MAW Mawson Gold Limited

VANCOUVER, May 13, 2019 /PRNewswire/ - Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces a new drill discovery at the Rumajärvi prospect of shallow gold-cobalt mineralization located 700 metres west and 1.1 kilometres south of the Raja and Palokas resource areas respectively, at the Company's 100% owned Rajapalot Project in northern Finland.  Highlights include PAL0182 which intersected 7.4 metres @ 4.4 g/t gold equivalent ("AuEq"), 3.4 g/t gold ("Au") and 597 ppm cobalt ("Co") from 86.3 metres.

Assay results continue to be received from drill holes that tested both the boundaries of Mineral Resources at the Raja, Palokas and South Palokas prospects, and earlier stage prospect areas including the Hut, Terry's Hammer and Rumajärvi (Figures 1 and 2).  Mawson recently completed 44 holes (PAL0159–PAL0201D1) for 15,059 metres during the 2019 winter drill season. Results from 6 holes from the Rumajärvi prospect are provided here, with additional results to be reported on a prospect-by-prospect basis. Twenty-three holes with full assays remain to be reported that were drilled predominantly down plunge from resource areas.  Sulphidic (pyrrhotite-rich) intersections with visible gold provide encouraging signs in drill holes PAL0190 and PAL0191(Raja), PAL0194 (Palokas) and PAL0198 (South Palokas), where assays are yet to be received.

"Our exploration success at Rumajärvi provides encouragement of continued growth of the Rajapalot mineral system," said Mr. Michael Hudson, Chairman and CEO of Mawson. "The discovery of these new gold-cobalt zones at Rumajärvi clearly demonstrate the potential to increase Rajapalot's gold-cobalt resources. Rajapalot is a significant and strategic growing gold-cobalt resource already positioned as one of Finland's top three gold resources by grade and contained ounces and one of a small group of cobalt resources in Europe prepared in accordance with NI 43-101 policy. We still have over half the winter season drill holes to report, and look forward to sharing results over the coming month."

The newly discovered gold-cobalt corridor at Rumajärvi lies on the western flank of the mineralized Rajapalot trend and is indicated with dashed lines in Figures 1 and 2.  The resource areas at Rajapalot trend to the north and east of this discovery within an overall 4 kilometre trend. Rajapalot remains untested to the south, west and north.

The new Rumajärvi corridor is located 700m west and 1.1 km south of the Raja and Palokas Inferred Mineral Resources and represents a new drill-defined mineralized area within the best-developed boulder field in Rajapalot where a total of 55 boulders and outcrops with >0.1 g/t gold have been discovered.  Gold grades from a 10 hectare area range from 0.1 g/t gold to 3,870 g/t gold, with an average of 184 g/t gold and median of 0.6 g/t gold. Samples from boulders are grab samples, which are selective by nature and are unlikely to represent average grades on the property

Results are available from 6 of 9 holes drilled at Rumajärvi over winter (PAL0177, 179, 181, 182, 183 and 184).  Results from 3 drill holes from Rumajärvi are awaited (PAL0178, 185 and 186).  Better drill holes from this release include PAL0182 which intersected 7.4 metres @ 4.4 g/t gold equivalent ("AuEq"), 3.4 g/t gold ("Au") and 597 ppm cobalt ("Co") from 86.3 metres. PAL0179, drilled 200 metres to the NE of PAL0182 intersected 4.7 metres @ 1.9 g/t AuEq, 1.0 g/t Au and 578 ppm Co from 6.0 metres and PAL0183 intersected 0.6 metres @ 2.8 g/t AuEq, 2.2 g/t Au and 340 ppm Co from 142.5 metres.

Geological Discussion

Rumajärvi prospect area is a discovery at its early stages within the Rajapalot project.  Drilling at depth at Rajapalot is driven by electromagnetic geophysics.  At Rumajärvi six modelled geophysical conductors (two ground-based TEM and four airborne VTEMplus) have only been tested by four drill holes. The discovery is a result of systematically following up boulder trains, geophysical surveys and scout drilling to target further mineralization.

Vein and fracture fill mineralization formed at multiple stratigraphic levels appears to be the main style associated with Rumajärvi. It is interpreted that drilling may have only intersected "thin" structurally controlled transgressive veins marginal to a main mineralized position. PAL0182 (7.4 metres @ 4.4 g/t AuEq from 86.3 m) was drilled to intersect an inferred linear, NNW plunging Au-Co sulphidic intersection down-plunge from earlier hole PAL0037 (19.5 metres @ 1.8 g/t AuEq, 0.7 g/t Au, 659ppm Co from 20.5 metres). Mineralization commences at the lower intersection of albite-rich rocks with schists in association with fine-grained muscovite schists. Unlike at Raja where mineralization lies close to the basal muscovite quartzite marker, mineralization at Rumajärvi is located over 300 metres structurally above this marker horizon. Drill hole PAL0179 (4.7 metres @ 1.9 g/t AuEq, 1.0 g/t Au and 578 ppm Co from 6.0 metres), commenced in mineralization at the base of the glacial till overburden in moderately foliated sulphidic breccia comprising pyrrhotite, pyrite chalcopyrite, sphalerite and galena in a silicate host comprising chlorite, biotite, Mg-Fe amphiboles, albite, quartz and tourmaline.

Geological interpretation suggest that mineralization may extend more than 300 metres to the west of current drilling at Rumajärvi where VTEMplus electromagnetic plates have not been drill tested. Notably, the only two holes drilled 320 metres NNW from PAL0182 (PAL0043 (3.0 metres @ 3.0 g/t AuEq, 2.6 g/t Au, 273 ppm Co from 10.6 metres) and PAL0184 (1.0 metre @ 1.7 g/t AuEq, 1.3 g/t Au, 206 ppm Co from 117.6 metres) have both intersected gold-cobalt mineralization. The principal undrilled target occurs in the large fold hinge where the sequence inverts from right-way-up in the north (South Palokas and upper sequence at The Hut) to upside down in the south (Raja and Rumajärvi).  The construction of a 3D model (grade and structure/stratigraphy) to merge with geophysics (especially EM) is planned over the coming months to help target drilling at the end of the year.

Technical and Environmental Background
The gold equivalent ("AuEq") value used in the resource and this press release was calculated using the following formula: AuEq g/t = Au g/t + (Co ppm/608) with assumed prices of Co $30/lb; and Au $1,250/oz. AuEq varies with gold and cobalt prices. A long-term price point has been chosen for both commodities to maintain consistency of reporting individual drill holes against the resource dated December 2018.  Approximate spot prices for gold and cobalt are currently $1280/oz and $16/lb respectively.

Assuming a predominant stratabound control, the true thickness of the mineralized interval is interpreted to be approximately 90% of the sampled thickness. Quality control duplicates for all holes show good repeatability of gold assays. Intersections are reported with a lower-cut of 0.5g/t gold or 304ppm Co over 2 metre lower cut, except where indicated. No upper cut-off was applied.

Four diamond drill rigs (K3 & K8) from the Arctic Drilling Company OY ("ADC"), Kati OY ("Kati") and MK Core Drilling OY ("MK"), all with water recirculation and drill cuttings collection systems were used for the drill program. Core diameter is NQ2 (50.7 mm). Core recoveries were excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals averaging 1 metre for mineralized samples and 2 metres for barren samples were cut in half at the Geological Survey of Finland (GTK) core facilities in Rovaniemi, Finland. The remaining half core is retained for verification and reference purposes. Analytical samples were transported by Mawson personnel or commercial transport from site to the CRS Minlab Oy facility in Kempele, Finland. Samples were 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. Multi-element assays, including cobalt are determined using the ICP-MS method (IMS-230) of MS Analytical shipped directly from the CRS Minlab Oy facility. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks the within interpreted mineralized rock. In addition, CRS and MS Analytical insert blanks and standards into the analytical process.

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.

NI 43-101 Technical Report
On December 19, 2018, Mawson filed an independent National Instrument 43-101 Technical Report (the "NI 43-101 Technical Report") on the Mineral Resource Estimate for the Raja and Palokas Prospects, at the 100% owned Rajapalot Project in Finland, (the "NI 43-101 Technical Report"), in support of the Company's news release dated  December 17, 2018. The NI 43-101 Technical Report was authorized by Mr. Rod Webster of AMC Consultants Pty Ltd ("AMC") of Melbourne, Australia, and Dr. Kurt Simon Forrester of Arn Perspective of Surrey, England. Each of Mr. Webster and Dr. Forrester are independent "qualified persons" as defined by National Instrument 43-101. The NI 43-101 Technical Report may be found on the Company's website at www.mawsonresources.com or under the Company's profile on SEDAR at www.sedar.com.

About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS:MWSNF)

Mawson Resources Limited is a sustainable and ethical exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rajapalot gold-cobalt project 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.

Table 1: Collar Information from 2019 Winter drilling at the Rajapalot Project (Finnish Grid, Projection KKJ3)

Table 2: Better intersections report from the 2019 Winter Drill Program.

Intersections are reported with a lower cut of 0.5g/t gold over 2 metre lower cut except where stated in the text. No upper cut-off was applied.

Table 3: Individual assay data from key drill holes reported in this release.

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SOURCE Mawson Resources Ltd.