$0.390
TSX:MAW
$0.286
FSE:MXR
$0.281
PK:MWSNF
Webcast January 30, 2020

2020 News Releases

June 10, 2020

Mawson Drills 5.0 metres at 5.9 g/t gold within thickest intercept to date at Palokas, Finland

Vancouver, Canada — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) is pleased to announce results from the final 9 holes from the recent 37 hole, 14.1 kilometre winter drill program at the Company’s 100%-owned Rajapalot project in Finland.

Highlights:

  • In the thickest mineralized intersection drilled on the Rajapalot project to date, PAL0227, located in an interpreted fold hinge intersected (uncut) 44.6 metres @ 1.4 g/t gold, 452 ppm cobalt, 1.6 g/t gold equivalent (“AuEq”) from 294.2 metres which includes 5.0 metres @ 5.9 g/t Au, 679 ppm Co, 6.3 g/t AuEq from 294.2 metres (Tables 1-4, Figures 1-3).
  • PAL0227 is located between 40 to 70 metres west of previously reported drill hole PAL0222 which intersected 7.2 metres @ 21.7 g/t gold from 267.9 metres. Intersections within PAL0227 include:
    • PAL0227: 5.0 metres @ 5.9 g/t Au, 679 ppm Co, 6.3 g/t AuEq from 294.2 metres;
    • PAL0227: 7.8 metres @ 1.3 g/t Au, 516 ppm Co, 1.6 g/t AuEq from 308.0 metres;
    • PAL0227: 9.2 metres @ 0.7 g/t Au, 840 ppm Co, 1.2 g/t AuEq from 321.8 metres, and;
    • PAL0227: 4.7 metres @ 2.6 g/t Au, 56 ppm Co, 2.7 g/t AuEq from 334.0 metres
  • PAL0223 intersected 16.2 m @ 1.5 g/t gold, 407 ppm cobalt, 1.8 g/t AuEq or including 1.0 metre @ 12.8 g/t gold, 286 ppm Co, 13.0 g/t AuEq and was drilled 30 metres west of previously reported drill hole PAL0213 which intersected 17.7 metres @ 3.8 g/t gold, 880 ppm cobalt, 4.3 g/t AuEq” from 293.0 metres and 6.0 metres @ 9.2 g/t Au, 1,364 ppm Co, 10.0 g/t AuEq from 317.0 metres.
  • PAL0230 at the Raja prospect intersected 4.0 metres @ 2.5 g/t gold from 551.0 metres including 1 metre @ 6.9 g/t gold, 204 ppm cobalt, 7.0 g/t AuEq;
    • PAL0230 is 300 metre step-out from the 2018 resource and is 550 metres vertically and 900 metres down plunge from surface, making it the deepest mineralized intersection on the project and demonstrating the Raja system remakes and continues at depth;
  • An updated resource estimate is planned for Q3 2020;
    • As the 2020 winter program winds up, we note 19 of the top 40 high-grade drill intersections by grade-width AuEq, including 9 holes from the 37 drilled this year were drilled after the last resource update (2 g/t AuEq lower cut-off), indicating the significant depth potential of the Rajapalot project (Figure 1).
    • Since the December 2018 maiden resource, 80 holes have been drilled at Rajapalot, which include 19 of the top 40 high-grade drill intersections by grade-width AuEq (2 g/t AuEq lower cut);
    • The 2018 resource comprised 119 holes, of which 21 intersections are contained in the current top 40 drill hole intersections.These 21 intersections averaged 72 metres down-hole depth with an average 76 AuEq grade * metres;
    • A total of 9 intersections from the 37 holes drilled this year fall in the current top 40 drill hole intersections average a down-hole depth of 282 metres with an average of 80 AuEq grade * metres, indicating the continuity and increasing grade with depth of mineralization at the Rajapalot project (Figure 1).

Mr. Hudson, Chairman and CEO, states, "The last batch of drill results from our 14.1 kilometre winter program continues to deliver with the thickest as well as the deepest intersections found to date on the project. Geological modelling based on core logging and assaying remains on schedule to deliver an updated resource at Rajapalot at the start of Q3 2020. We are also pleased that exploration programs will recommence shortly in Finland and Australia, with further information to be soon released.”

Gold and cobalt assay results from the final nine drill holes from 2020 winter drill program which consisted of 37 drill holes for 14,132 metres (including one wedged drill hole and deepening an existing hole). Specifically, holes released here are from South Palokas prospect (PAL0209, 0219, 0223, 0224, 0229 and 0235), Palokas prospect (PAL0227, 0232) and the Raja prospect (PAL0230). A plan view of the completed drill holes and the locations of drill holes reported here are shown in Figures 1-3 with corresponding collar and assay data in Tables 1-3. Intersections in the plan view (Figure 2) and oblique section in Figure 3 are coloured by AuEq grade to show the higher-grade zones at Palokas and South Palokas. Further results reported here from the South Palokas prospect include PAL0224 which intersected 2.0 metres @ 1.7 g/t gold from 432.0 metres and PAL0229 intersected 0.8 metres @ 1.5 g/t gold, from 537.3 metres.

Assuming a predominant stratabound control, the true thickness of the mineralized interval is interpreted to be approximately 90% of the sampled thickness. Gold-only intersections are reported with a lower-cut of 0.5 g/t gold over a 1 metre width. No upper cut-off was applied. Where cobalt data becomes available, a lower cut of 0.3 g/t AuEq is used, based on modifying the open pit WhittleTM optimized open pit lower cut-off grade of 0.37 g/t AuEq developed for the 2018 resource recalculated to a dollar value per tonne against current averaged gold and cobalt prices (and therefore the 2018 resource cutoff 0.37 g/t AuEq is the same value per tonne as 0.30 g/t AuEq today). Where gold is below detection limit, half the cutoff grade is used in calculating the average grade for an interval and in determining the gold equivalent value.

Technical and Environmental Background

Up to five diamond drill rigs from the Arctic Drilling Company OY (“ADC”) and Kati OY (“Kati”) all with water recirculation and drill cuttings collection systems are used in the drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are 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 are 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 are transported by 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. Samples for multi-element analysis (including cobalt) are pulped at CRS Minlab, then transported by air to the MSA labs in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. 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 inserts blanks and standards into the analytical process.

Three-month average gold and cobalt prices have been used to calculate AuEq values according to the following:

  • Average gold price $1,580 per oz
  • Average cobalt price $14.50 per pound
  • Resulting in gold equivalent formula of AuEq g/t = Au g/t + (Co ppm/1,589).

The host rocks to the gold and cobalt mineralization comprise sulphides (pyrrhotite>>pyrite) with biotite-muscovite-chlorite schists at South Palokas and Mg-Fe amphibole-biotite-chlorite rocks at Palokas. Veining and fracture fill minerals include pyrrhotite, magnetite and magnetite-pyrrhotite (+/- quartz, tourmaline). Retrograde chlorite after biotite, generations of secondary muscovite (“sericite”) and vein-controlled chlorite+/- tourmaline and magnetite are also present. Preliminary hand-held XRF analysis confirms the presence of associated scheelite and molybdenite, the former visible under UV light as tiny veinlets and disseminations. The minerals associated with the gold are clearly post-metamorphic, reduced, and most likely driven by hydrothermal fluids from nearby granitoid intrusions. Chlorite and fine muscovite are regarded as the lowest temperature silicate minerals with gold, structurally controlled in apparent spatial association with quartz and/or K-feldspar veins. Altered rocks enclosing the mineralized package contain locally abundant talc and tourmaline.

All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393).

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. For the 2018 resource, the gold equivalent ("AuEq") value was calculated using averaged prices of the time, resulting in 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 Au and Co prices.

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 Rajapalot gold project 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.

Figure 1: Plan of Rajapalot showing historic drilling and high-grade intersections using a lower cut-off grade of 2 g/t gold. The plan view of the 2018 NI43-101 resource is also indicated using a 0.37 g/t AuEq lower cut. Note the modelled ground TEM plates that not associated with the 2018 NI43-101 resource are virtually untested by drilling, and form potential new target areas. Intersections reported here are shown with bold text (see Figure 2 for more detail of drilling at Palokas and South Palokas prospects).

Figure 2: Plan view of coloured dots representing high-grade intersections using a 2.0 g/t AuEq cutoff for Palokas and South Palokas prospects. Only drill intersections reported in the recent 2020 drill campaign are included here (surface projection of these resources shown here are 0.37 g/t AuEq lower-cut). Drill holes in bold text represent those reported in this release.

Figure 3: Long section showing outline of 2018 resource (>2 g/t AuEq lower-cut) and significant grade-width intersections (coloured dots) showing new results from holes released here are from South Palokas (PAL0223) and Palokas (PAL0227) prospects extending mineralization beyond the current resource areas (red dashed outlines). The view is looking onto mineralized surface at Palokas and South Palokas (this view is looking at 60 degrees towards 120). The pale shaded area represents the current estimated limits to mineralized rocks, although testing between Palokas and South Palokas is restricted to just four shallow drill holes and there is no testing of the southwestern margin of South Palokas.

Table 1: Collar Information from 2019-20 Winter drilling at the Rajapalot Project (Finnish Grid, Projection KKJ3; the “A” postscript refers to a daughter hole off the primary hole and the depth range of the drill hole is indicated)

HoleID East North Azimuth Dip RL Depth (m) Prospect Comment
PAL0201D, extended 3408545.6 7372603.2 56.0 -67.2 179.3 392.2 to 524.6 Raja Au & Co reported 20 Apr, 2020
PAL0202 3408978.0 7374402.6 229 -45 175.9 769.6 Palokas No significant assays 28 Feb, 2020
PAL0202A 3408978.0 7374402.6 229 -45 175.9 451.0 to 826.7 Palokas Au reported 5 Feb, 2020, Co 28 Feb, 2020
PAL0203 3408272.5 7373630.5 058 -63 173.6 415.5 South Palokas Au reported 5 Feb, 2020, Co 28 Feb, 2020
PAL0204 3408522.0 7373604.3 235 -85 173.4 149.2 South Palokas Au reported 20 Jan, 2020; Co Feb 28, 2020
PAL0205 3408586.2 7373802.7 058 -49 173.5 191.5 Palokas Au reported 20 Jan, 2020; Co Feb 28, 2020
PAL0206 3408463.5 7373917.2 063 -57 173.7 326.2 Palokas Au reported 5 Feb, 2020, Co 28 Feb, 2020
PAL0207 3408609.8 7373894.5 057 -76 173.7 200.2 Palokas Au reported 5 Feb, 2020, Co 28 Feb, 2020
PAL0208 3408540.7 7372692.8 052 -75 179.1 555.4 Raja No significant assays 20 Apr, 2020
PAL0209 3408471.1 7373638.3 058 -82 173.5 200.8 South Palokas No significant assays, reported here
PAL0210 3408609.8 7373894.5 054 -86 173.7 198.0 Palokas Au & Co reported 28 Feb 2020
PAL0211 3408463.5 7373917.2 063 -50 173.7 232.2 Palokas Au & Co reported 09 Mar 2020
PAL0212 3408255.2 7373708.2 059 -75.5 172.5 492.6 South Palokas No significant assays 20 Apr, 2020
PAL0213 3408272.5 7373630.5 060 -73.5 173.6 509.3 South Palokas Au & Co reported 28 Feb 2020
PAL0214 3408609.8 7373894.5 057 -52 173.7 154.3 Palokas Au & Co reported 09 Mar 2020
PAL0215 3408676.1 7374105.0 237 -77.5 173.8 395.5 Palokas Au & Co reported 27 May 2020
PAL0216 3408463.5 7373917.2 062 -65 173.7 344.6 Palokas Au & Co reported 27 May 2020
PAL0217 3408540.7 7372692.8 052 -79.5 179.1 519.2 Raja No significant assays. 20 Apr, 2020
PAL0218 3408310.5 7373979.7 075 -58 173.8 469.4 Palokas Au & Co reported 20 Apr, 2020
PAL0219 3408272.5 7373630.5 059 -57.9 173.6 419.7 South Palokas No significant assays, reported here
PAL0220 3408255.2 7373708.2 062 -80 172.5 501.1 South Palokas Au & Co reported 20 Apr, 2020
PAL0221 3408463.5 7373917.2 096 -53.5 173.7 280.4 Palokas Au reported 09 Mar 2020,
Co 27 May 2020
PAL0222 3408463.5 7373917.2 066 -71.5 173.7 355.1 Palokas Au reported 09 Mar 2020,
Co 27 May 2020
PAL0223 3408272.5 7373630.5 061 -79 173.6 404.1 South Palokas Results reported here
PAL0224 3408168.5 7373753.6 063 -78.5 171.4 560.6 South Palokas Results reported here
PAL0225 3408255.2 7373708.2 070 -85 172.5 490.9 South Palokas Au & Co reported 20 Apr, 2020
PAL0226 3408540.7 7372692.8 053 -83.5 179.1 487.8 Raja Au & Co reported 20 Apr, 2020
PAL0227 3408463.5 7373917.2 069 -77.5 173.7 359.4 Palokas Results reported here
PAL0228 3408463.5 7373917.2 110 -67 173.7 311.4 Palokas Au & Co reported 20 Apr, 2020
PAL0229 3408168.5 7373753.6 056 -81.2 171.4 635.5 South Palokas Results reported here
PAL0230 3408486.6 7372775.8 047 -82 177.0 631.4 Raja Results reported here
PAL0231 3408463.5 7373917.2 073 -82.7 173.7 395.6 Palokas Au & Co reported 27 May 2020
PAL0232 3408270.3 7373875.9 057 -60 173.8 524.0 Palokas No significant assays, reported here
PAL0233 3408585.8 7373802.5 058 -70 173.5 167.5 Palokas No significant assays, reported 27 May 2020
PAL0234 3408270.3 7373875.9 054 -56 173.8 178.7 Palokas Hole aborted
PAL0235 3408207.9 7373667.6 047 -81 173.0 176.9 South Palokas No significant assays, reported here
PAL0236 3408270.3 7373875.9 049 -56 173.8 530.0 Palokas Au & Co reported 27 May 2020

Table 2: Intersections from the 2019-20 Winter Drill Program. Intersections are reported with a lower cut of 0.3g/t AuEq (using updated gold and cobalt prices of $1,580 per ounce and 14.50 per pound respectively) over 1 metre lower cut. No upper cut-off was applied

Prospect HoleID From (m) To (m) Width (m) Au g/t Co ppm AuEq g/t
Raja PAL0201D1 450.75 451.85 1.10 3.82 2041 5.1
Raja PAL0201D 451.85 453.00 1.15 0.23 23 0.2
Palokas PAL0202A 771.4 781.5 10.1 0.6 317 0.8
South Palokas PAL0203 303.0 315.0 12.0 5.4 2221 6.8
including 303.0 311.0 8.0 7.9 2672 9.6
South Palokas PAL0204 88.2 89.1 0.9 1.7 881 2.3
South Palokas PAL0204 93.7 104.0 10.3 5.7 961 6.3
including 97.0 103.0 6.0 8.4 901 8.9
Palokas PAL0205 95.0 107.9 12.9 1.8 590 2.2
including 101.0 104.0 3.0 6.4 606 6.8
Palokas PAL0205 114.0 118.0 4.0 <0.05 820 0.5
Palokas PAL0206 249.8 255.2 5.4 0.1 1189 0.8
Palokas PAL0206 262.2 264.2 2.0 14.1 370 14.4
Palokas PAL0206 296.4 299.2 2.8 0.8 880 1.3
Palokas PAL0206 305.3 308.3 3.0 <0.05 2324 1.5
Palokas PAL0207 117.3 119.3 2.0 <0.05 678 0.4
Palokas PAL0207 121.6 125.6 4.0 0.3 383 0.6
Palokas PAL0207 145.2 148.6 3.4 0.7 552 1.1
Palokas PAL0207 150.8 158.4 7.6 1.6 506 2.0
Palokas PAL0207 164.0 166.0 2.0 <0.05 578 0.4
Palokas PAL0207 170.8 172.0 1.2 <0.05 1398 0.9
Palokas PAL0210 128.3 151.7 23.4 1.0 565 1.4
Palokas PAL0210 153.6 158.1 4.5 3.9 302 4.1
Palokas PAL0211 246.4 254.3 7.9 0.1 1482 1.0
Palokas PAL0211 293.9 296.8 2.9 0.9 159 1.0
South Palokas PAL0213 250.2 252.0 1.8 2.8 150 2.9
South Palokas PAL0213 256.0 257.0 1.0 2.2 222 2.3
South Palokas PAL0213 261.0 263.0 2.0 0.8 257 1.0
South Palokas PAL0213 293.0 310.7 17.7 3.8 880 4.3
including 294.0 304.0 10.0 6.5 1012 7.2
South Palokas PAL0213 317.0 323.0 6.0 9.2 1364 10.0
Palokas PAL0214 119.9 124.7 4.8 2.4 894 2.9
including 122.0 123.7 1.7 6.4 761 6.8
Palokas PAL0215 294.9 298.6 3.7 0.7 194 0.9
Palokas PAL0216 259.0 266.0 7.0 3.5 731 3.9
including 262.0 266.0 4.0 6.0 456 6.3
Palokas PAL0216 273.9 274.9 1.0 3.2 99 3.2
Palokas PAL0216 319.0 321.0 2.0 7.4 3 7.4
Palokas PAL0218 403.0 410.0 7.0 0.2 504 0.5
Palokas PAL0218 432.4 433.4 1.0 4.0 378 4.2
Palokas PAL0218 448.3 450.3 2.0 0.0 908 0.6
South Palokas PAL0220 366.0 367.0 1.0 0.4 76 0.4
South Palokas PAL0220 370.0 371.0 1.0 0.3 189 0.5
South Palokas PAL0220 376.0 376.7 0.7 3.9 189 4.0
Palokas PAL0221 213.0 216.0 3.0 1.0 304 1.2
Palokas PAL0221 234.3 236.9 2.6 6.2 304 6.4
Palokas PAL0222 262.8 264.8 2.0 0.0 798 0.5
Palokas PAL0222 266.9 279.1 12.2 13.2 1326 14.0
including 266.9 275.1 8.2 19.1 1572 20.1
South Palokas PAL0223 291.0 307.2 16.2 1.5 407 1.8
including 292.0 294.0 2.0 2.3 580 2.7
including 296.0 297.0 1.0 12.8 286 13.0
South Palokas PAL0224 432.0 434.0 2.0 1.7 50 1.7
South Palokas PAL0225 344.0 359.0 15.0 0.9 246 1.1
South Palokas PAL0225 415.8 420.8 5.0 1.3 363 1.5
Raja PAL0226 450.6 455.6 5.0 0.4 694 0.8
Palokas PAL0227 294.2 299.2 5.0 5.9 679 6.3
including 296.2 299.2 3.0 9.3 604 9.7
Palokas PAL0227 301.1 305.0 3.8 0.5 756 1.0
Palokas PAL0227 308.0 315.7 7.8 1.3 516 1.6
Palokas PAL0227 321.8 331.0 9.2 0.7 840 1.2
Palokas PAL0227 334.0 338.7 4.7 2.6 56 2.7
Palokas PAL0228 241.8 261.3 19.5 7.1 1006 7.8
including 251.4 258.4 7.0 17.0 2168 18.4
South Palokas PAL0229 537.3 538.1 0.8 1.5 78 1.5
Raja PAL0230 551.0 555.0 4.0 2.5 142 2.6
Palokas PAL0231 342.0 344.3 2.3 3.1 272 3.1
Palokas PAL0236 449.7 454.6 4.9 18.0 1317 18.8

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

HoleID From (m) To (m) Width (m) Au g/t Co ppm AuEq
PAL0223 291.0 292.0 1.0 0.64 445 0.9
PAL0223 292.0 293.0 1.0 2.69 870 3.2
PAL0223 293.0 294.0 1.0 1.95 291 2.1
PAL0223 294.0 295.0 1.0 0.4 414 0.7
PAL0223 295.0 296.0 1.0 0.79 70 0.8
PAL0223 296.0 297.0 1.0 12.8 286 13.0
PAL0223 297.0 298.0 1.0 0.67 433 0.9
PAL0223 298.0 298.9 0.9 0.06 336 0.3
PAL0223 298.9 300.0 1.1 0.17 384 0.4
PAL0223 300.0 301.0 1.0 0.15 463 0.4
PAL0223 301.0 302.0 1.0 0.12 309 0.3
PAL0223 302.0 303.0 1.0 0.45 368 0.7
PAL0223 303.0 304.0 1.0 0.24 204 0.4
PAL0223 304.0 305.0 1.0 0.39 283 0.6
PAL0223 305.0 306.0 1.0 0.88 895 1.4
PAL0223 306.0 307.2 1.2 1.8 445 2.1
PAL0224 432.0 433.0 1.0 0.5 35 0.5
PAL0224 433.0 434.0 1.0 2.8 66 2.8
PAL0224 434.0 435.0 1.0 0.1 39 0.1
PAL0224 435.0 436.0 1.0 0.2 57 0.2
PAL0224 436.0 437.0 1.0 1.1 103 1.1
PAL0224 437.0 438.0 1.0 1.2 641 1.6
PAL0224 438.0 438.9 0.9 0.3 131 0.4
PAL0227 294.2 295.2 1.0 0.8 961 1.4
PAL0227 295.2 296.2 1.0 0.7 619 1.1
PAL0227 296.2 297.2 1.0 8.4 894 8.9
PAL0227 297.2 298.2 1.0 13.6 740 14.1
PAL0227 298.2 299.1 1.0 5.8 157 5.9
PAL0227 299.1 300.1 1.0 <0.05 136 0.1
PAL0227 300.1 301.1 1.0 0.1 381 0.2
PAL0227 301.1 302.1 1.0 0.1 976 0.7
PAL0227 302.1 304.0 1.9 1.0 799 1.5
PAL0227 304.0 305.0 1.0 0.1 457 0.4
PAL0227 305.0 306.0 1.0 <0.05 149 0.1
PAL0227 306.0 307.0 1.0 <0.05 41 <0.05
PAL0227 307.0 308.0 1.0 0.1 343 0.3
PAL0227 308.0 309.2 1.2 0.1 284 0.3
PAL0227 309.2 310.7 1.6 0.2 228 0.4
PAL0227 310.7 311.7 1.0 0.2 276 0.4
PAL0227 311.7 312.7 1.0 4.2 658 4.6
PAL0227 312.7 313.7 1.0 3.6 1840 4.8
PAL0227 313.7 314.7 1.0 1.2 166 1.8
PAL0227 314.7 315.7 1.0 0.4 368 0.6
PAL0227 315.7 317.7 2.0 <0.05 21 <0.05
PAL0227 317.7 319.7 2.0 <0.05 14 <0.05
PAL0227 319.7 320.5 0.8 <0.05 96 0.1
PAL0227 320.5 321.8 1.4 <0.05 358 0.3
PAL0227 321.8 323.3 1.5 0.4 689 0.8
PAL0227 323.3 324.3 1.0 0.1 1273 0.9
PAL0227 324.3 325.3 1.0 0.2 905 0.8
PAL0227 325.3 326.9 1.7 0.2 243 0.9
PAL0227 326.9 328.0 1.1 0.5 1946 1.7
PAL0227 328.0 329.0 1.0 1.1 434 1.4
PAL0227 329.0 330.0 1.0 1.0 1276 1.8
PAL0227 330.0 331.0 1.0 2.4 299 2.6
PAL0227 331.0 332.0 1.0 <0.05 53 <0.05
PAL0227 332.0 333.0 1.0 <0.05 54 <0.05
PAL0227 333.0 334.0 1.0 <0.05 92 <0.05
PAL0227 334.0 335.4 1.4 1.5 46 1.6
PAL0227 335.4 336.4 1.0 2.3 29 2.3
PAL0227 336.4 337.4 1.0 6.8 68 6.8
PAL0227 337.4 338.7 1.3 0.9 77 1.0
PAL0229 537.3 538.1 0.8 1.5 78 1.5
PAL0229 538.0 539.0 1.0 0.1 62 0.1
PAL0229 539.0 540.0 1.0 <0.05 70 <0.05
PAL0229 540.0 541.0 1.0 0.4 265 0.6
PAL0229 541.0 542.0 1.0 0.7 275 0.9
PAL0230 551.0 552.0 1.0 1.5 84 1.5
PAL0230 552.0 553.0 1.0 1.2 63 1.3
PAL0230 553.0 554.0 1.0 6.9 204 7.0
PAL0230 554.0 555.0 1.0 0.3 216 0.4
PAL0230 555.0 556.0 1.0 0.1 147 0.2
PAL0230 556.0 557.0 1.0 <0.05 172 0.1
PAL0230 557.0 558.0 1.0 0.1 532 0.5

Table 4: The top 40 high-grade intersections from the Rajapalot project. Note that 19 of these intersections (in bold) were not included in the 2018 Inferred Resource. Intersections are reported with a lower cut of 2.0 g/t AuEq (using updated gold and cobalt prices of $1,580 per ounce and 14.50 per pound respectively) over 1 metre lower cut. No upper cut-off was applied. Note that 19 of the top 40 intersections by grade-width for the Rajapalot project were drilled in the most recent program.

HoleID From (m) To (m) Interval (m) Au g/t Co ppm AuEq AuEq g*w
PAL0093 252.2 261.8 9.7 23.1 1080 23.7 229.2
PRAJ0009 5.9 7.9 2.0 99.9 1196 100.6 201.2
PAL0222 266.9 275.1 8.2 19.1 1572 20.1 165.0
PRAJ0006 1.3 16.3 15.0 9.2 769 9.7 144.9
PAL0228 251.4 258.4 7.0 17.0 2168 18.4 128.8
PRAJ0107 26.7 32.7 6.0 20.4 705 20.8 125.1
PAL0030 110.2 120.2 10.0 9.7 562 10.1 101.0
PAL0027 34.4 41.2 6.8 14.1 659 14.5 98.7
PAL0236 449.7 454.7 5.0 18.0 1317 18.8 94.2
PAL0188 321.6 328.6 7.0 11.9 1641 12.9 90.6
PRAJ0003 0.0 3.0 3.0 27.5 851 28.0 84.1
PAL0203 303.0 311.0 8.0 7.9 2672 9.6 76.7
PAL0190 381.8 387.8 6.0 11.8 949 12.4 74.6
PAL0075 82.2 91.0 8.8 7.5 1229 8.3 73.0
PAL0092 246.0 249.0 3.0 23.3 1413 24.2 72.7
PAL0213 294.0 304.0 10.0 6.5 1008 7.1 71.1
PAL0204 93.7 103.0 9.3 6.3 1018 6.9 64.2
PAL0194 425.1 432.9 7.8 5.1 4454 7.9 61.7
PAL0118 381.0 382.6 1.6 37.3 1143 38.0 60.8
PAL0213 317.0 323.0 6.0 9.0 1364 9.9 59.4
PAL0188 307.7 315.6 8.0 5.9 1840 7.0 55.8
PRAJ0114 61.1 68.1 7.0 7.1 947 7.7 53.8
PRAJ0004 2.0 10.3 8.3 5.9 454 6.2 51.4
PAL0190 374.0 378.0 4.0 11.2 1758 12.3 49.3
PRAJ0022 10.0 24.0 14.0 3.0 580 3.4 47.7
PAL0198 171.2 178.8 7.6 5.0 1484 6.0 45.3
PRAJ0109 42.7 49.7 7.0 6.0 494 6.3 44.1
PAL0085 125.1 131.9 6.8 5.5 850 6.0 40.7
PAL0016 211.0 214.4 3.4 11.0 475 11.3 38.4
PRAJ0109 38.7 39.7 1.0 34.9 574 35.3 35.3
PRAJ0111 42.1 44.9 2.8 11.7 1218 12.5 35.0
PAL0062 186.5 192.5 6.0 5.3 369 5.5 33.2
PRAJ0025 16.9 22.8 5.9 5.4 339 5.6 33.1
PAL0227 296.2 299.2 3.0 9.3 607 9.7 29.1
PRAJ0005 10.7 19.2 8.6 3.1 474 3.4 28.8
PAL0173 276.1 281.0 4.9 4.6 1805 5.8 28.5
PAL0206 262.2 263.2 1.0 28.0 377 28.2 28.2
PAL0182 87.0 93.2 6.2 4.0 553 4.3 26.7
PAL0197 303.5 312.2 8.8 1.5 2341 3.0 26.2
PAL0119 16.0 19.0 3.0 8.6 68 8.7 26.0