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Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce results from downhole electro-magnetic "DHEM" geophysical surveys conducted at the Rajapalot gold-cobalt project in Finland
Highlights:
Mawson Finland (TSXV:MFL) is a mining development company focused on gold-cobalt in northern Finland advancing its the Rajapalot gold-cobalt project in the Lapland region. Driven by a highly experienced local management and technical team, and supported by a strong Finnish investor ownership, the company is poised to become a key player in the gold-cobalt market.
Mawson Finland's Rajapalot project spans 18,000 hectares and boasts an inferred resource of 9.8 Mt consisting of 867,000 oz gold at 2.8 g/t and 4,311 tonnes of cobalt at 441 parts per million (ppm). A completed preliminary economic assessment (PEA) estimated a net present value (NPV) of US$211 million and a 27 percent internal rate of return (IRR) based on US$1,700 gold price, with significant upside from greenfield exploration.
The Rajapalot gold-cobalt project is the company's cornerstone asset. Covering approximately 18,000 hectares, Rajapalot is distinguished by its significant gold and cobalt mineralization, making it one of the notable dual-commodity projects in Europe.
Company Highlights
- Mawson Finland is a newly listed exploration company focused on advancing its gold-cobalt project in the Lapland Region of Finland, a tier 1 mining jurisdiction.
- The project hosts multiple high-grade zones, which have been the focus of extensive exploration activities.
- The completed PEA on Rajapalot has an inferred resource of 9.78 million tonnes containing 867,000 ounces of gold and 4,311 tonnes of cobalt with grades of 2.8 g/t and 441 ppm, respectively. Additionally, the PEA includes an NPV (5 percent) of US$ 211 million with a 27 percent IRR.
- Cobalt, a key by-product of the Rajapalot project, is crucial for the manufacturing of electric vehicle (EV) batteries and renewable energy storage solutions.
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Mawson Finland Limited
Investor Insight
With its focused and strategic goals of advancing, expanding and de-risking its highly prospective gold and cobalt resource in Finland, Mawson Finland is well-placed to become a key player in Europe’s growing precious metals and battery markets.
Overview
Mawson Finland (TSXV:MFL) is a relatively new listed exploration-stage mining development company focused on gold-cobalt in northern Finland. The company is advancing its 100 percent owned Rajapalot gold-cobalt project in Finland's Lapland region. The project covers 18,000 hectares and boasts an inferred resource of 9.8 Mt consisting of 867,000 oz gold at 2.8 g/t and 4,311 tonnes of cobalt at 441 parts per million (ppm). The company aims to de-risk and expand this project, targeting resource growth through drilling. A completed preliminary economic assessment (PEA) estimated a net present value (NPV) of US$211 million and a 27 percent internal rate of return (IRR) based on US$1,700 gold price, with significant upside from greenfield exploration.
Mawson Finland is driven by a highly experienced local management and technical team, and supported by a strong Finnish investor ownership, all committed to rapidly advancing the Rajapalot project. Noora Ahola, the CEO of Mawson Finland, is a seasoned mining professional with over a decade of experience working on the Rajapalot gold-cobalt project. Based in Rovaniemi, Finland, Ahola has played a key role in advancing the project under its previous owner, Mawson Gold, and in bringing in a roster of Finnish investors into the company. Mawson Finland has a tight shareholder structure, with 19 million shares outstanding and no warrants.
Committed to sustainable development, Mawson Finland places a strong emphasis on environmental stewardship and community engagement. The company adheres to Finland’s rigorous environmental regulations, conducting its operations with a focus on minimizing the ecological impact in the area in which it operates. The ethical sourcing of cobalt, a metal critical for electric vehicle batteries, aligns the project well with current global efforts to ensure responsible supply chains for green energy technologies.
Company Highlights
- Mawson Finland is a newly listed exploration company focused on advancing its gold-cobalt project in the Lapland Region of Finland, a tier 1 mining jurisdiction.
- The project hosts multiple high-grade zones, which have been the focus of extensive exploration activities.
- The completed PEA on Rajapalot has an inferred resource of 9.78 million tonnes containing 867,000 ounces of gold and 4,311 tonnes of cobalt with grades of 2.8 g/t and 441 ppm, respectively. Additionally, the PEA includes an NPV (5 percent) of US$ 211 million with a 27 percent IRR.
- Cobalt, a key by-product of the Rajapalot project, is crucial for the manufacturing of electric vehicle (EV) batteries and renewable energy storage solutions.
Key Project
Rajapalot Gold-Cobalt Project
The Rajapalot gold-cobalt project is the cornerstone asset of Mawson Finland, situated in the Lapland region of northern Finland, a tier 1 location. Covering approximately 18,000 hectares, the project is distinguished by its significant gold and cobalt mineralization, making it one of the notable dual-commodity projects in Europe.
The project hosts multiple high-grade gold-cobalt zones, including Palokas, South Palokas, Raja and Rumajärvi. These zones have been the focus of extensive exploration activities, leading to the delineation of a substantial inferred mineral resource. The resource estimates indicate the presence of both gold and cobalt, with gold grades and cobalt credits enhancing the overall economic potential of the project. The mineralization remains open at depth and along strike, suggesting considerable upside from resource expansion through further drilling.
Rajapalot is characterised by its favourable geology within the Paleoproterozoic Peräpohja Belt. The mineralization is associated with metamorphosed volcanic and sedimentary rocks. Anomalous gold is known to correlate with elevated levels of cobalt, bismuth, and other minerals. The area’s geological similarities to other significant mining districts add to the Project’s prospectivity.
Mawson Finland has undertaken comprehensive exploration programs, including diamond drilling, geophysical surveys, and geological mapping. These efforts have not only expanded the known mineralized zones, but have also identified new targets for future exploration. The company’s strategy focuses on both increasing the resource base and advancing the project towards a feasibility study.
Mawson Finland has completed and reported on its 2024 drill results. The company’s goal remains increasing its gold and cobalt resources at the Rajapalot project. The upcoming results will focus on expanding known high-grade zones and testing new exploration targets, with the goal of boosting both the gold and cobalt resources. These efforts are part of the company’s broader strategy to demonstrate the full potential of the project and to continue growing the resource.
Management Team
Neil MacRae - Executive Chairman
Neil MacRae is a capital markets professional with 29 years of experience in investor relations, commodities trading and corporate development within the global mining industry. MacRae holds a Bachelor of Arts degree from the University of Calgary and started his career in 1994 with Mitsui & Co. (Canada). Over the years, he has held various management and investor relations roles with companies such as First Majestic Silver, Sherwood Copper (merged with Capstone in 2008), Farallon Mining (sold to Nyrstar in 2011), NovaGold Resources, and Santacruz Silver Mining. MacRae was previously a director of Mawson Gold.
Noora Ahola - President, CEO and Director
Noora Ahola is a forestry engineer with a masters degree in natural resources and Landscape Management. She has developed strong experience within the Finnish environmental administration, applying environmental and other land-use legislation for nature protection and other purposes. Her most recent roles include managing director of Mawson Oy and interim CEO and environmental director of Mawson Gold. She also worked at The Centre for Economic Development, Transport and the Environment for Lapland (ELY-Centre) in the nature protection unit as a manager for a program based on developing biodiversity and ecological connections between Natura 2000 sites. As environmental director at Mawson Gold, Ahola set environmental policy, and was responsible for permitting, environmental monitoring and management and research plans. She was responsible also for identifying and managing key environmental risks associated with Mawson Gold’s projects and for ensuring all ESG factors are effectively addressed and managed. Ahola continues to represent Mawson Oy as a director in the Lapland Chamber of Commerce and Finnish Mining Association boards. She is also a member of the national Chamber of Commerce delegation.
Nick DeMare – Chief Financial Officer
Nick DeMare, a chartered professional accountant, has been president of Chase Management since 1991, providing accounting, management, securities regulatory compliance and corporate secretarial services to private and public-listed companies. DeMare also serves as an officer and/or director of a number of public-listed companies. He holds a Bachelor of Commerce degree from the University of British Columbia and is a member in good standing of the Institute of Chartered Accountants of British Columbia.
Mawson Finland Limited Presents Downhole EM Geophysics: Multiple Deep Conductors Newly Identified at Rajapalot
Results and interpretation from downhole EM surveys found multiple deep conductors at Rajapalot
Several strong conductors are located down-dip/down-plunge of both the Palokas and South Palokas zones suggesting gold-cobalt mineralization continues with depth
Additional deep conductors located along-strike from the Palokas Zone, ~500 metres to the north-east
Five conductive targets identified within/nearby to inferred resource area and ready to be drill-tested in this up-coming 2025 winter drill-season
Ms. Noora Ahola, Mawson Finland CEO, states:"We are very excited to report the results of our recent geophysics surveys at Rajapalot. We have identified several exciting targets in downhole EM surveys that suggest the gold-cobalt mineralization at Rajapalot continues with depth at Palokas and South Palokas, while further anomalies are also present in un-drilled areas close-by. We plan to conduct further EM geophysical studies at Rajapalot in the coming weeks in our lead-up to the 2025 winter drilling campaign, in addition to an approximate 600-hectare sub-audio magnetic "SAM" ground-survey presently being carried out over our high-grade Rompas gold project located 6 kilometres east of Rajapalot. We look forward to presenting the results of these additional surveys prior to the initiation of our winter drilling campaign planned to begin in January 2025."
Downhole EM Results
Electromagnetic techniques were first used in 2013 by Mawson at Rajapalot with a helicopter-borne VTEMplus survey indicating the conductive nature of areas subsequently discovered to be the Palokas, South Palokas, The Hut, Terry's Hammer, Rumajärvi, Raja and Joki zones of gold-cobalt mineralization. Due to the close association of gold-cobalt mineralization with pyrrhotite accumulations at the known mineralized occurrences at the Rajapalot project, detection of these sulfide-bearing mineral-systems with EM geophysical methods is achievable due to their associative, highly-reactive EM properties.
In this downhole EM campaign, five EM-loops were set-out in order to measure conductivity responses in the vicinity of 8 selected drillholes to explore for further nearby gold-cobalt mineralized rock-bodies at Rajapalot (refer to map in Figure 1). Five of 8 drillholes, corresponding to 3-EM loops (loops 1-3), were located around the Palokas and South Palokas zones of gold-cobalt mineralization, while 1 drillhole (loop 4) was located 400 metres north-east of Palokas, and 2 drillholes (loop 5) located on the northern margin of the Raja zone (refer to Figure 1 for drillhole, and EM-loop locations/survey layout).
At South Palokas, 2 strong EM conductors were located ‘off-hole' to both the north and south of drillhole PAL0367 (loop 3) at the presently defined base of gold-cobalt mineralization. South Palokas conductive body "A" is found to the south of drillhole PAL0367, with the top of the conductor modelled at around -340mRL and continues for some 200 metres in the down-dip direction, while conductive body "B" is located to the north of drillhole PAL0367, with its top modelled at -370mRL and continues for a further 110 metres in the down-dip direction (refer Table 1, and to 3-D projections in Figure 2 and Figure 3). These results strongly suggest that further gold-cobalt mineralization may be present at depth at South Palokas.
At Palokas, a strong EM-conductive body is interpreted on the lower, northern margin of the mineralized zone, extending down-dip from PAL0200 (loop 3), with the top of this conductor modelled at -129mRL, continuing a further 135 metres in the down-dip direction. This modelled conductor initially appears coincident with the lower portions of the deeper areas of the Palokas mineralized zone however, it is interpreted to be separated from the main Palokas mineralized zone. The anomaly isn't readily explained by simply enlarging the presently known geometry of the Palokas mineralized system down-dip with a northerly plunge and as such, these results suggest an additional lens of gold-cobalt mineralization may exist beyond the known limits of mineralization in the deeper areas of the Palokas zone (refer Table 1, and to 3-D projections in Figure 2 and Figure 3).
Two further loops were set-out in the Palokas and South Palokas area in order to search for conductive rocks in between Palokas and South Palokas zones of mineralization (drillhole PAL0352; loop 1), and to search the footwall zone to Palokas in light of the recent discovery of "New Lens" in the footwall area of South Palokas (drillholes PAL0072 and PAL0362; loop 2; refer to Figure 1). No conductive anomalies were observed in these areas beyond that of the signals detected from the known mineralized conductive bodies of both Palokas and South Palokas.
North-east of Palokas, approximately 400 metres along-strike, a further drillhole, PAL0073 (loop 4), was used to measure for the presence of deep conductive anomalies in the vicinity of this drillhole. A strongly conductive, 150m by 150m sized EM anomaly was modelled ‘off-hole' to the north of PAL0073, approximately 220 metres below surface at the -50mRL (refer to Table 1, Figure 1, and 3D EM-plate model in Figure 4). These data suggest the presence of a potentially mineralized rock-system located approximately 450 to 600 metres along-strike, to the north-east of the Palokas zone.
A final loop was set-out in the Raja area, using drillholes PAL0171 and PAL0355 (loop 5; see figure 1). A smaller, 70m by 110m sized, ‘off-hole' conductive anomaly was measured on the mid-northern margin of the Raja zone of gold-cobalt mineralization. Modelling of the conductive anomaly places a plate-anomaly in the footwall of the Raja zone of mineralization, only 30 metres below the known zone by approximately (refer to Figure 5). While this general area has received some drilling previously, no drilling has penetrated the specific area defined in the modelled EM plate, and as such presents a very compelling drill-target.
Geophysical Survey Parameters
The downhole EM (DHEM) survey was conducted by Finnish geophysics provider Geovisor Oy from Rovaniemi, using a Zonge ZT-30 transmitter system. The acquisition was measured using the EMIT Smartem24 receiver system with EMIT DHEM Digiatlantis probe that measures the decaying magnetic field with three orthogonal Fluxgate magnetometer sensors producing along hole (A-component), and two perpendicular components (namely U and V- components). For each loop configuration, the base frequency was tested, and the base frequency was altered from 0.25 Hz to 1 Hz. The EM response was stacked over 32,128 EM pulses depending on the base frequency and the observed signal strength. The used time windows scheme was SMARTem standard containing 39 to 43 time channels depending on the base frequency. All the holes were measured in one piece from the collar with surveys having 10 metre reading intervals. The modelling was done using Maxwell software, using plate models. All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393).
Technical Background
At Rajapalot, all examples of gold-cobalt mineralization are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralization is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralization at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralization remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Loop | Conductor | Drillhole | Conductivity-thickness (s) | Dimensions (Strike x Dip) | Dip/Dip-direction | Depth to top (mRL) |
Loop 1 | NA | PAL0352 | - | - | - | - |
Loop 2 | NA | PAL0072, PAL0362 | - | - | - | - |
Loop 3 | South Palokas Deep "A" | PAL0367 | 100 | 130m x 200m | 48/333 | -340m |
Loop 3 | South Palokas Deep "B" | PAL0367 | 110 | 120m x 110m | 17/314 | -370m |
Loop 3 | Palokas Deep | PAL0200 | 160 | 100m x 135m | 34/330 | -129m |
Loop 4 | Hirvimaa | PAL0073 | 150 | 150m x 150m | 12/103 | -50m |
Loop 5 | Raja Footwall | PAL0171, PAL0355 | 80 | 70m x 110m | 44/326 | -125m |
Table 1: Results from the DHEM survey, with anomaly names and areas listed, their conductance, size, orientation and depth below surface (surface level across survey area is between ~+165m - +175mRL).
SOURCE: Mawson Finland Limited
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Mawson Finland Limited Confirms 'New Lens' Continuity with Multiple Significant Intercepts as well as Expands South Palokas Mineralized Zones at Rajapalot
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from the final 13 drillholes of the 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto
Highlights:
‘New lens' reported in September 4, 2024 NR is expanded up-dip
Seven holes intersect significant mineralized intercepts
PAL0361 drilled multiple significant intercepts targeting down-dip depth extensions of South Palokas, defining two lenses of gold-cobalt mineralization at depth, including:
6 m @ 2.24 g/t Au and 302 ppm Co from 493.8 metres
5.3 m @ 2.75 g/t Au and 559 ppm Co from 533.25 metres
PAL0364 drilled multiple significant intercepts in modest step-outs in the upper southern portions of South Palokas, and then continued onwards to intercept ‘New lens' located in the footwall of South Palokas including:
4 m @ 2.41 g/t Au and 227 ppm Co from 141.35 metres at South Palokas
17 m @ 1.05 g/t Au and 224 ppm Co from 263.9 metres on ‘New lens'
PAL0356 drilled 0.9 m @ 5.07 g/t Au and 19 ppm Co from 424.45 metres in a deep, southward step-out from South Palokas
PAL0367 drilled a single intercept of 0.85 m @ 0.94 ppm Au from 614.75 meters (cobalt TBA) on a deep steep-out on the northern margin of South Palokas
PAL0368 drilled multiple significant intercepts in southward step-outs to The Hut zone of gold-cobalt mineralization, including:
5.7 m @ 0.83 g/t Au and 519 ppm Co from 161.15 metres
PAL0363 drilled two significant intercepts in northwards step-outs of The Hut zone of mineralization, including:
4.15 m @ 0.67 g/t Au and 579 ppm Co from 203.1 metres
1 m @ 1.02 g/t Au and 129 ppm Co from 209.25 metres
PAL0370 drilled a single intercept in a modest step-out at Terry's Hammer of:
1 m @ 1.86 g/t Au and 466 ppm Co from 64.85 metres
Drillholes PAL0352 and PAL0365 (South Palokas), drillholes PAL0366 and PAL0369 (The Hut), and drillhole PAL0371 (Terry's Hammer) failed to intercept significant mineralization, while drillhole PAL0359 (South Palokas) was abandoned at 47.2 metres due to drilling technicalities.
Ms. Noora Ahola, Mawson Finland CEO, states: "In recent weeks our Executive Chairman Neil MacRae and I have had a chance to meet many of our shareholders as well as local stakeholder groups. We appreciate the confidence that our shareholders have shown in our team by funding our new Company. We hope that our shareholders are as excited as our team is by the results of this latest drill season. I think our 2024 drill results speak loudly to the potential expansion of Rajapalot well beyond its current size.
However, we will not rest on our laurels and intend to continue to build on our exploration success. Our exploration team is currently in the field conducting both surface-geochemical and geophysical surveys in order to allow us to try to improve on our current success rate when the Winter 2025 drilling campaign begins."
Detailed Results
The 13 drillholes reported here (Table 1) are from the South Palokas, New lens, The Hut and Terry's Hammer zones of mineralization at Rajapalot (PAL0352, PAL0356, PAL0359, PAL0361, PAL0363, PAL0364, PAL0365, PAL0366, PAL0367, PAL0368, PAL0369, PAL0370, PAL0371; see Figure 1, Figure 2 and Figure 3 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 4,675 metres of drilling from the 2024 programme of a total of 11,376 metres in 38 drillholes, of which all holes have now been reported for gold their analysis. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are available for all but drillhole PAL0367 of this news release, of which results from this hole, and all remaining and unreported cobalt results will be reported in due course as the remaining data becomes available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto.
Drillholes PAL0356 and PAL0361 were drilled on the deep, southern margin of the South Palokas zone of gold-cobalt mineralization, where they intercepted significant mineralization with respective step-outs of between 50 metres and 85 metres southwards from their nearest known historical drill-intercepts (refer to Figure 2). Drillhole PAL0367 was drilled on the deepest northern margins of South Palokas where it intercepted a thin, weakly mineralized interval. Drillholes PAL0352 (northern margin) and PAL00365 (southern margin) intercepted no significant mineralization, while drillhole PAL0359 was abandoned after only 47.3 metres due to drilling difficulties, and failed to reach projected depth of mineralization.
One further drillhole was drilled in the South Palokas area to follow-up a previously reported high-grade intercept on ‘New lens' that is located in the footwall of South Palokas, approximately 100 metres directly below the main mineralized body in this area (see Mawson Finland Limited news release dated September 4th, 2024). Drillhole PAL0364intercepted a thick, 17 metre drilled interval of gold-cobalt mineralization approximately 50 metres up-dip of the previously reported high-grade intercept (PAL0335; 20.75 m @ 5.25 g/t Au & 515 ppm Co from 295.05 metres). This confirms both geological and grade continuity of ‘New lens', meaning that geometry of this gold-cobalt-bearing structure is now understood, and further step-out drilling can be conducted in the down-plunge direction (refer to Figure 2).
Drilling at The Hut and Terry's Hammer zones of gold-cobalt mineralization consisted of 6 drillholes in total. Drillholes PAL0663, PAL0366 and PAL0369 targeted northerly step-outs to The Hut zone of mineralization, with drillhole PAL0363 intercepting gold-cobalt mineralization in a step-out of approximately 60 metres to the north of its nearest historical intercept (refer to Figure 3). Drillhole PAL0368 intercepted gold-cobalt mineralization in an approximately 35 metre step-out to the south of the next closest historical intercept at The Hut. Drillholes PAL0370 and PAL0371 were drilled to target down-dip extension of Terry's Hammer, with PAL0371 intercepting gold-cobalt mineralization approximately 35 metres below its nearest historical intercept (refer to Figure 3).
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralization are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralization is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralization at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralization remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth (m) | Prospect |
PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | South Palokas |
PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | Hole abandoned |
PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (Finnish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.
Hole ID | From (m) | To (m) | Thickness1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt (ppm) |
PAL0356 | 424.45 | 425.35 | 0.90 | 5.07 | 4.56 | 19 |
PAL0361 | 464.80 | 465.80 | 1.00 | 0.31 | 0.31 | 8 |
PAL0361 | 473.80 | 475.80 | 2.00 | 1.32 | 2.64 | 120 |
PAL0361 | 493.80 | 499.80 | 6.00 | 2.24 | 13.47 | 302 |
PAL0361 | 533.25 | 538.55 | 5.30 | 2.75 | 14.56 | 559 |
PAL0363 | 203.10 | 207.25 | 4.15 | 0.67 | 2.78 | 579 |
PAL0363 | 209.25 | 210.25 | 1.00 | 1.02 | 1.02 | 129 |
PAL0364 | 96.80 | 97.80 | 1.00 | 1.32 | 1.32 | 399 |
PAL0364 | 111.30 | 114.30 | 3.00 | 0.65 | 1.94 | 361 |
PAL0364 | 130.35 | 132.35 | 2.00 | 0.85 | 1.69 | 109 |
PAL0364 | 141.35 | 145.35 | 4.00 | 2.41 | 9.64 | 227 |
PAL0364 | 149.35 | 155.30 | 5.95 | 0.83 | 4.90 | 543 |
PAL0364 | 263.90 | 280.90 | 17.00 | 1.05 | 17.79 | 224 |
PAL0364 | 282.90 | 283.90 | 1.00 | 0.32 | 0.32 | 95 |
PAL0364 | 292.75 | 293.75 | 1.00 | 0.58 | 0.58 | 182 |
PAL0367 | 614.75 | 615.60 | 0.85 | 0.94 | 0.80 | TBA |
PAL0368 | 103.60 | 104.60 | 1.00 | 1.81 | 1.81 | 89 |
PAL0368 | 161.15 | 166.85 | 5.70 | 0.83 | 4.66 | 519 |
PAL0368 | 168.20 | 168.90 | 0.70 | 1.60 | 1.12 | 488 |
PAL0371 | 64.85 | 65.85 | 1.00 | 1.86 | 1.86 | 466 |
1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Drillholes coloured red are those reported in this news release, while holes coloured black have been reported in previous releases.
Figure 2: Long-section of the South Palokas (left) and ‘New lens' (right) zones of mineralization at Rajapalot. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralization remains ‘open' and untested.
Figure 3: Long-section of The Hut and Terry's Hammer zones of mineralization at Rajapalot. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralization remains ‘open' and untested.
Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralization |
PAL0356 | 424.45 | 425.35 | 0.90 | 5.07 | 19 | South Palokas |
PAL0361 | 464.80 | 465.80 | 1.00 | 0.31 | 8 | South Palokas |
473.80 | 474.80 | 1.00 | 0.86 | 54 | South Palokas | |
474.80 | 475.80 | 1.00 | 1.78 | 185 | South Palokas | |
493.80 | 494.80 | 1.00 | 0.41 | 74 | South Palokas | |
494.80 | 495.80 | 1.00 | 4.71 | 210 | South Palokas | |
495.80 | 496.80 | 1.00 | 3.97 | 328 | South Palokas | |
496.80 | 497.80 | 1.00 | 1.93 | 505 | South Palokas | |
497.80 | 498.80 | 1.00 | 2.01 | 615 | South Palokas | |
498.80 | 499.80 | 1.00 | 0.44 | 80 | South Palokas | |
533.25 | 534.25 | 1.00 | 1.82 | 1177 | South Palokas | |
534.25 | 535.25 | 1.00 | 7.32 | 833 | South Palokas | |
535.25 | 536.55 | 1.30 | 0.46 | 160 | South Palokas | |
536.55 | 537.55 | 1.00 | 0.33 | 489 | South Palokas | |
537.55 | 538.55 | 1.00 | 4.49 | 258 | South Palokas | |
PAL0363 | 203.10 | 204.10 | 1.00 | 0.81 | 541 | Hut |
204.10 | 205.25 | 1.15 | 0.25 | 294 | Hut | |
205.25 | 206.25 | 1.00 | 0.97 | 939 | Hut | |
206.25 | 207.25 | 1.00 | 0.71 | 586 | Hut | |
209.25 | 210.25 | 1.00 | 1.02 | 129 | Hut | |
PAL0364 | 96.80 | 97.80 | 1.00 | 1.32 | 399 | South Palokas |
111.30 | 112.30 | 1.00 | 0.60 | 52 | South Palokas | |
112.30 | 113.30 | 1.00 | 0.08 | 720 | South Palokas | |
113.30 | 114.30 | 1.00 | 1.26 | 313 | South Palokas | |
130.35 | 131.35 | 1.00 | 1.10 | 138 | South Palokas | |
131.35 | 132.35 | 1.00 | 0.59 | 80 | South Palokas | |
141.35 | 142.35 | 1.00 | 0.50 | 147 | South Palokas | |
142.35 | 143.35 | 1.00 | 2.01 | 340 | South Palokas | |
143.35 | 144.35 | 1.00 | 4.03 | 332 | South Palokas | |
144.35 | 145.35 | 1.00 | 3.10 | 88 | South Palokas | |
149.35 | 150.35 | 1.00 | 1.85 | 813 | South Palokas | |
150.35 | 151.35 | 1.00 | 0.38 | 629 | South Palokas | |
151.35 | 152.35 | 1.00 | 0.16 | 117 | South Palokas | |
152.35 | 153.35 | 1.00 | 1.44 | 957 | South Palokas | |
153.35 | 154.35 | 1.00 | 39 | South Palokas | ||
154.35 | 155.30 | 0.95 | 1.18 | 700 | South Palokas | |
263.90 | 264.90 | 1.00 | 0.83 | 356 | South Palokas | |
264.90 | 265.90 | 1.00 | 0.67 | 669 | South Palokas | |
265.90 | 266.90 | 1.00 | 0.24 | 420 | South Palokas | |
266.90 | 268.20 | 1.30 | 1.11 | 469 | South Palokas | |
268.20 | 269.20 | 1.00 | 0.34 | 290 | South Palokas | |
269.20 | 270.20 | 1.00 | 0.12 | 80 | South Palokas | |
270.20 | 271.20 | 1.00 | 0.59 | 110 | South Palokas | |
271.20 | 272.20 | 1.00 | 0.18 | 65 | South Palokas | |
272.20 | 272.90 | 0.70 | 1.57 | 216 | South Palokas | |
272.90 | 273.90 | 1.00 | 2.90 | 143 | South Palokas | |
273.90 | 274.90 | 1.00 | 5.17 | 48 | South Palokas | |
274.90 | 275.90 | 1.00 | 1.90 | 167 | South Palokas | |
275.90 | 276.90 | 1.00 | 0.14 | 52 | South Palokas | |
276.90 | 277.90 | 1.00 | 0.40 | 191 | South Palokas | |
277.90 | 278.90 | 1.00 | 0.57 | 228 | South Palokas | |
278.90 | 279.90 | 1.00 | 0.85 | 136 | South Palokas | |
279.90 | 280.90 | 1.00 | 0.35 | 101 | South Palokas | |
282.90 | 283.90 | 1.00 | 0.32 | 95 | South Palokas | |
292.75 | 293.75 | 1.00 | 0.58 | 182 | South Palokas | |
PAL0367 | 614.75 | 615.60 | 0.85 | 0.94 | TBA | South Palokas |
PAL0368 | 103.60 | 104.60 | 1.00 | 1.81 | 89 | Hut |
161.15 | 161.55 | 0.40 | 0.52 | 256 | Hut | |
161.55 | 162.75 | 1.20 | 18 | Hut | ||
162.75 | 163.50 | 0.75 | 0.57 | 155 | Hut | |
163.50 | 164.50 | 1.00 | 0.31 | 1011 | Hut | |
164.50 | 165.10 | 0.60 | 1.43 | 1260 | Hut | |
165.10 | 165.80 | 0.70 | 1.06 | 797 | Hut | |
165.80 | 166.85 | 1.05 | 2.08 | 375 | Hut | |
168.20 | 168.90 | 0.70 | 1.60 | 488 | Hut | |
PAL0371 | 64.85 | 65.85 | 1.00 | 1.86 | 466 | Terry's Hammer |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
SOURCE: Mawson Finland Limited
View the original press release on accesswire.com
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Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Raja Step-Out Drilling Returns Multiple Significant Intercepts
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from 10 drillholes at the Raja and Joki zones of mineralization which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto
Highlights:
PAL0347 and PAL0349 drilled multiple intercepts in south-westward step-outs to the Raja gold-cobalt mineral system, extending the envelope of mineralisation significantly by approximately 30 and 50 metres respectively, including;
PAL0347 - 5.8 m @ 2.17 g/t gold from 184.3 m (cobalt TBA), 3 m @ 2.43 g/t gold from 201.55 m (cobalt TBA), and 8.6 m @ 1.9 g/t gold from 209 m (cobalt TBA)
PAL0349 - 3.6 m @ 1.74 g/t gold and 1007 ppm cobalt from 294.5 m, and 4 m @ 0.65 g/t gold and 32 ppm cobalt from 320.8m
PAL0355, PAL0353 and PAL0358 drilled multiple intercepts in north-eastward step-outs to the Raja gold-cobalt mineral system, extending the envelope of mineralisation by between 40 and 90 metres, including;
PAL0355 - 2 m @ 2.85 g/t gold and 130 ppm cobalt from 257.5 m, and 2 m @ 1.73 g/t gold and 262 ppm cobalt from 265.6 m
PAL0353 - 0.9 m @ 0.37 g/t Au and 77 ppm cobalt from 91.3 m, and 3 m @ 1.81 g/t gold and 288 ppm cobalt from 211 m
PAL0358 - 5.95 m @ 1.52 g/t gold and 82 ppm cobalt from 130.25 m, 3 m @ 1.44 g/t gold from and 42 ppm cobalt, and 3 m @ 3.22 g/t cobalt and 142 ppm cobalt from 157.2 m
PAL0338 drilled a single intercept in a north-eastward step-out at Joki zone of gold-cobalt mineralisation returning;
PAL0338 - 1 m @ 4.03 g/t gold and 749 ppm cobalt from 148 metres
Drillhole PAL0360 from Raja, and drillholes PAL0336, PAL0337 and PAL0372 from Joki failed to intercept significant mineralisation.
Ms. Noora Ahola, Mawson Finland CEO, states: "We are pleased to report the latest results from our resource step-out drilling at the Raja and Joki zones of Rajapalot. Of particular note is the up-to 90 meter north-eastward extension of gold-cobalt mineralization at the Raja zone of mineralisation that we can expect will contribute additional gold-cobalt mineralised material to our resource inventory in this area. We are proud to inform our shareholders that we remain on-track with our resource expansion ambitions and will continue to report drill results in the coming weeks".
Detailed Results
The 10 drillholes reported here (Table 1) are from the Raja and Joki zones of mineralization at Rajapalot (drill holes PAL0336, PAL0337, PAL0338, PAL0347, PAL0349, PAL0353, PAL0355, PAL358, PAL0360 & PAL0372; see Figure 1, Figure 2 and Figure 3 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 2,295 metres of drilling from the winter programme of a total of 11,376 metres in 38 drillholes. To date, a total of 25 holes for a total of 6,701 m has now been reported. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are available for all but drillhole PAL0347 of this news release, of which results from this hole will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto.
Drillholes PAL0355, PAL0353 and PAL0358 were drilled on the north-eastern margin of the Raja zone of gold-cobalt mineralization where they all intercepted multiple significant intercepts of mineralization between 40 meters (PAL0358) and 90 meters (PAL0355) to the north-east of their closest historical intercepts (refer to Figure 2 and Tables 2 & 3). Drillholes PAL0347, PAL0349 and PAL0360 where drilled on the south-west margin of the Raja zone of mineralization with multiple significant intercepts found between 30 meters (PAL0347) and 50 meters (PAL0349) to the south-west from their nearest historical intercepts, while PAL0360 did not intercept any significant mineralisation in an attempted 90 metre step-out to the south-west of Raja (refer to Figure 2, and Tables 2 & 3). While the host shear-structure was intercepted in hole PAL0360 from between 145 to 162 meters downhole, the host-succession was found to consist of sulfate-rich lithologies which are often found to inhibit gold-cobalt mineralisation at the Rajapalot property. Similarly, drillholes PAL0336, PAL0337 and PAL0372 intercepted unfavourable host lithologies in the projected up-dip position of mineralization at Joki and as such, failed to return significant mineralized intercepts from this zone of gold-cobalt mineralisation. Only PAL0338 returned a thin interval of mineralization at Joki, extending the known mineralization here to the north-east by some 30 meters (refer to Figure 3 and Tables 2 & 3).
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth (m) | Prospect |
PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | South Palokas |
PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | South Palokas |
PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.
Hole ID | From (m) | To (m) | Drilled Thickness1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt ppm |
PAL0336 | - | - | - | - | - | - |
PAL0337 | - | - | - | - | - | - |
PAL0338 | 148.00 | 149.00 | 1.00 | 4.03 | 4.03 | 748.5 |
PAL0347 | 184.30 | 190.10 | 5.80 | 2.17 | 12.60 | TBA |
PAL0347 | 201.55 | 204.55 | 3.00 | 2.43 | 7.30 | TBA |
PAL0347 | 209.00 | 217.60 | 8.60 | 1.90 | 16.35 | TBA |
PAL0349 | 294.50 | 298.10 | 3.60 | 1.74 | 6.27 | 1006.7 |
PAL0349 | 320.80 | 324.80 | 4.00 | 0.65 | 2.60 | 32.4 |
PAL0353 | 91.30 | 92.20 | 0.90 | 0.37 | 0.33 | 76.5 |
PAL0353 | 211.00 | 214.00 | 3.00 | 1.81 | 5.43 | 288.0 |
PAL0355 | 257.50 | 259.50 | 2.00 | 2.85 | 5.70 | 130.0 |
PAL0355 | 265.60 | 267.60 | 2.00 | 1.73 | 3.46 | 261.7 |
PAL0358 | 130.25 | 136.20 | 5.95 | 1.52 | 9.04 | 82.3 |
PAL0358 | 143.20 | 146.20 | 3.00 | 1.44 | 4.33 | 42.1 |
PAL0358 | 157.20 | 160.20 | 3.00 | 3.22 | 9.66 | 142.0 |
PAL0360 | - | - | - | - | - | - |
PAL0372 | - | - | - | - | - | - |
1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Drillholes coloured red are those reported in this news release, while holes coloured black have been reported in previous releases, and blue coloured holes are awaiting results and publication.
Figure 2: Plan-view illustration demonstrating both historical and 2024 drill intercepts in the Raja prospect. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralisation remains ‘open' and untested.
Figure 3: Plan-view illustration demonstrating both historical and 2024 drill intercepts in the Joki prospect. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralisation remains ‘open' and untested.
Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralisation |
PAL0338 | 148.00 | 149.00 | 1.00 | 4.03 | 748.5 | Joki |
PAL0347 | 184.30 | 185.30 | 1.00 | 1.44 | TBA | Raja |
185.30 | 186.30 | 1.00 | 4.26 | TBA | Raja | |
186.30 | 187.10 | 0.80 | 0.12 | TBA | Raja | |
187.10 | 188.10 | 1.00 | 2.73 | TBA | Raja | |
188.10 | 189.10 | 1.00 | 2.77 | TBA | Raja | |
189.10 | 190.10 | 1.00 | 1.31 | TBA | Raja | |
201.55 | 202.55 | 1.00 | 0.99 | TBA | Raja | |
202.55 | 203.55 | 1.00 | 1.28 | TBA | Raja | |
203.55 | 204.55 | 1.00 | 5.03 | TBA | Raja | |
209.00 | 210.00 | 1.00 | 1.15 | TBA | Raja | |
210.00 | 211.00 | 1.00 | 0.82 | TBA | Raja | |
211.00 | 212.05 | 1.05 | 1.14 | TBA | Raja | |
212.05 | 212.80 | 0.75 | 0.05 | TBA | Raja | |
212.80 | 214.15 | 1.35 | 0.60 | TBA | Raja | |
214.15 | 215.20 | 1.05 | 0.55 | TBA | Raja | |
215.20 | 216.40 | 1.20 | 7.09 | TBA | Raja | |
216.40 | 217.60 | 1.20 | 2.71 | TBA | Raja | |
PAL0349 | 294.50 | 295.50 | 1.00 | 1.17 | 655.0 | Raja |
295.50 | 296.50 | 1.00 | 0.86 | 941.2 | Raja | |
296.50 | 297.50 | 1.00 | 3.90 | 1876.6 | Raja | |
297.50 | 298.10 | 0.60 | 0.56 | 252.4 | Raja | |
320.80 | 321.80 | 1.00 | 1.62 | 29.6 | Raja | |
321.80 | 322.80 | 1.00 | 0.25 | 9.9 | Raja | |
322.80 | 323.80 | 1.00 | 0.05 | 30.0 | Raja | |
323.80 | 324.80 | 1.00 | 0.68 | 60.2 | Raja | |
PAL0353 | 91.30 | 92.20 | 0.90 | 0.37 | 76.5 | Raja |
211.00 | 212.00 | 1.00 | 1.49 | 506.5 | Raja | |
212.00 | 213.00 | 1.00 | 3.08 | 235.1 | Raja | |
213.00 | 214.00 | 1.00 | 0.86 | 122.4 | Raja | |
PAL0355 | 257.50 | 258.50 | 1.00 | 5.39 | 148.2 | Raja |
258.50 | 259.50 | 1.00 | 0.31 | 111.9 | Raja | |
265.60 | 266.60 | 1.00 | 2.40 | 490.1 | Raja | |
266.60 | 267.60 | 1.00 | 1.06 | 33.2 | Raja | |
PAL0358 | 130.25 | 131.20 | 0.95 | 0.74 | 72.0 | Raja |
131.20 | 132.20 | 1.00 | -0.05 | 117.9 | Raja | |
132.20 | 133.20 | 1.00 | 0.22 | 124.6 | Raja | |
133.20 | 134.20 | 1.00 | 1.48 | 73.6 | Raja | |
134.20 | 135.20 | 1.00 | 5.60 | 90.7 | Raja | |
135.20 | 136.20 | 1.00 | 1.09 | 14.8 | Raja | |
143.20 | 144.20 | 1.00 | 0.81 | 50.1 | Raja | |
144.20 | 145.20 | 1.00 | 3.14 | 40.3 | Raja | |
145.20 | 146.20 | 1.00 | 0.38 | 35.9 | Raja | |
157.20 | 158.20 | 1.00 | 3.35 | 68.6 | Raja | |
158.20 | 159.20 | 1.00 | 5.91 | 341.3 | Raja | |
159.20 | 160.20 | 1.00 | 0.40 | 16.2 | Raja |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
SOURCE:Mawson Finland Limited
View the original press release on accesswire.com
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Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas Step-Out Drills 7 Metres @ 9.1 g/t gold & 706 ppm Cobalt
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from 8 drillholes at the Palokas zone of mineralization which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto
Highlights:
PAL0346 intercepted 7 m @ 9.1 g/t gold and 706 ppm cobalt from 88.75 m demonstrating that thicker and higher-grade mineralization exists in the southern margin of the Palokas gold-cobalt system
PAL0354 intercepted 12 m @ 1.7 g/t gold from 416 m(cobalt to be announced) demonstrating the Palokas system remains open at depth; opens new vector for further exploration
PAL0351 and PAL0362 intercepted mineralized extensions to the south of the previous known extents of the Palokas system including:
PAL0351: 6 m @ 0.43 g/t gold from 254 m (cobalt to be announced)
PAL0351: 1.25 m @ 2.42 g/t gold from 261.64 m (cobalt to be announced)
PAL0351: 1 m @ 0.31 g/t gold from 287.9 m (cobalt to be announced)
PAL0362: 1 m @ 4.71 g/t gold from 56.55 m (cobalt to be announced)
PAL0343 and PAL0345 drilled into the northern margin of the Palokas system returning thin intervals of lower-grade mineralization, including:
PAL0343: 1 m @ 1.29 g/t Au and 260 ppm cobalt
PAL0345: 0.95 @ 0.64 g/t Au (cobalt to be announced)
PAL0342 and PAL0357 similarly drilled into the northern margins of the Palokas system but failed to return significant intercepts
Ms. Noora Ahola, Mawson Finland CEO, states:
"We are very excited to report the latest results from our resource step-out drilling at the Palokas zone from the Rajapalot project. The drill results demonstrate that the mineralization at Palokas is wide open both to the south-west and down dip. We look to be well on our way to achieving our objective to increase the Rajapalot resource. Further drill results will be reported in the coming weeks".
Detailed Results
The 8 drillholes reported here (table 1) are from the Palokas zone of mineralization at Rajapalot (drill holes PAL0342, PAL0343, PAL0345, PAL0346, PAL0351, PAL0354, PAL0357 & PAL0362 see Figure 1 and Figure 2 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 2,310 metres of drilling from the winter programme of a finalized total of 11,376 metres in 38 drillholes. To date, a total of 15 holes for a total of 4,406 m have now been reported. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are currently only available from holes PAL0343 and PAL0346, and the remainder of such results will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto. Due to the abandonment of hole PAL0359 for technical reasons at 47.2 metres of a planned 750 meters depth, the total and finalised tally of metres drilled at Rajapalot for the 2024 drilling season is 11,376 metres from the 38 drillholes.
Drillholes PAL0346, PAL0351, PAL0354 and PAL0362 are all located along the depth extent of the southern margin of the Palokas zone of gold-cobalt mineralization, with intercept depths ranging from around 40 m to 300 m below surface. The most significant intercept reported here from PAL0346 intercepted a strongly mineralized interval of 7 m @ 9.1 g/t gold and 706 ppm cobalt located approximately 70 m below surface, and approximately 40 m south of its nearest drillhole (see figure 2). Drillhole PAL0354 intercepted 12 m @ 1.7 g/t gold (cobalt to be announced) located nearly 300 m below surface, in an area that had only previously reported lower-grade results (see figure 2); these results now open-up a significant new search-space for further exploration on the Palokas zone, and increase the strike-extension length of Palokas from around 130 m, to over 200 m at its deepest known point (see figure 2). The remainder of the drillholes reported here were drilled along the northern margin of the Palokas zone and intercepted some minor mineralization (holes PAL0343 and PAL0345) or no significant mineralisation (PAL0342 and PAL0357) suggesting that much of the immediate northern margin of the Palokas zone between surface to around 350 m below surface does not host further significant gold-cobalt mineralisation (see figure 2).
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth (m) | Prospect |
PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | South Palokas |
PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | South Palokas |
PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.
Hole ID | From (m) | To (m) | Drilled Thickness1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt ppm |
PAL0342 | - | - | - | - | - | - |
PAL0343 | 151.4 | 152.4 | 1 | 1.29 | 1.29 | 260.5 |
PAL0345 | 145 | 145.95 | 0.95 | 0.64 | 0.61 | TBA |
PAL0346 | 81.75 | 85.75 | 4 | 0.89 | 3.56 | 943.7 |
PAL0346 | 88.75 | 95.75 | 7 | 9.10 | 63.69 | 706.2 |
PAL0346 | 104.9 | 105.9 | 1 | 0.78 | 0.78 | 101.6 |
PAL0351 | 254 | 260 | 6 | 0.43 | 2.57 | TBA |
PAL0351 | 261.65 | 262.9 | 1.25 | 2.42 | 3.03 | TBA |
PAL0351 | 287.9 | 288.9 | 1 | 0.31 | 0.31 | TBA |
PAL0354 | 389 | 391 | 2 | 0.41 | 0.82 | TBA |
PAL0354 | 416 | 428 | 12 | 1.70 | 20.42 | TBA |
PAL0357 | - | - | - | - | - | - |
PAL0362 | 56.55 | 57.55 | 1 | 4.75 | 4.75 | TBA |
1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralisation |
PAL0343 | 151.4 | 152.4 | 1 | 1.29 | 260.5 | Palokas |
PAL0345 | 145 | 145.95 | 0.95 | 0.64 | TBA | Palokas |
PAL0346 | 81.75 | 82.75 | 1 | 2.04 | 782.4 | Palokas |
82.75 | 83.75 | 1 | 0.63 | 1114.9 | Palokas | |
83.75 | 84.75 | 1 | 0.48 | 1046.2 | Palokas | |
84.75 | 85.75 | 1 | 0.41 | 831.2 | Palokas | |
88.75 | 89.75 | 1 | 5.69 | 624.2 | Palokas | |
89.75 | 90.75 | 1 | 30.3 | 1067.7 | Palokas | |
90.75 | 91.75 | 1 | 13.6 | 820.6 | Palokas | |
91.75 | 92.75 | 1 | 8.02 | 832 | Palokas | |
92.75 | 93.75 | 1 | 0.9 | 439 | Palokas | |
93.75 | 94.75 | 1 | 4.7 | 604.9 | Palokas | |
94.75 | 95.75 | 1 | 0.48 | 554.8 | Palokas | |
104.9 | 105.9 | 1 | 0.78 | 101.6 | Palokas | |
PAL0351 | 254 | 255 | 1 | 0.82 | TBA | Palokas |
255 | 256 | 1 | 0.36 | TBA | Palokas | |
257 | 258 | 1 | 0.4 | TBA | Palokas | |
258 | 259 | 1 | 0.36 | TBA | Palokas | |
259 | 260 | 1 | 0.52 | TBA | Palokas | |
261.65 | 262.9 | 1.25 | 2.42 | TBA | Palokas | |
287.9 | 288.9 | 1 | 0.31 | TBA | Palokas | |
PAL0354 | 389 | 390 | 1 | 0.45 | TBA | Palokas |
390 | 391 | 1 | 0.37 | TBA | Palokas | |
416 | 417 | 1 | 1.7 | TBA | Palokas | |
417 | 418 | 1 | 2.21 | TBA | Palokas | |
418 | 419 | 1 | 5.77 | TBA | Palokas | |
419 | 420 | 1 | 1.04 | TBA | Palokas | |
420 | 421 | 1 | 1.41 | TBA | Palokas | |
421 | 422 | 1 | 1.34 | TBA | Palokas | |
422 | 423 | 1 | 1.31 | TBA | Palokas | |
423 | 424 | 1 | 1.385 | TBA | Palokas | |
425 | 426 | 1 | 3.37 | TBA | Palokas | |
427 | 428 | 1 | 0.78 | TBA | Palokas | |
PAL0362 | 56.55 | 57.55 | 1 | 4.75 | TBA | Palokas |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
SOURCE:Mawson Finland Limited
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Mawson Finland Limited Expands Known Mineralized Zones at Rajapalot: New Lens Intercepts 21.75 m at 5.25 g/t Gold & 515 ppm Cobalt
Mawson Finland Limited (" Mawson " or the " Company ") (TSX-V: MFL) is pleased to announce new drill results from 7 drillholes on the South Palokas prospect which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto).
Highlights:
Drillholes PAL0335, PAL0340, PAL0344 and PAL0348 all penetrated significant intercepts beyond the southern margin of South Palokas, extending gold-cobalt mineralisation here by between 45 and 90 metres to the south.
- Hole PAL0335 drilled a 21.75m wide mineralised intercept from a new lens of mineralisation located in the footwall below the South Palokas ore-body returning 5.25 g/t gold and 515 ppm cobalt (21.75 m @ 5.25 g/t Au & 515 ppm Co from 295.05 m, including: 3.2 m @ 21.61 g/t Au and 373 ppm Co from 311.3 m)
- Hole PAL0335 went on to drill 3 further intervals of mineralisation immediately below the footwall contact of the new lens, returning:
- 2 m @ 1.86 g/t Au and 164 ppm Co from 322.4 m
- 4 m @ 2.99 g/t Au and 94 ppm Co from 335 m
- 6.6 m @ 2.37 g/t Au and 279 ppm Co from 350.25 m
- Holes PAL0340 and PAL0344 drilled further intercepts demonstrating respective step-outs along-strike of 50 m and 55 m to the south of the presently defined limit of mineralisation at South Palokas, including:
- PAL0340: 0.7 m @ 7.47 g/t Au from 91.8 m (cobalt to be announced)
- PAL0344: 4 m @ 2.78 g/t Au from 201 m (cobalt to be announced)
- Holes PAL0348 and PAL0350 returned one metre intervals of mineralisation (see Table 2 in Schedule "A" hereto), while holes PAL0339 and PAL0341 recorded no significant intercepts
Ms. Noora Ahola, Mawson Finland CEO, states: " We are very excited to report some significant drill-intersections from our first round of results from the 2024 winter drilling campaign. The discovery of a new lens of high-grade mineralisation situated in the footwall to the South Palokas prospect is a significant step forward for our resource-expansion ambitions. Similarly, adding significant intercepts along-strike from the southern margin of South Palokas is highly encouraging, being a further indication that the current mineral resources can likely be expanded. We look forward to presenting further drill results from this year's drilling in the coming weeks ."
Detailed Results
The 7 drillholes reported here (see Table 1 in Schedule "A" hereto) are all from the South Palokas area of gold-cobalt mineralisation at Rajapalot (drillholes PAL0335, PAL0339, PAL0340, PAL341, PAL0344, PAL0348 and PAL0350: see Figure 1 and Figure 2 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 2,097 metres of drilling from the total winter programme of 12,070 metres in 38 drillholes . Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are currently only available from holes PAL0335 and PAL0350, and the remainder of such results will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto.
The ‘new lens' of mineralisation as reported here from the lower portions of hole PAL0335 is located in an interpreted sub-parallel lens of mineralisation some 100 m vertically below the defined gold-cobalt mineralisation at South Palokas. Two historical drillholes have previously penetrated ‘new lens' (drill holes PAL0091 and PAL0173: for more information see the Company's current preliminary economic assessment, entitled " NI 43-101 Technical Report on a Preliminary Economic Assessment of the Rajapalot Gold-Coblat Project, Finland ", with an effective date of December 19, 2023, which the Company has filed and which is available on SEDAR+ (the " PEA ")), however the tenor of gold-cobalt mineralisation recorded within these holes was not considered significant enough to warrant further investigation, as PAL0091 recorded a best intercept of 4.2 m @ 1.81 g/t Au & 22 ppm Co (located 90 metres up-dip to correlated PAL0335 intercept), and PAL0173 a best intercept of 4 m @ 0.65 g/t Au & 300 ppm Co (located 50 m along-strike northwards of the correlated PAL0355 intercept; see Figure 2 in Schedule "A" hereto). Holes PAL0340, PAL0344 and PAL0348 were drilled to explore for southern strike-extensions of ‘new lens' but failed to return any significant mineralisation (see Figure 2 in Schedule "A" hereto). PAL0364 targeted up-dip extensions to ‘new vein' and currently awaits assay results.
Drillholes PAL0335, PAL0340, PAL0344 and PAL0348 all penetrated significant intercepts beyond the southern margin of South Palokas, extending gold-cobalt mineralisation here by between 45-90 metres to the south. PAL0339 and PAL0341 drilled for larger-scale southwards step-outs from the southern margin of South Palokas mineralisation (150 m and 230 m respectively) but failed to intercept mineralisation.
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy (" CRS ") facility in Kempele, Finland. Samples were prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see " Qualified Person " below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1–3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Q ualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca .
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" – TABLES AND FIGURES
| Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth | Prospect |
| PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
| PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
| PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
| PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
| PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
| PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
| PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
| PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
| PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
| PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
| PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
| PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
| PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
| PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
| PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
| PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | Palokas |
| PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
| PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
| PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
| PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
| PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
| PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
| PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
| PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
| PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | South Palokas |
| PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
| PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
| PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
| PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
| PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
| PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
| PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
| PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
| PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
| PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
| PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
| PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
| PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text.
| Hole ID | From | To | Drilled Thickness 1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt ppm |
| PAL0335 | 122.2 | 123.2 | 1 | 0.49 | 0.5 | 52.5 |
| PAL0335 | 126.35 | 128.35 | 2 | 1.19 | 2.4 | 167.0 |
| PAL0335 | 136.35 | 137.35 | 1 | 1.62 | 1.6 | 516.9 |
| PAL0335 | 142 | 146.6 | 4.6 | 0.99 | 4.6 | 1376.2 |
| PAL0335 | 150.6 | 156 | 5.4 | 2.99 | 16.2 | 2137.1 |
| PAL0335 | 295.05 | 316.8 | 21.75 | 5.25 | 114.3 | 514.8 |
| including | 311.3 | 314.5 | 3.2 | 21.61 | 69.15 | 373.2 |
| PAL0335 | 322.4 | 324.4 | 2 | 1.86 | 3.7 | 164.3 |
| PAL0335 | 335 | 339 | 4 | 2.99 | 11.9 | 94.4 |
| PAL0335 | 350.25 | 356.85 | 6.6 | 2.37 | 15.6 | 278.8 |
| PAL0339 | - | - | - | - | - | - |
| PAL0340 | 21.25 | 22.25 | 1 | 0.58 | 0.6 | TBA |
| PAL0340 | 91.8 | 92.5 | 0.7 | 7.42 | 5.2 | TBA |
| PAL0340 | 98.8 | 100.8 | 2 | 0.78 | 1.6 | TBA |
| PAL0341 | - | - | - | - | - | - |
| PAL0344 | 197 | 198 | 1 | 0.66 | 0.7 | TBA |
| PAL0344 | 201 | 205 | 4 | 2.78 | 11.1 | TBA |
| PAL0348 | 124.75 | 125.75 | 1 | 0.30 | 0.3 | TBA |
| PAL0348 | 151.35 | 152.35 | 1 | 0.58 | 0.6 | TBA |
| PAL0350 | 95.55 | 96.55 | 1 | 0.45 | 0.45 | 14.7 |
1 True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Drillholes coloured red are those reported in this new release, while holes coloured black have been reported in previous releases, and blue coloured holes are awaiting results and publication. Dashed blue line represents the section line on which long sections in Figure 2 hereinbelow are oriented.
Figure 2: Long-section illustration demonstrating both historical and 2024 drill intercepts in the South Palokas prospect (left) and the ‘new lens' (right) that is positioned approximately 100 m vertically below the South Palokas mineralisation. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept' and open blue rings indicate ‘awaiting assay result'. Red arrows demonstrate the direction in which gold-cobalt mineralisation remains ‘open' and untested. Section line is oriented on approximately 030 strike; see dashed blue line in Figure 1 above for reference.
| Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralisation |
| PAL0335 | 122.2 | 123.2 | 1 | 0.49 | 52.5 | South Palokas |
| 126.35 | 127.35 | 1 | 2.06 | 283.3 | South Palokas | |
| 127.35 | 128.35 | 1 | 0.31 | 50.7 | South Palokas | |
| 136.35 | 137.35 | 1 | 1.62 | 516.9 | South Palokas | |
| 142 | 143 | 1 | 0.97 | 593 | South Palokas | |
| 143 | 144 | 1 | 1.17 | 1109.8 | South Palokas | |
| 144 | 145 | 1 | 1.08 | 1223.7 | South Palokas | |
| 145 | 146 | 1 | 0.15 | 1142.1 | South Palokas | |
| 146 | 146.6 | 0.6 | 2 | 3769.9 | South Palokas | |
| 150.6 | 151.6 | 1 | 3.26 | 1770 | South Palokas | |
| 151.6 | 152.5 | 0.9 | 3.1 | 2715.6 | South Palokas | |
| 152.5 | 153.5 | 1 | 1.77 | 1974.2 | South Palokas | |
| 153.5 | 154.5 | 1 | 2.12 | 1132.6 | South Palokas | |
| 154.5 | 155.5 | 1 | 3.24 | 2547.8 | South Palokas | |
| 155.5 | 156 | 0.5 | 5.95 | 3343.6 | South Palokas | |
| 295.05 | 296.05 | 1 | 8.25 | 674.3 | New Lens | |
| 296.05 | 297.05 | 1 | 1.33 | 549.8 | New Lens | |
| 297.05 | 298.05 | 1 | 0.89 | 895.4 | New Lens | |
| 298.05 | 299.05 | 1 | 0.35 | 673.3 | New Lens | |
| 299.05 | 299.5 | 0.45 | 0.15 | 421.5 | New Lens | |
| 299.5 | 300.5 | 1 | 1.42 | 585.2 | New Lens | |
| 300.5 | 301.5 | 1 | 2.51 | 627.6 | New Lens | |
| 301.5 | 302.5 | 1 | 0.46 | 445.1 | New Lens | |
| 302.5 | 302.95 | 0.45 | 0.59 | 623.1 | New Lens | |
| 302.95 | 303.95 | 1 | 1.2 | 927.5 | New Lens | |
| 303.95 | 304.45 | 0.5 | 0.92 | 1096.4 | New Lens | |
| 304.45 | 305.3 | 0.85 | 0.85 | 153.4 | New Lens | |
| 305.3 | 306.3 | 1 | 0.35 | 677.2 | New Lens | |
| 306.3 | 307.3 | 1 | 0.41 | 553.6 | New Lens | |
| 307.3 | 308.3 | 1 | 0.47 | 373 | New Lens | |
| 308.3 | 309.3 | 1 | 7.1 | 827.4 | New Lens | |
| 309.3 | 310.3 | 1 | 2.87 | 321.3 | New Lens | |
| 310.3 | 311.3 | 1 | 6.74 | 370.5 | New Lens | |
| 311.3 | 312.3 | 1 | 14 | 276.8 | New Lens | |
| 312.3 | 313 | 0.7 | 10 | 690.3 | New Lens | |
| 313 | 313.5 | 0.5 | 53.9 | 549.6 | New Lens | |
| 313.5 | 314.5 | 1 | 21.2 | 159.5 | New Lens | |
| 314.5 | 315.5 | 1 | 6.3 | 120 | New Lens | |
| 315.5 | 315.8 | 0.3 | 7.53 | 106.4 | New Lens | |
| 315.8 | 316.8 | 1 | 0.69 | 200 | New Lens | |
| 322.4 | 323.4 | 1 | 0.77 | 172.1 | New Lens | |
| 323.4 | 324.4 | 1 | 2.95 | 156.5 | New Lens | |
| 335 | 336 | 1 | 0.8 | 85.6 | New Lens | |
| 336 | 337 | 1 | 4.31 | 134.8 | New Lens | |
| 337 | 338 | 1 | 6.49 | 118.8 | New Lens | |
| 338 | 339 | 1 | 0.34 | 38.3 | New Lens | |
| 350.25 | 351.25 | 1 | 8.61 | 672.3 | New Lens | |
| 351.25 | 352.25 | 1 | 3.72 | 422.1 | New Lens | |
| 352.25 | 353.25 | 1 | 2.05 | 219.8 | New Lens | |
| 353.25 | 354.25 | 1 | 0.28 | 227.8 | New Lens | |
| 354.25 | 355.25 | 1 | 0.56 | 235.8 | New Lens | |
| 355.25 | 356.25 | 1 | 0.07 | 10.3 | New Lens | |
| 356.25 | 356.85 | 0.6 | 0.58 | 86.4 | New Lens | |
| PAL0340 | 21.25 | 22.25 | 1 | 0.58 | TBA | South Palokas |
| 91.8 | 92.5 | 0.7 | 7.42 | TBA | South Palokas | |
| 98.8 | 99.8 | 1 | 1.21 | TBA | South Palokas | |
| 99.8 | 100.8 | 1 | 0.35 | TBA | South Palokas | |
| PAL0344 | 197 | 197.4 | 0.4 | 0.61 | TBA | South Palokas |
| 197.4 | 198 | 0.6 | 0.69 | TBA | South Palokas | |
| 201 | 202 | 1 | 9.78 | TBA | South Palokas | |
| 202 | 203 | 1 | 0.13 | TBA | South Palokas | |
| 203 | 204 | 1 | 0.51 | TBA | South Palokas | |
| 204 | 205 | 1 | 0.69 | TBA | South Palokas | |
| PAL0348 | 124.75 | 125.75 | 1 | 0.3 | TBA | South Palokas |
| 151.35 | 152.35 | 1 | 0.58 | TBA | South Palokas | |
| PAL0350 | 95.55 | 96.55 | 1 | 0.45 | 14.7 | South Palokas |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9766b456-0d52-408b-9722-e72ba3759fe0
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3d46ec0-107b-4a8c-8f45-88caadc4e295
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Green River Gold Gives Update on Drilling Progress and Results
PRESS RELEASE HIGHLIGHTS:
- Drilling results from WK-24-01, WK-24-02, and WK-24-03 confirm consistent nickel mineralization within the Deep Purple Anomaly.
- Elevated gold mineralization has been identified in DH-24-01, with gold grades reaching up to 0.761 grams per tonne.
Green River Gold Corp. (CSE: CCR) (OTC Pink: CCRRF) ("the Company" or "Green River") is pleased to announce the completion of four drill holes for the 2024 season: WK-24-01, WK-24-02, WK-24-03, and DH-24-01. WK-24-01 to 03 were drilled with a portable Winkie drill rig (WK) using an AQTQ core barrel and DH-24-01 with a standard-sized diamond drill rig (DH) using an NQ barrel. The Company has received assay results for holes WK-24-01, WK-24-02, and WK-24-03. These holes were drilled along the Deep Purple magnetic anomaly at the Company's 100%-owned Quesnel Nickel Project, located 40 kilometres east of Quesnel, British Columbia, in the Cariboo Mining District of South Central British Columbia, Canada.
Green River Gold Corp. is pleased to report assay results for drill holes WK-24-01, WK-24-02, and WK-24-03 from the 2024 drilling season at the Quesnel Nickel Project. Significant Ni, Co, Cr and Mg concentrations commenced at the surface in all 3 holes drilled in the Slide Mountain Terrane ultramafic rocks. Hole WK-24-01, drilled to a depth of 100.58 meters, returned an average nickel grade of 0.185%, cobalt at 0.009%, chromium at 0.100%, and magnesium at 21.87%. Hole WK-24-02, drilled to a depth of 102.11 meters, reported an average nickel grade of 0.171%, cobalt at 0.009%, chromium at 0.124% and magnesium at 20.96%. Lastly, hole WK-24-03, with a depth of 62.48 meters, returned an average nickel grade of 0.189% ppm, cobalt at 0.008% , chromium at 0.119%, and magnesium at 21.27%.
Figure 1. Drill Collar Locations WK-24-01, WK-24-02, and WK-24-03.
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| Hole ID | Depth/m | Ni/% | Co/% | Cr/% | Mg/% |
| WK-24-01 | 100.58 | 0.185 | 0.009 | 0.100 | 21.87 |
| WK-24-02 | 102.11 | 0.171 | 0.009 | 0.124 | 20.96 |
| WK-24-03 | 62.48 | 0.189 | 0.008 | 0.119 | 21.27 |
Table 1. Assay results for WK-24-01, WK-24-02, and WK-24-03.
Drill hole DH-24-01 began in the Snowshoe Group-Ramos Succession, composed of compacted metasediments, sandstone, and conglomerate. It then intersected a different lithology which still belongs to the Ramos Succession, characterized by black phyllite, before encountering sulphide-bearing quartz veins containing pyrite and chalcopyrite. From 105.1 to 125.0 meters, the entire drill core was composed of quartz veins, with an associated sulphide content estimated at approximately 5%. Additionally, at a depth of 233.78 meters, the quartz vein section measured approximately 23.11 meters, predominantly hosted within the black phyllite. The quartz veins share a similar mineralogical characteristic with those from WK-23-01 (refer to the June 12, 2023 press release, https://greenrivergold.com/green-river-gold-provides-drilling-update-and-reports-assay-results-from-the-alteration-zone-of-drill-hole-wk-23-01-including-7583-grams-per-tonne-zinc-4340-grams-per-tonne-lead-5-3-grams-per-tonne/). The project geologist logged the drill core in the company's Quesnel facility and sent the samples to Actlabs in Kamloops for a multielement tracing level diagnosis.
Assay results revealed notable mineralization in gold and silver. The highest gold grade recorded was 0.761 g/tonne from 108.0 to 109.0 meters, followed by 0.568 g/tonne from 105.0 to 106.0 meters. Similarly, silver grades peaked at 14.7 ppm from 105.0 to 106.0 meters and 11.3 ppm from 115.0 to 116.0 meters. Elevated gold concentrations were also identified at 106-107 m (0.184 g/tonne Au), 115-116 m (0.292 g/tonne Au), 141-142 m (0.125 g/tonne Au), and 147-148 m (0.199 g/tonne Au).
Project Geologist Tyler Tian commented that the presence of pyrite, chalcopyrite, and elevated gold concentrations within the Snowshoe Group-Ramos Succession multi-quartz veins is highly encouraging. These veins exhibit a similar mineralogical characteristic to those in drill hole WK-23-01, indicating possible continuity in a potential mineralized system. The Eureka Thrust Fault runs closeby to this area, and it could potentially be associated with an orogenic deposit, similar to our neighbour Osisko Development Corp.'s Cariboo Gold Project. We plan to drill additional holes in the Snowshoe Group rocks to further explore and potentially discover orogenic gold associated with shearing along the Eureka Thrust Fault.
Figure 2. Drill collar locations WK-24-01 to 03 and DH-24-01.
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Figure 3 Cross-section of DH-24-01, showing lithology.
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Green River Gold Corp. will include 20 planned NQ diamond drill holes, comprising a 6,000-meter drilling campaign designed to core depths down to 300 meters. This phase aims to expand exploration along the 14-kilometer Slide Mountain Terrane strike length between and around Zone 1 and Zone 2 (see Figure 4). In addition, the 2025 program includes plans for extensive exploration work in Snowshoe Group rocks on the Fontaine Gold Project. This will involve bedrock mapping, soil and rock sampling, and a comprehensive geophysical program. Further details about these initiatives will be announced as they are finalized.
Figure 4. Quesnel Nickel Project, locations of zone one and zone two.
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Quality Assurance, Quality Control
An AQTK (35.5 mm or 1 3/8 in) and NQ (47.6 mm or 1 7/8 in) diameter core barrel was used for the 2024 diamond drill program at the Quesnel Nickel and Talc Property. The drill stem dips and azimuths were orientated at each collar location by a qualified geologist before drilling. Core samples selected for anaylses were generally between 0.6 and 1.5-meter intervals, depending on the identified lithology and mineralization style. The core was cut in half with a diamond core saw, with half of the core placed in sample bags and the remaining half securely retained in core boxes at Green River's office in Quesnel. The standard samples of high-grade (CDN-ME-2001) and low-grade (CDN-PGMS-29) nickel concentrations, repeat samples which returned from previous assaying, and blanks (BL-10) were systematically inserted into each batch of samples at regular intervals and submitted to MSA and Actlabs laboratory. The standard samples were purchased from CDN Resource Laboratories in Langley, British Columbia. The assay lab preparation procedure included crushing the entire sample to 80% passing 2 millimetres, riffle splitting 250 grams, and pulverizing the split to 95% passing 105 micrometres. Base metal analyses were determined using the four-acid digestion method with an ICP-OES finish. Gold analyses were determined using the fire assay method with an ICP-EM finish. Analytical results were verified with the application of industry-standard Quality Assurance and Quality Control (QA/QC) Procedures. The MSA Labs has an ISO 17025 certificate.
Qualified Person:
Stephen P. Kocsis (P.Geo) is the qualified person as defined by National Instrument 43-101 and he has reviewed and approved the technical information in this news release.
About Green River Gold Corp.
Green River Gold Corp. is a Canadian mineral exploration company focused on its wholly-owned Fontaine Gold Project, Quesnel Nickel/Magnesium/Talc Project, and Kymar Silver Project which are located in renowned mining districts in British Columbia.
The Fontaine Gold and Quesnel Nickel properties cover an area exceeding 200 square kilometres and straddle a 32-kilometre length of the Barkerville and Quesnel Terranes. They are contiguous to Osisko Development Corp.'s mineral claim group containing a proposed mine location at its Cariboo Gold Project.
The Kymar Silver Project is located in southeast BC, approximately 28 kilometres west of the town of Invermere in the Golden Mining Division. The property is made up of two mineral tenures, totalling 1,625 hectares, along the southeast flank of Mount Catherine.
For more information contact:
Green River Gold Corp.
Mr. Perry Little - President and Chief Executive Officer
perry.little@greenrivergold.ca
780-993-2193
Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedarplus.ca
Forward-Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Expressions such as "anticipates", "expects", "believes", "estimates", "could", "intends", "may", "plans", "predicts", "projects", "will", "would" and other similar expressions, or the negative of these terms, are generally indicative of forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information.
In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain, and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.
The securities of the Company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233506
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Agnico Eagle to Acquire O3 Mining in Friendly Transaction
- All cash offer of $1.67 per share representing a 58% premium to O3 Mining's closing price on December 11, 2024
- Offer unanimously recommended by Board and Special Committee of O3 Mining and supported by shareholders representing 22% of outstanding shares of O3 Mining
(All amounts expressed in Canadian dollars unless otherwise noted)
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (" Agnico Eagle ") and O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (" O3 Mining ") are pleased to jointly announce that they have entered into a definitive support agreement (the " Definitive Agreement "), pursuant to which Agnico Eagle has agreed to offer to acquire, directly or indirectly, all of the outstanding common shares of O3 Mining (the " Common Shares ") at $1.67 per Common Share in cash by way of a take-over bid (the " Offer "). The Offer is valued at approximately $204 million on a fully diluted in-the-money basis.
The Premium Cash Offer
The offer price of $1.67 per Common Share represents a premium of 57% to the volume weighted average price of the Common Shares on the TSX Venture Exchange for the 20-day period ended December 11, 2024 (the last trading day prior to announcement of the Offer).
O3 Mining's primary asset is its 100%-owned Marban Alliance property located near Val d'Or , in the Abitibi region of Québec, and is adjacent to Agnico Eagle's Canadian Malartic complex. The Marban Alliance property includes the Marban deposit, which is an advanced exploration project that could support an open pit mining operation similar to Agnico Eagle's Barnat open pit operations at the Canadian Malartic complex. O3 Mining has estimated that the Marban pit contains 52.4 million tonnes of indicated mineral resources grading 1.03 g/t gold for 1.7 million ounces of gold and 1.0 million tonnes of inferred mineral resources grading 0.97 g/t gold for 32 thousand ounces of gold (effective date of February 27, 2022 ). O3 Mining also owns 100% of the Alpha property and 100% of the Kinebik property.
The potential integration of the Marban Alliance property to the Canadian Malartic land package will create significant and unique synergies by leveraging Agnico Eagle's regional operational expertise and existing infrastructure, including the Canadian Malartic mill and existing open pit workforce and equipment fleet.
Agnico Eagle's President and Chief Executive Officer, Mr. Ammar Al-Joundi commented: "Consistent with our regional strategy, this transaction is a tuck-in of the Marban deposit to our Canadian Malartic complex. The Marban deposit is expected to be complementary to other "Fill-the-Mill" opportunities at Canadian Malartic, further improving the production profile at a long-life world class asset. Our extensive operation, exploration and community experience is expected to enhance the value generated from the Marban Alliance property and unlock further potential at our Abitibi platform. We are looking forward to working with our partners and all stakeholders in the region as we continue to advance this opportunity".
O3 Mining's President and Chief Executive Officer, Mr. José Vizquerra commented: "The all-cash offer at a significant premium to market is an excellent outcome for our shareholders and is validation of the efforts made by the O3 Mining team. Having diligently advanced the Marban Alliance project over the past five years, the timing is right for O3 Mining to sell to a more experienced operator that can efficiently navigate the project through permitting and construction. This represents a substantial non-dilutive alternative to shareholders. We believe Agnico Eagle is the gold standard in the precious metals space – it not only has the financial strength and the mining expertise to advance the Marban Alliance project, but shares our commitment to work in partnership with stakeholders in a socially responsible manner. Today's Offer represents a significant milestone for O3 Mining, and I would like to thank our employees, shareholders, First Nations partners, community partners and the Province of Québec for their support over the years."
Transaction Details
Agnico Eagle, through a wholly-owned subsidiary, Agnico Eagle Abitibi Acquisition Corp. (the " Offeror "), intends to formally commence the Offer by mailing a take-over bid circular to O3 Mining shareholders on or about December 19, 2024 , and O3 Mining's directors' circular is also expected to be mailed to O3 Mining shareholders on or about that date. The Offer will be open for acceptance for a minimum of 35 days following the date of commencement. Accordingly, the Offer will be open for acceptance until 5:00 p.m. ( Toronto time) on January 23, 2025 .
Special Committee and Board Recommendations
The Board of Directors of O3 Mining (the " Board "), having received a unanimous recommendation from a special committee comprised solely of independent directors of O3 Mining (the " Special Committee ") and after receiving outside legal and financial advice, is recommending that O3 Mining shareholders tender their Common Shares and accept the Offer. The recommendation of the Board is supported by fairness opinions provided by Fort Capital Partners (" Fort Capital ") to the Board and Special Committee and by Maxit Capital LP (" Maxit Capital ") to the Board, each stating that the Offer is fair, from a financial point of view, to O3 Mining shareholders (other than Agnico Eagle and its affiliates).
Conditions
The Offer is conditional upon, among other conditions, there having been deposited pursuant to the Offer and not withdrawn at the expiry of the initial deposit period not less than two-thirds of the Common Shares then outstanding, excluding the Common Shares beneficially owned, or over which control or direction is exercised, by Agnico Eagle and any person acting jointly or in concert with Agnico Eagle. Agnico Eagle owns 906,238 Common Shares, representing approximately 0.8% of the outstanding Common Shares on a basic basis, and holds 270,000 warrants to purchase Common Shares and a senior unsecured convertible debenture of O3 Mining in the principal amount of $10 million that is convertible into 4,878,049 Common Shares at a price equal to $2.05 per Common Share. Upon the exercise of such warrants and conversion of the convertible debenture, Agnico Eagle would own 6,054,287 Common Shares, representing approximately 5.3% of the outstanding Common Shares on a partially-diluted basis.
Lock-Up Agreements
All directors and officers of O3 Mining, Extract Advisors LLC and certain Franklin Templeton managed funds (collectively representing approximately 22% of the outstanding Common Shares on a basic basis) have agreed under lock-up agreements with Agnico Eagle (the " Lock-Up Agreements "), to tender their Common Shares to the Offer, including Common Shares beneficially owned, or over which control or direction is exercised, by them, at any time up to and including the expiry time of the Offer.
The Definitive Agreement provides for, among other things, a non-solicitation covenant on the part of O3 Mining (subject to customary fiduciary-out provisions). The Definitive Agreement also provides the Offeror with a right to match any competing offer which the Board determines to be a superior proposal within the meaning of the Definitive Agreement. The Offeror is entitled to a termination payment of $10 million if the Definitive Agreement is terminated in certain circumstances, including if O3 Mining enters into an agreement with respect to a superior proposal within the meaning of the Definitive Agreement.
Additional information regarding the Offer will be included in the Offeror's take-over bid circular and in O3 Mining's directors' circular, each of which is expected to be delivered to registered shareholders of O3 Mining on or about December 19, 2024 . These materials, as well as the Definitive Agreement and the Lock-Up Agreements, will also be available under O3 Mining's profile on SEDAR+ ( www.sedarplus.ca ) and on O3 Mining's and Agnico Eagle's respective websites.
How to Tender Your Shares; Postal Strike
Only O3 Mining shareholders who tender their Common Shares will receive the cash consideration of $1.67 per Common Share. For information on tendering your Common Shares please contact Laurel Hill Advisory Group at assistance@laurelhill.com .
Shareholder type: | How do I tender my Common Shares to the Agnico Eagle Offer? |
Beneficial Most O3 Mining shareholders are beneficial shareholders. This means your Common Shares are held through a broker, bank or other financial intermediary, and you do not have a share certificate or DRS advice. | Contact your bank or your broker immediately and instruct them to tender your Common Shares to the Offer. |
Registered You are a registered shareholder if you hold your Common Shares directly and may have a share certificate or DRS advice. | Contact Laurel Hill Advisory Group: |
In light of the Canada Post labour strike , shareholders are encouraged to stay up to date on the Offer by visiting: https://www.agnicoeagle.com/Offer-for-O3-Mining/default.aspx . Shareholders are also asked not to mail in any Letter of Transmittal or share certificates. Instead, shareholders may contact Laurel Hill Advisory Group.
Advisors
Edgehill Advisory Ltd. is acting as financial advisor to Agnico Eagle. Davies Ward Phillips & Vineberg LLP is acting as legal advisor to Agnico Eagle.
Maxit Capital is acting as financial advisor to O3 Mining. Bennett Jones LLP is acting as legal advisor to O3 Mining. Fort Capital is acting as financial advisor to the Special Committee. Cassels Brock & Blackwell LLP is acting as legal advisor to the Special Committee.
The Depositary and Information Agent for the Offer is Laurel Hill Advisory Group. If you have any questions or require assistance with tendering to the Offer, please contact Laurel Hill Advisory Group, by phone at 1-877-452-7187 or by e-mail at assistance@laurelhill.com .
About O3 Mining Inc.
O3 Mining Inc. is a gold explorer and mine developer in Québec, Canada , adjacent to Agnico Eagle's Canadian Malartic mine. O3 Mining owns a 100% interest in all its properties (128,680 hectares) in Québec. Its principal asset is the Marban Alliance project in Québec, which O3 Mining has advanced over the last five years to the cusp of its next stage of development, with the expectation that the project will deliver long-term benefits to stakeholders.
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Mr. Louis Gariépy, P.Eng (OIQ #107538), VP Exploration of O3 Mining, who is a "qualified person" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects .
About Agnico Eagle Mines Limited
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico . It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States . Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation that is based on current expectations, estimates, projections, and interpretations about future events as at the date of this news release. Forward-looking information and statements are based on estimates of management by O3 Mining and Agnico Eagle, at the time they were made, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: the Offer, including the anticipated timing of commencement and expiration, mechanics, funding, completion, settlement, results and effects of the Offer; the anticipated timing of the delivery of the Offeror's take-over bid circular and O3 Mining's directors' circular; the reasons to accept the Offer; the value inherent in O3 Mining's portfolio of projects, including the Marban Alliance project; the ability for the Marban Alliance project to support an open pit mining operation; the expected outcomes of completion of the transaction, including the integration of the Marban Alliance property to the Canadian Malartic land package, synergies arising therefrom, improved production profile, enhanced value generated and unlocked further potential; and the other benefits of the transaction. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, the expectations and beliefs of Agnico Eagle and O3 Mining that the Offer will be made in accordance with the Definitive Agreement and will be successful, that all required regulatory consents and approvals will be obtained and all other conditions to completion of the transaction will be satisfied or waived, and the ability to achieve goals, including the integration of the Marban Alliance property to the Canadian Malartic land package and the ability to realize synergies arising therefrom. Agnico Eagle and O3 Mining caution that the foregoing list of material factors and assumptions is not exhaustive. Although the forward-looking information contained in this news release is based upon what Agnico Eagle and O3 Mining believe, or believed at the time, to be reasonable expectations and assumptions, there is no assurance that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither O3 Mining, nor Agnico Eagle nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. O3 Mining and Agnico Eagle do not undertake, and assume no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable law. These statements speak only as of the date of this news release. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Agnico Eagle or any of its affiliates or O3 Mining.
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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
View original content: https://www.prnewswire.com/news-releases/agnico-eagle-to-acquire-o3-mining-in-friendly-transaction-302330109.html
SOURCE Agnico Eagle Mines Limited
View original content: http://www.newswire.ca/en/releases/archive/December2024/12/c5600.html
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Plans To Restart Mining Operations at La Colorada Mine, Mexico
HIGHLIGHTS:
- Heliostar plans to restart mining operations at La Colorada Mine in January, 2025
- Mining to commence at the Junkyard Stockpile, a focus of recent work programs
Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce that the Company has undertaken a work program at the historical Junkyard Stockpile at the La Colorada Mine and plans to recommence crushing and stacking in January 2025. The planned restart would initially augment and then replace the current gold production from residual leaching at the mine.
Heliostar CEO, Charles Funk, commented, "Recommencing mining operations at La Colorada is a key step for Heliostar to start 2025. The plan to recommence crushing and stacking, paused since September 2023, will drive the Company's guidance forecast next year. Over recent months the Junkyard Stockpile has been a focus with fifty-seven holes completed, a metallurgical assessment undertaken and quotes have been sought and received to select a mining contractor. A restart and the pending technical report for La Colorada has it strongly placed to drive Heliostar towards our goal of becoming a mid-tier gold producer."
Figure 1: Plan Map of the La Colorada Mine with pits and stockpiles/waste dumps, Junkyard drill collars, crusher circuit and leach pad location shown.
To view an enhanced version of this graphic, please visit:
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Junkyard Stockpile
The Junkyard Stockpile is a historic waste rock storage facility that is named after mining equipment that was stored on there. The stockpile is located ~800 metres southwest of the La Colorada crushing circuit and contains material that was mined from the Gran Central Pit in the mid to late 1990's.
The Company initiated an evaluation of the Junkyard Stockpile in August that consisted of drilling, resource modeling, and metallurgical testing. Drill holes were completed on a ~35-metre grid across the stockpile with some drill holes completed on a 7-metre grid for variability testing. In total, 57 holes totalling 2,290 metres were completed.
Results of the drilling, resource modelling and metallurgy for the Junkyard Stockpile, in conjunction with an expansion of the Creston Pit, will be published in a technical report in January 2025.
The drilling program also delineated a historic tailings facility beneath the Junkyard Stockpile. Additional metallurgical testing, beyond the timeline of the technical report, is required on the tailings. Should this be positive it represents a potential future upside opportunity.
Figure 2: Cross section of drilling through the Junkyard Stockpile. Stockpile domain in green and historic tailings in orange.
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Statement of Qualified Person
Sam Anderson, CPG and Gregg Bush, P.Eng., Qualified Persons, as this term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Anderson is Vice President Projects, and Mr. Bush is Chief Operating Officer for the Company.
Investor Relations Agreements
The Company has entered into agreements with Triomphe Holdings Ltd. (dba Capital Analytica) ("Capital Analytica") and Investor News Network ("INN") for investor relations and communication services.
The agreement with Capital Analytica (the "Capital Analytica Agreement") has an initial term of six months, commencing December 5, 2024, under which the Company will pay Capital Analytica $120,000.
The services to be provided under the Capital Analytica Agreement include ongoing capital markets consultation, ongoing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, discussion forum monitoring and reporting, corporate video dissemination, and other related investor relations services.
Jeff French is the principal of Capital Analytica and will be responsible for all activities related to the Company. Capital Analytica currently has no direct or indirect interest in the securities of the Company, or any right or intent to acquire such an interest.
The agreement with INN (the "INN Agreement") has a term of three months, commencing on December 5, 2024 under which the Company will pay to INN $25,000, unless terminated earlier in accordance with the Consulting Agreement. The services to be provided under the INN Agreement include advertising services to increase awareness of the issuer.
Nick Smith is the CEO of INN and will be responsible for all activities related to the Company. INN currently has no direct or indirect interest in the securities of the Company, or any right or intent to acquire such an interest.
The Capital Analytica Agreement and the INN Agreement are subject to TSX Venture Exchange approval.
About Heliostar Metals Ltd.
Heliostar is a gold producer with production from operating mines in Mexico. This includes the La Colorada Mine in Sonora and San Agustin Mine in Durango. The Company also has a strong portfolio of development projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur and the Unga project in Alaska, USA.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045
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 release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, Heliostar plans to restart mining operations in January, 2025, Mining to commence at the Junkyard Stockpile, the plan to recommence crushing and stacking, paused since September 2023, will drive the Company's guidance forecast next year and that a restart and the pending technical report for La Colorada has it strongly placed to drive Heliostar towards our goal of becoming a mid-tier gold producer.
Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
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Additional High Priority Antimony Targets Identified over 10km Corridor at Yallalong Project
Highlights
- Ground geophysical survey over the identified 10km antimony corridor at Yallalong is complete and final data has been processed and interpreted.
- Detailed interpretation of the geophysical data integrated with previous drilling data significantly expands the scale of the exploration model for high-grade antimony mineralisation at Yallalong.
- 14 new, high priority, structural targets analogous to the high-grade Discovery Target have been identified and will be evaluated in the next drilling campaign.
The geophysics has identified 14 new structural antimony targets at Yallalong analogous to the Discovery Target, where historic drilling intercepted high-grade antimony.
Octava’s Managing Director Bevan Wakelam stated, "The new gravity data redefines the exploration model for high grade antimony at Yallalong. It explains the presence of anomalous antimony along the structural corridor and predicts potential hot spots along it. It is exciting to consider the possibility of a continuous system extending under cover for more than 10 kilometers and having a method to pinpoint the most prospective zones. Planning work is already underway for drilling of these new targets "
Antimony
The Yallalong project is located ~ 220km to the northeast of the port town of Geraldton in Western Australia. The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north- south striking mineralised corridor.
Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect had previous drilling and recorded high-grade antimony intercepts over a strike length of ~300m, including 7m @ 3.27% Sb.
A detailed geophysical survey was undertaken to identify underlying structures, such as shears and faults, which act as conduits to mineralising fluids. It also outlines key lithological boundaries. These factors are important in the formation of antimony deposits worldwide.
Interpretation of the geophysical data and the historic drilling has re-defined the exploration model for high grade antimony at Yallalong. Fourteen new targets analogous to the Discovery Target have been identified and will be evaluated through planned drilling. See Figure 1.
Figure 1. Summary structural interpretation and with existing and newly identified Sb targets at Yallalong.
Atlas Geophysics conducted the gravity survey using a 100m x 100m grid pattern, with additional measurements on a 50m x 50m grid over the Discovery Target. NewGen Geo, a geophysical consultancy, carried out the gravity data processing and interpretation.
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This article includes content from Octava Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ore Purchase Agreement with Westgold Resources Unlocks Gold Production from Crown Prince
HIGHLIGHTS
- New Murchison Gold (NMG) and Westgold Resources (Westgold) have entered into an Ore Purchase Agreement (OPA) which will underpin production from NMG’s Crown Prince deposit near Meekatharra, Western Australia in 2025.
- Subject to final regulatory permitting, under the OPA, NMG will commence mining from a new open pit operation at Crown Prince with a targeted commencement date of mid-2025.
- Ore will be hauled 33km by road to the Bluebird Gold Processing Plant, part of Westgold’s Murchison Gold Operations at Meekatharra.
- Ore will be sold to Westgold in several parcels (Ore Parcels) totalling 30-50kt per month with each Ore Parcel certified for grade, moisture and recovery from sampling at the Crown Prince site and a recovery factor agreed for each mining bench from test work replicating the Bluebird Mill circuit.
- The OPA has no fixed term although NMG envisages that most of Crown Prince ore is likely to be processed in an “Initial Period” which runs over the first 24 months of the agreement. Thereafter ore tonnages are to be agreed on a rolling three-month basis once production forecasts have been completed by NMG and Westgold has confirmed mill availability.
- Westgold will purchase ore from NMG based on contained gold in each Ore Parcel at the prevailing AUD gold price in the month the Ore Parcel is collected (minus processing costs and a capital recovery charge). Westgold must promptly collect Ore Parcels that are available for collection.
- The OPA is subject to shareholder approval (Listing Rule 10.1 requirement) at a general meeting of NMG shareholders to be held in late January or early February 2025.
- NMG and Westgold have also entered into an ancillary agreement (Licence and Access Water Discharge Deed) which facilitates NMG’s potential dewatering requirements at Crown Prince.
Alex Passmore, NMG’s CEO commented: "We are very pleased to announce the Ore Purchase Agreement with Westgold as it sees both companies working together to support the development of NMG’s Crown Prince deposit in a capitally efficient manner.
We see this Agreement as beneficial to all shareholders with Westgold acquiring additional high grade oxide ore feed to supplement its Meekatharra operations and NMG transitioning to a producer for modest capital.
The Bluebird Processing Plant owned by Westgold is ideal for NMG due to its close proximity and well-matched metallurgical process. We believe the robust frameworks and protocols we have put in place in this Agreement aligns both operational teams to a common goal of maximizing operational efficiency.
We thank the Westgold team for the technical and commercial work that has led to this Agreement and look forward to working collaboratively in making the development of Crown Prince a success”
Crown Prince is located to the north of Meekatharra, around 33km via road to the Bluebird Gold Processing Plant (Bluebird) owned and operated by BBGO. Westgold and NMG have been working collaboratively on the OPA to manage technical risks and to share economic synergies which are available via the partnering of production from the Crown Prince deposit and milling at Bluebird.
Key Terms of the OPA are outlined in the Table below and will be explained fully in a Notice of Meeting to be sent to NMG shareholders in December. The NMG shareholder meeting is likely to be held in late January or early February 2025. As a result of Westgold’s 18.7% ownership of NMG, it is deemed a related party under the ASX Listing Rules and so the OPA includes a condition precedent of NMG obtaining shareholder approval under Listing Rule 10.1.
BDO Corporate Finance Australia Pty Ltd (BDO) has been engaged to provide an opinion and Independent Expert’s Report to accompany the Notice of Meeting to assist shareholders in their considerations of whether or not to approve the OPA moving into operation.
Should the conditions precedent be met (shareholder approval) the OPA will come into effect with NMG expecting mining approvals to be received in early April 2025. Once mining operations commence, and ore stockpiles are built up, it is anticipated that first Ore Parcel sales will occur in September 2025.
The company is working towards an ore reserve estimate to provide further detail on the economics of the project which is to be released shortly.
Plan of Access and Water Infrastructure - Crown Prince
Authorised for release to ASX by the Board of New Murchison Gold Limited.
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