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WKN: A40L7P | ISIN: CA5777561096 | Ticker-Symbol:
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Mawson Finland Limited Provides Summary of 2024 Exploration Drilling at Rajapalot: Setting the Stage for Continued Success into 2025

Finanznachrichten News

VANCOUVER, BC / ACCESSWIRE / November 6, 2024 / Mawson Finland Limited (" Mawson " or the " Company ") (TSXV:MFL) is pleased to provide an exploration summary of the highly successful 38 hole, 11,376 metre 2024 exploration drilling programme at the Company's wholly-owned Rajapalot gold-cobalt project in Finland (see Table 1, Table 2, Table 3, and Figure 1 in Schedule "A" hereto). Additionally, the balance of outstanding cobalt results are also presented.

2024 Drilling Highlights:

  • Discovery of a new zone of high-grade mineralization, 'New Lens' , located in the footwall below the South Palokas mineralized zone: PAL0335 drilled a thick 21.75m interval grading 5.25 g/t gold and 515 ppm cobalt from 295.05 m ( 21.75 m @ 5.25 g/t Au & 515 ppm Co , including 3.2 metres @ 21.61 g/t Au and 373 ppm Co

  • Shallow and high-grade step-out intercept at Palokas zone: PAL0346 intercepted 7 m @ 9.1 g/t gold and 706 ppm cobalt from 88.75 m demonstrating that thicker and higher-grade mineralization exists in the southern margin of the Palokas gold-cobalt system

  • Significant gold-cobalt mineralized intercepts drilled at depth at Palokas and South Palokas zones, with multiple intercepts in step-out holes PAL0354 (Palokas) and PAL0361 (South Palokas), expanding and opening the 'at depth' strike-length of each of these mineralized bodies - both mineralized zones remain open at depth

  • Drilling at Raja, The Hut, Terry's Hammer and Joki expanded the mineralized footprint of these zones which are expected to contribute to the inferred gold and cobalt resource inventory in future updates to the resource calculation

Ms. Noora Ahola, Mawson Finland CEO, states: " We regard our latest drilling season at Rajapalot a success and believe that the gold-cobalt resource at Rajapalot has a great potential to be extended beyond its current size. The most significant highlights reported here demonstrate that depth potential at South Palokas remains open, with 2 gold-cobalt mineralized horizons now present in this new, deeper drilling. Similarly, an additional thick intercept on 'New lens' follows-up our previously reported discovery of this mineralization, demonstrating geological and grade continuity of this zone of gold-cobalt mineralization of which we are eager to follow-up at depth in this coming 2025 winter drilling season. Our work continues with ongoing geophysical measurements and planning of a new extensive drill program starting in January 2025. We anticipate that our success should continue into 2025 as we work towards our goal of adding ounces to the resource".

Detailed Summary

During January to April 2024, 3 drill-rigs drilled a total of 11,376 metres of diamond core from 38 drillholes around the Palokas, South Palokas, The Hut, Raja and Joki zones of gold-cobalt mineralization (Figure 1). Primary aims of this 2024 drilling campaign at the Rajapalot project were to further delineate additional gold-cobalt mineralization in order to enlarge the inferred category mineral resource over the property beyond its presently defined size of 9.78 mt @ 2.8 g/t gold and 441 ppm cobalt, with total contained metal of 867 koz of gold and 4311 tonnes of cobalt.

Palokas Area: Twenty drillholes were drilled around the Palokas and South Palokas mineralized zones, with several intercepts encountering significant gold-cobalt mineralization. Along the southern margin of the presently defined limits of the Palokas zone, several significant intercepts were drilled, including a shallow high-grade intercept of 7 m @ 9.1 g/t gold and 706 ppm cobalt approximately 70 metres below surface (PAL0346), and a deeper intercept of 12 m @ 1.7 g/t Au approximately 300 metres below surface (see Figure 2). At South Palokas, significant intercepts were also recorded along the southern margin of its presently defined limits, with holes PAL0335, PAL0340, PAL0344, PAL0361 and PAL0364 all intercepting multiple significant intercepts from approximately 100 metres, to 450 metres below surface (see Figure 2). A new zone of high-grade mineralization was discovered in the footwall of South Palokas, approximately 100 metres below the presently defined gold-cobalt mineralized envelope of the South Palokas. Here, a thick 21.75 metre lens of high-grade mineralization was intercepted in PAL0335, grading at 5.25 g/t Au & 515 ppm Co. A follow-up intercept on this 'New Lens' of mineralization, located 50 metres up-plunge from the PAL0355 intercept, drilled a 17 metre thick interval grading 1.05 g/t Au and 224 ppm Co, confirming both the local geological and grade continuity of 'New Lens' (see Table 1, Table 2, Figure 2 and Figure 3).

Raja Area: Six drillholes were drilled around the Raja zone of mineralization in an effort to extend the mineralized envelope here to both the north-east, and south-west of its presently defined limits. Five of 6 drillholes intercepted significant mineralization, with drillholes PAL0355, PAL0353, and PAL0358 extending the known limits of gold-cobalt mineralization between 40 metres and 90 metres to the north-east (see Table 1, Table 2 and Figure 4)

The Hut Area: Drilling around The Hut area consisted of 8 drill holes; 4 holes investigating potential extensions to The Hut inferred resource, 2 drillholes below the Terry's Hammer mineralized zone, and a further 2 drillholes in the unexplored area located between South Palokas and The Hut zones of mineralization (See Table 1, Table 2 and Figure 2). Drillholes PAL0363 and PAL0368 extended the mineralized strike-length at The Hut in both the north and south directions, while drillhole PAL0371 encountered gold-cobalt mineralization below Terry's Hammer.

Joki Area: Drilling around the Joki mineralized zone consisted of 4 drillholes, of which 3 holes were designed to further design gold-cobalt mineralization up-dip of the main lens, while an additional drillhole was located to the north-east in order to step-out from the known limits of mineralization. The 3 drillholes placed up-dip or mineralization returned no significant intercepts, while the remaining north-east step-out drillhole (PAL0338) returned only a single significant intercept (see Table 1, Table 2 and Figure 5).

Technical Background, Data Verification and Quality Assurance and Quality Control

Three diamond drill rigs from MK Core Drilling Oy, Comadev Oy and Arctic Drilling Company Oy, all with water recirculation and drill cuttings collection systems, were used in this 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 of between 0.5 to 2 metres are taken, then half-sawn by independent contractors the Geological Survey of Finland (GTK) in Rovaniemi, Palsatech Oy in Kemi and Geopool Oy in Sodankylä. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the independent contractor CRS Minlab Oy (" CRS ") 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, then transported by air to MSALABS in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. All the foregoing laboratories are independent of the Company. The quality assurance and quality control program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks placed within sample runs in interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process. In addition to the sample preparation and security measures described above, data verification procedures are well integrated into the Company's quality assurance and quality control program. Routine ongoing checking of all data is undertaken prior to being uploaded to the database. This will be followed by independent data verification audits at exploration milestones throughout the Rajapalot project's development. Dr. Fromhold (see " Qualified Person " below) has also reviewed the qualifications and analytical procedures of the above-mentioned laboratories, photographs of drill cores, and the PEA in connection with verifying the exploration information presented herein.

All maps have been created within the KKJ3/Finland Uniform Coordinate System (EPSG:2393). Tables 1-3 in Schedule "A" hereto provide collar and assay data. Due to the typically low angles of drill intercepts, the true thickness of the mineralized intervals are interpreted to be approximately 80-90% of the drilled thickness. Table 3 gives detailed individual assay data of all intervals reported in this press release. Intersections are reported with a lower cut of 0.3 g/t Au over 1 metre intervals, with composite data (Table 2 in Schedule "A" hereto) containing no more than 2 consecutive 1 m intervals of waste-rock (i.e., 1 m intervals with <0.3 g/t Au). No upper-cut was applied.

Deposit Model

At Rajapalot, mineralization is regarded as orogenic in nature. All examples of gold-cobalt mineralization are consistently located within highly-sheared and foliated wall-rocks adjacent to strongly hydrothermally altered, northwest to north dipping shear-zones. Mineralization is typically encountered as disseminated to semi-massive sulfide lenses (predominantly pyrrhotite and lesser pyrite ± cobaltite), hosted within strongly deformed and altered, mafic volcanic and volcaniclasitic stratigraphy of the upper portions of the Paleoproterozoic-aged Kivalo Group of the Peräpohja Greenstone Belt. Prospects with high-grade gold and cobalt mineralization at Rajapalot occur across a 3 km (east-west) by 2 km (north-south) area within the larger Rajapalot project area measuring 4 km by 4 km with multiple mineralized boulders, base-of-till (BOT). Gold-Cobalt mineralization at Rajapalot has been drilled to approximately 470 metres below surface at both South Palokas and Raja prospects, and mineralization remains open at depth across the entire project.

Rajapalot Mineral Resource

An Inferred Mineral Resource ("MRE") has been calculated for the Rajaplot project (effective date August 26, 2021), and is based on an 'underground only' scenario containing 9.8 million tonnes @ 2.8 g/t gold (Au) and 441 ppm cobalt (Co), equating to 867 thousand ounces ("koz") gold and 4,311 tonnes of cobalt.

Zone

Cut-off
(AuEq¹)

Tonnes
(kt)

Au
(g/t)

Co
(ppm)

Au
(koz)

Co
(tonnes)

Palokas

1.1

5,612

2.8

475

501

2,664

Raja

1.1

2,702

3.1

385

271

1,040

East Joki

1.1

299

4.5

363

43

109

Hut

1.1

831

1.3

428

36

355

Rumajärvi

1.1

336

1.4

424

15

142

Total Inferred Resources

9,780

2.8

441

867

4,311

Rajapalot Inferred Mineral Resource Effective August 26, 2021

  • The independent geologist and Qualified Person as defined in NI 43-101 for the mineral resource estimates is Mr. Ove Klavér (EurGeol). The effective date of the MRE remains unchanged to the Previous MRE (August 26, 2021, available on SEDAR as filed by the previous owner, Mawson), and will be restated in the PEA technical report when it is filed.

  • The mineral estimate is reported for a potential underground only scenario. Inferred resources were reported at a cut-off grade of 1.1 g/t (AuEq 1 Au g/t + Co ppm /1005) with a depth of 20 meters below the base of solid rock regarded as the near-surface limit of potential mining.

  • Wireframe models were generated using gold and cobalt shells separately. Forty-eight separate gold and cobalt wireframes were constructed in Leapfrog Geo and grade distributions independently estimated using Ordinary Kriging in Leapfrog Edge. A gold top cut of 50 g/t Au was used for the gold domains. A cobalt top cut was not applied.

  • A parent block size of 12 m x 12 m x 4 m (>20% of the drillhole spacing) was determined as suitable. Sub-blocking down to 4 m x 4 m x 0.5 m was used for geologic control on volumes, thinner and moderately dipping wireframes.

  • Rounding of grades and tonnes may introduce apparent errors in averages and contained metals.

  • Drilling results to 20 June 2021.

  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Qualified Person

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). Dr. Fromhold is a "qualified person" as defined under NI 43-101. Dr. Fromhold is not considered independent of the Company under NI 43-101 as he is a consultant of the Company.

About Mawson Finland Limited

Mawson Finland Limited 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 Rajapalot Project represents approximately 5% of the 100-square kilometre Rompas-Rajapalot Property, which is wholly owned by Mawson and 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. Mawson 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 and the exploration information disclosed in this news release, 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 additional assay results or other exploration results and the impact upon the Company thereof, any expected milestone independent data verification, the continuance of the Company's quality assurance and quality control program, 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, 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 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.

SCHEDULE "A" - TABLES AND FIGURES

Hole ID

Easting TM35

Northing TM35

Elevation (mRL)

Azimuth

Dip

Total Depth (m)

Prospect

PAL0335

3408345

7373507

174

50.4

-70.2

405.3

South Palokas

PAL0336

3410540

7372676

151

144.1

-70.1

131

Joki East

PAL0337

3410481

7372590

148

61.2

-70.9

125.3

Joki East

PAL0338

3410422

7372775

153

144.7

-55.4

190

Joki East

PAL0339

3408209

7373303

172

104.3

-44.8

150.1

South Palokas

PAL0340

3408347

7373505

174

118.4

-79.2

395.85

South Palokas

PAL0341

3408222

7373377

173

131

-44.4

136.7

South Palokas

PAL0342

3408715

7373997

175

115.7

-58.3

148.6

Palokas

PAL0343

3408627

7373991

175

88.9

-50.1

193

Palokas

PAL0344

3408300

7373532

174

52.3

-75.9

476.6

South Palokas

PAL0345

3408606

7374008

174

60.8

-71.9

278.1

Palokas

PAL0346

3408571

7373723

174

45

-65

184.4

Palokas

PAL0347

3408710

7372442

175

134.4

-72.1

273.6

Raja

PAL0348

3408306

7373530

175

119.1

-80.2

242.1

South Palokas

PAL0349

3408694

7372549

179

170

-80

341.85

Raja

PAL0350

3408402

7373671

174

75

-52

290.1

South Palokas

PAL0351

3408461

7373877

175

143

-69.5

334.5

Palokas

PAL0352

3408247

7373715

172

62.4

-66.4

474.1

South Palokas

PAL0353

3408850

7372504

176

160

-70

260.55

Raja

PAL0354

3408308

7373984

175

126.1

-50.9

466.9

Palokas

PAL0355

3408817

7372720

174

168

-77

428.9

Raja

PAL0356

3408138

7373637

174

80.4

-74.4

496.9

South Palokas

PAL0357

3408558

7374143

175

168.8

-82.9

445.6

Palokas

PAL0358

3408984

7372343

173

244.5

-79.1

178.75

Raja

PAL0359

3408138

7373933

172

150.9

-77.7

47.2

Hole abandoned

PAL0360

3408679

7372340

174

75

-80.4

251.7

Raja

PAL0361

3408088

7373643

173

51.1

-81.9

665.95

South Palokas

PAL0362

3408576

7373723

174

95.3

-47.6

258.55

Palokas

PAL0363

3407996

7373198

172

88.2

-55.3

338.8

Hut

PAL0364

3408346

7373509

174

65.7

-66.4

359.2

South Palokas

PAL0365

3408347

7373434

174

71

-70.1

304.4

South Palokas

PAL0366

3407996

7373198

172

88.6

-70.6

374.4

Hut

PAL0367

3408138

7373935

172

150.8

-79.2

785.3

South Palokas

PAL0368

3407940

7373069

173

137.5

-47.7

250.9

Hut

PAL0369

3408026

7373279

172

82.5

-44.6

253.5

South Palokas

PAL0370

3408231

7372823

182

124

-55.1

175.9

Terry's Hammer

PAL0371

3408231

7372823

182

172.6

-44.8

148

Terry's Hammer

PAL0372

3410436

7372555

149

106.7

-69.4

113.4

Joki East

Table 1: Drillhole collar locations (finish KKJ grid), with corresponding hole orientations (azimuth and dip), total depth, and prospect target. Drillholes with outstanding cobalt assays that are now reported in this news release are highlighted in bold text.

Hole ID

From (m)

To (m)

Thickness 1 (m)

Gold (g/t)

Gold (gram-metres)

Cobalt (ppm)

PAL0335

122.20

123.20

1.00

0.49

0.49

53

PAL0335

126.35

128.35

2.00

1.19

2.37

167

PAL0335

136.35

137.35

1.00

1.62

1.62

517

PAL0335

142.00

146.60

4.60

0.99

4.57

1376

PAL0335

150.60

156.00

5.40

2.99

16.16

2137

PAL0335

295.05

316.80

21.75

5.25

114.26

515

PAL0335

322.40

324.40

2.00

1.86

3.72

164

PAL0335

335.00

339.00

4.00

2.99

11.94

94

PAL0335

350.25

356.85

6.60

2.37

15.64

279

PAL0336

-

-

-

-

-

-

PAL0337

-

-

-

-

-

-

PAL0338

148.00

149.00

1.00

4.03

4.03

749

PAL0339

-

-

-

-

-

-

PAL0340

21.25

22.25

1.00

0.58

0.58

62

PAL0340

91.80

92.50

0.70

7.42

5.19

581

PAL0340

98.80

100.80

2.00

0.78

1.56

284

PAL0341

-

-

-

-

-

-

PAL0342

-

-

-

-

-

-

PAL0343

151.40

152.40

1.00

1.29

1.29

261

PAL0344

197.00

198.00

1.00

0.66

0.66

114

PAL0344

201.00

205.00

4.00

2.78

11.11

347

PAL0345

145.00

145.95

0.95

0.64

0.61

36

PAL0346

81.75

85.75

4.00

0.89

3.56

944

PAL0346

88.75

95.75

7.00

9.10

63.69

706

PAL0346

104.90

105.90

1.00

0.78

0.78

102

PAL0347

184.30

190.10

5.80

2.17

12.60

249

PAL0347

201.55

204.55

3.00

2.43

7.30

482

PAL0347

209.00

217.60

8.60

1.90

16.35

689

PAL0348

124.75

125.75

1.00

0.30

0.30

203

PAL0348

151.35

152.35

1.00

0.58

0.58

436

PAL0349

294.50

298.10

3.60

1.74

6.27

1007

PAL0349

320.80

324.80

4.00

0.65

2.60

32

PAL0350

95.55

96.55

1.00

0.45

0.45

15

PAL0351

254.00

260.00

6.00

0.43

2.57

17

PAL0351

261.65

262.90

1.25

2.42

3.03

24

PAL0351

287.90

288.90

1.00

0.31

0.31

24

PAL0353

91.30

92.20

0.90

0.37

0.33

77

PAL0353

211.00

214.00

3.00

1.81

5.43

288

PAL0354

389.00

391.00

2.00

0.41

0.82

20

PAL0354

416.00

428.00

12.00

1.70

20.42

17

PAL0355

257.50

259.50

2.00

2.85

5.70

130

PAL0355

265.60

267.60

2.00

1.73

3.46

262

PAL0356

424.45

425.35

0.90

5.07

4.56

19

PAL0357

-

-

-

-

-

-

PAL0358

130.25

136.20

5.95

1.52

9.04

82

PAL0358

143.20

146.20

3.00

1.44

4.33

42

PAL0358

157.20

160.20

3.00

3.22

9.66

142

PAL0360

-

-

-

-

-

-

PAL0361

464.80

465.80

1.00

0.31

0.31

8

PAL0361

473.80

475.80

2.00

1.32

2.64

120

PAL0361

493.80

499.80

6.00

2.24

13.47

302

PAL0361

533.25

538.55

5.30

2.75

14.56

559

PAL0362

56.55

57.55

1.00

4.75

4.75

172

PAL0363

203.10

207.25

4.15

0.67

2.78

579

PAL0363

209.25

210.25

1.00

1.02

1.02

129

PAL0364

96.80

97.80

1.00

1.32

1.32

399

PAL0364

111.30

114.30

3.00

0.65

1.94

361

PAL0364

130.35

132.35

2.00

0.85

1.69

109

PAL0364

141.35

145.35

4.00

2.41

9.64

227

PAL0364

149.35

155.30

5.95

0.83

4.90

543

PAL0364

263.90

280.90

17.00

1.05

17.79

224

PAL0364

282.90

283.90

1.00

0.32

0.32

95

PAL0364

292.75

293.75

1.00

0.58

0.58

182

PAL0367

614.75

615.60

0.85

0.94

0.80

51

PAL0368

103.60

104.60

1.00

1.81

1.81

89

PAL0368

161.15

166.85

5.70

0.83

4.66

519

PAL0368

168.20

168.90

0.70

1.60

1.12

488

PAL0371

64.85

65.85

1.00

1.86

1.86

466

PAL0372

-

-

-

-

-

-

1 True-thickness of the mineralized intervals are interpreted to be approximately 80-90% of the Drilled Thickness. True-thickness is not precisely known at this time.

Table 2: Composited gold and cobalt concentrations from the drillholes reported in this news release. Individual assay values are listed in Table 3 hereinbelow.

Figure 1: Locality map illustrating collar positions and drill-hole traces from Mawson's 2024 winter drilling campaign. Light-blue line represents the section line on which long sections in Figure 2 hereinbelow are oriented and projected onto.

Figure 2: Long-section illustration demonstrating both historical and 2024 drill intercepts in the Palokas, South Palokas, and The Hut (including Terry's Hammer) mineralized zones. Drillhole intercepts from 2024 drilling are highlighted with bold labels and lettering. Faded intercept points and labels demonstrate drill-intersections that have intercepted the 'New Lens' of mineralization located in the footwall of the South Palokas area; the dashed red-line located within the South Palokas mineralized zone illustrates the line of projection of the 'New Lens' cross-section found in Figure 3. The red arrows indicate where each mineralized zone remains open for further drill-testing.

Figure 3: Cross-section illustration demonstrating the location of 'New Lens' located in the footwall to the South Palokas mineralized zones. The cross-section line of projection of this figure is illustrated within the South Palokas area within Figure 2.

Figure 4: Plan-section illustration demonstrating both historical and 2024 drill intercepts in the Raja mineralized zone. Drillhole intercepts from 2024 drilling are highlighted with bold labels and lettering. Red arrows indicate where each mineralized zone remains open for further drill-testing.

Figure 5: Plan-section illustration demonstrating both historical and 2024 drill intercepts in the Joki mineralized zone. Drillhole intercepts from 2024 drilling are highlighted with bold labels and lettering. Red arrows indicate where each mineralized zone remains open for further drill-testing.

Hole ID

From (m)

To (m)

Length (m)

Gold (g/t)

Cobalt (ppm)

Mineralisation

PAL0335

122.20

123.20

1.00

0.49

52.5

South Palokas

PAL0335

126.35

127.35

1.00

2.06

283.3

South Palokas

PAL0335

127.35

128.35

1.00

0.31

50.7

South Palokas

PAL0335

136.35

137.35

1.00

1.62

516.9

South Palokas

PAL0335

142.00

143.00

1.00

0.97

593.0

South Palokas

PAL0335

143.00

144.00

1.00

1.17

1109.8

South Palokas

PAL0335

144.00

145.00

1.00

1.08

1223.7

South Palokas

PAL0335

145.00

146.00

1.00

0.15

1142.1

South Palokas

PAL0335

146.00

146.60

0.60

2.00

3769.9

South Palokas

PAL0335

150.60

151.60

1.00

3.26

1770.0

South Palokas

PAL0335

151.60

152.50

0.90

3.10

2715.6

South Palokas

PAL0335

152.50

153.50

1.00

1.77

1974.2

South Palokas

PAL0335

153.50

154.50

1.00

2.12

1132.6

South Palokas

PAL0335

154.50

155.50

1.00

3.24

2547.8

South Palokas

PAL0335

155.50

156.00

0.50

5.95

3343.6

South Palokas

PAL0335

295.05

296.05

1.00

8.25

674.3

New Lens

PAL0335

296.05

297.05

1.00

1.33

549.8

New Lens

PAL0335

297.05

298.05

1.00

0.89

895.4

New Lens

PAL0335

298.05

299.05

1.00

0.35

673.3

New Lens

PAL0335

299.05

299.50

0.45

0.15

421.5

New Lens

PAL0335

299.50

300.50

1.00

1.42

585.2

New Lens

PAL0335

300.50

301.50

1.00

2.51

627.6

New Lens

PAL0335

301.50

302.50

1.00

0.46

445.1

New Lens

PAL0335

302.50

302.95

0.45

0.59

623.1

New Lens

PAL0335

302.95

303.95

1.00

1.20

927.5

New Lens

PAL0335

303.95

304.45

0.50

0.92

1096.4

New Lens

PAL0335

304.45

305.30

0.85

0.85

153.4

New Lens

PAL0335

305.30

306.30

1.00

0.35

677.2

New Lens

PAL0335

306.30

307.30

1.00

0.41

553.6

New Lens

PAL0335

307.30

308.30

1.00

0.47

373.0

New Lens

PAL0335

308.30

309.30

1.00

7.10

827.4

New Lens

PAL0335

309.30

310.30

1.00

2.87

321.3

New Lens

PAL0335

310.30

311.30

1.00

6.74

370.5

New Lens

PAL0335

311.30

312.30

1.00

14.00

276.8

New Lens

PAL0335

312.30

313.00

0.70

10.00

690.3

New Lens

PAL0335

313.00

313.50

0.50

53.90

549.6

New Lens

PAL0335

313.50

314.50

1.00

21.20

159.5

New Lens

PAL0335

314.50

315.50

1.00

6.30

120.0

New Lens

PAL0335

315.50

315.80

0.30

7.53

106.4

New Lens

PAL0335

315.80

316.80

1.00

0.69

200.0

New Lens

PAL0335

322.40

323.40

1.00

0.77

172.1

New Lens

PAL0335

323.40

324.40

1.00

2.95

156.5

New Lens

PAL0335

335.00

336.00

1.00

0.80

85.6

New Lens

PAL0335

336.00

337.00

1.00

4.31

134.8

New Lens

PAL0335

337.00

338.00

1.00

6.49

118.8

New Lens

PAL0335

338.00

339.00

1.00

0.34

38.3

New Lens

PAL0335

350.25

351.25

1.00

8.61

672.3

New Lens

PAL0335

351.25

352.25

1.00

3.72

422.1

New Lens

PAL0335

352.25

353.25

1.00

2.05

219.8

New Lens

PAL0335

353.25

354.25

1.00

0.28

227.8

New Lens

PAL0335

354.25

355.25

1.00

0.56

235.8

New Lens

PAL0335

355.25

356.25

1.00

0.07

10.3

New Lens

PAL0335

356.25

356.85

0.60

0.58

86.4

New Lens

PAL0338

148.00

149.00

1.00

4.03

748.5

Joki

PAL0340

21.25

22.25

1.00

0.58

61.7

South Palokas

PAL0340

91.80

92.50

0.70

7.42

580.8

South Palokas

PAL0340

98.80

99.80

1.00

1.21

366.3

South Palokas

PAL0340

99.80

100.80

1.00

0.35

202.5

South Palokas

PAL0343

151.40

152.40

1.00

1.29

260.5

Palokas

PAL0344

197.00

197.40

0.40

0.61

173.6

South Palokas

PAL0344

197.40

198.00

0.60

0.69

74.6

South Palokas

PAL0344

201.00

202.00

1.00

9.78

14.4

South Palokas

PAL0344

202.00

203.00

1.00

0.13

490.9

South Palokas

PAL0344

203.00

204.00

1.00

0.51

573.3

South Palokas

PAL0344

204.00

205.00

1.00

0.69

309.8

South Palokas

PAL0345

145.00

145.95

0.95

0.64

14.4

Palokas

PAL0346

81.75

82.75

1.00

2.04

782.4

Palokas

PAL0346

82.75

83.75

1.00

0.63

1114.9

Palokas

PAL0346

83.75

84.75

1.00

0.48

1046.2

Palokas

PAL0346

84.75

85.75

1.00

0.41

831.2

Palokas

PAL0346

88.75

89.75

1.00

5.69

624.2

Palokas

PAL0346

89.75

90.75

1.00

30.30

1067.7

Palokas

PAL0346

90.75

91.75

1.00

13.60

820.6

Palokas

PAL0346

91.75

92.75

1.00

8.02

832.0

Palokas

PAL0346

92.75

93.75

1.00

0.90

439.0

Palokas

PAL0346

93.75

94.75

1.00

4.70

604.9

Palokas

PAL0346

94.75

95.75

1.00

0.48

554.8

Palokas

PAL0346

104.90

105.90

1.00

0.78

101.6

Palokas

PAL0347

184.30

185.30

1.00

1.44

118.8

Raja

PAL0347

185.30

186.30

1.00

4.26

783.2

Raja

PAL0347

186.30

187.10

0.80

0.12

319.5

Raja

PAL0347

187.10

188.10

1.00

2.73

98.4

Raja

PAL0347

188.10

189.10

1.00

2.77

85.1

Raja

PAL0347

189.10

190.10

1.00

1.31

103.2

Raja

PAL0347

201.55

202.55

1.00

0.99

536.3

Raja

PAL0347

202.55

203.55

1.00

1.28

307.5

Raja

PAL0347

203.55

204.55

1.00

5.03

602.8

Raja

PAL0347

209.00

210.00

1.00

1.15

332.0

Raja

PAL0347

210.00

211.00

1.00

0.82

1926.5

Raja

PAL0347

211.00

212.05

1.05

1.14

2127.5

Raja

PAL0347

212.05

212.80

0.75

0.05

412.4

Raja

PAL0347

212.80

214.15

1.35

0.60

694.1

Raja

PAL0347

214.15

215.20

1.05

0.55

22.3

Raja

PAL0347

215.20

216.40

1.20

7.09

67.0

Raja

PAL0347

216.40

217.60

1.20

2.71

68.7

Raja

PAL0348

124.75

125.75

1.00

0.30

202.8

South Palokas

PAL0348

151.35

152.35

1.00

0.58

436.0

South Palokas

PAL0349

294.50

295.50

1.00

1.17

655.0

Raja

PAL0349

295.50

296.50

1.00

0.86

941.2

Raja

PAL0349

296.50

297.50

1.00

3.90

1876.6

Raja

PAL0349

297.50

298.10

0.60

0.56

252.4

Raja

PAL0349

320.80

321.80

1.00

1.62

29.6

Raja

PAL0349

321.80

322.80

1.00

0.25

9.9

Raja

PAL0349

322.80

323.80

1.00

0.05

30.0

Raja

PAL0349

323.80

324.80

1.00

0.68

60.2

Raja

PAL0350

95.55

96.55

1.00

0.45

14.7

South Palokas

PAL0351

254.00

255.00

1.00

0.82

38.3

Palokas

PAL0351

255.00

256.00

1.00

0.36

18.4

Palokas

PAL0351

256.00

257.00

1.00

0.11

7.4

Palokas

PAL0351

257.00

258.00

1.00

0.40

6.2

Palokas

PAL0351

258.00

259.00

1.00

0.36

13.8

Palokas

PAL0351

259.00

260.00

1.00

0.52

19.3

Palokas

PAL0351

261.65

262.90

1.25

2.42

23.5

Palokas

PAL0351

287.90

288.90

1.00

0.31

23.8

Palokas

PAL0353

91.30

92.20

0.90

0.37

76.5

Raja

PAL0353

211.00

212.00

1.00

1.49

506.5

Raja

PAL0353

212.00

213.00

1.00

3.08

235.1

Raja

PAL0353

213.00

214.00

1.00

0.86

122.4

Raja

PAL0354

389.00

390.00

1.00

0.45

23.9

Palokas

PAL0354

390.00

391.00

1.00

0.37

16.2

Palokas

PAL0354

416.00

417.00

1.00

1.70

8.3

Palokas

PAL0354

417.00

418.00

1.00

2.21

46.6

Palokas

PAL0354

418.00

419.00

1.00

5.77

12.3

Palokas

PAL0354

419.00

420.00

1.00

1.04

8.7

Palokas

PAL0354

420.00

421.00

1.00

1.41

7.9

Palokas

PAL0354

421.00

422.00

1.00

1.34

62.7

Palokas

PAL0354

422.00

423.00

1.00

1.31

11.1

Palokas

PAL0354

423.00

424.00

1.00

1.39

14.8

Palokas

PAL0354

424.00

425.00

1.00

0.15

7.5

Palokas

PAL0354

425.00

426.00

1.00

3.37

11.1

Palokas

PAL0354

426.00

427.00

1.00

>0.05

5.1

Palokas

PAL0354

427.00

428.00

1.00

0.78

9.2

Palokas

PAL0355

257.50

258.50

1.00

5.39

148.2

Raja

PAL0355

258.50

259.50

1.00

0.31

111.9

Raja

PAL0355

265.60

266.60

1.00

2.40

490.1

Raja

PAL0355

266.60

267.60

1.00

1.06

33.2

Raja

PAL0356

424.45

425.35

0.90

5.07

19.0

South Palokas

PAL0358

130.25

131.20

0.95

0.74

72.0

Raja

PAL0358

131.20

132.20

1.00

-0.05

117.9

Raja

PAL0358

132.20

133.20

1.00

0.22

124.6

Raja

PAL0358

133.20

134.20

1.00

1.48

73.6

Raja

PAL0358

134.20

135.20

1.00

5.60

90.7

Raja

PAL0358

135.20

136.20

1.00

1.09

14.8

Raja

PAL0358

143.20

144.20

1.00

0.81

50.1

Raja

PAL0358

144.20

145.20

1.00

3.14

40.3

Raja

PAL0358

145.20

146.20

1.00

0.38

35.9

Raja

PAL0358

157.20

158.20

1.00

3.35

68.6

Raja

PAL0358

158.20

159.20

1.00

5.91

341.3

Raja

PAL0358

159.20

160.20

1.00

0.40

16.2

Raja

PAL0361

464.80

465.80

1.00

0.31

8.4

South Palokas

PAL0361

473.80

474.80

1.00

0.86

54.3

South Palokas

PAL0361

474.80

475.80

1.00

1.78

185.2

South Palokas

PAL0361

493.80

494.80

1.00

0.41

74.1

South Palokas

PAL0361

494.80

495.80

1.00

4.71

210.4

South Palokas

PAL0361

495.80

496.80

1.00

3.97

327.5

South Palokas

PAL0361

496.80

497.80

1.00

1.93

504.8

South Palokas

PAL0361

497.80

498.80

1.00

2.01

615.2

South Palokas

PAL0361

498.80

499.80

1.00

0.44

79.6

South Palokas

PAL0361

533.25

534.25

1.00

1.82

1176.5

South Palokas

PAL0361

534.25

535.25

1.00

7.32

833.1

South Palokas

PAL0361

535.25

536.55

1.30

0.46

160.0

South Palokas

PAL0361

536.55

537.55

1.00

0.33

489.2

South Palokas

PAL0361

537.55

538.55

1.00

4.49

258.0

South Palokas

PAL0362

56.55

57.55

1.00

4.75

172.1

Palokas

PAL0363

203.10

204.10

1.00

0.81

540.9

Hut

PAL0363

204.10

205.25

1.15

0.25

293.7

Hut

PAL0363

205.25

206.25

1.00

0.97

939.4

Hut

PAL0363

206.25

207.25

1.00

0.71

585.9

Hut

PAL0363

209.25

210.25

1.00

1.02

129.2

Hut

PAL0364

96.80

97.80

1.00

1.32

399.1

South Palokas

PAL0364

111.30

112.30

1.00

0.60

51.9

South Palokas

PAL0364

112.30

113.30

1.00

0.08

719.7

South Palokas

PAL0364

113.30

114.30

1.00

1.26

312.5

South Palokas

PAL0364

130.35

131.35

1.00

1.10

138.0

South Palokas

PAL0364

131.35

132.35

1.00

0.59

79.6

South Palokas

PAL0364

141.35

142.35

1.00

0.50

147.3

South Palokas

PAL0364

142.35

143.35

1.00

2.01

340.2

South Palokas

PAL0364

143.35

144.35

1.00

4.03

332.0

South Palokas

PAL0364

144.35

145.35

1.00

3.10

87.7

South Palokas

PAL0364

149.35

150.35

1.00

1.85

813.3

South Palokas

PAL0364

150.35

151.35

1.00

0.38

629.2

South Palokas

PAL0364

151.35

152.35

1.00

0.16

117.3

South Palokas

PAL0364

152.35

153.35

1.00

1.44

956.9

South Palokas

PAL0364

153.35

154.35

1.00

<0.05

39.4

South Palokas

PAL0364

154.35

155.30

0.95

1.18

699.8

South Palokas

PAL0364

263.90

264.90

1.00

0.83

355.9

South Palokas

PAL0364

264.90

265.90

1.00

0.67

669.3

South Palokas

PAL0364

265.90

266.90

1.00

0.24

419.5

South Palokas

PAL0364

266.90

268.20

1.30

1.11

469.3

South Palokas

PAL0364

268.20

269.20

1.00

0.34

289.5

South Palokas

PAL0364

269.20

270.20

1.00

0.12

79.7

South Palokas

PAL0364

270.20

271.20

1.00

0.59

110.3

South Palokas

PAL0364

271.20

272.20

1.00

0.18

64.9

South Palokas

PAL0364

272.20

272.90

0.70

1.57

215.9

South Palokas

PAL0364

272.90

273.90

1.00

2.90

142.9

South Palokas

PAL0364

273.90

274.90

1.00

5.17

48.1

South Palokas

PAL0364

274.90

275.90

1.00

1.90

166.7

South Palokas

PAL0364

275.90

276.90

1.00

0.14

51.9

South Palokas

PAL0364

276.90

277.90

1.00

0.40

191.4

South Palokas

PAL0364

277.90

278.90

1.00

0.57

227.9

South Palokas

PAL0364

278.90

279.90

1.00

0.85

136.0

South Palokas

PAL0364

279.90

280.90

1.00

0.35

100.6

South Palokas

PAL0364

282.90

283.90

1.00

0.32

94.6

South Palokas

PAL0364

292.75

293.75

1.00

0.58

182.4

South Palokas

PAL0367

614.75

615.60

0.85

0.94

51.0

South Palokas

PAL0368

103.60

104.60

1.00

1.81

88.6

Hut

PAL0368

161.15

161.55

0.40

0.52

255.9

Hut

PAL0368

161.55

162.75

1.20

<0.05

17.6

Hut

PAL0368

162.75

163.50

0.75

0.57

154.7

Hut

PAL0368

163.50

164.50

1.00

0.31

1010.6

Hut

PAL0368

164.50

165.10

0.60

1.43

1259.5

Hut

PAL0368

165.10

165.80

0.70

1.06

796.7

Hut

PAL0368

165.80

166.85

1.05

2.08

375.1

Hut

PAL0368

168.20

168.90

0.70

1.60

488.4

Hut

PAL0371

64.85

65.85

1.00

1.86

465.5

Terry's Hammer

Table 3: All gold and cobalt sample intervals with their corresponding gold and cobalt concentrations, that are contained within above composited intervals, that meet the lower-cut criteria of 1 metre intervals at greater than 0.3 g/t gold.

SOURCE: Mawson Finland Limited



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