2017 News Releases

September 05, 2017

Mawson Exploring 9 High Grade Boulder Fields Over 12 Sq. Km In Finland

160 boulders with gold grades ranging from 0.1 g/t gold to 3,870 g/t gold, with an average of 74.9 g/t gold and median of 0.71 g/t gold

Vancouver, Canada – Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX: MAW) (Frankfurt: MXR) (PINKSHEETS: MWSNF) announces the result of a systematic review of nine prospect areas at the 100% owned Rajapalot gold project in Finland. These prospect areas were discovered by the Mawson team as gold-bearing boulder fields, from which 160 gold mineralized boulders have now been identified within a 12 square kilometre area. The potential bedrock source of only three of the nine boulder fields have been located by drilling, with the remaining six boulder trains now planned for follow up exploration.

Key Points:

  • A total of 160 boulders and outcrops with >0.1 g/t gold have been discovered within a 4 kilometre by 3 kilometre area at Rajapalot. Gold grades range from 0.1 g/t gold to 3,870 g/t gold, with an average of 74.9 g/t gold and median of 0.71 g/t gold. Samples from boulders are grab samples, which are selective by nature and are unlikely to represent average grades on the property;
  • The sources of six of nine gold bearing boulder fields remain to be discovered;
  • The sources of three have been discovered by drilling over the last 18 months, these being:
  • Glacial transport direction, combined with geological features and base of till drill results indicate only a short travel distance for all mineralized boulders (<250 m). Rock outcrops related to the boulders have been discovered in five of the boulder fields.
  • Discoveries of additional Palokas-style amphibole-tourmaline-chlorite-pyrrhotite boulders over the last month (assays pending for 4 mineralized boulders) at Hirvimaa have defined immediate drill targets in areas that can be drilled year-round;
  • Winter drilling (2017-18) will focus on delineation of additional gold mineralization in prospects already identified by drilling, and follow-up of boulder fields where the primary source of mineralization remains to be discovered.

Mr Hudson, Chairman & CEO states, "With more than 99% of the gold prospective area at Rajapalot covered with a thin layer of glacial soil, tracing the source of boulders remains a key to further discoveries. The frequency of boulder discovery at Rajapalot over at least 12 sq km is impressive. Our field teams are regularly making new finds, including the exciting Palokas-style mineralized boulders at Hirvimaa, that present immediate drill targets. The bedrock source of only three of nine boulder fields are known to date, with all nine still providing excellent discovery opportunities.

Further discoveries at Rajapalot will come through rigorous exploration practices and a commitment to drilling. Given the high success rate of drilling during the last winter program where 28% of drill holes (39 out of a total of 137) recorded greater than 5 g/t-m intersections, we are looking forward to our upcoming programs.”

A summary of sample statistics is shown in Table 1 and description of all boulder fields is shown in Table 2. Samples from boulders are grab samples, which are selective by nature and are unlikely to represent average grades on the property. A lower cut-off for reporting of the boulders is 0.1 g/t Au, and the range, mean and median are all reported to give a more accurate representation of sample variation.

Compilation and re-examination of all the boulder information was conducted for comparison of the drill results of the 2016-17 winter drilling and base of till (BOT) results with previously held data. The geochemistry, mineral assemblages and the shape and size of all boulders was reviewed. Company geologists have determined that the grade distribution of boulders and their spacial association with outcrops and drill results indicate that the shallowly buried sources are close to the northwestern edges of the defined boulder fields.

The source of three boulder fields identified in Figure 1 (Palokas, South Palokas and Raja) have been located. The source of the largest boulder field, Rumajärvi, remains elusive, but as the boulders contain highly anomalous and disseminated gold with pyrrhotite, this remains a high-priority target for 2017-18 winter drill program. Geophysical studies, including distinguishing magnetic pyrrhotite-bearing metasediments from magnetic volcanic rocks is allowing more effective targeting of boulder sources.

Technical Background

The qualified person for Mawson's Finnish projects, Dr. Nick Cook, President for Mawson and Fellow of the Australasian Institute of Mining Metallurgy has reviewed and verified the contents of this release.

Boulder samples were assayed between 2012-2015 and transported by Mawson personnel from site to ALS Chemex Ltd's laboratory in Pitea, Sweden where the samples were prepared 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 consisted of the systematic insertion of certified standards of known gold content, with blanks at the beginning of each batch. In addition, ALS Chemex inserted a number of blanks and standards into the analytical process.

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
Further Information
www.mawsonresources.com
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez (Canada), Corporate Secretary, +1 (604) 685 9316, info@mawsonresources.com

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: Summary of boulder data for the nine boulder fields at Rajapalot. Minimum cut-off for reporting is 0.1 g/t Au. Samples from boulders are grab samples, which are selective by nature and are unlikely to represent average grades on the property.

Prospect

Number

Average
Au g/t

Median
Au g/t

Min
Au g/t

Max
Au g/t

> 5 g/t Au

2-5 g/t Au

0.5-2 g/t Au

0.1-0.5 g/t Au

Hirvimaa

23

15

0.6

0.1

253

5

0

8

10

Palokas

6

1.0

0.8

0.2

2.8

0

1

2

3

South Palokas

4

4.5

0.7

0.1

17

1

0

1

2

Boardwalk

19

28.1

1.0

0.2

221

4

2

8

5

Terry’s Hammer

22

1.6

0.3

0.1

14

3

0

2

17

Rumajärvi

55

184

0.6

0.1

3870

14

6

9

26

Raja Prospect

5

11

2.4

0.7

43

2

1

2

0

Joki

7

50

6.3

0.1

151

5

0

1

1

Raja Permit

19

27

1.0

0.1

236

5

1

7

6

Table 2: Notes on each of the boulder fields; notes on relationship to outcrops and related drilling; 2017-18 drilling plans

Prospect

General boulder notes

Targeting notes

Relationship to outcrops,
drilling

Source
drilled ?

Drill holes (published
grades noted)

Comments & plans

Hirvimaa

Palokas style and
disseminated sulphidic
albitic and muscovitic
boulders; also Rompas style
high grade boulders.

Shallow drilling (2-5m into
bedrock below till - LD drill
holes) reveals anomalism
with corresponding IP and
magnetic anomalies
equivalent to Palokas
signature

No Palokas style mineralized
outcrops; small Rompas
style dolomite veins (Au-U)
hosted by mafic rocks

NO

7 NQ drill holes over 800
metre strike length have
not found boulder targets;
4 of these drill holes were
not focused on Palokas-
style targets

Drill testing of Palokas-
style targets planned
before end of Dec 2017.

Palokas

Rare, small boulders related
to Palokas mineralization
within 150 m of outcrop

Drill testing to continue of
combined IP and magnetic
anomaly

Palokas outcrop drilled –
mineralization present to >
100 metres; grab and
channel samples have
produced grades similar to
those in drill results.

YES

PAL0027: 6.8 m @ 14.7 g/t
Au from 34.4 metres

PAL0030: 10 m @ 11.6 g/t
Au from 110.2 m

Drilling next winter to
define size and grade of
mineralization; controls
on grade distribution
are now better
understood

South Palokas

Micaceous gold-bearing
boulders

Magnetic, IP and conductive
anomaly evident in
geophysics

Tested in drilling in shallow
hand-portable drilling (PRAJ)
Intersected in PAL0016 –
deepest >5g-m intersection

YES

PAL0016: 8.4 m @ 4.2 g/t
Au from 206 metres

Test further in winter
2017-18 drill program

Boardwalk

Two types of large boulders
present: grunerite-chlorite-
pyrrhotite-magnetite
boulders with <5 g/t Au and
micaceous sulphidic
boulders (up to 221 g/t Au)

Both types of boulders are
magnetic and sulphidic so
can be tested with a
combination of ground
magnetics and gradient
array IP.

Magnetic ironstones have
been intersected in early
drilling, but the sulphidic
and gold-bearing rocks are
yet to be found. Micaceous
sulphidic rocks are similar to
those found at South
Palokas, and may be derived
from there (< 200 m)

NO

4 NQ drill holes have not
intersected target

Ground magnetics at
<50 m spaced lines will
be conducted before
further drilling.

Terry’s
Hammer

22 anomalous boulders
spread across nearly 400
metres; boulders are large
and angular (many 50 cm to
1 m diameter). They are
inferred to be derived from
the NW and W edges of the
boulder field.

This boulder field and
Rumajärvi (below) are
characterized by micaceous,
sulphidic and magnetic
boulders. As such, they form
excellent combined magnetic
and IP targets.

Narrow intersections in
outcrops do not appear
representative of boulders;
the 4 NQ drillholes within
and adjacent to the boulder
field have not intersected
the source

NO

Limited drilling has not
located source yet

Drill testing in areas
adjacent to early 2017
drill holes. Additional
magnetic data indicates
more targets to west
and northwest of
existing drilling

Rumajarvi

The best-developed boulder
field in Rajapalot with 55
boulders sampled over 0.1
g/t Au; highly variable in size
and shape, with some over 2
m in diameter. Many are
angular indicating close to source.

Magnetic, sulphidic boulders
form the bulk of the
mineralized boulders. More
detailed ground magnetics
(<50 m line spacing) will be
used in follow-up

A few outcrops within the
boulder field are identified,
but only in the central and SE
parts. Therefore, the up-ice
source has not yet been
located.

NO

A single drill hole
(PAL0037) intersected
some gold mineralization,
but not of the major
boulder type.
PAL0037: 56 m @ 0.53 g/t
Au from 5 metres (no
lower cut)

Drilling of identified
magnetic anomalies
caused by pyrrhotite
have been identified for
drilling in 2017-18 winter
season

Raja
Prospect

Micaceous and albitic
sulphidic gold mineralized
large local boulders in till

Magnetic and disseminated
sulphides can be matched
with ground geophysics of
drilled prospect

The boulders occur on a
small knoll southeast of Raja
drill intersections (e.g.
PAL0048)

YES

PAL0048: 42.7 m @ 1.0 g/t
Au from 53 metres (no
lower cut)

Drilling required winter
2017-18 to define size
and grade of
mineralized zone

Joki

Gold-bearing, biotite-rich
boulders derived from
adjacent rocks

Lower sulphide
concentration and resultant
low intensity geophysical
response will make targeting
more difficult below till

Adjacent outcrops within
biotite-rich mafic rocks

NO

Single hole did not test
target

Target for drill testing in
2017-18 winter over
anomalous geochemical
results in BOT

Raja
Permit

Angular boulders spread
across large area, perhaps
more spread from source
than other boulder fields listed above

A variety of boulder types,
but predominantly of
Rompas dolomite-
calcsilicate vein hosted type

Base of till drilling
intersected anomalous
metals and Au in NW part of
boulder field (“up-ice”)

NO

Limited drilling in NE part
of boulder area

Additional data
compilation and ground
geophysics before drill
testing