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Rompas-Rajapalot Overview

Quick Overview

See Dr. Nick Cook discussing the technical aspects of the Rompas-Rajapalot Project: https://www.youtube.com/watch?v=btCkz2BzozI.

The Rompas-Rajapalot exploration project is the Company’s flagship properties, located just south of the Arctic Circle in Finnish Lapland. These are straddles the boundary of the Ylitornio and Rovaniemi municipalities.

The Rajapalot project forms the eastern part of a 10 km by 10 km, 100% owned area comprising 3 resource bodies plus 2 new discovery areas within a 4 km x 3 km area in Northern Finland.

In late 2018, a pit and underground maiden Constrained Inferred Mineral Resource of 424,000 ounces of gold at 3.1 g/t AuEq (4.3 million tonnes at 2.3 g/t Au, 430 ppm Co) at 0.37 g/t AuEq cut-off open pit and 2 g/t AuEq underground was calculated, within a combined Unconstrained Inferred Mineral Inventory for the Palokas and Raja prospects of 482,000 ounces gold equivalent ("AuEq") at a grade of 2.4 g/t AuEq (6.2 million tonnes at 1.7 g/t Au, 410 ppm Co) at 0.4 g/t AuEq cut-off.

A 15 km drill program completed during early 2019 doubled volumes below the 2018 maiden inferred resource to create a substantial exploration target. Best results from the 2019 drill program below the 2018 resource areas were:

Drilling recently recommenced, with a 15 km drill program ongoing through to April 2020. This drill program will infill and aim to extend resource areas. Drill targets for the program are well constrained, given the continuity of the linear high-grade gold mineralization within electromagnetic (“EM”) conductors. Fixed loop EM surveys aid in defining further blind mineralized bodies and downhole EM will be used to refine precise drill targets. A resource upgrade is planned for late Q2 2020.

Metallurgically, gold and cobalt are free milling which auger well for a conventional and simple flow sheet.

Finland refines half the world’s cobalt outside China. The world’s largest cobalt refinery is located 400 kilometres southof Rajapalot, where CRU estimates annual refining of 22,734 tonnes of cobalt (approximately 18% of world refined cobalt production), 90% of which was sourced from Chinese-owned mines in the Democratic Republic of Congo. Finland mines only 650 tonnes or 0.5% of the world's cobalt per year. The Rajapalot resource has the potential to support Finland’s desire to source ethical and sustainable cobalt.

Mawson appreciates the overwhelmingly strong support it receives from local stakeholders. The Ylitornio municipality, which hosts the Rajapalot project, is a sparsely populated area with a decreasing population. The Rajapalot project could create many opportunities for both the current population and those in the future who will settle within the area.

Learn More

Ownership

As at January 10, 2019, the Company holds a total of 2 granted exploration permits and 12 exploration permit applications.

Status of Mawson’s Claims in Finland

Number

Area

(ha)

Exploration Permits

2

3,024

Exploration Permit Applications

12

17,996



Location

The area is situated a few kilometres south of the Arctic Circle. The area is located mainly in the municipality of Ylitornio, but some areas in the SE of the project belong to the town of Rovaniemi, the capital of Lapland . The distance to both municipality centres is about 50 km.

Access to the area is good with a paved road located between between Ylitornio and Rovaniemi. A local forestry road network is also present in the area. The distance to the nearest railroad station is 30km east at Muurola. A railway station is also present at Ylitornio, which is currently under upgrade for three iron projects located in the Kolari and Pajala areas in Finland and Sweden. In addition, an international airport is situated ten kilometres north of Rovaniemi.

The landscape of the area consists of forest and flat mire terrains with shallow undulating hills in places. No houses are located in the claimed area.

Property History

The area was discovered by an airborne radiometric surveys in 2008 by Areva NC. Follow-up exploration was conducted geologists who had previous Geological Survey of Finland ("GTK") experience in the area. Reconnaissance sampling and geological and radiometric mapping was started in 2008 with some follow-up work in 2009. More than 150 new, separate occurrences of high uranium and extremely high gold contents were located in bedrock. At that time, however, AREVA decided to reduce activities in Finland and subsequently Mawson purchased the property from AREVA in April 2010.

Rajapalot is a grassroots discovery made by Mawson in mid 2012. Prior to August 2012 Rajapalot was unknown and had never been sampled.


Conclusion

Rajapalot is an exciting new gold discovery 100% owned by Mawson. 

The Rajapalot project forms the eastern part of a 10 km by 10 km, 100% owned area comprising 3 resource bodies plus 2 new discovery areas within a 4 km x 3 km area in Northern Finland and havs recently pivoted from a grassroots discovery to resource expanison.

Drilling recently recommenced, with a 15 km drill program ongoing through to April 2020. This drill program will infill and aim to extend resource areas. Drill targets for the program are well constrained, given the continuity of the linear high-grade gold mineralization within electromagnetic (“EM”) conductors. Fixed loop EM surveys aid in defining further blind mineralized bodies and downhole EM will be used to refine precise drill targets. A resource upgrade is planned for late Q2 2020.