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Webcast January 30, 2020

2020 News Releases

April 20, 2020

Mawson Intersects New High-Grade Zone 19.5 metres @ 7.1 g/t Gold, 1,006 ppm Cobalt Includes 7 metres @ 17.0 g/t Gold, 2,168 ppm Cobalt

Vancouver, Canada — Mawson Resources Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) is pleased to announce further high-grade results from the recent 14.1 kilometre drill program at the Company’s 100%-owned Rajapalot project in Finland. These results continue to extend gold and cobalt mineralization beyond previously defined resources.

Highlights:

  • Drill hole PAL0228 at Palokas, located 120 metres from 2018 inferred resource (>2 g/t lower-cut), intersected 19.5 metres @ 7.1 g/t gold, 1,006 ppm cobalt, 7.8 g/t gold equivalent (“AuEq”) from 241.8 metres, including 7.0 metres @ 17.0 g/t gold, 2,168 ppm cobalt, 18.4 g/t AuEq from 251.4 metres (Tables 1-4, Figures 1-3);
  • Drill hole PAL0222 at Palokas (previously reported for gold only), drilled 75 metres north of PAL0228, returned 12.2 metres @ 13.2 g/t gold, 1,326 ppm cobalt, 14.0 g/t AuEq from 266.9 metres, including 8.2 metres @ 19.1 g/t Au, 1,572 ppm cobalt, 20.1 g/t AuEq from 266.9 metres (Tables 1-3, Figures 1-3);
  • New high-grade zone: drill holes PAL0222, PAL0228, together with PAL0194 (7.8 metres @ 5.1 g/t Au, 4,454 ppm cobalt, 7.9 g/t AuEq from 425.1 metres) define a newly interpreted 190 metre long higher-grade zone on the south western edge of Palokas, which remains open down plunge to the north and to the south towards the South Palokas prospect (Figures 2 & 3);

Mr. Hudson, Chairman and CEO, states, "More stunning results from Palokas with PAL0228 intersecting 19.5 metres @ 7.1 g/t gold and 1,006 ppm cobalt, highlighting the consistency of high-grade gold mineralization. Importantly, the reported holes define a new higher-grade zone that has considerable room for expansion. Core logging and assaying remains on schedule to deliver an updated resource at Rajapalot at the start of Q3 2020.”

Mawson completed the winter drill program with 37 drill holes for 14,132 metres (including one wedged drill hole and deepening an existing hole), and has released results from 24 drill holes on 20th January, 5th and 28th February 2020, 9th March 2020 and here. Thirteen drill holes remain to be reported. Gold and cobalt assay results from 11 drill holes across the three project areas (Palokas, South Palokas and Raja) are released here, including two of the drill holes from which gold assays had been previously reported (PAL0221 & PAL0222).

The significance of distinct high-grade zones within the mineralized footprint is becoming evident. Table 4 provides the high grade (2 g/t gold lower cut) intersections drilled to date at Rajapalot. The plan view map in Figure 2 shows the distribution at Palokas and South Palokas of these trends. New drilling appears to define a higher-grade, 190 metre long zone that has considerable room for expansion on the south western edge of Palokas. This zone appears to have a north-south orientation and is defined by drill holes PAL0222 (12.2 metres @ 13.2 g/t gold, 1,326 ppm cobalt, 14.0 g/t AuEq), PAL0228 (19.5 metres @ 7.1 g/t gold, 1,006 ppm cobalt, 7.8 g/t gold equivalent), together with PAL0194 (7.8 metres @ 5.1 g/t Au, 4,454 ppm cobalt, 7.9 g/t AuEq from 425.1 metres). The continuity of these elongate high-grade trends is encouraging as the Company learns more about the detailed distribution of mineralization. All three prospect areas with inferred resources at Rajapalot remain open, with further drilling required.

The regional upside potential of the Rajapalot project outside Palokas, South Palokas and Raja prospects is considerable. Coincident high chargeability (IP) and recently discovered (2020) electromagnetic conductors, combined with initial drilling of high-grade gold-cobalt mineralization at The Hut and Rumajärvi prospects (Figure 1b), provides strong impetus for testing near surface mineralization during the next drill season.

Mineralization has now been drilled down plunge for 560 metres at Raja, 500 metres at South Palokas and 590 metres at Palokas. Electromagnetic (EM) conductors indicate mineralized sulphidic host rocks at Palokas, South Palokas and Raja continue to at least 700-800 metres down plunge, which is the limit of this surface geophysical technique.

Further results reported here from the Palokas prospect include:

  • PAL0218 intersected 1.0 metre @ 4.0 g/t gold, 378 ppm cobalt, 4.2 g/t AuEq from 432.4 metres was drilled 30 metres down dip and to the west of PAL0194;
  • PAL0221, previously reported for gold only intersected 2.6 metres @ 6.2 g/t gold, 304 ppm cobalt, 6.4 g/t AuEq from 234.3 metres, was drilled 70 metres to the ENE of PAL0228.

Further results from a line of 3 holes drilled down plunge at South Palokas prospect indicates the better developed gold zone lies further the WSW, where the mineralization horizon remains open beyond PAL0225.

  • PAL0225 intersected 15 metres @ 0.9 g/t gold, 246 ppm cobalt, 1.1 g/t AuEq from 344.0 metres and 5 metres @ 1.3 g/t gold, 363 ppm cobalt, 1.5 g/t AuEq from 415.8 metres and was drilled 120 metres down plunge from PAL0213 which intersected 17.7 metres @ 3.8 g/t gold (“Au”), 880 ppm cobalt (“Co”), 4.3 g/t gold equivalent (“AuEq”).
  • PAL0220 intersected 0.7 metres @ 3.9 g/t gold, 189 ppm cobalt, 4.0 g/t AuEq from 376.0 metres, and was drilled 30 metres to the ENE of PAL0225.
  • PAL0212 drilled 40 metres ENE from PAL220 hit a broad zone of host rock but contained no significant gold mineralization.

Results from the Raja prospect indicate the host package is continuous, but the current trend (>450 metres long) of higher-grade mineralization appears to terminate. The termination of high-grade mineralization also coincides with the end of the EM conductor that is then offset to the NW (Figures 1a and 1b), which requires testing in future seasons. Drill results returned:

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 and cross section in Figure 3 are coloured by AuEq grade to show the high-grade trends at Palokas. Figure 1b shows the upside potential outside the Palokas, South Palokas and Raja resource areas indicated by the strong electromagnetic conductors (EM) and the host sulphidic package indicated by the induced polarization (IP) chargeability image. Host rocks at Palokas are in the same reduced stratabound host package as South Palokas showing up with the combination of the modelled EM plates and the chargeability response (IP). When viewed in a down-plunge orientation, mineralization, conductive electromagnetic plates and their enclosing rock packages show a similarity across all prospects.

During the COVID-19 pandemic, Mawson has implemented safety and physical distancing procedures, including working from home where possible and ceased all travel as recommended by the Finnish government. The Company recently completed its 2020 winter drilling program at the Rajapalot Gold Project in Finland. Core logging and assaying of drill data at Rajapalot remains on schedule to update the current inferred resource at the start of Q3 2020. The December 2018 resource included approximately 15,000 metres of drilling. A further 29,000 metres has now been drilled since December 2018 and will be available for inclusion in the new resource update.

Tables 1–3 provide collar and assay data. 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 $1580 per oz
  • Average cobalt price $14.50 per pound
  • Resulting in gold equivalent formula of AuEq g/t = Au g/t + (Co ppm/1589).

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 1a: Plan of Rajapalot showing historic drilling and high-grade intersections drilled outside or subsequent to the 2018 NI43-101 resource (surface projection of these resources shown here; 0.37 g/t AuEq lower-cut).The map includes new drill holes reported and modelled ground TEM plates.

Figure 1b: Plan of Rajapalot showing IP Chargeability overlain with historic drilling and high-grade intersections drilled outside or subsequent to the 2018 NI43-101 resource (surface projection of these resources shown here; 0.37 g/t AuEq lower-cut). Note the coincidence of the sulphidic (chargeable) host package and the EM conductors – there remain many conductive and chargeable areas to be drill tested.

Figure 2: Plan view of Palokas and South Palokas prospects with significant drill intersections reported from areas largely outside the projection of the 2018 Inferred Resource..

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 PAL0220, 222, 225, and 228 extending mineralization beyond the current resource areas (red dashed outlines). Interpreted north-south high-grade zones are shown in darker pink raking across the 340 degree plunging mineralized host sequence. The view is looking onto mineralized surface at Palokas and South Palokas (this view is looking at 60 degrees towards 120). Red dotted outline represents the current estimated limits to mineralized rocks, although testing between Palokas and South Palokas is restricted to just four shallow drill holes.

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 here
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
Reported here
PAL0209 3408471.1 7373638.3 058 -82 173.5 200.8 South Palokas Results awaited
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
Reported here
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 Results awaited
PAL0216 3408463.5 7373917.2 062 -65 173.7 344.6 Palokas Results awaited
PAL0217 3408540.7 7372692.8 052 -79.5 179.1 519.2 Raja No significant assays. Reported here
PAL0218 3408310.5 7373979.7 075 -58 173.8 469.4 Palokas Au & Co reported here
PAL0219 3408272.5 7373630.5 059 -57.9 173.6 419.7 South Palokas Results awaited
PAL0220 3408255.2 7373708.2 062 -80 172.5 501.1 South Palokas Au & Co reported here
PAL0221 3408463.5 7373917.2 096 -53.5 173.7 280.4 Palokas Au reported 09 Mar 2020,
Co here
PAL0222 3408463.5 7373917.2 066 -71.5 173.7 355.1 Palokas Au reported 09 Mar 2020,
Co here
PAL0223 3408272.5 7373630.5 061 -79 173.6 404.1 South Palokas Results awaited
PAL0224 3408168.5 7373753.6 063 -78.5 171.4 560.6 South Palokas Results awaited
PAL0225 3408255.2 7373708.2 070 -85 172.5 490.9 South Palokas Au & Co reported here
PAL0226 3408540.7 7372692.8 053 -83.5 179.1 487.8 Raja Au & Co reported here
PAL0227 3408463.5 7373917.2 069 -77.5 173.7 359.4 Palokas Results awaited
PAL0228 3408463.5 7373917.2 110 -67 173.7 311.4 Palokas Au & Co reported here
PAL0229 3408168.5 7373753.6 056 -81.2 171.4 635.5 South Palokas Results awaited
PAL0230 3408486.6 7372775.8 047 -82 177.0 631.4 Raja Results awaited
PAL0231 3408463.5 7373917.2 073 -82.7 173.7 395.6 Palokas Results awaited
PAL0232 3408270.3 7373875.9 057 -60 173.8 524.0 Palokas Results awaited
PAL0233 3408585.8 7373802.5 058 -70 173.5 167.5 Palokas Results awaited
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 Results awaited
PAL0236 3408270.3 7373875.9 049 -56 173.8 530.0 Palokas Results awaited

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 $1580 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
Raja PAL0201D 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 6.1 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 395.3 308.3 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 246.4 252.3 6.0 0.1 1904 1.3
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 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 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 PAL0228 241.8 261.3 19.5 7.1 1006 7.8
including 251.4 258.4 7.0 17.0 2168 18.4

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
PAL0201D 434.0 435.0 1.00 <0.05 515 0.35
PAL0201D 435.0 436.0 1.00 <0.05 952 0.6
PAL0201D 436.0 437.1 1.10 <0.05 592 0.4
PAL0201D 437.1 438.0 0.90 <0.05 1027 0.7
PAL0201D 438.0 439.1 1.10 <0.05 1061 0.7
PAL0201D 439.1 440.0 0.90 <0.05 2505 1.6
PAL0201D 440.0 440.95 0.95 0.1 1667 1.1
PAL0201D 441.0 442.2 1.20 <0.05 606 0.4
PAL0201D 451.9 453.0 1.1 3.8 2041 5.1
PAL0218 403.0 405.0 2.0 0.2 280 0.4
PAL0218 405.0 406.0 1.0 <0.05 418 0.3
PAL0218 406.0 407.0 1.0 0.1 723 0.5
PAL0218 407.0 408.0 1.0 0.2 347 0.4
PAL0218 408.0 409.0 1.0 0.4 984 1.0
PAL0218 409.0 410.0 1.0 0.1 499 0.4
PAL0218 403.0 405.0 2.0 0.2 280 0.4
PAL0218 432.4 433.4 1.0 4.0 378 4.2
PAL0218 448.3 449.3 1.0 <0.05 1372 0.9
PAL0218 449.3 450.3 1.0 <0.05 445 0.3
PAL0220 366.00 367.00 1.00 0.4 76 0.4
PAL0220 370.00 371.00 1.00 0.3 189 0.5
PAL0220 376.00 376.70 0.70 3.9 189 4.0
PAL0221 213.0 214.0 1.0 <0.05 445 0.3
PAL0221 214.0 215.0 1.0 0.1 425 0.1
PAL0221 215.0 216.0 1.0 2.8 43 2.8
PAL0221 234.3 235.0 0.8 0.7 424 1.0
PAL0221 235.0 235.9 0.9 0.6 170 0.7
PAL0221 235.9 236.9 1.0 15.2 328 15.4
PAL0222 262.8 263.8 1.0 0.1 757 0.5
PAL0222 263.8 264.8 1.0 <0.05 840 0.6
PAL0222 266.9 267.9 1.1 1.5 960 2.1
PAL0222 267.9 268.9 1.0 11.7 1978 13.0
PAL0222 268.9 267.0 1.1 11.2 2041 12.5
PAL0222 270.0 271.0 1.1 9.3 1771 10.4
PAL0222 271.0 272.0 1.0 79.3 1829 80.4
PAL0222 272.0 273.0 1.0 26.1 1563 27.1
PAL0222 273.0 274.0 1.0 9.9 1309 10.7
PAL0222 274.0 275.1 1.1 6.6 1147 7.3
PAL0222 275.1 276.1 1.1 0.6 1003 1.3
PAL0222 276.1 277.2 1.1 1.4 861 1.9
PAL0222 277.2 278.2 1.0 1.2 942 1.8
PAL0222 278.2 279.1 0.8 0.4 402 0.6
PAL0225 344.0 345.0 1.0 0.5 127 0.5
PAL0225 345.0 346.0 1.0 0.9 310 1.0
PAL0225 346.0 347.0 1.0 0.2 158 0.3
PAL0225 347.0 348.0 1.0 0.5 274 0.6
PAL0225 348.0 349.0 1.0 0.4 318 0.6
PAL0225 349.0 350.0 1.0 0.4 143 0.4
PAL0225 350.0 351.0 1.0 0.3 118 0.3
PAL0225 351.0 352.0 1.0 0.3 253 0.4
PAL0225 352.0 353.0 1.0 0.7 270 0.8
PAL0225 353.0 354.0 1.0 1.1 238 1.2
PAL0225 354.0 355.0 1.0 2.4 496 2.7
PAL0225 355.0 356.0 1.0 3.6 294 3.8
PAL0225 356.0 357.0 1.0 1.3 333 1.5
PAL0225 357.0 358.0 1.0 0.7 208 0.9
PAL0225 358.0 359.0 1.0 0.7 153 0.8
PAL0225 415.8 416.8 1.0 0.1 354 0.3
PAL0225 416.8 417.8 1.0 2.6 614 3.0
PAL0225 417.8 418.8 1.0 0.1 164 0.2
PAL0225 418.8 420.8 2.0 1.8 341 2.0
PAL0226 450.6 451.6 1.0 1.0 431 1.2
PAL0226 451.6 452.6 1.0 0.5 524 0.9
PAL0226 452.6 453.6 1.0 0.1 1114 0.8
PAL0226 453.6 454.6 1.0 0.3 716 0.7
PAL0226 454.6 455.6 1.0 0.1 684 0.5
PAL0228 241.8 242.8 1.0 2.3 495 2.6
PAL0228 242.8 243.8 1.0 0.9 979 1.5
PAL0228 243.8 244.8 1.0 3.5 457 3.8
PAL0228 244.8 245.2 0.5 2.0 101 2.1
PAL0228 245.2 246.2 1.0 4.0 130 4.1
PAL0228 246.2 247.2 1.0 0.1 84 0.2
PAL0228 247.2 248.2 1.0 1.4 261 1.5
PAL0228 248.2 249.2 1.0 2.4 317 2.6
PAL0228 249.2 250.2 1.0 2.0 250 2.2
PAL0228 250.2 251.4 1.2 0.6 231 0.7
PAL0228 251.4 252.4 1.0 9.5 2770 11.2
PAL0228 252.4 253.4 1.0 4.7 1391 5.5
PAL0228 253.4 254.4 1.0 4.2 1846 5.3
PAL0228 254.4 255.4 1.0 65.4 3014 67.2
PAL0228 255.4 256.4 1.0 5.6 2360 7.1
PAL0228 256.4 257.4 1.0 26.9 2188 28.3
PAL0228 257.4 258.4 1.0 3.1 1610 4.1
PAL0228 258.4 259.3 0.9 1.3 656 1.7
PAL0228 259.3 260.3 1.0 0.2 261 0.4
PAL0228 260.3 261.3 1.0 0.1 311 0.3

Table 4: The top 40 high-grade intersections from the Rajapalot project. Note that 18 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 $1580 per ounce and 14.50 per pound respectively) over 1 metre lower cut. No upper cut-off was applied.

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
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
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
PRAJ0113 74.4 77.4 3.0 8.3 502 8.6 25.7
PAL0194 420.7 423.9 3.2 7.3 1034 7.9 25.3