VANCOUVER, July 22 /CNW/ - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr Michael Hudson, President & CEO, updates the summer work program at the Rompas Au-U discovery in Finland where the Company has budgeted a C$700,000 program for this summer.
The work program is focussed on the 6km Au-U mineralization discovery trend to outline the extent and controls on mineralization and define the highest priority drill targets. In addition, work is underway to discover additional mineralization elsewhere within the Company's extensive 95,000 hectare land holding. The central Rompas project area is secured by claim applications and drilling and trenching will be permitted on granting of exploration claims. A team of twelve is currently onsite and will work until October to achieve the program objectives.
Mr Hudson states, "A substantial exploration program at Rompas is warranted for such an exciting discovery where high gold and uranium grades (to percentage levels) have been identified over at least 6km of strike. Mawson has been fortunate to employ AREVA's technical team responsible for the initial discoveries at Rompas and has therefore been able to maintain key local knowledge. Nevertheless, much remains to be learnt from this highly prospective area and we look forward to delivering a steady and exciting news flow over the next 5 months from the Rompas project."
The exploration program over the discovery trend will include:
- A 3,200 line km heliborne magnetic-radiometrics-VLF geophysical survey
over an area of approximately 21km by 8km. This survey will be
undertaken in August 2010.
- Detailed mapping and prospecting over an 8km trend, with the aim to
map the key structural, geological and alteration signatures
associated with gold and uranium mineralization.
- A 1,200 soil and bedrock sample program over an area of 8km by 500m.
The regional program will consist of:
- A 1,000 sample regional geochemical and prospecting survey.
Geochemical samples will be collected at sample sites located on 1km
by 1km grid over the entire 95,000 hectare land holding.
- Construction of a geomorphological and quaternary map to level
geochemical data over the regional area.
- Reprocessing of all regional geophysical data and interpretation by a
specialized structural geologist with follow up reconnaissance field
mapping and prospecting.
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. A NI43-101 technical report on the Rompas property can be downloaded from http://www.mawsonresources.com/i/pdf/ROMPAS_43-101_REPORT.pdf.
About Mawson Resources Ltd (TSX:MAW, FRANKFURT:MRY, PINKSHEETS:MWSNF)
Mawson Resources Ltd is a 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. 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.
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