VANCOUVER, June 3 /CNW/ - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr Michael Hudson, President & CEO, reports diamond drill results from the Ostra Jarntjarnbacken uranium prospect located within the Arjeplog - Arvidsjaur uranium district of northern Sweden where Mawson's joint venture partner, Hodges Resources Ltd ASX: HDG ("Hodges") recently completed a diamond drilling program of 6 holes for 491.4m.
Highlights from the recently completed drilling program included:
- 17m @ 0.1% U(3)0(8) from 60m in hole JTB1011
- including; 12m @ 0.12% U(3)0(8) from 63m and 3m @ 0.11%
U(3)0(8) from 74m,
- 19m @ 0.03% U(3)0(8) from 91m in hole JTB1011
- including; 5m @ 0.07% U(3)0(8) from 98m
- 1m @ 0.08% U(3)0(8) from 35.5m in hole JTB1008 and
- 0.6m @ 0.07% U(3)0(8) from 58m in hole JTB1013.
Drilling completed to date has defined an area of approximately 120m x 100m of moderately dipping, multiple stacked uranium mineralized horizons which remains open to the NW and at depth. Mineralization appears to be increasing in both thickness and grade down dip. Drill widths appear to approximate true widths.
Mawson granted an option to Hodges whereby Hodges could earn 51% in 4 projects including Ostra Jarntjarnbacken by spending US$550,000 over a four year period from May 2007 (US $100,000 in 2008/09 (incurred); US $150,000 in 2009/10 (incurred) and US $200,000 in 2010/11). Hodges may then earn up to a 75% interest by fully funding a project to successful bankable feasibility. Mawson was granted 1,000,000 common shares in Hodges as part of the property transaction in October 2008. Work completed at Ostra Jarntjarnbacken to date has included ground prospecting, prospect scale mapping, ground scintillometer surveying, radon cup surveying and 1047.25m of diamond drilling.
Mr Hudson states, "We congratulate Hodges on their success at Ostra Jarntjarnbacken. We consider this to be one of the better grassroots uranium discoveries in Sweden in the last 30 years and look forward to seeing Hodges continue with their exploration work on the project."
For further information, please refer to Hodges' press release which can be accessed at http://www.asx.com.au/asxpdf/20100601/pdf/31qml6y136q715.pdf.
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 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$9.5 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. Hodges samples were analyzed by techniques ME-MS81, Au-ICP21 and U-XRF05/10 by ALS Chemex Ltd's laboratories in Pitea, Sweden and Vancouver, Canada. 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 Swedish projects, Mark Saxon, VP Exploration for Mawson and Member of the AusIMM, has reviewed and verified the contents 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