VANCOUVER, March 23 /CNW/ - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr Michael Hudson, President & CEO, announces Mawson has received approvals and commenced a near-surface diamond drilling program at 3 uranium prospects at the Hotagen uranium project in northern Sweden. Two hundred (200) shallow diamond drill holes for 1,200 metres are proposed to test bedrock for strike extensions of uranium mineralization at known prospects beneath thin soil cover. The average depth of each hole is anticipated to be 6m.
The 3 project areas to be drill tested are located within 4 kilometres of each other and are described below:
- Klappibacken North: Extending a previous drill grid 1.1 kilometres
north of Mawson's NI 43-101 compliant indicated resource of 3.3Mlb
@ 0.08% U3O8. The new drilling will test a magnetic anomaly
which is interpreted to be the source of a uranium mineralized
diabase boulder train, consisting of 40 boulders over an area of
100 metres by 25 metres. Five boulders were assayed by the Swedish
Geological Survey ("SGU") in 1974 and ranged from 0.10% U3O8 and
0.74% U3O8 and averaged 0.52% U3O8.
- Ravinen: Targeting the source of a 150m long boulder train discovered
by the SGU in 1974. This is the first public disclosure of the
Ravinen prospect, comprised of more than 100 boulders. Historic
assays ranged between 0.003% U3O8 and 1.35% U3O8 and averaged
0.47% U3O8. Mineralization is generally hosted in mylonitic
granite, similar to resource-status projects in the area. Boulders
appear to be very near to their original bedrock source.
- Urban Hill: Drill testing a new high grade discovery recently made by
Mawson. This program will test the strike extensions of four high
grade mineralized outcrops in a 150 metre by 20 metre area where
assays ranged from 0.04% eU3O8 to 2.90% eU3O8 and averaged
1.13% eU3O8, and a soil covered area which measures 2 to 10 times
the background radioactivity in an area of 10 metres by 3 metres.
Mr Hudson states, "Mawson is committed to further develop its position as the dominant uranium explorer in Scandinavia. Mawson's geological team has prioritized the most highly prospective sites from 21 separate project areas that have been discovered at Hotagen and we look forward to acquiring new drilling data from this exciting region."
Field assays ("eU3O8") were undertaken using a calibrated RS-230 BGO spectrometer, operated by Mawson staff. The qualified person for the Mawson's uranium projects, Mark Saxon, director and vice-president of exploration for Mawson, 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.
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