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MAWSON RESOURCES LTD

Mawson Resources says Finnish project continues to present new and exciting opportunities

So far, 36 holes from 75 drilled have now been reported from Mawson's winter program.

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Cobalt is a vital component in electric cars

Mawson Resources Ltd (TSE:MAW) has reported more encouraging drill results from the Rajapalot project in Finland, including new cobalt assays.

Eight new holes were reported from three prospect areas while cobalt assays were provided from two holes where gold-only values were available previously.

All ten holes, except one, hit  gold-cobalt mineralisation.

So far, 36 holes from 75 drilled have now been reported from the winter programme.

New cobalt assays, when added to the previously reported gold-only assays from a hole at the Raja prospect returned 33.6 metres at 9.7 g/t (grams per ton) Au Eq (gold equivalent), 8 g/t gold, 823 ppm (parts per million) cobalt from 243 metres, increasing the previously reported gold-only result by 22%.

Notably, cobalt assays from Raja continue to indicate the strong spatial relationship with gold but with a larger halo, the firm said.

"Rajapalot continues to present new and exciting opportunities with every additional result," said Mike Hudson, chairman and chief executive at Mawson.

"We continue to be encouraged by the broad uplift in gold-equivalent grades after the addition of cobalt assays," he said, highlighting one hole which assayed 33.6 metres at 9.7 g/t gold equivalent.

New targets

New targets continue to be generated as evidenced by the near-surface structural zone of mineralisation discovered at Raja with another hole intersecting 4.0 metres at 6.7 g/t gold equivalent, he added.

"Known mineralisation was extended at Palokas, 1.8 kilometres from Raja, where the mineralized position was successfully extended down-plunge by 100 metres.

"Furthermore, our increased geological knowledge of the mineralised system has facilitated regional targeting with 1-2 kilometre step out holes.

"With thousands of gold and cobalt assays still in the laboratory, we look forward to announcing data as they become available."

Mawson also noted that diamond drilling was planned to restart during September this year at Hirvimaa, Raja and Mannisto exploration permit areas.

Further ground magnetic work and planning of downhole electromagnetic surveys are earmarked to further refine winter 2019 drill targets, in particular, the down-plunge continuity of Raja prospect.

Ground magnetic surveys will commence in late June and electromagnetic surveys in September 2018,  the company said.

Shares were unchnaged at C$0.29.

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