Mawson Finland Limited Confirms 'New Lens' Continuity with Multiple Significant Intercepts as well as Expands South Palokas Mineralized Zones at Rajapalot

Mawson Finland Limited Confirms 'New Lens' Continuity with Multiple Significant Intercepts as well as Expands South Palokas Mineralized Zones at Rajapalot

 

Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new drill results from the final 13 drillholes of the 38-hole 2024 winter drilling campaign on the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1 and Figure 1 in Schedule "A" hereto

 

Highlights:

 
  • ‘New lens' reported in September 4, 2024 NR is expanded up-dip

  •  
  • Seven holes intersect significant mineralized intercepts

  •  
  •  

    PAL0361 drilled multiple significant intercepts targeting down-dip depth extensions of South Palokas, defining two lenses of gold-cobalt mineralization at depth, including:

     
    • 6 m @ 2.24 g/t Au and 302 ppm Co from 493.8 metres

    •  
    • 5.3 m @ 2.75 g/t Au and 559 ppm Co from 533.25 metres

    •  
  •  
  •  

    PAL0364 drilled multiple significant intercepts in modest step-outs in the upper southern portions of South Palokas, and then continued onwards to intercept ‘New lens' located in the footwall of South Palokas including:

     
    • 4 m @ 2.41 g/t Au and 227 ppm Co from 141.35 metres at South Palokas

    •  
    • 17 m @ 1.05 g/t Au and 224 ppm Co from 263.9 metres on ‘New lens'

    •  
  •  
  • PAL0356 drilled 0.9 m @ 5.07 g/t Au and 19 ppm Co from 424.45 metres in a deep, southward step-out from South Palokas

  •  
  • PAL0367 drilled a single intercept of 0.85 m @ 0.94 ppm Au from 614.75 meters (cobalt TBA) on a deep steep-out on the northern margin of South Palokas

  •  
  •  

    PAL0368 drilled multiple significant intercepts in southward step-outs to The Hut zone of gold-cobalt mineralization, including:

     
    • 5.7 m @ 0.83 g/t Au and 519 ppm Co from 161.15 metres

  •  
  •  

    PAL0363 drilled two significant intercepts in northwards step-outs of The Hut zone of mineralization, including:

     
    • 4.15 m @ 0.67 g/t Au and 579 ppm Co from 203.1 metres

    •  
    • 1 m @ 1.02 g/t Au and 129 ppm Co from 209.25 metres

    •  
  •  
  •  

    PAL0370 drilled a single intercept in a modest step-out at Terry's Hammer of:

     
    • 1 m @ 1.86 g/t Au and 466 ppm Co from 64.85 metres

  •  
  • Drillholes PAL0352 and PAL0365 (South Palokas), drillholes PAL0366 and PAL0369 (The Hut), and drillhole PAL0371 (Terry's Hammer) failed to intercept significant mineralization, while drillhole PAL0359 (South Palokas) was abandoned at 47.2 metres due to drilling technicalities.

  •  

Ms. Noora Ahola, Mawson Finland CEO, states: "In recent weeks our Executive Chairman Neil MacRae and I have had a chance to meet many of our shareholders as well as local stakeholder groups. We appreciate the confidence that our shareholders have shown in our team by funding our new Company. We hope that our shareholders are as excited as our team is by the results of this latest drill season. I think our 2024 drill results speak loudly to the potential expansion of Rajapalot well beyond its current size.

 

However, we will not rest on our laurels and intend to continue to build on our exploration success. Our exploration team is currently in the field conducting both surface-geochemical and geophysical surveys in order to allow us to try to improve on our current success rate when the Winter 2025 drilling campaign begins."

 

Detailed Results

 

The 13 drillholes reported here (Table 1) are from the South Palokas, New lens, The Hut and Terry's Hammer zones of mineralization at Rajapalot (PAL0352, PAL0356, PAL0359, PAL0361, PAL0363, PAL0364, PAL0365, PAL0366, PAL0367, PAL0368, PAL0369, PAL0370, PAL0371; see Figure 1, Figure 2 and Figure 3 in Schedule "A" hereto for collar and intercept locations, and Table 1, Table 2 and Table 3 in Schedule "A" hereto for collar and available assay data) represent 4,675 metres of drilling from the 2024 programme of a total of 11,376 metres in 38 drillholes, of which all holes have now been reported for gold their analysis. Gold concentrations are reported here for intercepts that contained over 0.3 g/t Au over a minimum sample interval of 1 metre (lower-cut), while corresponding cobalt concentrations are reported from those same intervals where available (cobalt concentrations are available for all but drillhole PAL0367 of this news release, of which results from this hole, and all remaining and unreported cobalt results will be reported in due course as the remaining data becomes available). Composite assay values recording gold concentrations above the lower-cut limits are presented below in Table 2 in Schedule "A" hereto, and all raw sample intervals are presented in Table 3 in Schedule "A" hereto.

 

Drillholes PAL0356 and PAL0361 were drilled on the deep, southern margin of the South Palokas zone of gold-cobalt mineralization, where they intercepted significant mineralization with respective step-outs of between 50 metres and 85 metres southwards from their nearest known historical drill-intercepts (refer to Figure 2). Drillhole PAL0367 was drilled on the deepest northern margins of South Palokas where it intercepted a thin, weakly mineralized interval. Drillholes PAL0352 (northern margin) and PAL00365 (southern margin) intercepted no significant mineralization, while drillhole PAL0359 was abandoned after only 47.3 metres due to drilling difficulties, and failed to reach projected depth of mineralization.

 

One further drillhole was drilled in the South Palokas area to follow-up a previously reported high-grade intercept on ‘New lens' that is located in the footwall of South Palokas, approximately 100 metres directly below the main mineralized body in this area (see Mawson Finland Limited news release dated September 4th, 2024). Drillhole PAL0364intercepted a thick, 17 metre drilled interval of gold-cobalt mineralization approximately 50 metres up-dip of the previously reported high-grade intercept (PAL0335; 20.75 m @ 5.25 g/t Au & 515 ppm Co from 295.05 metres). This confirms both geological and grade continuity of ‘New lens', meaning that geometry of this gold-cobalt-bearing structure is now understood, and further step-out drilling can be conducted in the down-plunge direction (refer to Figure 2).

 

Drilling at The Hut and Terry's Hammer zones of gold-cobalt mineralization consisted of 6 drillholes in total. Drillholes PAL0663, PAL0366 and PAL0369 targeted northerly step-outs to The Hut zone of mineralization, with drillhole PAL0363 intercepting gold-cobalt mineralization in a step-out of approximately 60 metres to the north of its nearest historical intercept (refer to Figure 3). Drillhole PAL0368 intercepted gold-cobalt mineralization in an approximately 35 metre step-out to the south of the next closest historical intercept at The Hut. Drillholes PAL0370 and PAL0371 were drilled to target down-dip extension of Terry's Hammer, with PAL0371 intercepting gold-cobalt mineralization approximately 35 metres below its nearest historical intercept (refer to Figure 3).

 

Technical Background, Data Verification and Quality Assurance and Quality Control

 

Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals of between 0.5 to 2 metres are taken for sampling, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy ("CRS") facility in Kempele, Finland. Samples are prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see "Qualified Person" below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.

 

All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with

At Rajapalot, all examples of gold-cobalt mineralization are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralization is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralization at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralization remains open at depth across the entire project.

 

Qualified Person

 

The technical and scientific information in this news release was reviewed, verified and approved by Dr. Thomas Fromhold, an employee of Fromhold Geoconsult AB, and Member of The Australian Institute of Geosciences (MAIG, Membership No. 8838). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.

 

About Mawson Finland Limited

 

Mawson Finland Limited is an exploration stage mining development company engaged in the acquisition and exploration of precious and base metal properties in Finland. The Company is primarily focused on gold and cobalt. The Corporation currently holds a 100% interest in the Rajapalot Gold-Cobalt Project located in Finland. The Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and consists of 11 granted exploration permits for 10,204 hectares and 2 exploration permit applications and a reservation notification area for a combined total of 40,496 hectares. In Finland, all operations are carried out through the Company's fully owned subsidiary, Mawson Oy. Mawson maintains an active local presence of Finnish staff with close ties to the communities of Rajapalot.

 

Additional disclosure including the Company's financial statements, technical reports, news releases and other information can be obtained at mawsonfinland.com or on SEDAR+ at www.sedarplus.ca.

 

Media and Investor Relations Inquiries

 

Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or +1 (778) 999-4653, or Noora Ahola Chief Executive Officer at nahola@mawson.fi or +358 (505) 213-515.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No securities regulatory authority has reviewed or approved of the contents of this news release.

 

Forward-looking Information

 

This news release includes certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information") which are not comprised of historical facts. Forward-looking information includes, without limitation, estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "aims", "may", "could", "would", "will", "must" or "plan". Since forward-looking information is based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, and management of the Company believes them to be reasonable based upon, among other information, the contents of the PEA and the exploration information disclosed in this news release, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, any expected receipt of additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, potential mineralization whether peripheral to the existing Rajapalot resource or elsewhere, any anticipated disclosure of assay or other exploration results and the timing thereof, the estimation of mineral resources, exploration and mine development plans, including drilling, soil sampling, geophysical and geochemical work, any expected search for additional exploration targets and any results of such searches, potential acquisition by the Company of any property, the growth potential of the Rajapalot resource, all values, estimates and expectations drawn from or based upon the PEA, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: any change in industry or wider economic conditions which could cause the Company to adjust or cancel entirely its exploration plans, failure to identify mineral resources or any additional exploration targets, failure to convert estimated mineral resources to reserves, any failure to receive the results of completed assays or other exploration work, poor exploration results, the inability to complete a feasibility study which recommends a production decision, the preliminary and uncertain nature of the PEA, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

 

SCHEDULE "A" - TABLES AND FIGURES

 
                                                                                                                                                                                                                                                                                                                        

Hole ID

Easting TM35

Northing TM35

Elevation (mRL)

Azimuth

Dip

Total Depth (m)

Prospect

PAL0335

3408345

7373507

174

50.4

-70.2

405.3

South Palokas

PAL0336

3410540

7372676

151

144.1

-70.1

131

Joki East

PAL0337

3410481

7372590

148

61.2

-70.9

125.3

Joki East

PAL0338

3410422

7372775

153

144.7

-55.4

190

Joki East

PAL0339

3408209

7373303

172

104.3

-44.8

150.1

South Palokas

PAL0340

3408347

7373505

174

118.4

-79.2

395.85

South Palokas

PAL0341

3408222

7373377

173

131

-44.4

136.7

South Palokas

PAL0342

3408715

7373997

175

115.7

-58.3

148.6

Palokas

PAL0343

3408627

7373991

175

88.9

-50.1

193

Palokas

PAL0344

3408300

7373532

174

52.3

-75.9

476.6

South Palokas

PAL0345

3408606

7374008

174

60.8

-71.9

278.1

Palokas

PAL0346

3408571

7373723

174

45

-65

184.4

Palokas

PAL0347

3408710

7372442

175

134.4

-72.1

273.6

Raja

PAL0348

3408306

7373530

175

119.1

-80.2

242.1

South Palokas

PAL0349

3408694

7372549

179

170

-80

341.85

Raja

PAL0350

3408402

7373671

174

75

-52

290.1

South Palokas

PAL0351

3408461

7373877

175

143

-69.5

334.5

Palokas

PAL0352

3408247

7373715

172

62.4

-66.4

474.1

South Palokas

PAL0353

3408850

7372504

176

160

-70

260.55

Raja

PAL0354

3408308

7373984

175

126.1

-50.9

466.9

Palokas

PAL0355

3408817

7372720

174

168

-77

428.9

Raja

PAL0356

3408138

7373637

174

80.4

-74.4

496.9

South Palokas

PAL0357

3408558

7374143

175

168.8

-82.9

445.6

Palokas

PAL0358

3408984

7372343

173

244.5

-79.1

178.75

Raja

PAL0359

3408138

7373933

172

150.9

-77.7

47.2

Hole abandoned

PAL0360

3408679

7372340

174

75

-80.4

251.7

Raja

PAL0361

3408088

7373643

173

51.1

-81.9

665.95

South Palokas

PAL0362

3408576

7373723

174

95.3

-47.6

258.55

Palokas

PAL0363

3407996

7373198

172

88.2

-55.3

338.8

Hut

PAL0364

3408346

7373509

174

65.7

-66.4

359.2

South Palokas

PAL0365

3408347

7373434

174

71

-70.1

304.4

South Palokas

PAL0366

3407996

7373198

172

88.6

-70.6

374.4

Hut

PAL0367

3408138

7373935

172

150.8

-79.2

785.3

South Palokas

PAL0368

3407940

7373069

173

137.5

-47.7

250.9

Hut

PAL0369

3408026

7373279

172

82.5

-44.6

253.5

South Palokas

PAL0370

3408231

7372823

182

124

-55.1

175.9

Terry's Hammer

PAL0371

3408231

7372823

182

172.6

-44.8

148

Terry's Hammer

PAL0372

3410436

7372555

149

106.7

-69.4

113.4

Joki East

 

Table 1: Drillhole collar locations (Finnish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Holes reported in this news release are highlighted in bold text, and holes reported in prior releases highlighted in italics.

 
                                                                                                                                                   

Hole ID

From (m)

To (m)

Thickness1 (m)

Gold (g/t)

Gold (gram-metres)

Cobalt (ppm)

PAL0356

424.45

425.35

0.90

5.07

4.56

19

PAL0361

464.80

465.80

1.00

0.31

0.31

8

PAL0361

473.80

475.80

2.00

1.32

2.64

120

PAL0361

493.80

499.80

6.00

2.24

13.47

302

PAL0361

533.25

538.55

5.30

2.75

14.56

559

PAL0363

203.10

207.25

4.15

0.67

2.78

579

PAL0363

209.25

210.25

1.00

1.02

1.02

129

PAL0364

96.80

97.80

1.00

1.32

1.32

399

PAL0364

111.30

114.30

3.00

0.65

1.94

361

PAL0364

130.35

132.35

2.00

0.85

1.69

109

PAL0364

141.35

145.35

4.00

2.41

9.64

227

PAL0364

149.35

155.30

5.95

0.83

4.90

543

PAL0364

263.90

280.90

17.00

1.05

17.79

224

PAL0364

282.90

283.90

1.00

0.32

0.32

95

PAL0364

292.75

293.75

1.00

0.58

0.58

182

PAL0367

614.75

615.60

0.85

0.94

0.80

TBA

PAL0368

103.60

104.60

1.00

1.81

1.81

89

PAL0368

161.15

166.85

5.70

0.83

4.66

519

PAL0368

168.20

168.90

0.70

1.60

1.12

488

PAL0371

64.85

65.85

1.00

1.86

1.86

466

 

1True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.

 

Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.

 

 

Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Drillholes coloured red are those reported in this news release, while holes coloured black have been reported in previous releases.

 

 

Figure 2: Long-section of the South Palokas (left) and ‘New lens' (right) zones of mineralization at Rajapalot. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralization remains ‘open' and untested.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Figure 3: Long-section of The Hut and Terry's Hammer zones of mineralization at Rajapalot. Intercepts from the 2024 drilling season are labelled in bold with their results represented in gold gram-metres (gold g/t x intercept thickness in metres). The small black rings indicate ‘no significant intercept'. Red arrows demonstrate the direction in which gold-cobalt mineralization remains ‘open' and untested.

 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

Hole ID

From (m)

To (m)

Length (m)

Gold g/t

Cobalt ppm

Mineralization

PAL0356

424.45

425.35

0.90

5.07

19

South Palokas

PAL0361

464.80

465.80

1.00

0.31

8

South Palokas

 

473.80

474.80

1.00

0.86

54

South Palokas

 

474.80

475.80

1.00

1.78

185

South Palokas

 

493.80

494.80

1.00

0.41

74

South Palokas

 

494.80

495.80

1.00

4.71

210

South Palokas

 

495.80

496.80

1.00

3.97

328

South Palokas

 

496.80

497.80

1.00

1.93

505

South Palokas

 

497.80

498.80

1.00

2.01

615

South Palokas

 

498.80

499.80

1.00

0.44

80

South Palokas

 

533.25

534.25

1.00

1.82

1177

South Palokas

 

534.25

535.25

1.00

7.32

833

South Palokas

 

535.25

536.55

1.30

0.46

160

South Palokas

 

536.55

537.55

1.00

0.33

489

South Palokas

 

537.55

538.55

1.00

4.49

258

South Palokas

PAL0363

203.10

204.10

1.00

0.81

541

Hut

 

204.10

205.25

1.15

0.25

294

Hut

 

205.25

206.25

1.00

0.97

939

Hut

 

206.25

207.25

1.00

0.71

586

Hut

 

209.25

210.25

1.00

1.02

129

Hut

PAL0364

96.80

97.80

1.00

1.32

399

South Palokas

 

111.30

112.30

1.00

0.60

52

South Palokas

 

112.30

113.30

1.00

0.08

720

South Palokas

 

113.30

114.30

1.00

1.26

313

South Palokas

 

130.35

131.35

1.00

1.10

138

South Palokas

 

131.35

132.35

1.00

0.59

80

South Palokas

 

141.35

142.35

1.00

0.50

147

South Palokas

 

142.35

143.35

1.00

2.01

340

South Palokas

 

143.35

144.35

1.00

4.03

332

South Palokas

 

144.35

145.35

1.00

3.10

88

South Palokas

 

149.35

150.35

1.00

1.85

813

South Palokas

 

150.35

151.35

1.00

0.38

629

South Palokas

 

151.35

152.35

1.00

0.16

117

South Palokas

 

152.35

153.35

1.00

1.44

957

South Palokas

 

153.35

154.35

1.00

39

South Palokas

 

154.35

155.30

0.95

1.18

700

South Palokas

 

263.90

264.90

1.00

0.83

356

South Palokas

 

264.90

265.90

1.00

0.67

669

South Palokas

 

265.90

266.90

1.00

0.24

420

South Palokas

 

266.90

268.20

1.30

1.11

469

South Palokas

 

268.20

269.20

1.00

0.34

290

South Palokas

 

269.20

270.20

1.00

0.12

80

South Palokas

 

270.20

271.20

1.00

0.59

110

South Palokas

 

271.20

272.20

1.00

0.18

65

South Palokas

 

272.20

272.90

0.70

1.57

216

South Palokas

 

272.90

273.90

1.00

2.90

143

South Palokas

 

273.90

274.90

1.00

5.17

48

South Palokas

 

274.90

275.90

1.00

1.90

167

South Palokas

 

275.90

276.90

1.00

0.14

52

South Palokas

 

276.90

277.90

1.00

0.40

191

South Palokas

 

277.90

278.90

1.00

0.57

228

South Palokas

 

278.90

279.90

1.00

0.85

136

South Palokas

 

279.90

280.90

1.00

0.35

101

South Palokas

 

282.90

283.90

1.00

0.32

95

South Palokas

 

292.75

293.75

1.00

0.58

182

South Palokas

PAL0367

614.75

615.60

0.85

0.94

TBA

South Palokas

PAL0368

103.60

104.60

1.00

1.81

89

Hut

 

161.15

161.55

0.40

0.52

256

Hut

 

161.55

162.75

1.20

18

Hut

 

162.75

163.50

0.75

0.57

155

Hut

 

163.50

164.50

1.00

0.31

1011

Hut

 

164.50

165.10

0.60

1.43

1260

Hut

 

165.10

165.80

0.70

1.06

797

Hut

 

165.80

166.85

1.05

2.08

375

Hut

 

168.20

168.90

0.70

1.60

488

Hut

PAL0371

64.85

65.85

1.00

1.86

466

Terry's Hammer

 

Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations (where available), that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.

 

SOURCE: Mawson Finland Limited

 

View the original press release on accesswire.com

 

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Mawson Finland Announces Closing of Brokered Private Placement for $6.0 Million

Mawson Finland Announces Closing of Brokered Private Placement for $6.0 Million

 

  NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES  

 

Mawson Finland Limited (" Mawson " or the " Company ") (TSX-V: MFL) is pleased to confirm the closing of its previously announced brokered private placement financing (the " Offering ") for gross proceeds of C$6,000,000.50 from the issuance and sale of 3,157,895 common shares of the Company (each, a " Share ") at a price of C$1.90 per Share (the " Offering Price ").

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Mawson Finland Announces Upsize of Brokered Private Placement

Mawson Finland Announces Upsize of Brokered Private Placement

 
 

  /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /  

 

Mawson Finland Limited (" Mawson " or the " Company ") (TSXV: MFL) is pleased to announce that due to significant demand, it has entered into an agreement with Stifel Nicolaus Canada Inc. (the " Agent ") to upsize its previously announced "best efforts" private placement financing (the " Offering ") to up to C$6,000,000 in gross proceeds from the issuance and sale of up to 3,157,895 common shares of the Company (each, a " Share ") at a price of C$1.90 per Share (the " Offering Price ").

 

 

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Canadian Investment Regulatory Organization Trade Resumption - MFL

Canadian Investment Regulatory Organization Trade Resumption - MFL

 
 

Trading resumes in:

 

Company:  Mawson Finland Limited  

 

 

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Mawson Finland Announces Brokered Private Placement for Up to C$5,000,000

Mawson Finland Announces Brokered Private Placement for Up to C$5,000,000

 
 

  /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /  

 

Mawson Finland Limited (" Mawson " or the " Company ") (TSXV: MFL) is pleased to announce that it has entered into an agreement with Stifel Nicolaus Canada Inc. (the " Agent ") to act as lead agent and sole bookrunner in connection with a "best efforts" private placement financing (the " Offering ") for aggregate gross proceeds of up to C$5,000,000 from the issuance and sale of up to 2,631,579 common shares of the Company (each, a " Share ") at a price of C$1.90 per Share (the " Offering Price ").

 

 

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Mawson Finland Begins 2025 Drill Program, Mobilizing Multiple Drill Rigs at Rajapalot

Mawson Finland Begins 2025 Drill Program, Mobilizing Multiple Drill Rigs at Rajapalot

 

Mawson Finland Limited ("Mawson" or the "Company") (TSX-V:MFL) is pleased to announce the mobilization of four diamond drill rigs, and a ‘base-of-till' (BOT) drilling rig to site, kicking-off the 2025 drill program at the Company's wholly-owned Rajapalot gold-cobalt project in Finland

 

Highlights:

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Altech Batteries Ltd  Cerenergy Battery Project Funding Progressing Well

Altech Batteries Ltd Cerenergy Battery Project Funding Progressing Well

Perth, Australia (ABN Newswire) - Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) (OTCMKTS:ALTHF) is pleased to announce an update on funding of the CERENERGY(R) sodium-chloride solid-state battery project in Saxony, Germany.

DEBT PROCESS

As previously mentioned, Altech has engaged ten commercial banks and two venture debt funds in the first round of financing discussions, receiving largely positive initial feedback. Based on this feedback, the Company has selected a preferred financial institution- a European bank with a proven track record in providing debt funding for technology-driven projects, particularly those within the innovation sector.

Although the mandate has not yet been formally executed, Altech intends to make an official announcement once this step is complete.

Meanwhile, the bank's commercial and technical teams have been diligently conducting a comprehensive review of the Cerenergy projects and its technology. The technical due diligence process is critical for ensuring that the project meets the bank's financing and risk criteria. As part of this process the onsite Altech experts are in detailed discussions with the bank's representative. The banks have visited Dresden and the Fraunhofer testing facilities and visit Hermsdorf, Germany where the prototype production is located in the coming weeks, which will be a key step in concluding the technical evaluation.

In parallel with these efforts, Altech is progressing discussions for securing a federal government guarantee, which would further strengthen its ability to secure the necessary debt funding for the project. Officials from the Ministry of Finance have already been briefed on the initiative, and the due diligence process for the application is actively underway. This federal guarantee will serve as an underwriter and therewith derisk any debt funding for the project substantially.

EQUITY FUNDING

In parallel with ongoing debt financing efforts, the Group has engaged several equity advisers to assist in securing the equity component of the project's funding package. As part of this strategy, Altech plans to divest a minority interest in the project to one or two strategic investors. This partial divestment is intended to attract investors who can contribute not only capital, but also strategic value, aligning with the CERENERGY(R) project's long-term goals of growth and sustainability.

The Group on one hand is specifically targeting large utility companies, data centre operators, investment funds, and corporations that are deeply committed to the green energy transition and on the other hand industrial partners with access and know-how and resources relevant to Cerenergy battery production, implementation or market access. These potential partners are seen as ideal due to their strong alignment with the project's sustainable energy focus and their ability to provide significant financial support. Progress in equity discussions has been promising, with several Non-Disclosure Agreements (NDAs) signed, enabling deeper engagement with prospective investors. Additionally, draft term sheets have been circulated to interested parties, outlining the key terms and conditions for investment. These documents provide a foundation for negotiations and facilitate more detailed discussions around the equity stake and partnership structure.

The decision to divest part of the project is strategically aimed at easing the Company's financial burden while bringing in experienced partners who can contribute to the project's success. By securing both equity and debt financing, Altech aims to finalize the full funding package, ensuring the timely construction and commissioning of the CERENERGY(R) battery plant. Moving forward, the focus will be on advancing these discussions and converting interest into formal commitments, which are critical for the project's progression.

GRANT APPLICATIONS

Altech has been actively applying for various grants offered by the State of Saxony, Federal Government of Germany, and the European Union. The State of Saxony and Brandenburg, along with the European Union, offer substantial support for renewable energy projects, including grants aimed at converting lignite coal to renewable energy sources. These grants are part of broader efforts to transition regions dependent on fossil fuels toward sustainable energy solutions. Altech's site, located in these areas, stands to benefit from various funding programs designed to support clean energy projects, including EU grants for energy transformation and innovation. Altech has applied for several of these grants to advance its CERENERGY(R) project, securing essential financial backing for technology development, high-tech industries, expert employment and infrastructure upgrades.

OFFTAKE ARRANGEMENTS

Altech has secured three key Offtake Letters of Intent (LOIs) for 100% of its CERENERGY(R) production.

1. Zweckverband Industriepark Schwarze Pumpe (ZISP): An agreement was signed on 13 September 2024 for ZISP to purchase 30 MWh of energy storage capacity annually, consisting of 1MWh GridPacks, for the first five years of production. The purchase is contingent on performance tests and battery specifications meeting customer requirements.

2. Referenzkraftwerk Lausitz GmbH (RefLau): A second LOI was executed with RefLau, a joint venture between Enertrag SE and Energiequelle GmbH. RefLau will buy 30 MWh of CERENERGY(R) storage n the first year, increasing to 32 MWh annually for the next four years. Additionally, Altech will purchase green electricity for its planned production plant.

3. Axsol GmbH: A third LOI was signed with Axsol, a leading renewable energy solutions provider. Axsol will exclusively distribute CERENERGY(R) batteries to the Western defense industry, facilitating early market entry and sales. These agreements are crucial for financing and advancing the CERENERGY(R) project.

 

About Altech Batteries Ltd:  

Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.

The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.

 

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