Mawson Finland (TSXV:MFL) is a mining development company focused on gold-cobalt in northern Finland advancing its the Rajapalot gold-cobalt project in the Lapland region. Driven by a highly experienced local management and technical team, and supported by a strong Finnish investor ownership, the company is poised to become a key player in the gold-cobalt market.
Mawson Finland's Rajapalot project spans 18,000 hectares and boasts an inferred resource of 9.8 Mt consisting of 867,000 oz gold at 2.8 g/t and 4,311 tonnes of cobalt at 441 parts per million (ppm). A completed preliminary economic assessment (PEA) estimated a net present value (NPV) of US$211 million and a 27 percent internal rate of return (IRR) based on US$1,700 gold price, with significant upside from greenfield exploration.
The Rajapalot gold-cobalt project is the company's cornerstone asset. Covering approximately 18,000 hectares, Rajapalot is distinguished by its significant gold and cobalt mineralization, making it one of the notable dual-commodity projects in Europe.
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With its focused and strategic goals of advancing, expanding and de-risking its highly prospective gold and cobalt resource in Finland, Mawson Finland is well-placed to become a key player in Europe’s growing precious metals and battery markets.
Mawson Finland (TSXV:MFL) is a relatively new listed exploration-stage mining development company focused on gold-cobalt in northern Finland. The company is advancing its 100 percent owned Rajapalot gold-cobalt project in Finland's Lapland region. The project covers 18,000 hectares and boasts an inferred resource of 9.8 Mt consisting of 867,000 oz gold at 2.8 g/t and 4,311 tonnes of cobalt at 441 parts per million (ppm). The company aims to de-risk and expand this project, targeting resource growth through drilling. A completed preliminary economic assessment (PEA) estimated a net present value (NPV) of US$211 million and a 27 percent internal rate of return (IRR) based on US$1,700 gold price, with significant upside from greenfield exploration.
Mawson Finland is driven by a highly experienced local management and technical team, and supported by a strong Finnish investor ownership, all committed to rapidly advancing the Rajapalot project. Noora Ahola, the CEO of Mawson Finland, is a seasoned mining professional with over a decade of experience working on the Rajapalot gold-cobalt project. Based in Rovaniemi, Finland, Ahola has played a key role in advancing the project under its previous owner, Mawson Gold, and in bringing in a roster of Finnish investors into the company. Mawson Finland has a tight shareholder structure, with 19 million shares outstanding and no warrants.
Committed to sustainable development, Mawson Finland places a strong emphasis on environmental stewardship and community engagement. The company adheres to Finland’s rigorous environmental regulations, conducting its operations with a focus on minimizing the ecological impact in the area in which it operates. The ethical sourcing of cobalt, a metal critical for electric vehicle batteries, aligns the project well with current global efforts to ensure responsible supply chains for green energy technologies.
The Rajapalot gold-cobalt project is the cornerstone asset of Mawson Finland, situated in the Lapland region of northern Finland, a tier 1 location. Covering approximately 18,000 hectares, the project is distinguished by its significant gold and cobalt mineralization, making it one of the notable dual-commodity projects in Europe.
The project hosts multiple high-grade gold-cobalt zones, including Palokas, South Palokas, Raja and Rumajärvi. These zones have been the focus of extensive exploration activities, leading to the delineation of a substantial inferred mineral resource. The resource estimates indicate the presence of both gold and cobalt, with gold grades and cobalt credits enhancing the overall economic potential of the project. The mineralization remains open at depth and along strike, suggesting considerable upside from resource expansion through further drilling.
Rajapalot is characterised by its favourable geology within the Paleoproterozoic Peräpohja Belt. The mineralization is associated with metamorphosed volcanic and sedimentary rocks. Anomalous gold is known to correlate with elevated levels of cobalt, bismuth, and other minerals. The area’s geological similarities to other significant mining districts add to the Project’s prospectivity.
Mawson Finland has undertaken comprehensive exploration programs, including diamond drilling, geophysical surveys, and geological mapping. These efforts have not only expanded the known mineralized zones, but have also identified new targets for future exploration. The company’s strategy focuses on both increasing the resource base and advancing the project towards a feasibility study.
Mawson Finland has completed and reported on its 2024 drill results. The company’s goal remains increasing its gold and cobalt resources at the Rajapalot project. The upcoming results will focus on expanding known high-grade zones and testing new exploration targets, with the goal of boosting both the gold and cobalt resources. These efforts are part of the company’s broader strategy to demonstrate the full potential of the project and to continue growing the resource.
Neil MacRae is a capital markets professional with 29 years of experience in investor relations, commodities trading and corporate development within the global mining industry. MacRae holds a Bachelor of Arts degree from the University of Calgary and started his career in 1994 with Mitsui & Co. (Canada). Over the years, he has held various management and investor relations roles with companies such as First Majestic Silver, Sherwood Copper (merged with Capstone in 2008), Farallon Mining (sold to Nyrstar in 2011), NovaGold Resources, and Santacruz Silver Mining. MacRae was previously a director of Mawson Gold.
Noora Ahola is a forestry engineer with a masters degree in natural resources and Landscape Management. She has developed strong experience within the Finnish environmental administration, applying environmental and other land-use legislation for nature protection and other purposes. Her most recent roles include managing director of Mawson Oy and interim CEO and environmental director of Mawson Gold. She also worked at The Centre for Economic Development, Transport and the Environment for Lapland (ELY-Centre) in the nature protection unit as a manager for a program based on developing biodiversity and ecological connections between Natura 2000 sites. As environmental director at Mawson Gold, Ahola set environmental policy, and was responsible for permitting, environmental monitoring and management and research plans. She was responsible also for identifying and managing key environmental risks associated with Mawson Gold’s projects and for ensuring all ESG factors are effectively addressed and managed. Ahola continues to represent Mawson Oy as a director in the Lapland Chamber of Commerce and Finnish Mining Association boards. She is also a member of the national Chamber of Commerce delegation.
Nick DeMare, a chartered professional accountant, has been president of Chase Management since 1991, providing accounting, management, securities regulatory compliance and corporate secretarial services to private and public-listed companies. DeMare also serves as an officer and/or director of a number of public-listed companies. He holds a Bachelor of Commerce degree from the University of British Columbia and is a member in good standing of the Institute of Chartered Accountants of British Columbia.
Mawson Finland Limited ("Mawson" or the "Company") (TSX-V:MFL) is pleased to announcethe completion of the "first phase" ("EIA Program") of the Environmental Impact Assessment procedure for the Rajapalot Project (the "Project") in northern Finland. The EIA procedure is a requirement for obtaining a mining permit
Highlights:
EIA Program completed - marking an important milestone for the EIA process and the ongoing development of the project
Strong stakeholder support received from local communities and authorities
Project recognized for its strategic importance to EU's green transition
Land use planning processes (i.e., re-zoning) now advancing in parallel with the "second phase" of the EIA process
Winter drilling program of 12,000-15,000 metres planned for early 2025
Ms. Noora Ahola, Mawson Finland CEO, states: "The completion of the EIA Program represents more than just a procedural milestone for the Rajapalot project, it also strengthens Rajapalot's position as a strategic asset for both Finland and the European Union's green transition. The Rajapalot project represents a unique opportunity to contribute to both the local and national economy in many ways while supporting Europe's clean energy transition. We're committed to ensuring these benefits materialize while maintaining the highest environmental and social standards. We're not just planning to build a mine; we're setting high standards for responsible resource development in mine building. The feedback received during this phase will be instrumental in fine-tuning our environmental management strategies and ensuring we meet or exceed the stakeholder expectations."
EIA - Environmental Impact Assessment Procedure
In Finland, environmental and other regulatory planning processes form the foundation for a structured and predictable permitting path required for sustainable mine development (Figure 1 is a graphical representation of the regulatory framework in place for mining projects within Finland). The EIA procedure lays the groundwork for moving the Rajapalot project through all future permitting requirements. This crucial process ensures not only the project's environmental responsibility but also facilitates meaningful stakeholder engagement in the development process. The EIA procedure includes two major phases: the Program phase (ie., "first phase") and the Report phase (ie., "second phase"). The Program, or "first phase" of the EIA procedure determines what information is needed to understand and address potential environmental and sociological impacts of the Rajapalot project, both now and into the future (ie., an outline of what will be studied and contained in the main EIA report, or "second phase"). The "second phase" consists of the EIA report addressing the requirements and likely significant impacts recognized in the "first phase" of the EIA Process.
Mawson submitted the Rajapalot gold-cobalt project EIA Program (ie., the "first phase") to the coordinating authority, the Lapland Centre for Economic Development, Transport and the Environment (ELY Centre) on the 31st of August 2024. The company received a statement on the EIA Program from ELY Centre on the 28th of November 2024. The EIA Program statement received from the ELY Centre incorporates official statements and other feedback from all the relevant stakeholders such as municipalities, other national and regional authorities, research centers and reindeer herders. The statements highlighted, among other things, the importance of the Rajapalot project for the EU´s green transition, its potential to diversify local industry, and positive feedback on stakeholder engagement. The statement also raised other valuable perspectives and information that will be considered and carefully processed in the "second phase" of the EIA procedure. As such, Mawson has now achieved a significant milestone in this development journey with the "first phase" of the EIA procedure now completed.
Land Use Planning Processes
As the EIA procedure has progressed to the "second phase", the company can now actively promote land use planning processes within the region. Mawson is now going forward with the phased regional land use planning process initiated by the Regional Council of Lapland ("Lapin Liitto") in conjunction with the EIA Report phase. The phased regional land use plan guides and sets the requirements for the municipal-level land use plans ("Partial Master Plans"). The two municipal areas where the project is located, the City of Rovaniemi and Municipality of Ylitornio, have also formally initiated their respective local land use planning processes. These processes are significant for the project's progression as it ensures that the land use is properly planned to accommodate mining activities while balancing environmental and community needs.
Winter drilling program
Four diamond drill rigs are scheduled to be mobilized at the Rajapalot site in early 2025 to begin next year's winter drilling campaign. Between 12,000 to 15,000 metres of diamond drilling is planned to be completed by the end of April 2025. Major objectives for this drilling are to extend and increase the inferred resource base of the Rajapalot gold-cobalt project, while also drill-testing some compelling exploration targets developed through the 2024 summer and autumn field season.
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.
SOURCE:Mawson Finland Limited
News Provided by ACCESSWIRE via QuoteMedia
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:
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
News Provided by ACCESSWIRE via QuoteMedia
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from the final 13 drillholes of the 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto
Highlights:
‘New lens' reported in September 4, 2024 NR is expanded up-dip
Seven holes intersect significant mineralized intercepts
PAL0361 drilled multiple significant intercepts targeting down-dip depth extensions of South Palokas, defining two lenses of gold-cobalt mineralization at depth, including:
6 m @ 2.24 g/t Au and 302 ppm Co from 493.8 metres
5.3 m @ 2.75 g/t Au and 559 ppm Co from 533.25 metres
PAL0364 drilled multiple significant intercepts in modest step-outs in the upper southern portions of South Palokas, and then continued onwards to intercept ‘New lens' located in the footwall of South Palokas including:
4 m @ 2.41 g/t Au and 227 ppm Co from 141.35 metres at South Palokas
17 m @ 1.05 g/t Au and 224 ppm Co from 263.9 metres on ‘New lens'
PAL0356 drilled 0.9 m @ 5.07 g/t Au and 19 ppm Co from 424.45 metres in a deep, southward step-out from South Palokas
PAL0367 drilled a single intercept of 0.85 m @ 0.94 ppm Au from 614.75 meters (cobalt TBA) on a deep steep-out on the northern margin of South Palokas
PAL0368 drilled multiple significant intercepts in southward step-outs to The Hut zone of gold-cobalt mineralization, including:
5.7 m @ 0.83 g/t Au and 519 ppm Co from 161.15 metres
PAL0363 drilled two significant intercepts in northwards step-outs of The Hut zone of mineralization, including:
4.15 m @ 0.67 g/t Au and 579 ppm Co from 203.1 metres
1 m @ 1.02 g/t Au and 129 ppm Co from 209.25 metres
PAL0370 drilled a single intercept in a modest step-out at Terry's Hammer of:
1 m @ 1.86 g/t Au and 466 ppm Co from 64.85 metres
Drillholes PAL0352 and PAL0365 (South Palokas), drillholes PAL0366 and PAL0369 (The Hut), and drillhole PAL0371 (Terry's Hammer) failed to intercept significant mineralization, while drillhole PAL0359 (South Palokas) was abandoned at 47.2 metres due to drilling technicalities.
Ms. Noora Ahola, Mawson Finland CEO, states: "In recent weeks our Executive Chairman Neil MacRae and I have had a chance to meet many of our shareholders as well as local stakeholder groups. We appreciate the confidence that our shareholders have shown in our team by funding our new Company. We hope that our shareholders are as excited as our team is by the results of this latest drill season. I think our 2024 drill results speak loudly to the potential expansion of Rajapalot well beyond its current size.
However, we will not rest on our laurels and intend to continue to build on our exploration success. Our exploration team is currently in the field conducting both surface-geochemical and geophysical surveys in order to allow us to try to improve on our current success rate when the Winter 2025 drilling campaign begins."
Detailed Results
The 13 drillholes reported here (Table 1) are from the South Palokas, New lens, The Hut and Terry's Hammer zones of mineralization at Rajapalot (PAL0352, PAL0356, PAL0359, PAL0361, PAL0363, PAL0364, PAL0365, PAL0366, PAL0367, PAL0368, PAL0369, PAL0370, PAL0371; see Figure 1, Figure 2 and Figure 3 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 4,675 metres of drilling from the 2024 programme of a total of 11,376 metres in 38 drillholes, of which all holes have now been reported for gold their analysis. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are available for all but drillhole PAL0367 of this news release, of which results from this hole, and all remaining and unreported cobalt results will be reported in due course as the remaining data becomes available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto.
Drillholes PAL0356 and PAL0361 were drilled on the deep, southern margin of the South Palokas zone of gold-cobalt mineralization, where they intercepted significant mineralization with respective step-outs of between 50 metres and 85 metres southwards from their nearest known historical drill-intercepts (refer to Figure 2). Drillhole PAL0367 was drilled on the deepest northern margins of South Palokas where it intercepted a thin, weakly mineralized interval. Drillholes PAL0352 (northern margin) and PAL00365 (southern margin) intercepted no significant mineralization, while drillhole PAL0359 was abandoned after only 47.3 metres due to drilling difficulties, and failed to reach projected depth of mineralization.
One further drillhole was drilled in the South Palokas area to follow-up a previously reported high-grade intercept on ‘New lens' that is located in the footwall of South Palokas, approximately 100 metres directly below the main mineralized body in this area (see Mawson Finland Limited news release dated September 4th, 2024). Drillhole PAL0364intercepted a thick, 17 metre drilled interval of gold-cobalt mineralization approximately 50 metres up-dip of the previously reported high-grade intercept (PAL0335; 20.75 m @ 5.25 g/t Au & 515 ppm Co from 295.05 metres). This confirms both geological and grade continuity of ‘New lens', meaning that geometry of this gold-cobalt-bearing structure is now understood, and further step-out drilling can be conducted in the down-plunge direction (refer to Figure 2).
Drilling at The Hut and Terry's Hammer zones of gold-cobalt mineralization consisted of 6 drillholes in total. Drillholes PAL0663, PAL0366 and PAL0369 targeted northerly step-outs to The Hut zone of mineralization, with drillhole PAL0363 intercepting gold-cobalt mineralization in a step-out of approximately 60 metres to the north of its nearest historical intercept (refer to Figure 3). Drillhole PAL0368 intercepted gold-cobalt mineralization in an approximately 35 metre step-out to the south of the next closest historical intercept at The Hut. Drillholes PAL0370 and PAL0371 were drilled to target down-dip extension of Terry's Hammer, with PAL0371 intercepting gold-cobalt mineralization approximately 35 metres below its nearest historical intercept (refer to Figure 3).
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralization are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralization is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralization at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralization remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth (m) | Prospect |
PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | South Palokas |
PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | Hole abandoned |
PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (Finnish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.
Hole ID | From (m) | To (m) | Thickness1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt (ppm) |
PAL0356 | 424.45 | 425.35 | 0.90 | 5.07 | 4.56 | 19 |
PAL0361 | 464.80 | 465.80 | 1.00 | 0.31 | 0.31 | 8 |
PAL0361 | 473.80 | 475.80 | 2.00 | 1.32 | 2.64 | 120 |
PAL0361 | 493.80 | 499.80 | 6.00 | 2.24 | 13.47 | 302 |
PAL0361 | 533.25 | 538.55 | 5.30 | 2.75 | 14.56 | 559 |
PAL0363 | 203.10 | 207.25 | 4.15 | 0.67 | 2.78 | 579 |
PAL0363 | 209.25 | 210.25 | 1.00 | 1.02 | 1.02 | 129 |
PAL0364 | 96.80 | 97.80 | 1.00 | 1.32 | 1.32 | 399 |
PAL0364 | 111.30 | 114.30 | 3.00 | 0.65 | 1.94 | 361 |
PAL0364 | 130.35 | 132.35 | 2.00 | 0.85 | 1.69 | 109 |
PAL0364 | 141.35 | 145.35 | 4.00 | 2.41 | 9.64 | 227 |
PAL0364 | 149.35 | 155.30 | 5.95 | 0.83 | 4.90 | 543 |
PAL0364 | 263.90 | 280.90 | 17.00 | 1.05 | 17.79 | 224 |
PAL0364 | 282.90 | 283.90 | 1.00 | 0.32 | 0.32 | 95 |
PAL0364 | 292.75 | 293.75 | 1.00 | 0.58 | 0.58 | 182 |
PAL0367 | 614.75 | 615.60 | 0.85 | 0.94 | 0.80 | TBA |
PAL0368 | 103.60 | 104.60 | 1.00 | 1.81 | 1.81 | 89 |
PAL0368 | 161.15 | 166.85 | 5.70 | 0.83 | 4.66 | 519 |
PAL0368 | 168.20 | 168.90 | 0.70 | 1.60 | 1.12 | 488 |
PAL0371 | 64.85 | 65.85 | 1.00 | 1.86 | 1.86 | 466 |
1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Drillholes coloured red are those reported in this news release, while holes coloured black have been reported in previous releases.
Figure 2: Long-section of the South Palokas (left) and ‘New lens' (right) zones of mineralization at Rajapalot. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralization remains ‘open' and untested.
Figure 3: Long-section of The Hut and Terry's Hammer zones of mineralization at Rajapalot. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralization remains ‘open' and untested.
Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralization |
PAL0356 | 424.45 | 425.35 | 0.90 | 5.07 | 19 | South Palokas |
PAL0361 | 464.80 | 465.80 | 1.00 | 0.31 | 8 | South Palokas |
473.80 | 474.80 | 1.00 | 0.86 | 54 | South Palokas | |
474.80 | 475.80 | 1.00 | 1.78 | 185 | South Palokas | |
493.80 | 494.80 | 1.00 | 0.41 | 74 | South Palokas | |
494.80 | 495.80 | 1.00 | 4.71 | 210 | South Palokas | |
495.80 | 496.80 | 1.00 | 3.97 | 328 | South Palokas | |
496.80 | 497.80 | 1.00 | 1.93 | 505 | South Palokas | |
497.80 | 498.80 | 1.00 | 2.01 | 615 | South Palokas | |
498.80 | 499.80 | 1.00 | 0.44 | 80 | South Palokas | |
533.25 | 534.25 | 1.00 | 1.82 | 1177 | South Palokas | |
534.25 | 535.25 | 1.00 | 7.32 | 833 | South Palokas | |
535.25 | 536.55 | 1.30 | 0.46 | 160 | South Palokas | |
536.55 | 537.55 | 1.00 | 0.33 | 489 | South Palokas | |
537.55 | 538.55 | 1.00 | 4.49 | 258 | South Palokas | |
PAL0363 | 203.10 | 204.10 | 1.00 | 0.81 | 541 | Hut |
204.10 | 205.25 | 1.15 | 0.25 | 294 | Hut | |
205.25 | 206.25 | 1.00 | 0.97 | 939 | Hut | |
206.25 | 207.25 | 1.00 | 0.71 | 586 | Hut | |
209.25 | 210.25 | 1.00 | 1.02 | 129 | Hut | |
PAL0364 | 96.80 | 97.80 | 1.00 | 1.32 | 399 | South Palokas |
111.30 | 112.30 | 1.00 | 0.60 | 52 | South Palokas | |
112.30 | 113.30 | 1.00 | 0.08 | 720 | South Palokas | |
113.30 | 114.30 | 1.00 | 1.26 | 313 | South Palokas | |
130.35 | 131.35 | 1.00 | 1.10 | 138 | South Palokas | |
131.35 | 132.35 | 1.00 | 0.59 | 80 | South Palokas | |
141.35 | 142.35 | 1.00 | 0.50 | 147 | South Palokas | |
142.35 | 143.35 | 1.00 | 2.01 | 340 | South Palokas | |
143.35 | 144.35 | 1.00 | 4.03 | 332 | South Palokas | |
144.35 | 145.35 | 1.00 | 3.10 | 88 | South Palokas | |
149.35 | 150.35 | 1.00 | 1.85 | 813 | South Palokas | |
150.35 | 151.35 | 1.00 | 0.38 | 629 | South Palokas | |
151.35 | 152.35 | 1.00 | 0.16 | 117 | South Palokas | |
152.35 | 153.35 | 1.00 | 1.44 | 957 | South Palokas | |
153.35 | 154.35 | 1.00 | 39 | South Palokas | ||
154.35 | 155.30 | 0.95 | 1.18 | 700 | South Palokas | |
263.90 | 264.90 | 1.00 | 0.83 | 356 | South Palokas | |
264.90 | 265.90 | 1.00 | 0.67 | 669 | South Palokas | |
265.90 | 266.90 | 1.00 | 0.24 | 420 | South Palokas | |
266.90 | 268.20 | 1.30 | 1.11 | 469 | South Palokas | |
268.20 | 269.20 | 1.00 | 0.34 | 290 | South Palokas | |
269.20 | 270.20 | 1.00 | 0.12 | 80 | South Palokas | |
270.20 | 271.20 | 1.00 | 0.59 | 110 | South Palokas | |
271.20 | 272.20 | 1.00 | 0.18 | 65 | South Palokas | |
272.20 | 272.90 | 0.70 | 1.57 | 216 | South Palokas | |
272.90 | 273.90 | 1.00 | 2.90 | 143 | South Palokas | |
273.90 | 274.90 | 1.00 | 5.17 | 48 | South Palokas | |
274.90 | 275.90 | 1.00 | 1.90 | 167 | South Palokas | |
275.90 | 276.90 | 1.00 | 0.14 | 52 | South Palokas | |
276.90 | 277.90 | 1.00 | 0.40 | 191 | South Palokas | |
277.90 | 278.90 | 1.00 | 0.57 | 228 | South Palokas | |
278.90 | 279.90 | 1.00 | 0.85 | 136 | South Palokas | |
279.90 | 280.90 | 1.00 | 0.35 | 101 | South Palokas | |
282.90 | 283.90 | 1.00 | 0.32 | 95 | South Palokas | |
292.75 | 293.75 | 1.00 | 0.58 | 182 | South Palokas | |
PAL0367 | 614.75 | 615.60 | 0.85 | 0.94 | TBA | South Palokas |
PAL0368 | 103.60 | 104.60 | 1.00 | 1.81 | 89 | Hut |
161.15 | 161.55 | 0.40 | 0.52 | 256 | Hut | |
161.55 | 162.75 | 1.20 | 18 | Hut | ||
162.75 | 163.50 | 0.75 | 0.57 | 155 | Hut | |
163.50 | 164.50 | 1.00 | 0.31 | 1011 | Hut | |
164.50 | 165.10 | 0.60 | 1.43 | 1260 | Hut | |
165.10 | 165.80 | 0.70 | 1.06 | 797 | Hut | |
165.80 | 166.85 | 1.05 | 2.08 | 375 | Hut | |
168.20 | 168.90 | 0.70 | 1.60 | 488 | Hut | |
PAL0371 | 64.85 | 65.85 | 1.00 | 1.86 | 466 | Terry's Hammer |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
SOURCE: Mawson Finland Limited
News Provided by ACCESSWIRE via QuoteMedia
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from 10 drillholes at the Raja and Joki zones of mineralization which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto
Highlights:
PAL0347 and PAL0349 drilled multiple intercepts in south-westward step-outs to the Raja gold-cobalt mineral system, extending the envelope of mineralisation significantly by approximately 30 and 50 metres respectively, including;
PAL0347 - 5.8 m @ 2.17 g/t gold from 184.3 m (cobalt TBA), 3 m @ 2.43 g/t gold from 201.55 m (cobalt TBA), and 8.6 m @ 1.9 g/t gold from 209 m (cobalt TBA)
PAL0349 - 3.6 m @ 1.74 g/t gold and 1007 ppm cobalt from 294.5 m, and 4 m @ 0.65 g/t gold and 32 ppm cobalt from 320.8m
PAL0355, PAL0353 and PAL0358 drilled multiple intercepts in north-eastward step-outs to the Raja gold-cobalt mineral system, extending the envelope of mineralisation by between 40 and 90 metres, including;
PAL0355 - 2 m @ 2.85 g/t gold and 130 ppm cobalt from 257.5 m, and 2 m @ 1.73 g/t gold and 262 ppm cobalt from 265.6 m
PAL0353 - 0.9 m @ 0.37 g/t Au and 77 ppm cobalt from 91.3 m, and 3 m @ 1.81 g/t gold and 288 ppm cobalt from 211 m
PAL0358 - 5.95 m @ 1.52 g/t gold and 82 ppm cobalt from 130.25 m, 3 m @ 1.44 g/t gold from and 42 ppm cobalt, and 3 m @ 3.22 g/t cobalt and 142 ppm cobalt from 157.2 m
PAL0338 drilled a single intercept in a north-eastward step-out at Joki zone of gold-cobalt mineralisation returning;
PAL0338 - 1 m @ 4.03 g/t gold and 749 ppm cobalt from 148 metres
Drillhole PAL0360 from Raja, and drillholes PAL0336, PAL0337 and PAL0372 from Joki failed to intercept significant mineralisation.
Ms. Noora Ahola, Mawson Finland CEO, states: "We are pleased to report the latest results from our resource step-out drilling at the Raja and Joki zones of Rajapalot. Of particular note is the up-to 90 meter north-eastward extension of gold-cobalt mineralization at the Raja zone of mineralisation that we can expect will contribute additional gold-cobalt mineralised material to our resource inventory in this area. We are proud to inform our shareholders that we remain on-track with our resource expansion ambitions and will continue to report drill results in the coming weeks".
Detailed Results
The 10 drillholes reported here (Table 1) are from the Raja and Joki zones of mineralization at Rajapalot (drill holes PAL0336, PAL0337, PAL0338, PAL0347, PAL0349, PAL0353, PAL0355, PAL358, PAL0360 & PAL0372; see Figure 1, Figure 2 and Figure 3 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 2,295 metres of drilling from the winter programme of a total of 11,376 metres in 38 drillholes. To date, a total of 25 holes for a total of 6,701 m has now been reported. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are available for all but drillhole PAL0347 of this news release, of which results from this hole will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto.
Drillholes PAL0355, PAL0353 and PAL0358 were drilled on the north-eastern margin of the Raja zone of gold-cobalt mineralization where they all intercepted multiple significant intercepts of mineralization between 40 meters (PAL0358) and 90 meters (PAL0355) to the north-east of their closest historical intercepts (refer to Figure 2 and Tables 2 & 3). Drillholes PAL0347, PAL0349 and PAL0360 where drilled on the south-west margin of the Raja zone of mineralization with multiple significant intercepts found between 30 meters (PAL0347) and 50 meters (PAL0349) to the south-west from their nearest historical intercepts, while PAL0360 did not intercept any significant mineralisation in an attempted 90 metre step-out to the south-west of Raja (refer to Figure 2, and Tables 2 & 3). While the host shear-structure was intercepted in hole PAL0360 from between 145 to 162 meters downhole, the host-succession was found to consist of sulfate-rich lithologies which are often found to inhibit gold-cobalt mineralisation at the Rajapalot property. Similarly, drillholes PAL0336, PAL0337 and PAL0372 intercepted unfavourable host lithologies in the projected up-dip position of mineralization at Joki and as such, failed to return significant mineralized intercepts from this zone of gold-cobalt mineralisation. Only PAL0338 returned a thin interval of mineralization at Joki, extending the known mineralization here to the north-east by some 30 meters (refer to Figure 3 and Tables 2 & 3).
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth (m) | Prospect |
PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | South Palokas |
PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | South Palokas |
PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.
Hole ID | From (m) | To (m) | Drilled Thickness1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt ppm |
PAL0336 | - | - | - | - | - | - |
PAL0337 | - | - | - | - | - | - |
PAL0338 | 148.00 | 149.00 | 1.00 | 4.03 | 4.03 | 748.5 |
PAL0347 | 184.30 | 190.10 | 5.80 | 2.17 | 12.60 | TBA |
PAL0347 | 201.55 | 204.55 | 3.00 | 2.43 | 7.30 | TBA |
PAL0347 | 209.00 | 217.60 | 8.60 | 1.90 | 16.35 | TBA |
PAL0349 | 294.50 | 298.10 | 3.60 | 1.74 | 6.27 | 1006.7 |
PAL0349 | 320.80 | 324.80 | 4.00 | 0.65 | 2.60 | 32.4 |
PAL0353 | 91.30 | 92.20 | 0.90 | 0.37 | 0.33 | 76.5 |
PAL0353 | 211.00 | 214.00 | 3.00 | 1.81 | 5.43 | 288.0 |
PAL0355 | 257.50 | 259.50 | 2.00 | 2.85 | 5.70 | 130.0 |
PAL0355 | 265.60 | 267.60 | 2.00 | 1.73 | 3.46 | 261.7 |
PAL0358 | 130.25 | 136.20 | 5.95 | 1.52 | 9.04 | 82.3 |
PAL0358 | 143.20 | 146.20 | 3.00 | 1.44 | 4.33 | 42.1 |
PAL0358 | 157.20 | 160.20 | 3.00 | 3.22 | 9.66 | 142.0 |
PAL0360 | - | - | - | - | - | - |
PAL0372 | - | - | - | - | - | - |
1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Drillholes coloured red are those reported in this news release, while holes coloured black have been reported in previous releases, and blue coloured holes are awaiting results and publication.
Figure 2: Plan-view illustration demonstrating both historical and 2024 drill intercepts in the Raja prospect. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralisation remains ‘open' and untested.
Figure 3: Plan-view illustration demonstrating both historical and 2024 drill intercepts in the Joki prospect. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralisation remains ‘open' and untested.
Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralisation |
PAL0338 | 148.00 | 149.00 | 1.00 | 4.03 | 748.5 | Joki |
PAL0347 | 184.30 | 185.30 | 1.00 | 1.44 | TBA | Raja |
185.30 | 186.30 | 1.00 | 4.26 | TBA | Raja | |
186.30 | 187.10 | 0.80 | 0.12 | TBA | Raja | |
187.10 | 188.10 | 1.00 | 2.73 | TBA | Raja | |
188.10 | 189.10 | 1.00 | 2.77 | TBA | Raja | |
189.10 | 190.10 | 1.00 | 1.31 | TBA | Raja | |
201.55 | 202.55 | 1.00 | 0.99 | TBA | Raja | |
202.55 | 203.55 | 1.00 | 1.28 | TBA | Raja | |
203.55 | 204.55 | 1.00 | 5.03 | TBA | Raja | |
209.00 | 210.00 | 1.00 | 1.15 | TBA | Raja | |
210.00 | 211.00 | 1.00 | 0.82 | TBA | Raja | |
211.00 | 212.05 | 1.05 | 1.14 | TBA | Raja | |
212.05 | 212.80 | 0.75 | 0.05 | TBA | Raja | |
212.80 | 214.15 | 1.35 | 0.60 | TBA | Raja | |
214.15 | 215.20 | 1.05 | 0.55 | TBA | Raja | |
215.20 | 216.40 | 1.20 | 7.09 | TBA | Raja | |
216.40 | 217.60 | 1.20 | 2.71 | TBA | Raja | |
PAL0349 | 294.50 | 295.50 | 1.00 | 1.17 | 655.0 | Raja |
295.50 | 296.50 | 1.00 | 0.86 | 941.2 | Raja | |
296.50 | 297.50 | 1.00 | 3.90 | 1876.6 | Raja | |
297.50 | 298.10 | 0.60 | 0.56 | 252.4 | Raja | |
320.80 | 321.80 | 1.00 | 1.62 | 29.6 | Raja | |
321.80 | 322.80 | 1.00 | 0.25 | 9.9 | Raja | |
322.80 | 323.80 | 1.00 | 0.05 | 30.0 | Raja | |
323.80 | 324.80 | 1.00 | 0.68 | 60.2 | Raja | |
PAL0353 | 91.30 | 92.20 | 0.90 | 0.37 | 76.5 | Raja |
211.00 | 212.00 | 1.00 | 1.49 | 506.5 | Raja | |
212.00 | 213.00 | 1.00 | 3.08 | 235.1 | Raja | |
213.00 | 214.00 | 1.00 | 0.86 | 122.4 | Raja | |
PAL0355 | 257.50 | 258.50 | 1.00 | 5.39 | 148.2 | Raja |
258.50 | 259.50 | 1.00 | 0.31 | 111.9 | Raja | |
265.60 | 266.60 | 1.00 | 2.40 | 490.1 | Raja | |
266.60 | 267.60 | 1.00 | 1.06 | 33.2 | Raja | |
PAL0358 | 130.25 | 131.20 | 0.95 | 0.74 | 72.0 | Raja |
131.20 | 132.20 | 1.00 | -0.05 | 117.9 | Raja | |
132.20 | 133.20 | 1.00 | 0.22 | 124.6 | Raja | |
133.20 | 134.20 | 1.00 | 1.48 | 73.6 | Raja | |
134.20 | 135.20 | 1.00 | 5.60 | 90.7 | Raja | |
135.20 | 136.20 | 1.00 | 1.09 | 14.8 | Raja | |
143.20 | 144.20 | 1.00 | 0.81 | 50.1 | Raja | |
144.20 | 145.20 | 1.00 | 3.14 | 40.3 | Raja | |
145.20 | 146.20 | 1.00 | 0.38 | 35.9 | Raja | |
157.20 | 158.20 | 1.00 | 3.35 | 68.6 | Raja | |
158.20 | 159.20 | 1.00 | 5.91 | 341.3 | Raja | |
159.20 | 160.20 | 1.00 | 0.40 | 16.2 | Raja |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
SOURCE:Mawson Finland Limited
News Provided by ACCESSWIRE via QuoteMedia
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from 8 drillholes at the Palokas zone of mineralization which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto
Highlights:
PAL0346 intercepted 7 m @ 9.1 g/t gold and 706 ppm cobalt from 88.75 m demonstrating that thicker and higher-grade mineralization exists in the southern margin of the Palokas gold-cobalt system
PAL0354 intercepted 12 m @ 1.7 g/t gold from 416 m(cobalt to be announced) demonstrating the Palokas system remains open at depth; opens new vector for further exploration
PAL0351 and PAL0362 intercepted mineralized extensions to the south of the previous known extents of the Palokas system including:
PAL0351: 6 m @ 0.43 g/t gold from 254 m (cobalt to be announced)
PAL0351: 1.25 m @ 2.42 g/t gold from 261.64 m (cobalt to be announced)
PAL0351: 1 m @ 0.31 g/t gold from 287.9 m (cobalt to be announced)
PAL0362: 1 m @ 4.71 g/t gold from 56.55 m (cobalt to be announced)
PAL0343 and PAL0345 drilled into the northern margin of the Palokas system returning thin intervals of lower-grade mineralization, including:
PAL0343: 1 m @ 1.29 g/t Au and 260 ppm cobalt
PAL0345: 0.95 @ 0.64 g/t Au (cobalt to be announced)
PAL0342 and PAL0357 similarly drilled into the northern margins of the Palokas system but failed to return significant intercepts
Ms. Noora Ahola, Mawson Finland CEO, states:
"We are very excited to report the latest results from our resource step-out drilling at the Palokas zone from the Rajapalot project. The drill results demonstrate that the mineralization at Palokas is wide open both to the south-west and down dip. We look to be well on our way to achieving our objective to increase the Rajapalot resource. Further drill results will be reported in the coming weeks".
Detailed Results
The 8 drillholes reported here (table 1) are from the Palokas zone of mineralization at Rajapalot (drill holes PAL0342, PAL0343, PAL0345, PAL0346, PAL0351, PAL0354, PAL0357 & PAL0362 see Figure 1 and Figure 2 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 2,310 metres of drilling from the winter programme of a finalized total of 11,376 metres in 38 drillholes. To date, a total of 15 holes for a total of 4,406 m have now been reported. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are currently only available from holes PAL0343 and PAL0346, and the remainder of such results will be reported in due course as the same become available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto. Due to the abandonment of hole PAL0359 for technical reasons at 47.2 metres of a planned 750 meters depth, the total and finalised tally of metres drilled at Rajapalot for the 2024 drilling season is 11,376 metres from the 38 drillholes.
Drillholes PAL0346, PAL0351, PAL0354 and PAL0362 are all located along the depth extent of the southern margin of the Palokas zone of gold-cobalt mineralization, with intercept depths ranging from around 40 m to 300 m below surface. The most significant intercept reported here from PAL0346 intercepted a strongly mineralized interval of 7 m @ 9.1 g/t gold and 706 ppm cobalt located approximately 70 m below surface, and approximately 40 m south of its nearest drillhole (see figure 2). Drillhole PAL0354 intercepted 12 m @ 1.7 g/t gold (cobalt to be announced) located nearly 300 m below surface, in an area that had only previously reported lower-grade results (see figure 2); these results now open-up a significant new search-space for further exploration on the Palokas zone, and increase the strike-extension length of Palokas from around 130 m, to over 200 m at its deepest known point (see figure 2). The remainder of the drillholes reported here were drilled along the northern margin of the Palokas zone and intercepted some minor mineralization (holes PAL0343 and PAL0345) or no significant mineralisation (PAL0342 and PAL0357) suggesting that much of the immediate northern margin of the Palokas zone between surface to around 350 m below surface does not host further significant gold-cobalt mineralisation (see figure 2).
Technical Background, Data Verification and Quality Assurance and Quality Control
Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.
All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with
At Rajapalot, all examples of gold-cobalt mineralisation are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralisation is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralisation at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralisation remains open at depth across the entire project.
Qualified Person
The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.
About Mawson Finland Limited
Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.
Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.
Forward-looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SCHEDULE "A" - TABLES AND FIGURES
Hole ID | Easting TM35 | Northing TM35 | Elevation (mRL) | Azimuth | Dip | Total Depth (m) | Prospect |
PAL0335 | 3408345 | 7373507 | 174 | 50.4 | -70.2 | 405.3 | South Palokas |
PAL0336 | 3410540 | 7372676 | 151 | 144.1 | -70.1 | 131 | Joki East |
PAL0337 | 3410481 | 7372590 | 148 | 61.2 | -70.9 | 125.3 | Joki East |
PAL0338 | 3410422 | 7372775 | 153 | 144.7 | -55.4 | 190 | Joki East |
PAL0339 | 3408209 | 7373303 | 172 | 104.3 | -44.8 | 150.1 | South Palokas |
PAL0340 | 3408347 | 7373505 | 174 | 118.4 | -79.2 | 395.85 | South Palokas |
PAL0341 | 3408222 | 7373377 | 173 | 131 | -44.4 | 136.7 | South Palokas |
PAL0342 | 3408715 | 7373997 | 175 | 115.7 | -58.3 | 148.6 | Palokas |
PAL0343 | 3408627 | 7373991 | 175 | 88.9 | -50.1 | 193 | Palokas |
PAL0344 | 3408300 | 7373532 | 174 | 52.3 | -75.9 | 476.6 | South Palokas |
PAL0345 | 3408606 | 7374008 | 174 | 60.8 | -71.9 | 278.1 | Palokas |
PAL0346 | 3408571 | 7373723 | 174 | 45 | -65 | 184.4 | Palokas |
PAL0347 | 3408710 | 7372442 | 175 | 134.4 | -72.1 | 273.6 | Raja |
PAL0348 | 3408306 | 7373530 | 175 | 119.1 | -80.2 | 242.1 | South Palokas |
PAL0349 | 3408694 | 7372549 | 179 | 170 | -80 | 341.85 | Raja |
PAL0350 | 3408402 | 7373671 | 174 | 75 | -52 | 290.1 | South Palokas |
PAL0351 | 3408461 | 7373877 | 175 | 143 | -69.5 | 334.5 | Palokas |
PAL0352 | 3408247 | 7373715 | 172 | 62.4 | -66.4 | 474.1 | South Palokas |
PAL0353 | 3408850 | 7372504 | 176 | 160 | -70 | 260.55 | Raja |
PAL0354 | 3408308 | 7373984 | 175 | 126.1 | -50.9 | 466.9 | Palokas |
PAL0355 | 3408817 | 7372720 | 174 | 168 | -77 | 428.9 | Raja |
PAL0356 | 3408138 | 7373637 | 174 | 80.4 | -74.4 | 496.9 | South Palokas |
PAL0357 | 3408558 | 7374143 | 175 | 168.8 | -82.9 | 445.6 | Palokas |
PAL0358 | 3408984 | 7372343 | 173 | 244.5 | -79.1 | 178.75 | Raja |
PAL0359 | 3408138 | 7373933 | 172 | 150.9 | -77.7 | 47.2 | South Palokas |
PAL0360 | 3408679 | 7372340 | 174 | 75 | -80.4 | 251.7 | Raja |
PAL0361 | 3408088 | 7373643 | 173 | 51.1 | -81.9 | 665.95 | South Palokas |
PAL0362 | 3408576 | 7373723 | 174 | 95.3 | -47.6 | 258.55 | Palokas |
PAL0363 | 3407996 | 7373198 | 172 | 88.2 | -55.3 | 338.8 | Hut |
PAL0364 | 3408346 | 7373509 | 174 | 65.7 | -66.4 | 359.2 | South Palokas |
PAL0365 | 3408347 | 7373434 | 174 | 71 | -70.1 | 304.4 | South Palokas |
PAL0366 | 3407996 | 7373198 | 172 | 88.6 | -70.6 | 374.4 | Hut |
PAL0367 | 3408138 | 7373935 | 172 | 150.8 | -79.2 | 785.3 | South Palokas |
PAL0368 | 3407940 | 7373069 | 173 | 137.5 | -47.7 | 250.9 | Hut |
PAL0369 | 3408026 | 7373279 | 172 | 82.5 | -44.6 | 253.5 | South Palokas |
PAL0370 | 3408231 | 7372823 | 182 | 124 | -55.1 | 175.9 | Terry's Hammer |
PAL0371 | 3408231 | 7372823 | 182 | 172.6 | -44.8 | 148 | Terry's Hammer |
PAL0372 | 3410436 | 7372555 | 149 | 106.7 | -69.4 | 113.4 | Joki East |
Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.
Hole ID | From (m) | To (m) | Drilled Thickness1 (m) | Gold (g/t) | Gold (gram-metres) | Cobalt ppm |
PAL0342 | - | - | - | - | - | - |
PAL0343 | 151.4 | 152.4 | 1 | 1.29 | 1.29 | 260.5 |
PAL0345 | 145 | 145.95 | 0.95 | 0.64 | 0.61 | TBA |
PAL0346 | 81.75 | 85.75 | 4 | 0.89 | 3.56 | 943.7 |
PAL0346 | 88.75 | 95.75 | 7 | 9.10 | 63.69 | 706.2 |
PAL0346 | 104.9 | 105.9 | 1 | 0.78 | 0.78 | 101.6 |
PAL0351 | 254 | 260 | 6 | 0.43 | 2.57 | TBA |
PAL0351 | 261.65 | 262.9 | 1.25 | 2.42 | 3.03 | TBA |
PAL0351 | 287.9 | 288.9 | 1 | 0.31 | 0.31 | TBA |
PAL0354 | 389 | 391 | 2 | 0.41 | 0.82 | TBA |
PAL0354 | 416 | 428 | 12 | 1.70 | 20.42 | TBA |
PAL0357 | - | - | - | - | - | - |
PAL0362 | 56.55 | 57.55 | 1 | 4.75 | 4.75 | TBA |
1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.
Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.
Hole ID | From (m) | To (m) | Length (m) | Gold g/t | Cobalt ppm | Mineralisation |
PAL0343 | 151.4 | 152.4 | 1 | 1.29 | 260.5 | Palokas |
PAL0345 | 145 | 145.95 | 0.95 | 0.64 | TBA | Palokas |
PAL0346 | 81.75 | 82.75 | 1 | 2.04 | 782.4 | Palokas |
82.75 | 83.75 | 1 | 0.63 | 1114.9 | Palokas | |
83.75 | 84.75 | 1 | 0.48 | 1046.2 | Palokas | |
84.75 | 85.75 | 1 | 0.41 | 831.2 | Palokas | |
88.75 | 89.75 | 1 | 5.69 | 624.2 | Palokas | |
89.75 | 90.75 | 1 | 30.3 | 1067.7 | Palokas | |
90.75 | 91.75 | 1 | 13.6 | 820.6 | Palokas | |
91.75 | 92.75 | 1 | 8.02 | 832 | Palokas | |
92.75 | 93.75 | 1 | 0.9 | 439 | Palokas | |
93.75 | 94.75 | 1 | 4.7 | 604.9 | Palokas | |
94.75 | 95.75 | 1 | 0.48 | 554.8 | Palokas | |
104.9 | 105.9 | 1 | 0.78 | 101.6 | Palokas | |
PAL0351 | 254 | 255 | 1 | 0.82 | TBA | Palokas |
255 | 256 | 1 | 0.36 | TBA | Palokas | |
257 | 258 | 1 | 0.4 | TBA | Palokas | |
258 | 259 | 1 | 0.36 | TBA | Palokas | |
259 | 260 | 1 | 0.52 | TBA | Palokas | |
261.65 | 262.9 | 1.25 | 2.42 | TBA | Palokas | |
287.9 | 288.9 | 1 | 0.31 | TBA | Palokas | |
PAL0354 | 389 | 390 | 1 | 0.45 | TBA | Palokas |
390 | 391 | 1 | 0.37 | TBA | Palokas | |
416 | 417 | 1 | 1.7 | TBA | Palokas | |
417 | 418 | 1 | 2.21 | TBA | Palokas | |
418 | 419 | 1 | 5.77 | TBA | Palokas | |
419 | 420 | 1 | 1.04 | TBA | Palokas | |
420 | 421 | 1 | 1.41 | TBA | Palokas | |
421 | 422 | 1 | 1.34 | TBA | Palokas | |
422 | 423 | 1 | 1.31 | TBA | Palokas | |
423 | 424 | 1 | 1.385 | TBA | Palokas | |
425 | 426 | 1 | 3.37 | TBA | Palokas | |
427 | 428 | 1 | 0.78 | TBA | Palokas | |
PAL0362 | 56.55 | 57.55 | 1 | 4.75 | TBA | Palokas |
Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.
SOURCE:Mawson Finland Limited
News Provided by ACCESSWIRE via QuoteMedia
Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF)(the "Company" or "Lahontan") is pleased to announce results from a positive Preliminary Economic Assessment(" PEA") on its flagship Santa Fe Mine gold-silver project located in Nevada's prolific Walker Lane Trend. The PEA was prepared by Kappes, Cassiday & Associates ("KCA") of Reno, Nevada with mine planning and production scheduling contributions from RESPEC Company LLC ("Respec"), Reno, Nevada and mineral resource estimation by Equity Exploration Consultants Ltd. ("Equity"), of Vancouver, British Columbia, in accordance with Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").
PEA Highlights:
Kimberly Ann, Lahontan Gold Corp Executive Chair, CEO, President, and Founder commented: "Lahontan is very excited about the results of the PEA: a low-capex, highly profitable mining project with a quick payback certainly bodes well for the future of Lahontan and all stakeholders. There is considerable potential to expand gold and silver resources, therefore this is just the first step in restarting mining operations at Santa Fe. With mine permitting well under-way, targeting a 2026 mine ground-breaking, the potential for the Company to realize the economic outcomes outlined in the PEA is very real, especially given current trends in gold and silver prices. Continued optimization of the mine plan, resource expansion drilling, and refining the metallurgical flow sheet are planned for 2025, in parallel with our permitting activities."
The PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Company has not defined any Mineral Reserves at the Santa Fe Mine project.
Economic Sensitivities
Sensitivity of the project economics to metals prices is shown in Table 1, showing the base case metal prices used for the PEA, as well as a low case, a high case and the spot case.
Table 1: Santa Fe Project 2024 PEA Economics
Low Case | Base Case | High Case | Spot Case (1) | |
Gold Price (US$/oz) | 1,800 | 2,025 | 2,200 | 2,705 |
Silver Price (US$/oz) | 21.50 | 24.20 | 26.3 | 32.60 |
Net Revenue (US$) | 618.6 M | 696.2 M | 756.5 M | 930.8 M |
Pre-Tax NCF(2) (US$) | 65.0 M | 141.6 M | 201.2 M | 373.3 M |
Pre-Tax NPV5(3) (US$) | 21.7 M | 82.2 M | 129.2 M | 265.1 M |
Pre-Tax IRR(4) | 8.5% | 17.4% | 23.9% | 41.0% |
After-Tax NCF(2) (US$) | 47.8 M | 107.7 M | 154.1 M | 288.9 M |
After-Tax NPV5(3) (US$) | 8.7 M | 56.5 M | 93.3 M | 200.0 M |
After-Tax IRR(4) | 6.4% | 14.0% | 19.5% | 34.2% |
Payback Period(5) (years) | 5.1 | 4.2 | 3.8 | 2.9 |
(1) As of December 10, 2024
(2) NCF means net cash flow
(3) NPV5 refers to net present value at 5% discount rate
(4) IRR means internal rate of return
(5) Pre-production capital, excluding sustaining capital
Capital Costs
Capital costs for the project are summarized in Table 2. Capital costs associated with the mining operation were estimated by RESPEC and based on mining by contractor. Pre-stripping costs were based on the operating costs discussed below. Capital costs associated with processing such as crushing, heap leaching and metal recovery, along with support and infrastructure costs associated with laboratory, water and power distribution and general site services were estimated by KCA. Reclamation and closure costs of $12.5 M were estimated by KCA.
Table 2: Project Capital Costs
Pre-Production (US$ M) | LOM Sustaining (US$ M) | |
Mining | 2.5 | 0.8 |
Processing, Support & Infrastructure | 116.0 | 17.0 |
Owner's Costs | 5.3 | 0.0 |
Initial Fills | 0.5 | 0.0 |
Working Capital(1) | 10.7 | 0.0 |
TOTAL(2) | 135.1 | 17.8 |
Operating Costs
Operating costs for the project are summarized in Table 3. Mining operating costs were estimated by RESPEC and based on estimated anticipated equipment hours and personnel requirements at a 25% markup for contractor rates. The off-road red-dye diesel fuel price in this estimate was assumed to be $0.74/L. All other operating costs were estimated by KCA and based on first principles on certain components where possible, such as reagent and power consumption, along with benchmarking with similar operations for other components, such as labor, maintenance and discretionary expenses
Table 3: Project Operating Costs
LOM Total (US$ M) | Per Tonne Processed ($/t) | |
Mining | 204.2 | 7.36 |
Processing | 138.7 | 5.00 |
Support & Infrastructure | 17.3 | 0.62 |
G&A | 35.8 | 1.29 |
TOTAL(1) | 402.5 | 14.28 |
(1) Values are rounded and may not sum perfectly
Mine Production Schedule
The PEA mine production schedule includes mining of leach material and waste for the Santa Fe, Calvada, Slab, and York deposits. Leach material was assumed to be sent to a centralized crushing plant and then stacked on a leach pad and the waste material was sent to designed waste rock storage facilities (WRSF) or used as partial backfill into the Calvada pit.
Because the Santa Fe Mine is a brown-field project, minimal pre-stripping is required to develop sufficient stockpiles to feed the crusher. The mine production schedule requires 2 months of preproduction which begins in the Santa Fe deposit. The Calvada deposit is started in year 2 and mined concurrently with Santa Fe. Calvada mining is followed by mining of Slab and York deposits.
The process schedule was developed with a ramp up of production from year 1 through year 3 to a full 4.56 million tonnes per year. Table 4 shows the process production schedule.
Table 4: Projected Production Summary
Year | Tonnes Processed (kt) | Gold Grade (g/t) | Silver Grade (g/t) | Gold Produced (koz) | Silver Produced (koz) | Gold Equivalent Produced(1) (koz) |
1 | 3,468 | 0.47 | 4.1 | 30.3 | 88.1 | 31.4 |
2 | 4,517 | 0.58 | 4.6 | 51.4 | 168.9 | 53.4 |
3 | 4,563 | 0.66 | 3.7 | 60.2 | 155.7 | 62.0 |
4 | 4,563 | 0.70 | 3.0 | 60.5 | 124.2 | 62.0 |
5 | 4,563 | 0.73 | 2.5 | 62.0 | 93.5 | 63.1 |
6 | 4,563 | 0.61 | 2.2 | 49.9 | 56.9 | 50.5 |
7 | 1,497 | 0.58 | 2.1 | 20.1 | 23.1 | 20.4 |
8(2) | 0 | 2.3 | 4.2 | 2.3 | ||
TOTAL(3) | 27,731 | 0.63 | 3.3 | 336.7 | 714.7 | 345.2 |
Table 5 shows the key production parameters for the mine and processing units used in the generation of the production and cash flow profiles.
Table 5: Key Mining and Processing Production Parameters
LOM | |
Mining | |
Total Waste Tonnes Mined (Mt) | 42.9 |
Total Processed Tonnes Mined (Mt) | 27.7 |
Total Tonnes Mined (Mt) | 70.6 |
Heap Recovery - Gold | |
Santa Fe Oxide | 71% |
Santa Fe Transition | 49% |
Calvada Oxide | 71% |
Calvada Transition | 45% |
Slab Oxide | 50% |
York Oxide | 60% |
York Transition | 45% |
Heap Recovery - Silver | |
Santa Fe Oxide | 30% |
Santa Fe Transition | 30% |
Calvada Oxide | 13% |
Calvada Transition | 0% |
Slab Oxide | 12% |
York Oxide | 0% |
York Transition | 0% |
Mining and Processing
The mineralized material will be mined by standard open-pit mining methods using a contractor-owned and operated mining fleet consisting of 92-tonne haul trucks and 11.5-m3 loading units and transported to the crushing circuit for processing.
Mineralized material from the Santa Fe, Calvada, Slab and York deposits will be processed by conventional heap leaching methods. The nominal processing rate will be 4.6 million tonnes per annum or 12,500 tonnes per day. Three-stage crushing of the material to 12.7 mm, will be followed by conveyor stacking on to a multi-lift heap leach pad. Dilute sodium cyanide solution will be applied to the heap, with the pregnant gold and silver-bearing solution effluent from the heap being processed in a carbon adsorption-desorption-recovery (ADR) plant. Gold and silver will be produced in the form of doré bars from the on-site smelting process.
Mineral Resource Estimation
The mineral resource estimate ("MRE") was prepared in accordance with the CIM Definition Standards and Canadian National Instrument NI-43-101. The effective date of the MRE prepared by Equity is October 9, 2024. The MRE is shown in Table 6.
Table 6: Project-wide Resources, Santa Fe Mine, Mineral County, Nevada
Notes to Table 6:
Estimation Approach: Lithology and gold and silver bearing domains were modelled using Leapfrog 2024. These domains are mainly defined by logged jasperoid and limestone-breccia lithologies and continuity of gold grades above 0.1 g/t gold. Metallurgical domains for oxide, transition and non-oxide were modelled based on ratio of cyanide leachable gold assay values to fire assay gold values in addition to drillhole logs recording abundance of pyrite and oxidation intensity. Transition material represents approximately 35% of oxide tonnes and comes almost entirely from the Santa Fe deposit. Transition domain material is included in the oxide resource. Domains representing lithology, weathering and mineralization models were assigned to a block model with a block size of 5 m x 5 m x 6 m. Average bulk densities representative of the mineralization and lithology models were assigned to the block model and vary from 2.4 t/m3 to 2.6 t/m3.
Grade capping and outlier restrictions were applied to gold and silver values and interpolation parameters respectively. Top cut values for gold and silver were evaluated for each domain independently prior to compositing to 1.52 m lengths that honor domain boundaries. Estimation was completed using Micromine Origin with Ordinary Kriging (OK) and Inverse Distance cubed (ID3) interpolants. Blocks were classified in accordance with the 2014 CIM Definition Standards. The nominal drillhole spacing for Indicated Mineral Resources is 50 m or less. The nominal drillhole spacing for Inferred Mineral Resources is 100 m or less.
Prospects for eventual economic extraction were evaluated by performing pit optimization using Lerchs-Grossman algorithm with the following parameters: gold price of US$1,950/oz gold, silver price of US$23.50/oz silver, selling costs of US$29.25/oz gold. Mining costs for resource and waste of US$2.50/t, processing cost (oxide) US$3.49/t, processing cost (non-oxide) US$25/t, G&A cost US$1.06/t. Royalties for the Slab, York and Calvada deposits are 1.25%. Maximum pit slope is 50 degrees. Processing recoveries range from 45% to 79% for oxide, silver recoveries range from 10% to 30% for oxide and non-oxide gold and silver recoveries are 71%.
More information regarding the Santa Fe Mine project's MRE update is included in the NI 43-101 Technical Report titled Santa Fe Project Technical Report with an effective date of October 9, 2024, Report Date: November 27, 2024*.
Qualified Persons
The qualified persons are Kenji Umeno, P.Eng. of Kappes, Cassiday & Associates; Thomas Dyer, P.E. of RESPEC; Trevor Rabb, P.Geo. and Darcy Baker, P.Geo. of Equity Exploration Consultants Ltd. each of whom is an independent "Qualified Person" under NI 43-101. A technical report supporting the results disclosed herein will be published within 45 days. The effective date of the technical report will be December 10, 2024.
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Canadian mine development and mineral exploration company that holds, through its US subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 26.4km2 Santa Fe Mine project, had past production of 356,000 ounces of gold and 784,000 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing (Nevada Division of Minerals, www.ndomdata.com). The Santa Fe Mine has a Canadian National Instrument 43-101 compliant Indicated Mineral Resource of 1,539,000 oz Au Eq(grading 0.99 g/t Au Eq) and an Inferred Mineral Resource of 411,000 oz Au Eq (grading 0.76 g/t Au Eq), all pit constrained (Au Eq is inclusive of recovery, please see Santa Fe Project Technical Report*). For more information, please visit our website: www.lahontangoldcorp.com
* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb, P. Geo, Darcy Baker, PhD, P. Geo., and Kenji Umeno, P. Eng., Effective Date: October 9, 2024, Report Date: November 27, 2024. The Technical Report is available on the Company's website and SEDAR+.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email: Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-Looking statements in this news release relate to, among other things: the Company's strategic plans; the results of the PEA; the economic potential and merits of the Project; the estimated amount and grade of mineral resources at the Project; precious metals prices; the PEA representing a viable development option for the Santa Fe Mine project ("the Project"); the timing and particulars of the development phases as identified in the PEA; estimates with respect to LOM, operating costs, sustaining capital costs, capex, AISC, cash costs, LOM production, processing plant throughput, NPV and after-tax IRR, payback period, production capacity and other metrics; the estimated economic returns from the Project; mining methods and extraction techniques; the exploration potential of the Project and its inclusion in future mining studies.
These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon several assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; tonnage to be mined and processed; grades and recoveries; prices for silver and gold remaining as estimated; currency exchange rates remaining as estimated; reclamation estimates; reliability of the updated MRE and the assumptions upon which it is based; future operating costs; prices for energy inputs, labor, materials, supplies and services (including transportation); the availability of skilled labor and no labor related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled production; performance of available laboratory and other related services; availability of funds; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
Read on for more on what factors moved the gold price in Q4, followed by a look back at the entire year.
The gold price began Q4 at US$2,660.30, but quickly saw a retraction to US$2,608.40 on October 9. However, the decline didn't last, and gold again rose, setting a new record high of US$2,785.40 on October 30.
The surge upward was fueled by a weaker-than-expected September US consumer price index report, which showed annual inflation of 2.4 percent and monthly inflation of 0.2 percent. These numbers were higher than analysts' forecasts of 2.3 and 0.1 percent, raising expectations that the Fed would cut rates at its November meeting.
Gold was in retreat to start November, dropping to US$2,664 on November 6 after Trump’s victory. The next day, it briefly surged above the US$2,700 mark as the Fed cut interest rates by 25 basis points on November 7.
By November 15, the price of gold had fallen to its quarterly low of US$2,562.50.
The end of the month saw gold leap to US$2,715.80 on November 22. Following this peak, gold entered December below the US$2,700 mark, closing at US$2,660.50 on December 9.
Gold price, Q4 2024.
Chart via Trading Economics.
Geopolitical impacts have been important to gold in Q4.
In addition to Trump's re-election, which has caused turmoil in various forms, on November 17 the US authorized Ukraine to use ATACMS long-range missiles to attack targets deeper into Russian territory. The UK and France mirrored this move, giving Ukraine the green light to use long-range missiles in the ongoing conflict.
Tensions continued to ratchet up in the days following as Russia announced it was lowering the threshold for nuclear retaliation to include conventional attacks from countries backed by nuclear nations. In a demonstration of its capabilities, Russia launched an intermediate-range ballistic missile for the first time on November 21. While the missile appeared only to carry inert warheads, it is capable of delivering both conventional and nuclear armaments.
The threat of a significant escalation has bolstered gold’s appeal as a safe-haven asset and store of value.
Gold set its first record price of the year at US$2,251.37 on March 31.
Central bank buying, notably China's purchase of 22 metric tons of gold in the first two months of the year, supported the price. Turkey, Kazakhstan and India also significantly increased their holdings at the start of the year.
Further momentum came from Chinese wholesale demand, which jumped to 271 metric tons in January, the strongest ever recorded. Investors were turning to the yellow metal as a defense against falling real estate and stock prices. At that time, the country's stocks had lost nearly US$5 trillion in value over the past three years.
Gold price, Q1 2024.
Chart via Trading Economics.
“As central banks continue to be significant buyers and geopolitical risks and global uncertainties drive investors towards the perceived safety of gold, the current environment underscores gold’s importance as a strategic asset for portfolio diversification and risk mitigation. Therefore, while there may have been a perception of western disinterest in gold, recent developments indicate a sustained and broad-based demand for the precious metal,” Joe Cavatoni, market strategist, Americas, told the Investing News Network (INN) in an email at the time.
The gold price saw increasing momentum in Q2, setting a new all-time of US$2,450.05 on May 20.
Gains through the quarter were influenced by strong central bank demand. Investor sentiment toward the yellow metal also shifted, with outflows from western exchange-traded funds starting to slow.
Although European funds still saw significant declines, it wasn’t all bad news — the US-based SPDR Gold Shares (NYSE:GLD), the Sprott Physical Gold Trust (NYSE:PHYS), Ireland’s Royal Mint Responsibly Sourced Physical Gold ETC (LSE:RMAU) and Switzerland’s UBS ETF Gold (SWX:AUUSI) all saw increases.
Gold price, Q2 2024.
Chart via Trading Economics.
In a May interview with INN, Jeff Clark, editor of Paydirt Prospector, noted several other market dynamics that caused the price of gold to rise dramatically. He said the real starting point for the precious metal's gains was the end of February, when the Fed indicated it was expecting three or four rate cuts in 2024.
“All of a sudden, gold was off to the races. It jumped so high that suddenly, you had some short covering that needed to happen then as well. So you had short covering, which means they’re buying. And then you had momentum chasers and traders jumping all in. That was a pretty good spike ... that's what kind of started all of this,” he said.
Gold set another record price during the third quarter, reaching US$2,672.51 on September 26.
The high came just a week after the conclusion of the Fed's September meeting, when it announced a jumbo 50 basis point cut to the federal funds rate. While the People’s Bank of China maintained its pause on gold purchases in the third quarter, it granted several regional banks new import quotas in August.
Gold price, Q3 2024.
Chart via Trading Economics.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, suggested at the time that Fed rate cuts were less of a factor for gold than central bank buying. “I still see the global central bank buying as the main driver — as it has been over the last 15 years. This demand removes supply from the market. They are the ultimate buy-and-hold participants and have been buying massive amounts,” he told INN via email.
The quarter also saw significant merger and acquisition activity, with South Africa-based Gold Fields (NYSE:GFI,JSE:GFI) announcing plans to acquire Canada’s Osisko Mining (TSX:OSK) for C$2.16 billion, and South African gold miner AngloGold Ashanti (NYSE:AU) agreeing to purchase UK-based Centamin (TSX:CEE,LSE:CEY) for US$2.5 billion.
Overall, uncertainty has been a key driver for gold in 2024.
Central banks have continued to increase their physical holdings against an increasingly polarized political landscape. The most recent data from the World Gold Council shows that they added 186 metric tons of gold to their coffers during the third quarter, with the National Bank of Poland leading the way with 42 metric tons.
The World Gold Council notes that on a rolling four-quarter basis, central bank buying has slowed to 909 metric tons — that's compared to 1,215 metric tons one year ago.
Investors also began returning to the precious metal throughout 2024 as geopolitical tensions and fragile economies pushed them toward gold as a safe haven to help shield their portfolios from volatility.
With the world’s largest economy set to welcome Trump back to the White House in 2025, there are many unknowns. His economic policies could cause inflation to begin creeping up. In contrast, his foreign policies could create new ripples through global trade and financial markets given that he campaigned on more protectionist policies.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
