The Conversation (0)
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.
This Mawson Finland's profile is part of a paid investor education campaign.*
Click here to connect with Mawson Finland (TSXV:MFL) to receive an Investor Presentation
MFL:CC
Mawson Finland Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
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
News Provided by ACCESSWIRE via QuoteMedia
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
News Provided by ACCESSWIRE via QuoteMedia
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas Step-Out Drills 7 Metres @ 9.1 g/t gold & 706 ppm Cobalt
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from 8 drillholes at the Palokas zone of mineralization which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto
Highlights:
PAL0346 intercepted 7 m @ 9.1 g/t gold and 706 ppm cobalt from 88.75 m demonstrating that thicker and higher-grade mineralization exists in the southern margin of the Palokas gold-cobalt system
PAL0354 intercepted 12 m @ 1.7 g/t gold from 416 m(cobalt to be announced) demonstrating the Palokas system remains open at depth; opens new vector for further exploration
PAL0351 and PAL0362 intercepted mineralized extensions to the south of the previous known extents of the Palokas system including:
PAL0351: 6 m @ 0.43 g/t gold from 254 m (cobalt to be announced)
PAL0351: 1.25 m @ 2.42 g/t gold from 261.64 m (cobalt to be announced)
PAL0351: 1 m @ 0.31 g/t gold from 287.9 m (cobalt to be announced)
PAL0362: 1 m @ 4.71 g/t gold from 56.55 m (cobalt to be announced)
PAL0343 and PAL0345 drilled into the northern margin of the Palokas system returning thin intervals of lower-grade mineralization, including:
PAL0343: 1 m @ 1.29 g/t Au and 260 ppm cobalt
PAL0345: 0.95 @ 0.64 g/t Au (cobalt to be announced)
PAL0342 and PAL0357 similarly drilled into the northern margins of the Palokas system but failed to return significant intercepts
Ms. Noora Ahola, Mawson Finland CEO, states:
"We are very excited to report the latest results from our resource step-out drilling at the Palokas zone from the Rajapalot project. The drill results demonstrate that the mineralization at Palokas is wide open both to the south-west and down dip. We look to be well on our way to achieving our objective to increase the Rajapalot resource. Further drill results will be reported in the coming weeks".
Detailed Results
The 8 drillholes reported here (table 1) are from the Palokas zone of mineralization at Rajapalot (drill holes PAL0342, PAL0343, PAL0345, PAL0346, PAL0351, PAL0354, PAL0357 & PAL0362 see Figure 1 and Figure 2 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 2,310 metres of drilling from the winter programme of a finalized total of 11,376 metres in 38 drillholes. To date, a total of 15 holes for a total of 4,406 m have now been reported. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are currently only available from holes PAL0343 and PAL0346, and the remainder of such results will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto. Due to the abandonment of hole PAL0359 for technical reasons at 47.2 metres of a planned 750 meters depth, the total and finalised tally of metres drilled at Rajapalot for the 2024 drilling season is 11,376 metres from the 38 drillholes.
Drillholes PAL0346, PAL0351, PAL0354 and PAL0362 are all located along the depth extent of the southern margin of the Palokas zone of gold-cobalt mineralization, with intercept depths ranging from around 40 m to 300 m below surface. The most significant intercept reported here from PAL0346 intercepted a strongly mineralized interval of 7 m @ 9.1 g/t gold and 706 ppm cobalt located approximately 70 m below surface, and approximately 40 m south of its nearest drillhole (see figure 2). Drillhole PAL0354 intercepted 12 m @ 1.7 g/t gold (cobalt to be announced) located nearly 300 m below surface, in an area that had only previously reported lower-grade results (see figure 2); these results now open-up a significant new search-space for further exploration on the Palokas zone, and increase the strike-extension length of Palokas from around 130 m, to over 200 m at its deepest known point (see figure 2). The remainder of the drillholes reported here were drilled along the northern margin of the Palokas zone and intercepted some minor mineralization (holes PAL0343 and PAL0345) or no significant mineralisation (PAL0342 and PAL0357) suggesting that much of the immediate northern margin of the Palokas zone between surface to around 350 m below surface does not host further significant gold-cobalt mineralisation (see figure 2).
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth (m) | Prospect |
PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | South Palokas |
PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | South Palokas |
PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.
Hole ID | From (m) | To (m) | Drilled Thickness1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt ppm |
PAL0342 | - | - | - | - | - | - |
PAL0343 | 151.4 | 152.4 | 1 | 1.29 | 1.29 | 260.5 |
PAL0345 | 145 | 145.95 | 0.95 | 0.64 | 0.61 | TBA |
PAL0346 | 81.75 | 85.75 | 4 | 0.89 | 3.56 | 943.7 |
PAL0346 | 88.75 | 95.75 | 7 | 9.10 | 63.69 | 706.2 |
PAL0346 | 104.9 | 105.9 | 1 | 0.78 | 0.78 | 101.6 |
PAL0351 | 254 | 260 | 6 | 0.43 | 2.57 | TBA |
PAL0351 | 261.65 | 262.9 | 1.25 | 2.42 | 3.03 | TBA |
PAL0351 | 287.9 | 288.9 | 1 | 0.31 | 0.31 | TBA |
PAL0354 | 389 | 391 | 2 | 0.41 | 0.82 | TBA |
PAL0354 | 416 | 428 | 12 | 1.70 | 20.42 | TBA |
PAL0357 | - | - | - | - | - | - |
PAL0362 | 56.55 | 57.55 | 1 | 4.75 | 4.75 | TBA |
1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralisation |
PAL0343 | 151.4 | 152.4 | 1 | 1.29 | 260.5 | Palokas |
PAL0345 | 145 | 145.95 | 0.95 | 0.64 | TBA | Palokas |
PAL0346 | 81.75 | 82.75 | 1 | 2.04 | 782.4 | Palokas |
82.75 | 83.75 | 1 | 0.63 | 1114.9 | Palokas | |
83.75 | 84.75 | 1 | 0.48 | 1046.2 | Palokas | |
84.75 | 85.75 | 1 | 0.41 | 831.2 | Palokas | |
88.75 | 89.75 | 1 | 5.69 | 624.2 | Palokas | |
89.75 | 90.75 | 1 | 30.3 | 1067.7 | Palokas | |
90.75 | 91.75 | 1 | 13.6 | 820.6 | Palokas | |
91.75 | 92.75 | 1 | 8.02 | 832 | Palokas | |
92.75 | 93.75 | 1 | 0.9 | 439 | Palokas | |
93.75 | 94.75 | 1 | 4.7 | 604.9 | Palokas | |
94.75 | 95.75 | 1 | 0.48 | 554.8 | Palokas | |
104.9 | 105.9 | 1 | 0.78 | 101.6 | Palokas | |
PAL0351 | 254 | 255 | 1 | 0.82 | TBA | Palokas |
255 | 256 | 1 | 0.36 | TBA | Palokas | |
257 | 258 | 1 | 0.4 | TBA | Palokas | |
258 | 259 | 1 | 0.36 | TBA | Palokas | |
259 | 260 | 1 | 0.52 | TBA | Palokas | |
261.65 | 262.9 | 1.25 | 2.42 | TBA | Palokas | |
287.9 | 288.9 | 1 | 0.31 | TBA | Palokas | |
PAL0354 | 389 | 390 | 1 | 0.45 | TBA | Palokas |
390 | 391 | 1 | 0.37 | TBA | Palokas | |
416 | 417 | 1 | 1.7 | TBA | Palokas | |
417 | 418 | 1 | 2.21 | TBA | Palokas | |
418 | 419 | 1 | 5.77 | TBA | Palokas | |
419 | 420 | 1 | 1.04 | TBA | Palokas | |
420 | 421 | 1 | 1.41 | TBA | Palokas | |
421 | 422 | 1 | 1.34 | TBA | Palokas | |
422 | 423 | 1 | 1.31 | TBA | Palokas | |
423 | 424 | 1 | 1.385 | TBA | Palokas | |
425 | 426 | 1 | 3.37 | TBA | Palokas | |
427 | 428 | 1 | 0.78 | TBA | Palokas | |
PAL0362 | 56.55 | 57.55 | 1 | 4.75 | TBA | Palokas |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
SOURCE:Mawson Finland Limited
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Mawson Finland Limited Expands Known Mineralized Zones at Rajapalot: New Lens Intercepts 21.75 m at 5.25 g/t Gold & 515 ppm Cobalt
Mawson Finland Limited (" Mawson " or the " Company ") (TSX-V: MFL) is pleased to announce new drill results from 7 drillholes on the South Palokas prospect which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto).
Highlights:
Drillholes PAL0335, PAL0340, PAL0344 and PAL0348 all penetrated significant intercepts beyond the southern margin of South Palokas, extending gold-cobalt mineralisation here by between 45 and 90 metres to the south.
- Hole PAL0335 drilled a 21.75m wide mineralised intercept from a new lens of mineralisation located in the footwall below the South Palokas ore-body returning 5.25 g/t gold and 515 ppm cobalt (21.75 m @ 5.25 g/t Au & 515 ppm Co from 295.05 m, including: 3.2 m @ 21.61 g/t Au and 373 ppm Co from 311.3 m)
- Hole PAL0335 went on to drill 3 further intervals of mineralisation immediately below the footwall contact of the new lens, returning:
- 2 m @ 1.86 g/t Au and 164 ppm Co from 322.4 m
- 4 m @ 2.99 g/t Au and 94 ppm Co from 335 m
- 6.6 m @ 2.37 g/t Au and 279 ppm Co from 350.25 m
- Holes PAL0340 and PAL0344 drilled further intercepts demonstrating respective step-outs along-strike of 50 m and 55 m to the south of the presently defined limit of mineralisation at South Palokas, including:
- PAL0340: 0.7 m @ 7.47 g/t Au from 91.8 m (cobalt to be announced)
- PAL0344: 4 m @ 2.78 g/t Au from 201 m (cobalt to be announced)
- Holes PAL0348 and PAL0350 returned one metre intervals of mineralisation (see Table 2 in Schedule "A" hereto), while holes PAL0339 and PAL0341 recorded no significant intercepts
Ms. Noora Ahola, Mawson Finland CEO, states: " We are very excited to report some significant drill-intersections from our first round of results from the 2024 winter drilling campaign. The discovery of a new lens of high-grade mineralisation situated in the footwall to the South Palokas prospect is a significant step forward for our resource-expansion ambitions. Similarly, adding significant intercepts along-strike from the southern margin of South Palokas is highly encouraging, being a further indication that the current mineral resources can likely be expanded. We look forward to presenting further drill results from this year's drilling in the coming weeks ."
Detailed Results
The 7 drillholes reported here (see Table 1 in Schedule "A" hereto) are all from the South Palokas area of gold-cobalt mineralisation at Rajapalot (drillholes PAL0335, PAL0339, PAL0340, PAL341, PAL0344, PAL0348 and PAL0350: see Figure 1 and Figure 2 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 2,097 metres of drilling from the total winter programme of 12,070 metres in 38 drillholes . Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are currently only available from holes PAL0335 and PAL0350, and the remainder of such results will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto.
The ‘new lens' of mineralisation as reported here from the lower portions of hole PAL0335 is located in an interpreted sub-parallel lens of mineralisation some 100 m vertically below the defined gold-cobalt mineralisation at South Palokas. Two historical drillholes have previously penetrated ‘new lens' (drill holes PAL0091 and PAL0173: for more information see the Company's current preliminary economic assessment, entitled " NI 43-101 Technical Report on a Preliminary Economic Assessment of the Rajapalot Gold-Coblat Project, Finland ", with an effective date of December 19, 2023, which the Company has filed and which is available on SEDAR+ (the " PEA ")), however the tenor of gold-cobalt mineralisation recorded within these holes was not considered significant enough to warrant further investigation, as PAL0091 recorded a best intercept of 4.2 m @ 1.81 g/t Au & 22 ppm Co (located 90 metres up-dip to correlated PAL0335 intercept), and PAL0173 a best intercept of 4 m @ 0.65 g/t Au & 300 ppm Co (located 50 m along-strike northwards of the correlated PAL0355 intercept; see Figure 2 in Schedule "A" hereto). Holes PAL0340, PAL0344 and PAL0348 were drilled to explore for southern strike-extensions of ‘new lens' but failed to return any significant mineralisation (see Figure 2 in Schedule "A" hereto). PAL0364 targeted up-dip extensions to ‘new vein' and currently awaits assay results.
Drillholes PAL0335, PAL0340, PAL0344 and PAL0348 all penetrated significant intercepts beyond the southern margin of South Palokas, extending gold-cobalt mineralisation here by between 45-90 metres to the south. PAL0339 and PAL0341 drilled for larger-scale southwards step-outs from the southern margin of South Palokas mineralisation (150 m and 230 m respectively) but failed to intercept mineralisation.
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy (" CRS ") facility in Kempele, Finland. Samples were prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see " Qualified Person " below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1–3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Q ualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca .
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" – TABLES AND FIGURES
| Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth | Prospect |
| PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
| PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
| PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
| PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
| PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
| PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
| PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
| PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
| PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
| PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
| PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
| PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
| PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
| PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
| PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
| PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | Palokas |
| PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
| PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
| PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
| PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
| PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
| PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
| PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
| PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
| PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | South Palokas |
| PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
| PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
| PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
| PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
| PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
| PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
| PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
| PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
| PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
| PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
| PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
| PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
| PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text.
| Hole ID | From | To | Drilled Thickness 1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt ppm |
| PAL0335 | 122.2 | 123.2 | 1 | 0.49 | 0.5 | 52.5 |
| PAL0335 | 126.35 | 128.35 | 2 | 1.19 | 2.4 | 167.0 |
| PAL0335 | 136.35 | 137.35 | 1 | 1.62 | 1.6 | 516.9 |
| PAL0335 | 142 | 146.6 | 4.6 | 0.99 | 4.6 | 1376.2 |
| PAL0335 | 150.6 | 156 | 5.4 | 2.99 | 16.2 | 2137.1 |
| PAL0335 | 295.05 | 316.8 | 21.75 | 5.25 | 114.3 | 514.8 |
| including | 311.3 | 314.5 | 3.2 | 21.61 | 69.15 | 373.2 |
| PAL0335 | 322.4 | 324.4 | 2 | 1.86 | 3.7 | 164.3 |
| PAL0335 | 335 | 339 | 4 | 2.99 | 11.9 | 94.4 |
| PAL0335 | 350.25 | 356.85 | 6.6 | 2.37 | 15.6 | 278.8 |
| PAL0339 | - | - | - | - | - | - |
| PAL0340 | 21.25 | 22.25 | 1 | 0.58 | 0.6 | TBA |
| PAL0340 | 91.8 | 92.5 | 0.7 | 7.42 | 5.2 | TBA |
| PAL0340 | 98.8 | 100.8 | 2 | 0.78 | 1.6 | TBA |
| PAL0341 | - | - | - | - | - | - |
| PAL0344 | 197 | 198 | 1 | 0.66 | 0.7 | TBA |
| PAL0344 | 201 | 205 | 4 | 2.78 | 11.1 | TBA |
| PAL0348 | 124.75 | 125.75 | 1 | 0.30 | 0.3 | TBA |
| PAL0348 | 151.35 | 152.35 | 1 | 0.58 | 0.6 | TBA |
| PAL0350 | 95.55 | 96.55 | 1 | 0.45 | 0.45 | 14.7 |
1 True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Drillholes coloured red are those reported in this new release, while holes coloured black have been reported in previous releases, and blue coloured holes are awaiting results and publication. Dashed blue line represents the section line on which long sections in Figure 2 hereinbelow are oriented.
Figure 2: Long-section illustration demonstrating both historical and 2024 drill intercepts in the South Palokas prospect (left) and the ‘new lens' (right) that is positioned approximately 100 m vertically below the South Palokas mineralisation. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept' and open blue rings indicate ‘awaiting assay result'. Red arrows demonstrate the direction in which gold-cobalt mineralisation remains ‘open' and untested. Section line is oriented on approximately 030 strike; see dashed blue line in Figure 1 above for reference.
| Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralisation |
| PAL0335 | 122.2 | 123.2 | 1 | 0.49 | 52.5 | South Palokas |
| 126.35 | 127.35 | 1 | 2.06 | 283.3 | South Palokas | |
| 127.35 | 128.35 | 1 | 0.31 | 50.7 | South Palokas | |
| 136.35 | 137.35 | 1 | 1.62 | 516.9 | South Palokas | |
| 142 | 143 | 1 | 0.97 | 593 | South Palokas | |
| 143 | 144 | 1 | 1.17 | 1109.8 | South Palokas | |
| 144 | 145 | 1 | 1.08 | 1223.7 | South Palokas | |
| 145 | 146 | 1 | 0.15 | 1142.1 | South Palokas | |
| 146 | 146.6 | 0.6 | 2 | 3769.9 | South Palokas | |
| 150.6 | 151.6 | 1 | 3.26 | 1770 | South Palokas | |
| 151.6 | 152.5 | 0.9 | 3.1 | 2715.6 | South Palokas | |
| 152.5 | 153.5 | 1 | 1.77 | 1974.2 | South Palokas | |
| 153.5 | 154.5 | 1 | 2.12 | 1132.6 | South Palokas | |
| 154.5 | 155.5 | 1 | 3.24 | 2547.8 | South Palokas | |
| 155.5 | 156 | 0.5 | 5.95 | 3343.6 | South Palokas | |
| 295.05 | 296.05 | 1 | 8.25 | 674.3 | New Lens | |
| 296.05 | 297.05 | 1 | 1.33 | 549.8 | New Lens | |
| 297.05 | 298.05 | 1 | 0.89 | 895.4 | New Lens | |
| 298.05 | 299.05 | 1 | 0.35 | 673.3 | New Lens | |
| 299.05 | 299.5 | 0.45 | 0.15 | 421.5 | New Lens | |
| 299.5 | 300.5 | 1 | 1.42 | 585.2 | New Lens | |
| 300.5 | 301.5 | 1 | 2.51 | 627.6 | New Lens | |
| 301.5 | 302.5 | 1 | 0.46 | 445.1 | New Lens | |
| 302.5 | 302.95 | 0.45 | 0.59 | 623.1 | New Lens | |
| 302.95 | 303.95 | 1 | 1.2 | 927.5 | New Lens | |
| 303.95 | 304.45 | 0.5 | 0.92 | 1096.4 | New Lens | |
| 304.45 | 305.3 | 0.85 | 0.85 | 153.4 | New Lens | |
| 305.3 | 306.3 | 1 | 0.35 | 677.2 | New Lens | |
| 306.3 | 307.3 | 1 | 0.41 | 553.6 | New Lens | |
| 307.3 | 308.3 | 1 | 0.47 | 373 | New Lens | |
| 308.3 | 309.3 | 1 | 7.1 | 827.4 | New Lens | |
| 309.3 | 310.3 | 1 | 2.87 | 321.3 | New Lens | |
| 310.3 | 311.3 | 1 | 6.74 | 370.5 | New Lens | |
| 311.3 | 312.3 | 1 | 14 | 276.8 | New Lens | |
| 312.3 | 313 | 0.7 | 10 | 690.3 | New Lens | |
| 313 | 313.5 | 0.5 | 53.9 | 549.6 | New Lens | |
| 313.5 | 314.5 | 1 | 21.2 | 159.5 | New Lens | |
| 314.5 | 315.5 | 1 | 6.3 | 120 | New Lens | |
| 315.5 | 315.8 | 0.3 | 7.53 | 106.4 | New Lens | |
| 315.8 | 316.8 | 1 | 0.69 | 200 | New Lens | |
| 322.4 | 323.4 | 1 | 0.77 | 172.1 | New Lens | |
| 323.4 | 324.4 | 1 | 2.95 | 156.5 | New Lens | |
| 335 | 336 | 1 | 0.8 | 85.6 | New Lens | |
| 336 | 337 | 1 | 4.31 | 134.8 | New Lens | |
| 337 | 338 | 1 | 6.49 | 118.8 | New Lens | |
| 338 | 339 | 1 | 0.34 | 38.3 | New Lens | |
| 350.25 | 351.25 | 1 | 8.61 | 672.3 | New Lens | |
| 351.25 | 352.25 | 1 | 3.72 | 422.1 | New Lens | |
| 352.25 | 353.25 | 1 | 2.05 | 219.8 | New Lens | |
| 353.25 | 354.25 | 1 | 0.28 | 227.8 | New Lens | |
| 354.25 | 355.25 | 1 | 0.56 | 235.8 | New Lens | |
| 355.25 | 356.25 | 1 | 0.07 | 10.3 | New Lens | |
| 356.25 | 356.85 | 0.6 | 0.58 | 86.4 | New Lens | |
| PAL0340 | 21.25 | 22.25 | 1 | 0.58 | TBA | South Palokas |
| 91.8 | 92.5 | 0.7 | 7.42 | TBA | South Palokas | |
| 98.8 | 99.8 | 1 | 1.21 | TBA | South Palokas | |
| 99.8 | 100.8 | 1 | 0.35 | TBA | South Palokas | |
| PAL0344 | 197 | 197.4 | 0.4 | 0.61 | TBA | South Palokas |
| 197.4 | 198 | 0.6 | 0.69 | TBA | South Palokas | |
| 201 | 202 | 1 | 9.78 | TBA | South Palokas | |
| 202 | 203 | 1 | 0.13 | TBA | South Palokas | |
| 203 | 204 | 1 | 0.51 | TBA | South Palokas | |
| 204 | 205 | 1 | 0.69 | TBA | South Palokas | |
| PAL0348 | 124.75 | 125.75 | 1 | 0.3 | TBA | South Palokas |
| 151.35 | 152.35 | 1 | 0.58 | TBA | South Palokas | |
| PAL0350 | 95.55 | 96.55 | 1 | 0.45 | 14.7 | South Palokas |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9766b456-0d52-408b-9722-e72ba3759fe0
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3d46ec0-107b-4a8c-8f45-88caadc4e295
News Provided by GlobeNewswire via QuoteMedia
Asara Recommences Exploration Activities at Kada
HIGHLIGHTS
- Relogging of core samples.
- Drone survey to identify additional mineralisation recently undertaken.
- Geological and structural mapping of new drone imagery and fieldwork.
- Planning for the commencement of a drill program in early 2025 to upgrade the existing Mineral Resource Estimate.
- Community engagement to strengthen relationships with local communities.
- Preparation for commencement of environmental studies.
Managing Director, Tim Strong commented:
“We are excited to recommence work at Kada following a pause in field activities throughout 2024. Our team is back on the ground, refurbishing camp facilities, re-logging core samples, undertaking geological and structure mapping in the Massan area and establishing important community relationships. In addition, we have deployed a drone to assist in determining the structural orientation of historical work undertaken and identify potential areas of gold mineralisation that may not have been previously recognised.
Looking ahead, we expect drilling to begin in the March quarter of 2025. The drilling program will focus on upgrading portions of the Massan Mineral Resource to the Measured category, as well as testing additional structures that are not currently included in the Mineral Resource Estimate.’’
KADA GOLD PROJECT
Exploration Activities
Activities at Kada recommenced during October with the installation of a new water borehole and a 10,000 litre capacity water tower at the Niandankoro Camp. All camp areas were connected to the new water system providing running water throughout.
The camp has undergone a detailed inventory, and store areas have been prepared in readiness for the commencement of fieldwork and then drilling.
Figure 1: Niandankoro Camp
Figure 2: Geology stores and RC chip storage
Figure 3: New drone imagery of Massan showing structure and geologists inspecting areas of mineralisation
Geological and structural mapping of the workings have commenced. This is a combination of desktop interpretation of recent drone imagery and fieldwork.
Figure 4: Fieldwork at the Massan deposit
Figure 5: Weather station installed at Niandankoro Camp and meetings with local dignitaries and community leaders
Community and Environment
The Company recognises the importance of engaging the local community, strengthening working relationships and to share information and understand local expectations and resolve any issues as and when they arise. To that end, work has commenced to establish social and environmental baselines. Over the last month, meetings were held with Company representatives, local elders, the Mayor of Niandankoro and Sous-Prefet which were beneficial and greatly appreciated by all attendees.
A weather station has been installed at Asara’s Niandankoro Camp giving vital baseline data for the environmental studies that will commence in 2025.
Burkina Faso
As announced on July 14, 2024, the Company entered into a binding Share Purchase Agreement (SPA) with Bic West Africa Limited (BIC) for the sale of its non-core Kouri and Babonga gold projects for total consideration of US$2.2m cash. The Company is continuing to work towards satisfying the Conditions Precedent outlined in the SPA, having recently obtained approval from the Tax Office with approval of the transaction by the Minister of Mines the final step. Following approval from the Tax Office, BIC made an advance payment of US$550,000 (against the final Completion Payment of US$1.1m). It is expected that the final payment of US$550,000 will be made by BIC once the Mininter of Mines has approved the transaction. It is expected that this approval will be obtained by the end of the December 2024 quarter.
Click here for the full ASX Release
This article includes content from Asara Resources 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.
High-Grade Gold & Copper Assays at Thorpe Prospect
Highlights:
- ROCK CHIP SAMPLING ASSAYS RETURN GRADES OF UP TO 45.8 G/T GOLD AND 10.3% COPPER AT THORPE PROSPECT
- SURFACE GOLD FOOTPRINT OF CARLOW TENEMENT CONTINUES TO INCREASE
- ROCK CHIP SAMPLING OF VEINS WITHIN TWO STRUCTURES AT THORPE DELIVERS HIGH-GRADE GOLD, COPPER AND SILVER ASSAY RESULTS, INCLUDING:
- Rock Chip Assay Results (Sample No)
- 45.8 g/t Au, 3.7% Cu & 38.6 g/t Ag (24AR22-020)
- 12 g/t Au, 1.1% Cu & 3.7 g/t Ag (24AR22-014)
- 5.9 g/t Au, 1.0% Cu & 17.8 g/t Ag (24AR22-006)
- 3.4 g/t Au, 2.5% Cu & 4.2 g/t Ag (24AR22-031)
- 3.0 g/t Au, 2.1% Cu & 24 g/t Ag (24AR22-026)
- 6.2% Cu, 0.8 g/t Au & 5.6 g/t Ag (24AR22-016)
- 6.1% Cu, 1.6 g/t Au & 13.5 g/t Ag (24AR22-009)
- 10.3% Cu, 0.4g/t Au & 69.4 g/t Ag (24AR22-013)
- PLANS FOR DRILL TESTING PRIORITY TARGETS WHICH INCLUDE AREAS OF HIGH GRADE GOLD, COPPER AND SILVER VEINS AT SURFACE, IS ADVANCED
The Company has undertaken further ground reconnaissance and rock chip sampling across the Carlow tenement, with the goal to map all outcropping mineralised veins and structures and define additional priority targets for drilling.
The current exploration strategy is to use industry best techniques including geochemical and geophysical surveys combined with structural interpretations to identify targets within what Artemis considers is a wide, highly prospective and underexplored structural corridor with potential to host substantial gold deposits.
Executive Director George Ventouras commented:“We are very excited that prospects located on the Carlow tenement continue to deliver further high-grade gold, copper and silver results from extensive veins at surface.
While several of these prospects have had minor drilling programs, the exploration team continues to compile data to identify the source of the widespread gold discovered at surface. Combined with the Titan prospect and other targets in the immediate Carlow area, the future looks very bright for the Karratha Gold Project.”
Figure 1. Artemis West Pilbara tenements with current known prospects named
Thorpe Prospect
The Thorpe Prospect is located in the southeast part of the Carlow tenement, E47/1797. The recent ground reconnaissance program involved collecting additional rock chip samples at Thorpe to define the extent of the gold bearing veins and other structures. A small number of samples were also taken close to the Carlow deposit.
Click here for the full ASX Release
This article includes content from Artemis Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
New Murchison Gold Provides a Mineral Resource Update for the Crown Prince Deposit
HIGHLIGHTS
- Mineral Resource Estimate substantially increased for the Crown Prince Deposit at Garden Gully with a 3G% increase in the Indicated classification estimate to 226koz at 4.6 g/t Au.
- The total Mineral Resource has grown by 16% from the February 2024 estimate, to 27Gkoz at 3.G g/t/Au.
- With 81% (up from 68%) of gold ounces in the Indicated Mineral Resource classification, there is now a strong understanding of the Crown Prince deposits, reflecting enhanced drill density, in some places to 15 m x 15 m grid.
- Mineral Resources are shallow and delineated from surface. Gold mineralisation is open at depth and will be followed up with deeper drilling as the project progresses.
- Crown Prince’s mineralisation is mostly situated within a 300 m x 380 m area. The Mineral Resource Estimate, beneath the mineralised cap rock, shows an average of 1,538 oz of gold per vertical metre between 10 m and 150 m depth.
- The structural corridor, which hosts the Crown Prince deposits, is open to the south and is relatively untested. To the north, recent passive seismic delineated a wide and thick paleochannel (up to 60 m depth). The northern area below the paleochannel may be better explored from underground or base of open pit positions.
- Crown Prince is strategically located in the heart of the prolific Murchison gold district, with close proximity to numerous operating gold mines, processing facilities and other key infrastructure.
- NMG is close to announcing a detailed Feasibility Study (environmental, social, mining, metallurgy, geotechnical, hydrogeological) to support a robust value proposition for mining Crown Prince
Alex Passmore, NMG’s CEO commented: “Following a busy year of exploration and development work in 2024, the Company is delighted to report an increased Crown Prince Mineral Resource Estimate from the additional drilling undertaken.
With increased drilling density, the understanding of the Crown Prince deposit is at a strong confidence level with 81% of the ounces (i.e., 22C,000 oz) now reporting to the Indicated Mineral Resource classification. Pleasingly, the average ounce per vertical metre endowment sits at 1,538 within key areas of our conceptual open pit development.
This resource underpins the detailed feasibility study work which is well advanced to confirm the mining, metallurgical, geotechnical, economic and environmental parameters to develop the Crown Prince Gold Project.
Initial economic optimisation modelling of the Crown Prince resource confirms that there is sufficient grade and tonnage to sustain an open pit mining operation.”
Table 1: Crown Prince MRE Summary November 2024
This MRE (Table 1, Figure 1) was prepared by Cube Consulting, an independent consultant, using geological and mineralisation interpretations prepared by NMG using all available reverse circulation and diamond drillhole data. The updated Crown Prince MRE incorporates all drilling completed and assayed up to October 2024. Over the course of 2024, NMG’s exploration team completed 21,974 m of reverse circulation and diamond drilling within the Crown Prince area.
Following the discovery of the south eastern zone (SEZ) of mineralisation at Crown Prince in 2022, follow up exploration in 2023 and 2024 successfully added resource inventory via infill and extensional drilling.
Multiple phases of drilling were undertaken in 2024 (Table 2) with resulting assays now incorporated into the resource model supporting the November 2024 estimate for Crown Prince.
Mineralisation envelopes at the Main and Northern Zones were also better defined for this model. Additionally, new high-grade lodes were discovered in the Northern Zone contributing to the uplift seen in this updated MRE.
The Crown Prince deposit is hosted within quartz-carbonate veins within altered and sheared mafic units. In the weathered profile, primary mineralisation (fresh rock) has in places been enriched with a supergene overprint. Notably, primary mineralisation persists at depth and remains open (Figure 2). Further drilling will be undertaken to test for extensions.
Table 2: Drilling Summary for Crown Prince
Figure 1: Crown Prince MRE mineralisation wireframes, isometric view looking north.
Figure 2: Isometric view looking north of Crown Prince block model
Material Information Summary – Mineral Resources
Information required by ASX Listing Rule 5.8.1 (summary of technical information pertaining to the Mineral Resource Estimate) is detailed in the following sections.
Click here for the full ASX Release
This article includes content from New Murchison Gold 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.
Mawson Finland Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects