Mawson begins initial PEA on gold-cobalt project in Finland

In an important step towards becoming a gold developer, Mawson Gold (TSX: MAW) has begun work on an initial preliminary economic assessment (PEA) on its 100%-owned Rajapalot gold-cobalt project located in the Lapland region of Finland.

The study will be based on an inferred mineral resource estimated at 1.04 million oz. of gold-equivalent, contained within 10.9 million tonnes averaging 2.5 g/t gold and 443 ppm cobalt (3 g/t gold-equivalent).

"Not all ounces are created equal, and this is the first time the favourible geometry, metallurgy and location of our million ounce Rajapalot inferred mineral resource estimate will be articulated to the market as a coherent business case. This PEA will also serve as a platform to leverage value from future exploration success from the 18,000-hectare tenement package," Mawson CEO Ivan Fairhall commented.

A metallurgical program has been initiated to build on the success of earlier test work that highlighted cyanide gold recoveries over 97% and cobaltite flotation recoveries of 78-93%. That test was done through a program funded by Business Finland, designed to create a competitive and sustainable European battery industry through collaboration and joint research between companies and research organizations. Mawson was granted a total of €500,000 in co-funding as part of the program, which was completed in April 2021.

Environmental impact assessment and land use re-zoning for the Rajapalot project is also in progress. Over the last six months, both the regional and municipality level plans have been approved by the governing bodies, and Rajapalot is now being officially administered as a mining project.

The PEA will form an integral part in advancing these processes, and Mawson's early focus on permitting will facilitate integration of environmental context into all stages of engineering and data-gathering programs in line with its sustainability commitments, the company stated.

More details about the Rajapalot project can be found on www.MawsonGold.com.