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Mawson Initiates Drill Program at Palokas Gold Project in Finland

Mawson Resources Limited announces the commencement of a 4,000 metre drill program at Palokas in Finland.

Key Points:

  • Two Energold Group ("Energold") EGD Series III rigs have been mobilized to drill a minimum of 4,000 metres over the next two months.
  • Drilling has commenced and it is anticipated this first pass program will test down to 250 vertical metres with 56 mm NTW size drill core;
  • Energold is an experienced provider of hand-portable drilling services throughout the world. Local Finnish employees will form a major part of the team, working in 2 x 12 hr drilling shifts, 6 days a week.
  • The primary target for this program is the Palokas Prospect, which will be drilled at a nominal drill spacing of 80 metres, with the aim to prepare and announce the first mineral resource on the property in Q2 2016;
  • In addition, a three dimensional induced polarization and resistivity survey ("3D IP/resistivity") has commenced at Palokas. The survey will extend coverage over the Palokas area to 2.7 kilometres and provide additional drilling targets for current drill program.
  • Final results have been received for the last three Winkie rig drill holes PRAJ0115-PRAJ0117, completing a 9 hole 779.4 metres hand-portable summer drill program at Palokas.

Mr. Hudson, President & CEO, states, "After closing our financing two weeks ago, we look forward to executing our drill program and testing the Palokas system down dip and along strike with larger diameter and deeper drill core. Our objective is to calculate the first mineral resource at Palokas in Q2 2016."

"Existing 3D IP/resistivity data from Palokas have provided an effective gold targeting dataset due to the strong correlation between gold-bearing rocks and low resistivity areas. The extension to this geophysical coverage from 800 metres to 2.7 kilometres along the strike of mineralization will greatly aid in targeting drill holes to the north and south of the immediate Palokas system."

Mawson, in conjunction with all environmental authorities, are ensuring that all parts of these exploration programs are undertaken with minimal environmental impact. Baseline mapping of habitats and vegetation were completed during the summer and autumn. Mapping and identifying the nature values of the area ensures that threatened and endangered species are not negatively affected by exploration activities.

Final results have been received from the last Winkie rig drill holes PRAJ0115-PRAJ0117, completing the 9 hole, 779.4 metre hand portable summer drill program at Palokas.

  • PRAJ0115 was drilled north of the low resistivity body that hosts mineralization and did not intersect significant mineralization;
  • PRAJ0116 intersected 2.0 metres @ 2.8 g/t gold from 66.4 metres and was drilled 40 metres below PRAJ0108 (5.1m @ 3.8 g/t gold from 18.3 metres);
  • PRAJ0117 intersected 3.0 metres @ 1.6 g/t gold from 65.8 metres, 1.0 metre @ 0.8 g/t gold from 70.6 metres, 1.0 metre @ 3.7 g/t gold from 75.3 metres and 3.0 metres @ 1.9 g/t gold from 109.9 metres and was drilled 80 metres along strike from PRAJ0108.

Compared to earlier drill holes, only lower grades were intersected in the last 3 drill holes. It is encouraging however to see the continued strong association of gold-bearing rocks with the low resistivity body, that extends 500 metres south of drilled area at Palokas, as well as the broader zone of mineralization encountered in PRAJ0117. Tables 1 and 2 include collar and best assay results from the 9 hole summer drill program. The true thickness of mineralized intervals is interpreted to be approximately 90% of the sampled thickness.

On August 24 2015, the Company announced that it had requested a police investigation into certain accusations made by an NGO about the Company in their re-appeal to the Supreme Administrative Court. Mawson has been informed by the Rovaniemi police that it will not proceed with the case. The Company is considering its position.

Source: http://www.mawsonresources.com/

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