VANCOUVER, May 27 /CNW/ - Mawson Resources Limited ("Mawson" and/or the
"Company") TSX - MAW; Frankfurt - MRY. Mr. Michael Hudson, President & CEO, is
pleased to announce the discovery of a new uranium prospect within the
Company's 8,360 hectare Hotagen project of Northern Sweden. The Urban Hill
prospect is located 750 metres north of Mawson's Klappibacken prospect (Figure
1) where a NI 43-101-compliant Indicated Resource of 3.3 million pounds at
0.08% uranium oxide ("U(3)O(8)") was recently announced.
Urban Hill is a grassroots discovery made by Company geologists with
uranium mineralization outcropping over a 150 metre long trend. The prospect
remains open where the mineralized outcrops trend under glacial soil cover.
Uranium occurs as pitchblende in mafic fissures, veins and fractures in a
brecciated to cataclastic granite and is similar in style to the Klappibacken
From field mapping and spectrometer surveying, discoveries to date at the
- Four high grade mineralized outcrops in a 150 metre by 20 metre area.
Nine spectrometer assays from these outcrops ranged from
0.04% eU(3)O(8) to 2.90% eU(3)O(8) and averaged 1.13% eU(3)O(8).
Mineralization in each outcrop is hosted by fractures exposed up to
20 metres in length. The fractures, each up to 10 centimetres wide,
strike 180 degrees north and are closely spaced over combined widths
of up to 12 metres.
- One hundred and twenty metres north of the mineralized outcrops a
soil covered area with no outcrop measures 2 -10 times the background
radioactivity in an area of 10 metres by 3 metres, suggesting the
presence of mineralized outcrop or boulders below the glacial soil
Mr Hudson states, "We are very encouraged by this recent discovery of
high grade uranium mineralization at surface and only 750 metres from the
Klappibacken resource area. With similar geological characteristics to
Klappibacken and field assays that average over 1% eU(3)O(8), mapping,
stripping, channel sampling and drilling is warranted during the 2009 summer
field program. The Hotagen uranium mineralized district continues to deliver
impressive results for the Company, with sixty-six individual outcropping
uranium mineralized areas now identified within Mawson's exploration claims
over an 8 kilometre by 7 kilometre area."
Field assays ("eU(3)O(8)") were undertaken using a calibrated RS-230 BGO
spectrometer, operated by Mawson staff. The qualified person for the Hotagen
project, Mark Saxon, director and vice-president of exploration for Mawson,
and a member of the Australasian Institute of Mining and Metallurgy, has
reviewed and verified the contents of this release.
On behalf of the Board,
Michael Hudson, President & CEO
Forward Looking Statement. The statements herein that are not historical
facts are forward-looking statements. These statements address future events
and conditions and so involve inherent risks and uncertainties, as disclosed
under the heading "Risk Factors" in the company's periodic filings with
Canadian securities regulators. Actual results could differ from those
currently projected. The Company does not assume the obligation to update any
forward-looking statement. The TSX Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Investor Information, www.mawsonresources.com,
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7; Company Contact: Mariana
Bermudez, (604) 685-9316; Investor Relation Consultants - Mining Interactive,
Nick Nicolaas, (604) 657-4058, Email: firstname.lastname@example.org