VANCOUVER, March 23, 2018 /CNW/ - Mawson Resources
Limited ("Mawson") or (the "Company") (TSX:MAW)
(Frankfurt:MXR) (PINKSHEETS: MWSNF) announces an update on
drilling and rig movements at its 100% owned Rajapalot gold project
in Finland.
Key Points:
- Three drill rigs continue drilling at Rajapalot in the fully
permitted Hirvimaa and Raja exploration permits and in-fill
base-of-till drilling is planned at Rompas within the fully
permitted Männistö exploration permit areas (4,213 hectares in
total) while winter conditions prevail (Figures 1 and 2);
- Forty-four diamond drill holes for 9,838 metres have already
been completed at the Kairamaat 2-3 exploration permit area (1,462
hectares) this winter (Figure 1) which is part of Mawson's regional
16,256 hectare land package in Finland. Drilling is now finished in Kairamaat
2-3 due to an administrative court decision outlined below;
- Results from the first five drill holes as reported
March 01, 2018 were highly
encouraging with PAL0093 intersecting 31.7 metres @ 8.4
g/t gold from 244.1 metres, including 10.9 metres at 21.0
g/t gold from 252.2 metres. Results are pending for thirty-nine
drill holes;
- Drill program on track to complete 15,000 metres this
winter.
Mr Hudson, Chairman & CEO states, "Owing to a
complicated Finnish administrative system we have had to complete
drilling at Kairamaat 2-3 permit a few weeks earlier than
anticipated. Three drill rigs continue to drill 24/7 in adjacent
areas and we remain on target to complete 15 kilometres of drilling
at Rajapalot this winter. 39 drill holes remain to be reported, so
news flow will continue for the coming months. Our challenge is to
now search for extensions of the mineralized system north of
Palokas and to the east of Raja prospects and build up further
targets for ongoing summer drilling."
According to the Finnish Mining Act, after the first renewal
period of up to 4 years, all exploration permits in Finland can be renewed in 3-year maximum
intervals, for a combined total of 15 years. The Kairamaat 2-3
exploration permit area of 1,462 hectares is part of Mawson's
larger ground holding of 16,256 hectares, of which a total of 4,213
hectares are granted. Kairamaat 2-3 was first granted to
Mawson as exploration claims in October
2011 under an older version of the Mining Act, and then
renewed in June 2014 and January 2018. On 12th January, 2018, the Finnish Mining Authority,
TUKES, renewed the Kairamaat 2-3 exploration permit, according to
specific environmental assessments performed by Mawson, for an
additional 2 years. As a part of its permit decision, TUKES
issued an enforcement of the earlier exploration permit conditions
to allow exploration work to commence immediately. As is
standard in Finnish legislation, all administrative decisions are
appealable. Three appeals were filed against the TUKES decision to
the Northern Finland Administrative Court on the exploration permit
decision with requests for abrogation of the enforcement order. The
company has just been advised that the Administrative Court made an
interlocutory judgment in the enforcement order matter and decided
to abrogate TUKES' enforcement order and therefore drilling at
Kairamaat 2-3 has been finished 2-3 weeks earlier than initially
planned. Winter drilling on snow cover is only permitted within the
Kairamaat 2-3 area. The next steps are to work with all
authorities over the coming months to ensure drilling can continue
in the Kairamaat 2-3 next winter.
Technical and Environmental Background
The qualified person for Mawson's Finnish projects, Dr.
Nick Cook, President for Mawson and
a Fellow of the Australasian Institute of Mining Metallurgy has
reviewed and verified the contents of this release.
About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR,
PINKSHEETS:MWSNF)
Mawson Resources Limited is an exploration and development
company. Mawson has distinguished itself as a leading Nordic Arctic
exploration company with a focus on the flagship Rompas and
Rajapalot gold projects in Finland.
On behalf of the Board,
"Michael
Hudson"
Michael Hudson, Chairman &
CEO
Forward-Looking Statement
This news release contains forward-looking statements or
forward-looking information within the meaning of applicable
securities laws (collectively, "forward-looking statements"). All
statements herein, other than statements of historical fact, are
forward-looking statements. Although Mawson believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe,
expect, anticipate, intend, estimate, postulate, and similar
expressions, or are those, which, by their nature, refer to future
events. Mawson cautions investors that any forward-looking
statements are not guarantees of future results or performance, and
that actual results may differ materially from those in
forward-looking statements as a result of various factors,
including, but not limited to, capital and other costs varying
significantly from estimates, changes in world metal markets,
changes in equity markets, planned drill programs and results
varying from expectations, delays in obtaining results, equipment
failure, unexpected geological conditions, local community
relations, dealings with non-governmental organizations, delays in
operations due to permit grants, environmental and safety risks,
and other risks and uncertainties disclosed under the heading "Risk
Factors" in Mawson's most recent Annual Information Form filed on
www.sedar.com. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by
applicable securities laws, Mawson disclaims any intent or
obligation to update any forward-looking statement, whether as a
result of new information, future events or results or
otherwise.
SOURCE Mawson Resources Ltd.