Mawson extends Palokas gold prospect, Finland

VANCOUVER, March 16, 2015 /CNW/ - Mawson Resources Limited ("Mawson") or (the "Company") (News - Market indicators) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces the results of recently completed 3D induced polarization "IP" and shallow diamond drilling programs and outlines upcoming work plans for the Palokas prospect in Lapland, Arctic Finland.

Key Points:

• A 600 metre long conductive anomaly (Figures 1 and 2) has been defined by a pseudo-3D pole-dipole IP and resistivity survey at Palokas Prospect extending down plunge from drilled near-surface gold mineralization (ie 19.5 metres @ 7.4 g/t gold from 1.3 metres depth (see Mawson Press Releases October 03, 2013, October 16, 2013 and January 20, 2014);
• The thickness of the conductive body increases with depth and is open below the 250 metre investigative depth of the survey;
• Final results from near-surface investigative drilling has returned results including 0.3m @ 49.6 g/t Au from 17.7 metres in drillhole PRAJ0097 located 1000 metres from the Palokas prospect (Figure 3).  Results from recent drilling are located above the conductive body defined by the 3D-IP program;
• The Company has purchased and will take delivery this week, of a hand portable Winkie diamond drill to extend its drill depth capacity from 40 metres down to 120 metres.  Drilling with the Winkie rig, which remains subject to final permitting, is planned to commence at Palokas in April, to test below known gold mineralization.

Mr Michael Hudson, President & CEO states, "The geophysical results reported present a compelling target down plunge from known mineralization at the Palokas gold project. Our new hand portable rig with extra depth capacity will advance our understanding of the 1.2km long Palokas mineralized system below the 30 metres depth we have tested to date. Subject to final permitting, we will start drilling in April."

The IP area surveyed commenced more than 250 metres north of Palokas to 500 metres south of the Palokas prospect. Gold at Palokas is associated with pyrrhotite which forms the conductive and chargeable anomaly associated with drilled gold mineralization and has been confirmed by petrophysics. The thickness of the conductive body increases with depth and is open below the 250 metre investigative depth of the survey.  The body plunges south and has little or no surface expression where recent near-surface drilling has provided near-miss and thinner mineralized gold hits.

The recently completed hand portable drill program consisted of 33 holes for 1160.5 metres with an average hole depth of 35.1 metres. Four additional holes did not drill through to basement. The final ten drill holes are reported here and shown in Tables 1 and 2.  The best results from the final ten holes include 0.3m @ 49.6 g/t Au from 17.65m in PRAJ0097, 1.15m @ 1.49 g/t Au from 8.3m in PRAJ0099 and 2.2m @ 1.73 g/t Au from 18.75m in PRAJ0105. These results are considered to form up dip from gold mineralization and represent near miss signatures.  This is supported by the recent 3D IP geophysical survey.

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.

Technical Background

The core sampling was undertaken by Mawson Staff who provided EW (25.2 mm) diameter core. Core recoveries were excellent and average close to 100% in fresh rock. After photographing and logging, core intervals averaging 1 metre in length were cut in half at the Geological Survey of Finland (GTK) core facilities in Rovaniemi, Finland. These half-core one metre samples weigh less than 0.7 kilograms. The remaining half core is retained on site for verification and reference purposes. Analytical samples were transported either commercial transport, or by Mawson personnel from site to ALS Chemex Ltd's laboratory in Piteå, Sweden. Samples were prepared at Piteå and sent to ALS Chemex Ltd's laboratory in Vancouver, Canada to be analyzed by Au-ICP21, GRA-21, ME-MS41u and ME-MS61u techniques. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known gold content, with blanks at the beginning of each batch. In addition, ALS Chemex inserts a number of blanks and standards into the analytical process.

The qualified person for Mawson's Finnish projects, Mr Michael Hudson, President & CEO for Mawson and Fellow of the Australasian Institute of Mining Metallurgy has reviewed and verified the contents of this release.

On behalf of the Board,

"Michael Hudson"                  
Michael Hudson, President & 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, including statements regarding anticipated exploration activities and the intended financing 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, equipment failure, unexpected geological conditions, permitting, operational delays, 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.

Table 1: Collar Information from the hand portable, low impact drill rig from the Palokas Prospect, Rajapalot, Finland.

Table 2: Assay data from the hand portable, low impact drill rig from the Palokas Prospect, Rajapalot, Finland.

A lower cut of 0.5 g/t over 1 metre was applied. 

SOURCE Mawson Resources Ltd.

PDF available at: http://stream1.newswire.ca/media/2015/03/16/20150316_C5998_PDF_EN_13266.pdf

PDF available at: http://stream1.newswire.ca/media/2015/03/16/20150316_C5998_PDF_EN_13265.pdf