l’exploration minière du Québec (AEMQ) and a registered geologist with the Ordre des géologues du Québec since January 2011.
Charles Kodors - Exploration Manager, Atlantic Canada
Charles Kodors is the Manager, Atlantic Canada at Brunswick Exploration Inc. and has been with the company since January 2021. Having 15 years of experience in the mining and exploration industry, he most recently served as an exploration manager for Osisko Metals and a senior exploration geologist for Kirkland Lake Gold. Charles Kodors received his B.Sc. from Brock University and is a registered professional geologist within the provinces of New Brunswick, Newfoundland, Nova Scotia, Ontario, Quebec, Manitoba and Saskatchewan.
Simon Hébert - Vice-president, Development
Simon Hébert is a professional geologist with over 13 years in the mining exploration industry. He began his career with Virginia Mines and Osisko Mining. Hébert has worked on several
metallogenic projects and in various environments, mainly in the Baie-James territory, Nunavik and the Northwest Territories. He was a mining director in April 2019 where he participated in the formation of NQ Mining Investment, where he subsequently became general manager in 2023. Hébert is a registered professional geologist and a member of the Ordre des Géologues du Quebec since 2012. He has sat on the AEMQ board of directors since 2019, serving as vice- president. He is president of the board of directors of the Table Jamésienne de concertation minière. Hébert holds a bachelor’s degree in geology from Université Laval.
Rio Silver
Investor Insight
Rio Silver’s value proposition leverages a wholly owned 4,300 hectares of mineral concessions in a historic Peruvian mining district, a management team holding a 29 percent stake and over two decades of local experience, extensive exploration data and promising historical drill results.
Overview
Rio Silver (TSXV:RYO) is a precious metals mining and exploration company with a focus on the acquisition, exploration and development of precious metals deposits in South America. The company is currently focused on advancing its 100 percent-owned Niñobamba silver-gold project in Peru. The company has decades of experience navigating the mining regulatory landscape of Peru and considers itself to be well-positioned for the coming mining cycle.
Rio Silver’s flagship Niñobamba property is located in the Department of Ayacucho about 330 kilometers southeast of Lima. The 4,300-hectare property is wholly owned by the company and the project is drill ready. The Niñobamba project partially comprises a 2,200 hectare property which was previously owned by Newmont Mining (NYSE:NEM) and Southern Peru Mining. The balance was held by AngloGold Ashanti and Bear Creek Mining but has since been strategically acquired and consolidated into Rio Silver’s property.
The Ninobamba project engulfs a collapsed caldera, an ancient volcano, where the Niñobamba North and South zones were mineralized in a hot spring environment within the wall rock of the caldera surrounded by areas that contain high-sulfidation mineralization with near surface silver and gold deposits modeled for Rio Silver using leapfrog 3D software. The neighbouring Jorimina deposit, 6.5 kilometers to the west, where Newmont spent more than US$7 million, concluded an internal, positive, preliminary economic assessment, detailing a predominantly gold-rich, low to mid-sulfidation deposit found in the floor structure of this collapsed caldera.
The company’s management and advisory team is made up of experienced industry veterans, some with as many as 25 years of experience working in Peru. The team has an in-depth understanding of the regulatory processes associated with mining exploration in the country.
To date, Rio Silver and other historical operators have completed US$10 million in exploration expenditure on the Niñobamba property. The company has low overhead expenditure and strong alliances in Peru that are helping it achieve new initiatives for enhanced sustainability.
The company now holds a 3 percent net smelter return (NSR) royalty with guaranteed minimum payments from a recent property sale and these initiatives enable more exploration by helping Rio Silver with sustaining costs.
Company Highlights
- Rio Silver owns six mineral concessions covering 4,300 hectares of wholly-owned land in a historic Peruvian mining district.
- The property was historically surrounded by big-name miners (Newmont, Southern Peru Copper) and is now wholly owned by Rio Silver.
- Experienced management team with more than two decades of mining experience in Peru.
- Extensive trenching completed at the Niñobamba zone.
- The management team holds a 29 percent stake in the company.
- US$10 million in exploration expenditure completed to date by Rio and historical operators.
- All the historical data has been collected from previous owners.
- Historical drilling on the Niñobamba property intersected 130 meters of 2.55 oz/t silver and 72.3 meters of 1.19 g/t gold.
- New gold zone identified include 56 meters at 98.9 g/t silver and 21.77 meters at 1.32 g/t gold, 102.46 g/t silver.
Key Project
Niñobamba Silver Project, Peru
Located 330 kilometers southeast of Lima in the Department of Ayacucho, the Niñobamba property is 100 percent wholly owned by Rio Silver. The property includes six mineral concessions covering 4,300 hectares. The district has historically been mined by major international gold miners including Newmont Goldcorp and Southern Peru Mining.
The property was initially explored by AngloGold (JSE:ANG) in 2001. Anglo drilled five widely-spaced core holes totaling 861 meters focusing in an area of intense hydrothermal surface alteration. AngloGold’s drilling highlights included assay results of 87.0 grams per tonne (g/t) silver over a drilled interval of 130 meters starting from a depth of 9 meters reported from drill hole DDH-2 and 54.0 g/t silver over a drilled interval of 96 meters starting from 23 meters reported from the AN-04 drill hole.
Adjacent zones acquired from major miners
In 2016, Rio Silver consolidated its property by acquiring the surrounding 2,200 hectares of adjoining land from Newmont Mining and Southern Peru Copper. These included the 2,000 hectare Jorimina zone, which is located about 6.5 kilometers west of the Niñobamba and is believed to be part of the same high-sulfidation silver-gold system identified in the main Niñobamba zones. Along with the property came an extensive database of information including results and reports from an exploration program by the mining majors which encompassed 553 hectares. Newmont’s exploration included mapping, 2,147 rock samples and induced polarization geophysics. This historic exploration indicated a gold anomalous area of more than 700 meters by 1,000 meters as well as four strong chargeability anomalies coinciding with gold-silver in rock anomalies.
Newmont’s historic data includes samples of 17.4 meters of 3.06 g/t gold and 200 meters of 0.26 g/t gold. Historic exploration in the Jorimina zone conducted by Newmont in 2009 and 2010 shows highlights of 72.3 meters of 1.19 g/t gold starting at 53-meter depth.
In 2024, Rio Silver completed a surface access agreement with the local community for one year at the Jorimina project after an environmental impact study and community workshops were also completed to represent the final steps of the drill permitting application process.
Exploration and trenching results
To date, extensive trenching has been completed by Rio Silver on the Niñobamba property. In 2012, the company began conducting surface trenching in areas proximate to historical drilling locations. Exploration has focused primarily on the north and south zones of silver mineralization approximately 400 meters apart with variable thicknesses. Surface sampling near trenches in the north zone returned highlights of 1.32 g/t gold and 102.46 g/t silver. Sampling near trenches in the south zone returned highlights of 42.62 meters of 130.98 g/t silver. Additional highlights can be found on Rio Silver’s website.Management Team
Chris Verrico - President, CEO, and Director
Chris Verrico has extensive experience with rural-remote infrastructure construction and contract mining throughout BC, the Yukon, Alaska and Nunavut. He has been a director for a dozen startup junior mining companies, most of which have become public companies. Verrico has managed numerous exploration projects in North America, Mexico and throughout western South America. He is currently the director of Juggernaught Exploration.
Christopher Hopton - CFO
Christopher Hopton has over 25 years of experience in senior accounting and financial roles. He is currently the CFO of Sirona Biochem.
Steve Brunelle - Chairman
Steve Brunelle is the former officer and director of Corner Bay Silver, which was acquired by Pan American Silver. He has 35 years of experience in mineral exploration throughout the Americas and is currently an Officer and Director for several TSXV companies.
Jeffrey J Reeder - Advisor
Jeffrey J Reeder is a professional geologist with more than two decades of experience working in Peru. Reeder possesses an in-depth understanding of the rules, practices, and processes involved in conducting mining and exploration in the country and is currently the president of Peruvian Metals that owns a custom toll milling facility in northern Peru.
Jim McCrea – Adviser
Jim McCrea has more than 30 years’ experience in exploration, mining geology and mineral resource estimation. He worked for junior mining/exploration companies and engineering companies SRK and Snowden. His geological expertise ranges from technical review and due diligence to resource estimation and feasibility studies. McCrea has experience in a range of commodities, but primarily gold, silver and copper, with particular focus on North and South America. He has performed ore body modeling and resource estimation for the successfully targeted takeover company Cumberland Resources by Agnico-Eagle Mines. More recently, McCrea completed many mineral resource estimations underpinning acquisitions such as Minera San Cristóbal S.A. of Bolivia, Arena Minerals and Montan Mining, to mention a few.
Edward J Badidaa, - Director
Edward J Badidaa is a professional accountant with over 40 years of financial management and corporate governance experience. He currently serves as a director for Patagonia Gold.
Richard Mazur - Director
Richard Mazur is the co-founder and past managing director of RLG International operating in over 30 countries worldwide with more than 300 employees.
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