TORONTO, Canada -- August 21, 2024 -- InvestorsHub NewsWire --
Mawson
Finland Limited (“Mawson” or the
“Company”) (TSX-V:
MFL) is pleased to confirm that it has completed its first
drill program on its wholly-owned Rajapalot Gold-Cobalt property in
Northern Finland. The objective of this season’s drilling was to
further increase the inferred resources inventory at the Rajapalot
project by exploring for potential continuations to the presently
defined mineral-system.
The Rajapalot project is the subject of a current preliminary
economic assessment, entitled “NI 43-101 Technical Report on a
Preliminary Economic Assessment of the Rajapalot Gold-Coblat
Project, Finland”, with an effective date of December 19,
2023, which the Company has filed and which is available on SEDAR+
(the “PEA”). The PEA demonstrates an
NPV5% of USD $211 million post-tax and an IRR of
27% post tax. The Rajapalot deposit inferred resource estimate has
been calculated pursuant to the PEA at a size of 9.78 mt @ 2.8 g/t
gold and 441 ppm cobalt, for total contained metal of 867 koz of
gold and 4,311 tonnes of cobalt.
The PEA is preliminary in nature and includes inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves. Mineral resources that are
not mineral reserves do not have demonstrated economic viability.
There is no certainty that the PEA will be realized.
Ms. Noora Ahola, Mawson Finland CEO, states: “We had
excellent conditions for drilling in winter and spring 2024 and we
successfully completed an extensive 12,070-metre diamond drilling
program at Rajapalot. We expect to shortly receive our assay
results from this program. We hope that the results will confirm
our belief in the growth potential of the deposit.”
Executive Chairman, Mr. Neil MacRae added, “Management
is very pleased with the progress made with the drilling campaign
so far and, with the recent successful completion of the IPO, we
are also very proud to have compiled a strong shareholder registry.
We would especially like to thank our shareholders who have
supported us since December 2023 during the Special Warrant
financing round, pursuant to which we acquired the Rajapalot
asset.” Mr. MacRae continued, “As well, we would like to
acknowledge the efforts of our legal team at Peterson McVicar LLP
and the agent for our IPO financing, Eight Capital, who were
instrumental in our success. Finally, we are also very thankful to
have had a significant number of local Finnish investors who have
chosen to support us. We thank them in particular for their support
of our Finnish-based CEO Ms. Noora Ahola, as we work to advance the
Rajapalot project for the benefit of all shareholders and locals
alike.”
Winter Drill Campaign, January to April
2024
During January to April 2024, 3 drill-rigs drilled a total of
12,070 metres of diamond core from 38 drillholes around the
Palokas, Hut, Raja and Joki deposits. Primary aims for this
drilling were to intercept gold-cobalt mineralisation, both the
along-strike and down-dip, of the presently defined envelopes of
inferred-category gold-cobalt mineralisation at Rajapalot. 20
drillholes were drilled around the Palokas deposits, 8 around the
Hut, 6 at Raja and 4 at Joki deposit (see Figure 1 hereinbelow).
Drilling has focused on extending higher-grade areas defined from
within the current published resource, with the aim of delivering
additional, higher-grade tonnes into the future resource base.
Assay results from this drilling will be released as they become
available. Additionally, 5 of these drillholes were selected for
“downhole EM” geophysical surveys of which results will be
published in due course.
Figure 1.
Geological map of the Rajapalot property showing location of
major deposits and other known prospects. Inset/lower map
illustrates the location of drillholes completed at Rajapalot
between January and April of 2024. Drilling can be seen focusing
around the major deposits at Rajapalot, with inset text boxes
documenting their current estimated inferred resource metrics as
per the PEA.
Geological Preparation Work for the 2025 Winter Drilling
Campaign
Leading into the 2025 winter drilling campaign, Mawson intends
to undertake a series of surface geochemical and geophysical
surveys to further develop potential mineralised extensions of the
Rajapalot resource and search for additional exploration targets in
and around the broader Rajapalot area. Summer and autumn
exploration work will focus on the collection of a 1000-sample soil
geochemical survey, and additional “downhole EM” and “fixed-loop
EM” geophysical surveys will be undertaken in late-August through
to December to develop further exploration targets around the
Rajapalot area, whilst also searching for extensions in the
periphery to the mineralisation forming the current resource
inventory. At Rajapalot, historical surface geochemical and
geophysical surveys have successfully identified new areas of gold
and cobalt mineralization. Regional exploration activities will
also occur in conjunction with these resource-expansion objectives
to recognize new promising drill targets.
Mawson has also conducted a full geological review of the
Rajapalot property over the last 6 months and has identified some
primary factors that have been consistently found to control the
gold-cobalt ore-system in the Rajapalot district, among which is a
structural control in the form of re-activated shear-zones hosting
mineralisation in close conjunction with certain geochemical and
rock-permeability affinities belonging to the host-stratigraphy. As
such, the intersection of reactivated shear-zones (those containing
extreme hydrothermal alteration), that cross-cut preferable
litho-stratigraphic units (fiamme-tuff beds of basaltic affinity)
present ideal locations for mineralisation in the Rajapalot area.
Mawson intends future exploration activities in the Rajaplot
district to hereafter focus on areas where mapped shear-structures
are seen interacting/cross-cutting with key litho-stratigraphic
horizons. Both soil and subsurface geochemical sampling and “EM”
geophysical surveys will be conducted over these hypothesised
‘ore-forming’ environments in order to develop drill-targets for
further exploration of gold-cobalt mineralisation around the
Rajapalot area, whilst also searching for extensions in the
periphery to the mineralisation forming the current resource
inventory. Mawson expects to subsequently drill-test developed
targets as part of its planned 2025 winter drilling campaign.
The Rajapalot gold-cobalt mineralisation was first discovered by
the previous owner Mawson Gold Ltd. (then Mawson Resources Ltd.) in
2012 through sampling of surface outcropping sulfide-bearing rocks.
This initial discovery was immediately drilled and has become what
is now named the Palokas deposit. Over the subsequent 10 years,
approximately 100,000 meters of core has been drilled, culminating
in the current PEA, pursuant to which a total of 867 koz of gold
and 4,311 tonnes of cobalt has been defined in the inferred
resources category, being 9.78 mt @ 2.8 g/t gold and 441 ppm
cobalt. Geologically, the Rajapalot deposit is considered an
orogenic-style deposit, with mineralisation hosted in the
Paleoproterozoic-aged Kivalo Group of the Peräpohja greenstone
belt. Several productive orogenic-style gold deposits are known
from northern Finland, including the Agnico-Eagle Kittila Mine (2
MOz Au produced and 3.5 MOz Au in proven and probably mineral
reserves, being 26,925 kt @ 4.14 g/t Au), and Rupert Resources
Ikkari deposit (4 MOz Au in measured and indicated mineral
resources, being 58,430 kt @ 2.18 g/t Au) which is presently still
in its development phase (see Figure 2 hereinbelow, being a
locality map of Finland).
Figure 2) Locality map of
Finland illustrating the location of Mawson Finland’s Rajapalot
project, relative to the locations of other major mines and
development projects currently active in Finland.
Qualified Person and Technical Information
Technical and scientific information contained herein relating
to the Rajapalot project located in Finland is derived from the
PEA, which was prepared for the Company by Christopher Bray, BEng
(Mining), MAusIMM(CP), of SRK Consulting (UK) Limited, Ove Klavér,
MSc (Geology), Eur.Geol., FAMMP, of GeoPool Oy, Eemeli Rantala, MSc
(Geology), P.Geo., of AFRY Finland Oy, Craig Brown, B.E. (Chem),
GradDipGeosci, FAusIMM, of Resources Engineering & Management
Pty Ltd, and Mathieu Gosselin, P.Eng., of Gosselin Mining AB. The
PEA was prepared in accordance with National Instrument 43-101
- Standards of Disclosure for Mineral
Projects (“NI 43-101”).
The technical and scientific information in this news release
was reviewed, verified and approved by Dr. Thomas Fromhold, an
employee of Fromhold Geoconsult AB, and Member of The Australian
Institute of Geosciences (MAIG, Membership No. 8838). Mr. Fromhold
is a “qualified person” as defined under NI 43-101.
The PEA is based on technical data, documents, reports and
information supplied by Mawson Oy, a wholly-owned subsidiary of the
Company, including copies of concession application and award
documents, historical reports on exploration and drilling, and
internal reports by Mawson Oy staff and consultants/contractors.
The specific reports which form the basis for the PEA are listed in
Section 27 of the PEA. Please see the PEA for discussion of, among
other things, data verification and additional exploration
information applicable to the technical disclosure herein
provided.
About Mawson Finland Limited
Mawson Finland is an exploration stage mining development
company engaged in the acquisition and exploration of precious and
base metal properties in Finland. The Company is primarily focused
on gold and cobalt. The Corporation currently holds a 100% interest
in the Rajapalot Gold-Cobalt Project located in Finland. The
Rompas-Rajapalot Property consists of 11 granted exploration
permits for 10,204 hectares and 2 exploration permit applications
and a reservation notification area for a combined total of 40,496
hectares. In Finland, all operations are carried out through the
company’s fully owned subsidiary, Mawson Oy. The Company maintains
an active local presence of Finnish staff with close ties to the
communities of Rajapalot.
Additional disclosure including the Company’s financial
statements, technical reports, news releases and other information
can be obtained at mawsonfinland.com or
on SEDAR+ at www.sedarplus.ca.
Media and Investor Relations Inquiries
Please contact: Neil MacRae Executive Chairman at neil@mawsonfinland.com or
+1 (778) 999-4653, or Noora Ahola Chief Executive Officer
at nahola@mawson.fi or
+358 (505) 213-515.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. No securities regulatory authority
has reviewed or approved of the contents of this news
release.
Forward-looking Information
This news release includes certain “forward-looking information”
and “forward-looking statements” within the meaning of applicable
securities laws (collectively, “forward-looking information”) which
are not comprised of historical facts. Forward-looking information
includes, without limitation, estimates and statements that
describe the Company’s future plans, objectives or goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking information may be
identified by such terms as “believes”, “anticipates”, “expects”,
“estimates”, “aims”, “may”, “could”, “would”, “will”, “must” or
“plan”. Since forward-looking information is based on assumptions
and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements
are based on information currently available to the Company, and
management of the Company believes them to be reasonable based
upon, among other information, the contents of the PEA, the Company
provides no assurance that actual results will meet management’s
expectations. Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, the Company’s objectives, goals or future plans,
any expected receipt of assay results or other exploration results
and the impact upon the Company thereof, potential mineralization
whether peripheral to the existing Rajapalot resource or elsewhere,
any anticipated disclosure of assay or other exploration results
and the timing thereof, the estimation of mineral resources,
exploration and mine development plans, including drilling, soil
sampling, geophysical and geochemical work, any expected search for
additional exploration targets and any results of such searches,
the existence of, location of and results of finding any
hypothesised ore-forming environment, potential acquisition by the
Company of any property, the growth potential of the Rajapalot
resource, all values, estimates and expectations drawn from or
based upon the PEA, and estimates of market conditions. Factors
that could cause actual results to differ materially from such
forward-looking information include, but are not limited to: any
change in industry or wider economic conditions which could cause
the Company to adjust or cancel entirely its exploration plans,
failure to identify any hypothesised ore-forming environments or
failure of any such identified environments to yield meaningful
results, failure to identify mineral resources or any additional
exploration targets, failure to convert estimated mineral resources
to reserves, any failure to receive the results of completed assays
or other exploration work, poor exploration results, the inability
to complete a feasibility study which recommends a production
decision, the preliminary and uncertain nature of the PEA, the
preliminary nature of metallurgical test results, delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company’s public documents filed on SEDAR+. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 778 999 4653 / E:neil@mawsonfinland.com
Mawson Finland (TSXV:MFL)
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