VANCOUVER, June 16 /CNW/ - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr Michael Hudson, President & CEO, announces that Mawson has significantly increased its ground holding at the recently acquired Rompas gold-uranium project in Finland. Mawson has now secured 95,919Ha in the Rompas area, an eight time increase from the original 11,870Ha acquired from Areva NC. The new claim holdings consist of 81,510Ha of Claim Reservations and 2,539Ha of Claim Applications (Figure 1).
Mr Hudson states, "Rompas is a significant new discovery for Finland and Mawson has taken the initiative to secure a large claim area over the key prospective areas. Given grades of up to 12,800 g/t gold and 43.6% uranium from surface grab sampling, the high density of these showings and their distribution over a wide area, initial indications suggest that mineralization-forming processes have been intensive and widespread."
The Company has also filed a NI43-101 compliant technical report for the Rompas project on www.sedar.com. The report was prepared by Mr. John Nebocat of PGS Pacific Geological Services, a qualified and independent geologist. The main conclusions of the report are:
- Preliminary prospecting and sampling has shown that occurrences of
very high grade uranium and gold exist at Rompas.
- The extent of this mineralization on the Rompas claim block is at
least 6 km NNW-SSE along its long axis but may extend further in
- The mineralization appears to be hydrothermal in nature and fracture-
controlled, hosted mainly by metavolcanics which may in part be
skarnified and/or hornfelsed.
- Uraninite and native gold have been found in limonitic fractures
within the metavolcanics and gold has been panned from many samples
of limonitic colluvium.
- A possible intrusion-related, bulk-tonnage gold+uranium deposit would
be the conceptual target sought based on the observations made thus
As previously reported in Mawson Press Release June 7, 2010, the Rompas project is a new gold and uranium discovery made by AREVA in 2008. Bonanza grade gold and uranium mineralization has been discovered at surface over an area exceeding 6km in strike and 200m in width. Mawson grab sampled 21 sites; gold values ranged from trace levels to 1,830 g/t, or just over 53 oz/ton, and averaged 224 g/t (6.5 oz/ton). Similarly, uranium values ranged from 2 ppm to 435,000 ppm (43.5%) and averaged 36,088 ppm (3.6%). AREVA assayed 20 samples from Rompas with gold values ranging from 0.1 g/t to 12,800 g/t (373.3 oz/ton) and averaged 1,146 g/t (33.4 oz/ton), Areva's uranium levels ranged from 13 ppm to 249,000 ppm (24.9%) and averaged 27,292 ppm (2.7%). Grab samples are selective by nature and are unlikely to represent average grades on the property. As is typical for northern Finland, outcrop in the project area is not common. To date, no systematic channel sampling across structures has been undertaken.
About Mawson Resources Ltd (TSX:MAW, FRANKFURT:MRY, PINKSHEETS:MWSNF)
Mawson Resources Ltd is a natural 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 is a major shareholder of Mawson, currently holding 11% of the Company plus an option to purchase an additional 8% by exercising 4.2 million purchase warrants at $1/share.
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$9.5 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.
Quality Control. Mawson samples were analyzed by ME-MS81, U-XRF05, XRF-10, Au-GRA21 and Au-AA25 techniques by ALS Chemex Ltd's laboratories in Pitea, Sweden and Vancouver, Canada. Areva's samples were assayed at the Labtium Oy laboratory in Rovaniemi, Finland by methods 511P and 704P. The results of the duplicate laboratory analyses appear to be acceptable however no field standards or blanks were included in the sample stream.
The qualified person for Mawson's Finnish projects, Erkki Vanhanen, Finnish Exploration Manager for Mawson with a designation of European Geologist for the European Federation of Geologists (EFG), has reviewed and verified the contents of this release.
To view Figure 1, click here: http://files.newswire.ca/748/mawson_fig1.doc
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