VANCOUVER, Nov. 19 /CNW/ - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr. Michael Hudson, President & CEO, announces that Mawson is commencing its first work program on the recently granted Nuottijärvi uranium project in Finland. The Nuottijärvi uranium project was a strategic acquisition for the Company and reflects the ongoing efforts of management to augment the Company's portfolio of advanced uranium projects in Scandinavia.
The first work to be completed at Nuottijärvi is to upgrade the historical resource estimates to current NI 43-101 report and resource standards. In this regard the Company has retained Mr. John Nebocat of Pacific Geological Services, a qualified and independent geologist. Mr. Nebocat has recently completed a site visit to Nuottijärvi and is now compiling the historic data for the preparation of a NI43-101 technical report. The resource calculation will be performed by Mr Geoffrey Reed, also a qualified and independent geologist of Reed Leyton Consultants.
Nuottijärvi was identified in 1959 with the discovery of a radioactive outcrop. The site was explored with various geochemical and geophysical methodologies, and drill tested by Outokumpu Oy between 1965 and 1969. Mawson has access to all previous publically available exploration data and drill core from the Geological Survey of Finland and Outokumpu Oy. Better drill intersections included:
- PLT-NU-017: 40.7m for 0.08% U3O8 from 59.9m;
- PLT-NU-011: 33.4m for 0.06% U3O8 from 17.8m, including 3.8m @
- PLT-NJ-033: 40.3m for 0.05% U3O8 from 23.0m;
- PLT-NU-004: 179.8m for 0.04% U3O8 from 18.1m;
Uranium at Nuottijärvi occurs as uraninite associated with fluorapatite, within a 40 metre wide mineralized breccia, hosted by a carbonate-apatite horizon at the contact between quartzite and graphite-bearing phyllite.
In 1969, Outokumpu Oy reported a historical resource at Nuottijärvi of 2.9 million tonnes at 0.044% U3O8 (2.9 million pounds of U3O8) based on 43 diamond drill holes for 6,679 metres, drilled on a 50-metre-by-50-metre drill pattern. The mineralized body is approximately 40 metres thick, extends from surface to a vertical depth of 80 metres, trends over a strike length of more than 400 metres, and remains open along strike and at depth.
The historical resource estimate quoted above is based on a report titled "Paltamo Nuoti Resource Calculation" by Aarto Huhma in 1969 of Outokumpu Oy. The resource was calculated using a polygonal method and is broadly similar to CIM definitions "Indicated" and "Inferred". Data is historical in nature and was compiled prior to the implementation of NI 43-101 reporting standards. Mawson has not completed sufficient exploration to verify the estimates. Mawson is not treating them as National Instrument defined resources or reserves verified by a Qualified Person, and the historical estimate should not be relied upon. The Company does not have, and is not aware of, any more recent resource estimates that conform to the standards set out in National Instrument 43-101.
Mr Hudson stated: "Nuottijärvi is the one of the largest uranium projects in Finland and we look forward to providing more technical certainty by upgrading the project from an historic to a NI43-101 compliant resource and planning future work programs at the project."
Finland is currently expanding its nuclear program by building the country's fifth and the world's largest nuclear power reactor. 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 for the Nuottijärvi project, Mark Saxon, Mawson's VP-Exploration, Director 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.
SOURCE Mawson Resources Ltd.
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