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.
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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.
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.
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.
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 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, 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 ("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
News Provided by ACCESSWIRE via QuoteMedia
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
News Provided by ACCESSWIRE via QuoteMedia
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
News Provided by ACCESSWIRE via QuoteMedia
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.
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
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News Provided by GlobeNewswire via QuoteMedia
Mawson Finland Limited (" Mawson " or the " Company ") (TSX-V: MFL) is pleased to confirm that it has completed its first drill program on its wholly-owned Rajapalot Gold-Cobalt property in Northern Finland. The objective of this season's drilling was to further increase the inferred resources inventory at the Rajapalot project by exploring for potential continuations to the presently defined mineral-system.
The Rajapalot project is the subject of a 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 "). The PEA demonstrates an NPV 5% of USD $211 million post-tax and an IRR of 27% post tax. The Rajapalot deposit inferred resource estimate has been calculated pursuant to the PEA at a size of 9.78 mt @ 2.8 g/t gold and 441 ppm cobalt, for total contained metal of 867 koz of gold and 4,311 tonnes of cobalt.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the PEA will be realized.
Ms. Noora Ahola, Mawson Finland CEO, states: "We had excellent conditions for drilling in winter and spring 2024 and we successfully completed an extensive 12,070-metre diamond drilling program at Rajapalot. We expect to shortly receive our assay results from this program. We hope that the results will confirm our belief in the growth potential of the deposit."
Executive Chairman, Mr. Neil MacRae added, "Management is very pleased with the progress made with the drilling campaign so far and, with the recent successful completion of the IPO, we are also very proud to have compiled a strong shareholder registry. We would especially like to thank our shareholders who have supported us since December 2023 during the Special Warrant financing round, pursuant to which we acquired the Rajapalot asset. " Mr. MacRae continued, " As well, we would like to acknowledge the efforts of our legal team at Peterson McVicar LLP and the agent for our IPO financing, Eight Capital, who were instrumental in our success. Finally, we are also very thankful to have had a significant number of local Finnish investors who have chosen to support us. We thank them in particular for their support of our Finnish-based CEO Ms. Noora Ahola, as we work to advance the Rajapalot project for the benefit of all shareholders and locals alike."
Winter Drill Campaign, January to April 2024
During January to April 2024, 3 drill-rigs drilled a total of 12,070 metres of diamond core from 38 drillholes around the Palokas, Hut, Raja and Joki deposits. Primary aims for this drilling were to intercept gold-cobalt mineralisation, both the along-strike and down-dip, of the presently defined envelopes of inferred-category gold-cobalt mineralisation at Rajapalot. 20 drillholes were drilled around the Palokas deposits, 8 around the Hut, 6 at Raja and 4 at Joki deposit (see Figure 1 hereinbelow). Drilling has focused on extending higher-grade areas defined from within the current published resource, with the aim of delivering additional, higher-grade tonnes into the future resource base. Assay results from this drilling will be released as they become available. Additionally, 5 of these drillholes were selected for "downhole EM" geophysical surveys of which results will be published in due course.
Figure 1. Geological map of the Rajapalot property showing location of major deposits and other known prospects. Inset/lower map illustrates the location of drillholes completed at Rajapalot between January and April of 2024. Drilling can be seen focusing around the major deposits at Rajapalot, with inset text boxes documenting their current estimated inferred resource metrics as per the PEA.
Geological Preparation Work for the 2025 Winter Drilling Campaign
Leading into the 2025 winter drilling campaign, Mawson intends to undertake a series of surface geochemical and geophysical surveys to further develop potential mineralised extensions of the Rajapalot resource and search for additional exploration targets in and around the broader Rajapalot area. Summer and autumn exploration work will focus on the collection of a 1000-sample soil geochemical survey, and additional "downhole EM" and "fixed-loop EM" geophysical surveys will be undertaken in late-August through to December to develop further exploration targets around the Rajapalot area, whilst also searching for extensions in the periphery to the mineralisation forming the current resource inventory. At Rajapalot, historical surface geochemical and geophysical surveys have successfully identified new areas of gold and cobalt mineralization. Regional exploration activities will also occur in conjunction with these resource-expansion objectives to recognize new promising drill targets.
Mawson has also conducted a full geological review of the Rajapalot property over the last 6 months and has identified some primary factors that have been consistently found to control the gold-cobalt ore-system in the Rajapalot district, among which is a structural control in the form of re-activated shear-zones hosting mineralisation in close conjunction with certain geochemical and rock-permeability affinities belonging to the host-stratigraphy. As such, the intersection of reactivated shear-zones (those containing extreme hydrothermal alteration), that cross-cut preferable litho-stratigraphic units (fiamme-tuff beds of basaltic affinity) present ideal locations for mineralisation in the Rajapalot area. Mawson intends future exploration activities in the Rajaplot district to hereafter focus on areas where mapped shear-structures are seen interacting/cross-cutting with key litho-stratigraphic horizons. Both soil and subsurface geochemical sampling and "EM" geophysical surveys will be conducted over these hypothesised ‘ore-forming' environments in order to develop drill-targets for further exploration of gold-cobalt mineralisation around the Rajapalot area, whilst also searching for extensions in the periphery to the mineralisation forming the current resource inventory. Mawson expects to subsequently drill-test developed targets as part of its planned 2025 winter drilling campaign.
Background of Rajapalot
The Rajapalot gold-cobalt mineralisation was first discovered by the previous owner Mawson Gold Ltd. (then Mawson Resources Ltd.) in 2012 through sampling of surface outcropping sulfide-bearing rocks. This initial discovery was immediately drilled and has become what is now named the Palokas deposit. Over the subsequent 10 years, approximately 100,000 meters of core has been drilled, culminating in the current PEA, pursuant to which a total of 867 koz of gold and 4,311 tonnes of cobalt has been defined in the inferred resources category, being 9.78 mt @ 2.8 g/t gold and 441 ppm cobalt. Geologically, the Rajapalot deposit is considered an orogenic-style deposit, with mineralisation hosted in the Paleoproterozoic-aged Kivalo Group of the Peräpohja greenstone belt. Several productive orogenic-style gold deposits are known from northern Finland, including the Agnico-Eagle Kittila Mine (2 MOz Au produced and 3.5 MOz Au in proven and probably mineral reserves, being 26,925 kt @ 4.14 g/t Au), and Rupert Resources Ikkari deposit (4 MOz Au in measured and indicated mineral resources, being 58,430 kt @ 2.18 g/t Au) which is presently still in its development phase (see Figure 2 hereinbelow, being a locality map of Finland).
Figure 2) Locality map of Finland illustrating the location of Mawson Finland's Rajapalot project, relative to the locations of other major mines and development projects currently active in Finland.
Qualified Person and Technical Information
Technical and scientific information contained herein relating to the Rajapalot project located in Finland is derived from the PEA, which was prepared for the Company by Christopher Bray, BEng (Mining), MAusIMM(CP), of SRK Consulting (UK) Limited, Ove Klavér, MSc (Geology), Eur.Geol., FAMMP, of GeoPool Oy, Eemeli Rantala, MSc (Geology), P.Geo., of AFRY Finland Oy, Craig Brown, B.E. (Chem), GradDipGeosci, FAusIMM, of Resources Engineering & Management Pty Ltd, and Mathieu Gosselin, P.Eng., of Gosselin Mining AB. The PEA was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (" NI 43-101 ").
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). Mr. Fromhold is a "qualified person" as defined under NI 43-101.
The PEA is based on technical data, documents, reports and information supplied by Mawson Oy, a wholly-owned subsidiary of the Company, including copies of concession application and award documents, historical reports on exploration and drilling, and internal reports by Mawson Oy staff and consultants/contractors. The specific reports which form the basis for the PEA are listed in Section 27 of the PEA. Please see the PEA for discussion of, among other things, data verification and additional exploration information applicable to the technical disclosure herein provided.
About Mawson Finland Limited
Mawson Finland 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 Rompas-Rajapalot Property 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. The Company 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, 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 assay results or other exploration results and the impact upon the Company thereof, 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, the existence of, location of and results of finding any hypothesised ore-forming environment, 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 any hypothesised ore-forming environments or failure of any such identified environments to yield meaningful results, 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.
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Pinnacle Silver and Gold (TSXV:PINN) stands out as a promising precious metals explorer with its strategic focus on high-potential projects in North and South America. The company presents a compelling investment opportunity in the precious metals sector as it continues to advance its existing projects and pursue new opportunities, offering investors an attractive entry point into the dynamic world of silver and gold exploration.
The company is strategically positioned to capitalize on the growing demand for these valuable resources driven by several key factors including a robust pipeline of projects at various stages of exploration and development and effective capital management practices.
El Potrero lies within 35 km of four operating mines, including the 4,000 tons-per-day (tpd) Ciénega mine by Fresnillo, Luca Mining’s 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine owned by Guanajuato Silver. The El Potrero property had undergone small-scale production from 1989 to 1990 and contains a 100 tpd plant that can be refurbished/rebuilt at relatively low cost.
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ADD003 39.28m @ 553 ppm eU3O8 from 124.12m
incl 1.28m @ 1,460 ppm eU3O8 from 125.46m
and 0.84m @ 1,184 ppm eU3O8 from 151.54m
and 2.42m @ 2,681 ppm eU3O8 from 155.10m
and 1.90m @ 2,215 ppm eU3O8 from 161.40m
ARC008 3.86m @ 720 ppm eU3O8 from 137.36m
ARCD005 6.50m @ 639 ppm eU3O8 from 115.23m
incl 3.02m @ 930 ppm eU3O8 from 115.23m
ADD005 10.48m @ 1412 ppm eU3O8 from 114.30m
incl 2.04m @ 3508 ppm eU3O8 from 115.72m and 0.50m @ 2911 ppm eU3O8 from 119.28m
4.08m @ 2075 ppm eU3O8 from 141.94m
incl 2.04m @ 2875 ppm eU3O8 from 142.10m
1.04m @ 1918 ppm eU3O8 from 145.80m
1.04m @ 1103 ppm eU3O8 from 148.44m
The combined reverse circulation and diamond drilling programme has exceeded the Company’s expectations, having met its original aims of confirming historical results, testing the potential northwest structural control of mineralisation, and expanding the known uranium mineralised envelope.
Results from the drilling are included in Table 1 with the drill hole details in Table 2. In total, 1,776m of reverse circulation drilling and 1,147m of diamond drilling have been completed for a total of 18 holes.
Drilling at Angelo A has confirmed the continuity of mineralisation, identified a steeply dipping mineralised structure and highlighted the undulating nature of the Proterozoic unconformity (Figure 1). A potential northwest trending structure containing uranium mineralisation was intersected between ARC004 and ARC006.
Evidence of a mineralised northwest oriented structure was encountered in ADD001, located over 1km to the northwest of Angelo A. Structural logging of this hole highlighted a shallow dipping (35 degrees) mineralised structural trending to the northwest.
The drilling programme has also confirmed historical drill results from over 40 years ago.
Figure 1: Simplified Long Section C’ of Angelo A highlighting the flat lying nature of uranium mineralisation, with steeply dipping structures between ARC004 and ARC006.
Diamond drill hole ADD003 identified 39.28 metres of uranium mineralisation (Figure 2), highlighting the potential to expand the area of mineralisation at both the Angelo A & B prospects, and along strike to the northwest and southeast.
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Astral Resources’ Managing Director Marc Ducler said: “When we returned to drilling at Feysville in November 2022, we did so with a view to building critical mass to support our flagship Mandilla Gold Project. As our understanding of Feysville increased, we formed the view that the highly-underexplored Feysville tenement package had the potential to contribute several 100,000-ounce open pit opportunities to the broader Mandilla Gold Project as contemplated in the Mandilla Scoping Study3.
“With today’s Feysville MRE announcement, Astral is well on the way to delivering on this potential.
“The Mineral Resource Estimates across both Mandilla and Feysville are now consistently reported within pit shells incorporating a A$2,500 gold price and cut-off grades of 0.39g/t Au.
“While we acknowledge that using a gold price of A$2,500 to constrain the Feysville MRE is too conservative given the current spot gold price exceeds A$4,000, we intend to update the Group MRE using a more appropriate gold price and cost assumptions as the current data becomes available through advancement of the Mandilla PFS. To adjust revenue pricing assumptions prior to gaining certainty over cost assumptions is not considered appropriate.
“Importantly, the maiden Kamperman MRE has yielded a 1.3g/t open pit resource with a 5.9:1 strip ratio. Given our intention is to use a gold price of at least A$2,600 for pit design for the Mandilla PFS, we are very confident that a strong conversion of this resource into the production target will be achieved and, hence, make a material contribution to the economics of the Mandilla PFS.
“It is also important to note that the Kamperman deposit offers further significant growth potential based on the results of the recent 31-hole/3,834 metre reverse circulation (RC) drill program recently completed. These results are not included in the Kamperman MRE; however, one of the reported intercepts – 3 metres at 177g/t Au from 74 metres as part of a broader intersection of 25 metres at 24.3g/t Au from 68 metres in hole FRC3785 – is quite outstanding and suggests there to be scope for considerable upside with further drilling.
“Similarly, the supergene deposits present at both the Think Big and Rogan Josh MREs are also likely to have a very high conversion rate into a production target.
“Astral remains committed to further increasing the Group MRE through extensional drilling, as well as increasing the geological confidence levels – and, hence, MRE categories – through further in-fill drilling. Two rigs are currently on site at Mandilla, a diamond drill (DD) rig and an RC rig, with the RC rig expected to relocate to Kamperman before the Christmas period for further in-fill and extensional drilling.
“Astral expects to report revised MREs for both Mandilla and Feysville in Q1 next year, ahead of the anticipated completion of the Mandilla PFS in Q2 2025.”
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This article includes content from Astral Resources, 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.
(TheNewswire)
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For further information, please contact:
Robert Klenk
Chief Executive Officer
E: rob@jazzresources.ca
T: 604.329.9092
Forward-Looking Statements
This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this news release include statements with respect to commencement of preparation work on the Vila Nova Project and the expected operation of the gravimetric mill on the Vila Nova property. Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with the Canadian securities regulators. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither the 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 press release.
None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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Pinnacle Silver and Gold presents a compelling investment opportunity in the precious metals sector as it continues to advance its existing projects and pursue new opportunities, offering investors an attractive entry point into the dynamic world of silver and gold exploration.
Pinnacle Silver and Gold (TSXV:PINN) stands out as a promising player in the precious metals exploration sector. With its strategic focus on high-potential projects, commitment to responsible mining practices, and experienced leadership team, the company is well-positioned for growth.
As an exploration company focused on silver and gold projects in the Americas, Pinnacle is strategically positioned to capitalize on the growing demand for these valuable resources. The company's investment appeal stems from several key factors:
The company’s business strategy involves the acquisition of past-producing mines that can be put back into production quickly to generate cash flow. By focusing on high-grade, underground mines, Pinnacle can leverage low capex, a smaller operational footprint, easier and faster permitting process and protection against metal price volatility. At the same time, the company conducts brownfield exploration for resource expansion, increasing its potential for district-scale discovery.
Pinnacle's emphasis on creating shareholder value is evident in its approach to project selection and development. The company's portfolio is carefully curated to balance near-term production potential with long-term growth prospects, offering investors exposure to both immediate returns and future upside.
The 100 percent owned Argosy Gold Mine project is located in the northern part of the Birch-Uchi Greenstone Belt of the Superior Province of the Precambrian Shield, and just 10 km northwest of First Mining Gold’s Springpole deposit, which contains 4.7 million ounces of gold in the indicated category. The Birch-Uchi Belt lies between the prolific Red Lake and Pickle Lake Greenstone Belts and contains similar geology. Located 110 kilometres east-northeast of Red Lake, the property hosts the most significant past-producing gold mine in the Birch-Uchi Belt, with 101,875 oz of gold produced at 12.7 grams per ton (g/t) between 1931 and 1952.
Diamond drilling in October 2002 by a previous operator confirmed the extension of the gold mineralization below the old workings with intercepts of 11.75 g/t over 1.55 m and 14.39 g/t over 0.7 m on the Number 2 Vein, 100 m below the old mine development. Additional intercepts of 14.67 g/t over 1.7 m on the Number 3 Vein, and 12.02 g/t over 1.29 m on the Number 8 Vein highlight the potential to build resources on parallel, un-mined veins.
There is exceptional exploration potential on the property and the company is actively expanding its exploration efforts to delineate the full extent of the mineralization.
The 3,850 hectare, 100 percent owned North Birch gold project lies in the northwestern corner of the Birch-Uchi Greenstone Belt in the Red Lake mining division of northwestern Ontario, roughly 110 km northeast of the town of Red Lake. The Birch-Uchi Belt is considered to have similar geology to the Red Lake Belt but has seen less exploration and is about three times larger. The North Birch project covers a geological setting identified from airborne magnetic surveys and interpreted as a favorable environment for gold mineralization. The property covers an intensely folded and sheared iron formation similar in appearance to the one hosting Newmont Goldcorp’s Musselwhite Mine (past production, reserves and resources exceed 8 million ounces of gold), some 190 kilometers to the northeast. In addition, the stratigraphy underlying the bulk of both properties is interpreted as Cycle I volcanics, which are thought by some workers to be equivalent to the Balmer Assemblage, host of the prolific Campbell/Red Lake gold orebody (more than 20 million ounces of gold in past production and reserves) in the adjacent Red Lake Greenstone Belt.
Located about 4 km from the Argosy Gold Mine, North Birch has undergone minimal previous exploration, making it a largely grassroots prospect. The property covers an interpreted geological setting that is considered to be highly prospective for both iron formation hosted and high-grade quartz vein hosted gold mineralization.
In a strategic move to diversify its portfolio, Pinnacle has signed a letter of intent for an option to acquire a high-grade El Potrero gold-silver project in the Sierra Madre Trend of Mexico. This expansion underscores the company's commitment to growth and its ability to identify and secure promising opportunities in key mining jurisdictions.
El Potrero lies within 35 km of four operating mines, including the 4,000 tons-per-day (tpd) Ciénega mine by Fresnillo, Luca Mining’s 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine owned by Guanajuato Silver. The El Potrero property had undergone small-scale production from 1989 to 1990 and contains a 100 tpd plant that can be refurbished/rebuilt at relatively low cost.
The property hosts a 4 km strike length of a northwest-southeast trending epithermal vein system with high-grade gold and silver mineralization. The veins are brecciated and hosted in andesitic volcanics of the Tertiary Lower Volcanic Series near the contact with the overlying Upper Volcanic Series. Multiple small mines, accessible by adits into the side of the hill, exist along the system and some have been exploited in the 1980’s and possibly before. Vein widths are reported to be in the 0.5 to 10 meter range. Vein textures indicate the mines may be sitting fairly high in the epithermal system implying good potential to extend the mineralization to depth.
Under the terms of the agreement, Pinnacle will earn an initial 50 percent interest immediately upon commencing production. The goal would then be to generate sufficient cash flow with which to further develop the project and increase the company’s ownership to 100 percent subject to a 2 percent NSR. If successful, this approach would be less dilutive for shareholders than relying on the still challenging equity markets to finance the growth of the company.
Robert Archer has more than 40 years’ experience in the mining industry, working throughout the Americas. After spending more than 15 years with major mining companies, Archer held several senior management positions in the junior mining sector and co-founded Great Panther Mining, a mid-tier precious metals producer, where he served as president and CEO from 2004 to 2017 and director until 2020. He joined Pinnacle as a director in March 2018 followed by his appointment as CEO in January 2019 and president in October 2021. Archer is a professional geologist and holds an Honours BSc from Laurentian University in Sudbury, Ontario.
David Cross is a CPA and CGA with over 21 years’ experience in the junior sector with a focus on finance and corporate governance. He is currently a partner of Cross Davis and Company LLP Chartered Professional Accountant, which specializes in accounting and management services for private and publicly listed companies within the mining industry, and has recently been appointed CFO of Ashburton Ventures.
Colin Jones is principal consultant for Orimco Resource Investment Advisors in Perth, Australia. He has almost 40 years’ experience as a mining, exploration and consulting geologist in a number of different geological environments on all continents. He has managed large exploration and due diligence projects, and has undertaken numerous bankable technical audits, technical valuations, independent expert reports and due diligence studies worldwide, most of which were on behalf of major international resource financing institutions and banks. Jones holds a Bachelor of Science (Earth Sciences) degree from Massey University, NZ.
David Salari has worldwide experience in the design, construction and operation of extractive metallurgical plants. He is an engineer with more than 35 years of experience in the mining and mineral processing field. He is currently the president and CEO of DENM Engineering.
Ron Schmitz is the principal and president of ASI Accounting Services, providing administrative, accounting and office services to public and private companies since July 1995. Schmitz has served as a director and/or chief financial officer of various public companies since 1997, and currently holds these positions with various public and private companies.
Tartana Minerals is a new copper producer generating strong cash flow, with a substantial exploration footprint in a tier 1 mining jurisdiction. Tartana Minerals is creating shareholder value through investment in increasing its existing copper, zinc and gold resources and accelerating exploration of key projects within its highly prospective exploration portfolio. Tartana Minerals presents a compelling investment against the backdrop of a strong macroeconomic environment for copper.
Tartana Minerals (ASX:TAT) is a copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland. Its flagship project is the 100 percent owned Tartana copper and zinc project which comprises four mining leases located north of Chillagoe. The company’s business model has involved refurbishing an existing heap leach - solvent extraction – crystallisation plant which is located on the Tartana mining leases. The refurbishment and commissioning of this plant is now completed and the company is producing copper sulphate pentahydrate which is sold to offtaker, Kanins International. Copper sulphate is priced on a premium plus percentage of the LME copper price and provides investors with leverage to anticipate increasing copper prices.
The company, formerly known as R3D Resources, changed its name to Tartana Minerals in April 2024. Tartana Minerals is based in Sydney, Australia.
Tartana Minerals has reported the following resources:
These copper, zinc and gold resources remain open at depth and along strike and the company has designed drilling programs to expand these resources. In particular, the copper mineralisation and potentially the gold mineralisation have scope to be upgraded through ore sorting.
However, the refurbished heap leach – solvent extraction – crystallisation plant utilises existing copper in the ponds and the heaps and these copper sources will be replenished when we commence mining from the open pit.
The first and second shipments of copper sulphate were sold during the June 2024 quarter with further shipments are currently being prepared. The copper sulphate contains 25 percent copper metal and payment is based on the LME copper price for the preceding month plus a premium. It is one of the few forms of saleable copper where the copper content receives the full LME price.
Sprinklers operating on the lower heap. Note the presence of copper (blue).Chillagoe region of Far North Queensland is highly prospective with the discovery and development of a number of key projects over the last few decades including Red Dome (2.5 Moz gold), Mungana (1.2 Moz gold), and King Vol (250 kt zinc). These deposits occur along the Palmerville Fault in a similar location to the Tartana Mining leases.
The mining leases at Tartana contain copper, zinc and gold mineralisation but the company also has significant projects which are both east and west of the Palmerville Fault. In the west it has the Cardross and Mountain Maid copper-gold projects and further north it has the Beefwood project. Mountain Maid has gold resources mentioned above and which are open to the south and at depth while the company is finalising a maiden copper resource for the Cardross project. The Beefwood project comprises a buried geophysical target and surface sampling has recovered samples grading up to 180 g/t Au with no apparent source. Drilling is planned to test this target in the current dry season.
In the east of the Palmerville Fault, the company has the Bellevue/Dry River project, the OK South project and the Dimbulah Porphyry project, all copper projects with historic copper mines and prospects. Like many parts of Far North Queensland, historical exploration has not been systematic and thorough despite many promising expressions of surface mineralisation.
At the Nightflower project, Tartana has upgraded its exploration target after reviewing its earlier estimation, in light of the recent increases in the antimony price. Nightflower is a high-grade silver-lead deposit with previously overlooked significant antimony credits. Nightflower exploration target includes 2.75 Mt @ 364 g/t silver equivalent for 32 Moz silver equivalent to 5.36 Mt @ 270 g/t silver equivalent for 47 Moz silver equivalent (the exploration target is conceptual in nature only and there is no guarantee that further exploration will define a resource). Drilling is now being planned to test the target and upgrade previously identified mineralisation to JORC 2012 reporting standards.
Tartana’s exploration team comprises of experienced exploration geologists with supporting cash flow from their copper production, they expect to be able drill the most promising targets in the short term.
Overall, the macroeconomic environment for copper remains strong. The LME three-month copper price hit US$5.24/lb on May 17, the highest since March 7, 2022, driven by a weaker US dollar, Chinese property stimulus measures, and a short squeeze on the Chicago Mercantile Exchange futures market.
In the near-to-mid term China’s demand for refined copper is expected to grow, due to better-than-expected performances from key consumer segments, including the power grid, solar installations and electric vehicle and air conditioning appliance sales. On the supply side the copper concentrate market is expected to remain in a significant deficit due to the estimated delay in the Cobre Panama mine restart but will be partially offset by the higher projected production from smelters in China. As a result, we see further demand growth and supply tightening for the copper market as positive for base metal equities who maintain significant leverage to increasing prices.
Jihad Malaeb is an experienced entrepreneur across a number of industries, including hospitality and construction, as well as having significant experience in mineral exploration and mining operations – both as an active investor and company director. He currently owns and operates a portfolio of hospitality businesses and real estate across Australia, which have been established over the past 30 years. Malaeb was previously a non-executive director of Critical Resources (ASX:CRR), where he helped steer CRR through the past few years as one of its largest shareholders and as a board member.
Steve Bartrop’s professional experience spans more than 30 years covering periods in both the mining industry and financial sector. With a geology background, Bartrop has worked in exploration, feasibility and evaluation studies and mining in a range of commodities and in different parts of the world. In the financial sector, he has been involved in research, corporate transactions and IPOs spanning more than 20 years, including senior roles at JPMorgan, Bankers Trust and Macquarie Equities.
Bartrop is also a director of Southwest Pacific Bauxite (HK), a company developing a bauxite project in the Solomon Islands and chairman of Breakaway Research.
Bruce Hills is an accountant and is currently an executive director of Breakaway Investment Group, which operates the Breakaway Private Equity Emerging Resources Fund. Hills is a director of a number of unlisted companies in the mining and financial services sectors including The Risk Board and Stibium Australia. Hills has 35 years’ experience in the financial sector including 20 years in the banking industry primarily in the areas of strategy, finance and risk.
Dr Alistair Lewis is a successful entrepreneur and highly experienced medical doctor with over 40 years’ experience. For the past 10 years Lewis has been involved in the management of mining and exploration companies. In 2017, Lewis established Oosen Lewis Mining in North Queensland. He financed the aggregation of a substantial portfolio of gold, tin, tungsten and antimony assets and instigated subsequent extensive exploration programs. These assets now form part of the QSM portfolio.
Michael Thirnbeck is an experienced geologist with over 25 years in managing numerous mineral development projects in Papua New Guinea, Indonesia and Australia. He has been a member of the Australasian Institute of Mining and Metallurgy since 1989 and holds B.Sc (Hons.) degree from University of Queensland.
Shuyi (Kiara) Wang was appointed a director of Tartana Minerals on July 17, 2024. Wang is an accomplished, emerging leader with a strong academic and professional background. She holds a Bachelor of Arts majoring in Philosophy from The University of Melbourne and is currently pursuing a Juris Doctor at the prestigious Melbourne Law School.