Pursuit Minerals Ltd. (ASX:PUR) is a top-tier lithium exploration and development company. The company is focused on its flagship Rio Grande Sur lithium project in the Salta Province of Argentina. The project is strategically located in an area known as the Lithium Triangle which hosts 50 percent of the global lithium resources and 40 percent of the current global lithium production. Argentina is the world’s third largest producer of lithium, behind Australia and Chile.
The project spans an area of 9,260 hectares on the Rio Grande Salar and is adjacent to several operating lithium mines and development operations, including Acradium Lithium’s Fenix lithium mine and the Olaroz lithium mine. The Rio Grande Salar holds a historical Ni 43-101 resource declared by LSC Lithium, formerly listed on the TSX prior to being acquired by Plus Petrol of 2.1 million tons (Mt) of lithium carbonate equivalent (LCE) with an average grade of 370 milligrams per litre (mg/L). This resource was mostly obtained from shallow drilling to 100 metres.
Pursuit delivered a maiden JORC Inferred Mineral Resource Estimate (MRE) of 251.3 kt LCE at 351 mg/L at the Rio Grande Sur project. The inferred resource relies on recent geophysical surveys and historical drilling, encompassing only a small portion of the known mineralization. Notably, excluding the highly promising Mito tenement from the current MRE highlights the unexplored potential for further resource expansion.
Pursuit has commenced its Stage 1 maiden drill program focused on upgrading the inferred resource. The drilling is anticipated to reach depths of 500 to 600 metres below surface, significantly deeper than the existing defined JORC mineral resource depth. Other companies in the region have obtained impressive results and grades of 900 mg/Li+ at depths of 500 metres, some of the highest known grades in Argentina. Pursuit expects a material resource upgrade in the second half of 2024 which will build on the inferred maiden resource.
Drill cores and packer lithium brine samples from Pursuit’s Stage 1 drilling program at the Rio Grande Sur Project.
In addition to having an attractive lithium resource, Pursuit is focused on the production of lithium carbonate to meet the supply side response to growing lithium demand. Recently, the company announced the first phase of operations of its 250 tons per annum (tpa) pilot plant to produce lithium carbonate. The plant will generate both technical and battery grade lithium carbonate at a purity of 99.95 percent, employing a conventional evaporation process.
Pursuit has submitted advanced environmental permits for the construction of the 250 tpa evaporation ponds and Stage 2 drill program at the northern tenement of the Rio Grande Sur project.
The establishment of the ponds is expected to take place in the latter part of 2024, pending environmental approvals. The ponds and the plant are planned to be situated on the Sal Rio 02 tenement enabling the possibility of initiating the first production of lithium carbonate on-site in 2025.
Pursuit is targeting continuous production at Rio Grande Salar and expects the current setup to be scalable to produce 15,000 to 20,000tpa of technical and battery grade lithium carbonate.
250-ton lithium carbonate pilot plant
The company’s focus on Argentina has several advantages. The new government, led by its president Javier Milei has signaled a market-friendly and pro-business policy shift. This should be a positive development for lithium miners given that Argentina has one of the largest lithium reserves in the world. Argentina holds 21 percent of the world’s 105 million tons of lithium resources, second only to Bolivia, according to the United States Geological Survey’s Lithium Statistics and Information 2024 report.
Lithium is in great demand driven by the growth in electric vehicles (EVs). Bloomberg NEF estimates lithium demand to jump by 225 percent to 2.6 Mt of LCE by 2030, translating into a CAGR of 16 percent. In a net-zero scenario, Bloomberg pegs the demand at 3.6 Mt of LCE by 2030, a CAGR of 19 percent.
The company remains focused on project execution that will deliver long-term shareholder value, including the completion of stage 1 drilling, JORC resource upgrade, first production of lithium carbonate and increasing production capacity to 250 tpa, and receipt of environmental permits, all within the first half of 2024.
In addition, Pursuit has identified the following catalysts over the next 12 months:
The Rio Grande Sur is the company’s flagship lithium project. The project comprises five tenements that span 9,233 hectares and are located in Rio Grande Salar in Salta province, Argentina. The region has benefited from historical exploration that yielded an NI 43-101 resource of 2.19 Mt LCE @ 374 mg/L, at inferred category.
During Q4 2023, Pursuit announced a maiden JORC inferred mineral resource estimate of 251.3 kt LCE at 351 mg/L at the Rio Grande Sur project. Following this, Pursuit is currently undertaking a maiden drill program to upgrade the inferred resource. Stage 1 of the drill program will comprise four diamond drill holes on the southern tenements. The first two holes will be drilled at the Sal Rio II and Maria Magdelena tenements.
The drilling is anticipated to reach depths of 500 to 600 metres below surface, significantly deeper than the existing defined JORC mineral resource depth. The drilling commenced in Q1 2024, and Pursuit is targeting a material resource upgrade in the second quarter of 2024. Further drilling is expected following the completion of the Stage 1 program. The Stage 2 drilling program is anticipated to occur in the second half of 2024, after which Pursuit is targeting a feasibility study.
Aaron Revelle is a seasoned mining executive with experience in founding and developing natural resources companies. He has over 15 years of experience across a wide range of commodities and bringing them from deposits into production. He was the founder of Trilogy Minerals, which was acquired by Pursuit, and Centaur Resources, which focused on its flagship Pastos Grandes lithium project and was sold to Arena Minerals, and subsequently sold to Lithium Americas for over AU$300 million.
Peter Wall is a partner with Steinepreis Paganin, a leading law firm, and has rich experience in M&A, takeovers, recapitalizations, and reconstructions. He has significant expertise in various domains such as energy, resources, capital markets, and strategy. He is also the chairman of Minbos Resources.
Tom Eadie is a director on the company board. He has over four decades of rich experience in the resource industry. Currently, he is the chairman of Alderan Resources and Southern Cross Gold. He was also the founding chairman of Syrah Resources.
Vito Interlandi is the managing partner at Nexia Melbourne and is responsible for corporate advisory. He has two decades of experience in finance, accounting, and capital markets and has served on the boards of several public and private companies.
This profile was written in collaboration with Couloir Capital.
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce new soil geochemical results from the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Figures 1 to 3 in Schedule "A" hereto
Highlights:
A 2407 point extensive soil geochemical programme using the Ionic Leach analytical method has identified numerous areas of gold and cobalt enrichment across the larger 10,204 hectares tenement package in Finland
Soil geochemical anomalies to be followed-up with detailed, closely spaced "bottom-of-till" (BOT) drilling in order to trace identified soil anomalies towards their possible bedrock source
BOT drilling rig scheduled to be mobilised to site mid-December 2024
Four diamond drilling rigs confirmed to be mobilized to Rajapalot mid-January 2025 to complete between 12,000 m to 15,000 m of drilling
Further down-hole EM geophysics are still on-going in Rajapalot area
Ms. Noora Ahola, Mawson Finland CEO, states: "The Ionic Leach geochemical method of analysing soils has demonstrated rapid and cost-effective identification of prospective ground within and beyond the larger Rajapalot mineralized zones. We are now in the process of mobilizing a bottom-of-till drilling-rig to conduct detailed bottom-of-till geochemical sampling through these newly identified zones of gold-cobalt enriched soils in order to ascertain the presence and strength of any gold-cobalt signatures originating from the local bed-rock. Areas of gold-cobalt enrichment that are further reinforced from this bottom-of-till drilling program will be fast-tracked towards being drill-tested in the later phase of our 2025 winter drill programme, if time permits. We very much look forward to providing further updates as our exploration efforts advance through the winter."
Detailed Results
The objective of the Ionic Leach soil geochemistry programme has been to explore for the presence of broad-scale gold and/or gold-cobalt anomalous ground within the immediate Rajapalot project area, as well as in other geological compelling areas identified within the larger tenement package of Mawson Finland. The Ionic Leach method is a proprietary partial leach assay technique and considered an appropriate analytical technique in the Rajapalot project area where bedrock is highly-obscured by overburden, and more specifically, areas containing transported glacial cover. Over the last 3 summer field seasons, a total of 2407 samples have been taken and analysed using the Ionic Leach analytical method with 517 samples taken in the 2022 field season, 868 samples from the 2023 season, and 1022 from this year's 2024 field season.
This process has successfully identified multiple areas of relative enrichment in gold, cobalt and arsenic in the sampled ‘B-horizon' located in the upper-portions of the soil horizon (refer to Figure 1, Figure 2 and Figure 3). Interestingly, anomalous gold-cobalt-arsenic results are found in the vicinity of areas with observed high structural intensity (i.e., shear zones and other ‘orogenic'-type structures), and often clustered across multiple adjacent sample points, suggesting the possible presence of blind mineralised systems below. In order to strengthen confidence of a bedrock source for these identified gold-cobalt-arsenic soil-enrichments, a high-resolution bottom-of-till (BOT) drilling programme is arranged in order to obtain deeper sub-surface samples located at the regolith-bedrock interface. A BOT drilling rig is being mobilized to site, and first samples are expected to be collected before the end of December. Corroboration of anomalous gold-cobalt-arsenic bearing samples from both the Ionic Leach soil analysis and the BOT drilling analysis would suggest the presence of a potentially ‘blind' mineralized system underfoot, at which point the most compelling targets will undergo drill-testing, potentially within the upcoming 2025 winter drilling season.
Technical Background, Data Verification and Quality Assurance and Quality Control
Samples are collected using the prescribed techniques for the Ionic Leach method. Holes are dug with plastic implements through the upper levels of the soil layer, until the ‘B-horizon' is exposed. A sample of approximately 100 to 200 grams is collected by Mawson personnel from the upper ‘b-horizon' of the soil horizon, and then packed into zip-lock bags and sent directly to the ALS facility in Sodankylä, Finland, where the samples were prepared for analysis. A 50 gram soil sample was sent to ALS Geochemistry in Ireland (an accredited mineral analysis laboratory) for final analysis. Ionic Leach samples use a static sodium cyanide leach with a highly sensitive ICP-MS finish ("ME-MS23"). All samples are logged at the site of collection for various physical properties. All analytical data presented here is in its raw format. All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393).
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.
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.
SCHEDULE "A" - FIGURES
Figure 1: Ionic Leach results for gold analysis from B-horizon soils (coloured dots), overlain on composite RTP magnetic image composed of low-altitude drone magnetic and ground magnetic surveys, which includes structural traces (recognised shear zones) of significant orogenic features within the Rajapalot area.
Figure 2: Ionic Leach results for cobalt analysis from B-horizon soils (coloured dots), overlain on composite RTP magnetic image composed of low-altitude drone magnetic and ground magnetic surveys, which includes structural traces (recognised shear zones) of significant orogenic features within the Rajapalot area.
Figure 3: Ionic Leach results for arsenic analysis from B-horizon soils (coloured dots), overlain on composite RTP magnetic image composed of low-altitude drone magnetic and ground magnetic surveys, which includes structural traces (recognised shear zones) of significant orogenic features within the Rajapalot area.
SOURCE: Mawson Finland Limited
News Provided by ACCESSWIRE via QuoteMedia
Mawson Finland Limited ("Mawson" or the "Company") (TSXV:MFL) is pleased to announce that our CEO Ms. Noora Ahola has been recognized with the prestigious Female Director of the Year award, a testament to her exceptional leadership and impact in the Lapland region of Finland. The award was presented to Ms. Ahola on December 10th 2024
The Lapland Chamber of Commerce award recognizes Ms. Ahola's dedication and relentless pursuit of excellence. The criteria for the award state that Ahola has promoted the future of Lapland's business community both in the Mining Committee and in the Boards of the Lapland Chamber of Commerce and Board of the Finnish Mining Association. She is an active, constructive and positive female leader.
Ms. Liisa Ansala, CEO of the Lapland Chamber of Commerce stated, "Mawson Finland Limited was spun off from Mawson Gold Limited as its own company and listed on the Toronto Venture Exchange in the early autumn of 2024. Thus, Rovaniemi-based Noora Ahola is the only CEO of an international listed company operating in Finland. The stock exchange listing also enables Lappish investors and households to participate in the value creation of the mining sector" Ms. Ansala, continued, "Noora has been a dynamic force in enhancing and promoting the business environment in Lapland."
Mr. Neil MacRae, Mawson Finland Executive Chairman, states: "In our engagement with Noora, the Board can see the high standard of excellence she sets for herself on a daily basis. This prestigious award confirms to us that her local community in Lapland also recognizes her commitment not only to our Company but to the community and other businesses. Congratulations Noora!"
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
Not for distribution to United States newswire services or for dissemination in the United States.
Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") announces that after consultation with its registered finders, the Company has now concluded its non-brokered private placement under Part 5A of National Instrument 45-106 - Prospectus Exemptions - Listed Issuer Financing Exemption. As previously announced on November 13, 2024, the Company sold 3,470,000 units (each, a "Unit") at a price of C$0.30 per Unit for aggregate gross proceeds of C$1,041,000 (the "Offering"). The Company had filed an offering document related to the Offering that can be accessed under Grande Portage's profile at www.sedarplus.ca and on the Company's website at https:grandeportage.com
Each Unit consisted of one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional Common Share at an exercise price of C$0.45 per Common Share until November 13, 2026.
Grande Portage intends to use the net proceeds of the Offering for furthering the exploration and development of its New Amalga Gold project in Alaska, as well as general working capital purposes.
About Grande Portage:
Grande Portage is a publicly traded mineral exploration company focused on the New Amalga Gold project (formerly, named the Herbert Gold project) situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga Gold project. The New Amalga Gold project is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over seven million ounces of gold.
The Company's updated NI 43-101 mineral resource estimate reported at a base case cut-off grade of 2.5 grams per tonne gold (g/t Au) consists of an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes).
ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include 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 statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "plans" or "intends". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
SOURCE: Grande Portage Resources Limited
News Provided by ACCESSWIRE via QuoteMedia
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
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