VANCOUVER, Oct. 16 /CNW/ - Mawson Resources Limited ("Mawson") TSX - MAW;
Frankfurt - MRY. Mr. Michael Hudson, President & CEO, presents an update of
the summer field exploration programs at the Company's Hotagen uranium
mineralized district in Northern Sweden. The Hotagen district is secured by
Mawson's 8,360 hectares of exploration claims and includes the Company's
Klappibacken project where a 50% upgraded NI43-101-compliant indicated
resource of 3.3 million pounds at 0.08% uranium oxide ("U3O8") was recently
announced (see Mawson release July 16, 2008).
Key results from the extensive summer exploration program include the
discovery of sixty-six individual outcropping uranium mineralized areas within
Mawson's exploration clams over an area of 8 kilometres by 7 kilometres.
Results included forty assays above 0.05% eU3O8, which ranged from 0.05% eU3O8
to 8.04% eU3O8 and averaged 0.79% eU3O8. The discovery of these uranium
mineralized outcrops is significant considering that outcropping rock accounts
for less than 10% of the surface area in the Hotagen district, with the
remainder of the area blanketed under a thin 1-2 metre soil veneer.
Further information about individual projects (Figure 1) will be released
as information is compiled, however some key discoveries include:
- Langtjarn: area covers 1400 metres by 600 metres where 6 assays
above 0.05% eU3O8, ranged from 0.06% eU3O8 to
8.04% eU3O8 and averaged 1.48% eU3O8
- Urban Hill: area covers 70 metres by 8 metres where 10 assays
above 0.05% eU3O8, ranged from 0.09% eU3O8 to
2.90% eU3O8 and averaged 1.47% eU3O8
- Langvattnet: area 70 metres by 10 metres where 8 assays above
0.05% eU3O8, ranged from 0.06% eU3O8 to 0.15%
eU3O8 and averaged 0.10% eU3O8
- Spjuttjarn North: area covers 10 metres by 8 metres where 2 assays
above 0.05% eU3O8, ranged from 0.29% eU3O8 to
1.30% eU3O8 and averaged 0.79% eU3O8
A surface "Cobra" drill program, consisting of three hundred and fifty
shallow drill holes in a grid pattern is ongoing in the vicinity of the
Klappibacken resource area. This drill program aims to test the bedrock for
shallow strike extensions to the Klappibacken uranium deposit beneath soil
cover. Assays received from the first quarter of the drilling have identified
a uranium anomalous area 300 metres east of the Klappibacken deposit.
In other work at Hotagen during the summer the Company has:
- Collected in excess of 12,000 ground scintillometer readings over an
area of 10 kilometres by 10 kilometres;
- Channel sampled and assayed rocks from uranium mineralized outcrops;
- Completed an 11.4 line kilometre ground magnetic survey at the
- Contracted a specialized structural geologist to contribute to the
understanding of the geological setting of mineralization in the area.
Furthermore, Mawson has obtained permissions from the Swedish authorities
to continue to drill test the Klappibacken deposit and to construct an all
weather road to facilitate project access. An application, not yet granted,
has been submitted seeking permission to strip the soil cover from a 270
square metre area to expose the Klappibacken mineralization.
Mr Hudson states, "During these turbulent financial times, Mawson is in
the fortunate position to be well financed, with total cash holdings of
C$11.5 million. With these cash resources Mawson can continue to undertake the
appropriate level of exploration on the exciting Hotagen mineralized district.
We are extremely encouraged by our summer program, having delineated sixty-six
high grade outcrops within an 8 kilometre radius from the Klappibacken uranium
resource. We remain optimistic about the future potential of uranium markets
and our projects. We also recognize that we owe it to our shareholders to be
realistic about current market conditions and are advancing our projects with
appropriate caution and technical rigor."
The Hotagen district uranium deposits are located in the north eastern
portion of a geological province known as the Olden Window. The Olden Window
is an isolated area of Proterozoic basement exposed within younger late
Precambrian - early Paleozoic sequences that form the Caledonide mountain
range that define the border of Sweden and Norway. Uranium mineralization
occurs as vein and breccia deposits developed within a uranium rich granite.
Location and geometry of uranium deposits are controlled by subvertical N-S to
NNE-SSW brittle or brittle-ductile structures, which are typically intruded by
intermediate "diabase" dykes.
Uranium was analyzed by the ME-XRF05 technique by ALS Chemex Ltd's
laboratories in Pitea, Sweden and Vancouver, Canada, where duplicates,
repeats, blanks and known standards were inserted according to standard
industry practice. Additional field assays ("eU3O8") 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.
About the Company: Mawson Resources holds significant uranium resources
in the nuclear energy reliant countries of Spain, Sweden and Finland. As the
European Union reduces its reliance on carbon-based energy sources, Mawson is
well placed as the Company develops its exploration portfolio towards the
sustainable production of uranium in the shortest possible time frame.
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.
Figure 1: Bedrock map and uranium prospects, Hotagen Mineralized
District, Sweden can be seen at: http://files.newswire.ca/748/Hotagenfig1.doc
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; Wayne Melvin, (604) 619-6327, Email: