MWE mawson west ltd

Mawson West ann out - moderate results (nc), page-2

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    Drilling Advances Maybell Gold Project

    MAWSON WEST LTD 2002-10-25 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++

    Drilling on Mawson West's Maybell Gold Project has confirmed
    extensive mineralisation - best intercept 3m @ 11.5 g/t gold.

    Two mineralised shears have been intersected.

    Mineralisation was intersected along the entire 480m of strike
    drilled and remains open both along strike and down dip.

    Ongoing underground channel sampling from the north exploration drive
    at 55m below surface has returned a result of 10m @ 10.0 g/t gold
    from the 11m advanced.

    Next phase of drilling in planning and underground development of
    drive and sub-level continuing towards the south.

    MAYBELL DRILLING

    Mawson West is pleased to announce the results from the recently
    completed diamond and reverse circulation (RC) drilling program on
    the Maybell Gold Project in Norseman WA. Historically, the Norseman
    gold operations have been in continuous production for the past 67
    years, with the Norseman gold field producing close to 6 million
    ounces since discovery.

    Drilling at the Maybell Gold Project has confirmed the presence of
    the main mineralised shear along strike and down dip from the current
    development and has also discovered another sub-parallel mineralised
    shear (Figure 2). The program consisted of 356m of diamond core and
    1,032m of RC drilling in 18 holes and covered 480m of potential
    strike length (Figure 1). A fall table of significant intercepts is
    presented below (Table 1). Better results include 6m @ 6.89 g/t gold
    (including 3m 11.54 g/t gold), 1m @ 8.98 g/t gold and 2m @ 4.89 g/t
    gold.

    The main mineralised structure was intercepted in every hole drilled
    and remains open both along strike and down dip. Drilling has
    identified a number of high-grade zones along the main structure,
    which appear to dip at a shallow angle to the north. Integrating all
    data sets (historical drilling, underground and surface sampling and
    recent drilling) into a long section (Figure 3) has highlighted the
    northern high grade zone.

    The shear at the northern end of the project (north of MBRC004 -
    Figure 1) is characterized by broad, weakly mineralised alteration
    halo with a high grade core. The identification and orientation of
    these shears is seen as a critical step in resource delineation at
    Maybell and has added significantly to the geological understanding
    of the project. Preliminary processing of the ground magnetics has
    confirmed that this structure extends at least a further 200m to the
    north of the current underground workings.

    To the south, the high-grade mineralisation is concentrated on two
    laminated quartz reefs, and is more typical of Norseman style reef
    deposits. The two reefs identified so far occur on either side of a
    coarse-grained gabbro unit and are not accompanied by the alteration
    system seen in the north. The north and south ore bodies appear to be
    related to the same series of shears which run in a north-south
    direction through the Maybell tenement. These shears tend to exploit
    the contacts between the gabbro and basalt units and vary in width
    from 1-15m.

    Overall, the structural setting and alteration assemblage is similar
    to Croesus Mining NL's (Croesus) Daisy Gold Mine. The gold in this
    style of deposit is typically coarse with a very nuggety
    distribution, which generally makes resource definition difficult.

    UNDERGROUND DEVELOPMENT

    Due to the coarse/nuggety gold distribution, bulk sampling is often
    the best method of determining overall grade. As such, Mawson West in
    conjunction with the Maybell vendors have continued development on
    the northern exploration drive, which has advanced a further 11m. A
    series of 2m spaced continuous rock-chip samples were collected along
    strike on the main ore-body and returned a result of 10m @ 10.00g/t
    gold (Figure 3). Continuous sampling along the northern exploration
    drive, which now spans 107m, has confirmed the presence of high-grade
    mineralisation over a large portion of its strike length. This
    includes 56m @ 11.91 g/t gold (as previously reported).

    PHASE TWO DRILLING AND EXPLORATION

    Planning is currently taking place for the next phase of drilling,
    which will focus primarily on the delineation of the main high grade
    zone identified to date. Further exploration is currently underway
    along strike of the main shear zone and on the newly identified
    parallel zones. This work includes final geophysical interpretation
    and modeling, the production of a digital terrain model and other
    surface and underground surveying work. The development of the
    northern exploration drive is continuing.

    ANNUAL GENERAL MEETING

    The company's AGM at 2.30pm on Tuesday 29 October 2002 at 6th flr,
    BGC Centre, 28 The Esplanade, Perth WA will include a 20 minute
    presentation on the Maybell Project for shareholders and investors.
    Colour maps and plans are available on the company's website
    www.mawsonwest.com.au.

    M Stowell
    CHAIRMAN

    This report, so far as it pertains to ore or mineralisation, is based
    on information compiled by and as reported upon by Mr Rob Smakman,
    who is a Member of the Australasian Institute of mining and
    Metallurgy, and has more than eight years experience in the field of
    activity being reported on.


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