VANCOUVER, Jan. 19 /CNW/ - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr Michael Hudson, President & CEO, announces the Company has commenced a near-surface diamond drilling program at its Duobblon uranium project in Northern Sweden where an inferred NI43-101-compliant resource of 13.8Mt at 0.03% U3O8 (8.8 Mlbs U3O8) has previously been calculated.
Duobblon is an acid volcanic related uranium deposit, hosted within a locally developed, shallowly dipping suite of sedimentary and pyroclastic lithologies. Mineralization extends from 3m below surface to at least 300m vertical depth. The host ignimbrite sequence is approximately 60m thick and is known over a strike length in excess of 5 km. The richest uranium concentrations occur as several 5-25m thick and 1,000m long horizons within the ignimbrite.
The Company plans to drill 48 holes over a strike length of 5.7 km on a grid pattern of 400m by 100m. The average depth of each hole is anticipated to be 6m. The aim of the program is to test for potential mineralized strike extensions along strike from the NI43-101 compliant 8.8Mlb inferred resource beneath the thin soil cover.
The Company now anticipates the planned shallow diamond drill program within the Hotagen uranium project in Sweden will not commence before summer 2010 as final approvals have been delayed.
Mr Hudson states: "We are pleased to have commenced drill testing extensions of at Duobblon, which remains as Sweden's largest hard rock uranium resource. The Company plans to create shareholder value in 2010 by further exploration of its diverse uranium exploration portfolio in Scandinavia and potential new acquisitions."
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, (604) 685-9316, Investor Relation Consultants - Mining Interactive, Nick Nicolaas, (604) 657-4058, Email: email@example.com