VANCOUVER, Sept. 7 /CNW/ - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr Michael Hudson, President & CEO, is pleased to announce a Canadian National Instrument NI43-101 inferred mineral resource estimate of 2.0 million tonnes averaging 0.074% U(3)O(8), using a 0.03% uranium lower cut-off, for 3.27 million lbs. U(3)O(8) for the 100% owned Nuottijärvi uranium project in central Finland. Mineralization at Nuottijarvi remains open along strike and at depth.
The NI43-101 resource and accompanying technical report were completed by qualified and independent geologists Mr. John Nebocat of PGS Pacific Geological Services and Mr. Geoffrey Reed of Reed Leyton Consultants. The technical report will be available shortly on SEDAR and www.mawsonresources.com.
The Nuottijärvi uranium deposit is located in north-central Finland about 35km northeast of the town of Kajaani. Nuottijärvi was discovered by Outokumpu Oy ("Outokumpu") in 1959 who explored it intermittently until 1969 and maintained the property until the late 1970's. During that time surface radiometric and magnetic surveys, airborne radiometric, magnetic and electromagnetic surveys and geological mapping were undertaken. A total of 43 diamond drill holes, representing about 6,287m, were drilled. Of these, 38 were located in the central mineralized zone over a distance roughly 475m north-south by 150m east-west. Outokumpo also extracted an 867 tonne bulk sample that yielded an average grade of 1.10% P, 0.050% U(3)08, 8.60% CO(2) and 1.41% S.
Uranium at Nuottijärvi occurs as uraninite associated with fluorapatite breccia, hosted by a carbonate-apatite horizon at the contact between quartzite and graphite-bearing phyllite. The mineralized body is approximately 40m thick, extends from surface to a vertical depth of 80m, trends over a strike length of more than 400m and remains open along strike and at depth.
The mineral resource estimate was calculated using Maptek's Vulcan software based on the following geological and resource modeling parameters:
- Outokumpu drilled 43 diamond drill holes for 6,679m in the
Nuottijärvi area up to 1969. Thirty-eight diamond drill holes were
included in the current mineral resource estimation. Hole spacing was
completed on a 50m by 50m drill pattern.
- The resource describes three separate bodies of mineralization with
40m true thickness, a strike of 400 metres and an average down dip
extent of 80 metres. Due to the amount of drilling and orientation,
the true thickness is generally considered to be 70% of drilled
- Sections of core drilled by Outokumpu were resampled by the Issuer
and analysed by ICP method at ALS Chemex Laboratories, Vancouver,
Canada. A total of 377 Outokumpu samples from 20 drill holes were
incorporated with the current resource estimation. The analytical
method applied by Outokumpu was the standard for the industry of the
day, and although no QA/QC data is available, it is considered to be
of a high quality.
- Specific gravity was calculated in the model based on density test
work performed by the Mawson.
- Grade interpolation was undertaken using inverse distance defined by
the domain wireframes. The allocations of composites were calculated
using a hard boundary at the domain wireframes.
A program of metallurgical studies is recommended to determine if the uranium is separable from the phosphorous and to determine what proportion of the uranium is contained in uraninite versus that found within the apatite (phosphorous-bearing mineral). In addition, a 1,500m diamond drilling program has been proposed to test the lateral and depth extensions to the deposit.
Mr Hudson stated: "The addition of another NI43-101 compliant resource to the Company's Nordic uranium portfolio further cements Mawson's position in providing Europe with a future energy option. We will continue exploring at Nuottijärvi in order to resolve metallurgical issues and expand the known resource in conjunction with our other active field programs in Finland."
Finland is currently expanding its nuclear program by building the country's fifth, and the world's largest, nuclear power reactor with a further two reactors recently permitted. At present, 26% of the total electricity supply in Finland comes from nuclear energy. Finland imports all of the uranium required for its nuclear reactors.
The qualified person in compliance with National Instrument 43-101 for the Nuottijärvi project, John Nebocat, P. Eng., has reviewed and verified the contents of this release.
About Mawson Resources Ltd (TSX:MAW, FRANKFURT:MRY, PINKSHEETS:MWSNF)
Mawson Resources Ltd is a resource acquisition and development company with METAL and ENERGY interests.
Mawson has distinguished itself as the leading Scandinavian uranium exploration company, with advanced projects in Sweden and Finland. As the European Union moves to reduce its reliance on carbon-based energy sources and continues to debate energy security, Mawson is well positioned to provide Europe with the option to fuel its future. Areva NC holds 11% of the Company and provides Mawson with an active technical partner.
In addition, the Company is exploring for gold and copper in the highly prospective Cordillera of Peru, with a focus on a new high grade gold discovery at Alto Quemado.
With a strong cash position and a multi-jurisdiction European and South American portfolio, Mawson is ideally positioned to enhance its status as a leader in the uranium and gold industries.
Shares Outstanding: 42,697,253. Cash: approximately C$9.0 million.
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.
SOURCE Mawson Resources Ltd.
For further information: For further information: Investor Information: www.mawsonresources.com, 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7; Company Contact: Mariana Bermudez, +1 (604) 685 9316; Investor Relation Consultants: Mining Interactive, Nick Nicolaas, +1 (604) 657 4058, Email: email@example.com