Vancouver, Canada - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr Michael Hudson, President & CEO, announces the company has completed the summer and autumn exploration program as previously disclosed at the Company's 100% owned Rompas gold-uranium project in Finland and provides guidance as to timing of assay results.
During the last 5 months the company has completed:
- A 1,300 soil and bedrock channel sample program over an area of 8km by 500m;
- A 1,000 sample regional geochemical and prospecting survey. Geochemical samples were collected at sample sites located on 1km by 1km grid over the entire 95,000 hectare land holding;
- A 3,279 line km heliborne magnetic and radiometric geophysical survey over an area of approximately 21km by 8km;
- Detailed lithological, alteration and geomorphological mapping and prospecting, with the aim to map the key structural, geological and alteration signatures associated with gold and uranium mineralization.
Approximately 2,000 samples remain to be returned from the assay laboratory. Fifty percent of these samples are channel and chip samples from 296 individual sites within the mineralized gold and uranium trend at Rompas. The remainder of the pending assays are soil and till samples. To date only 283 grab sample assays have been reported during this field season within the mineralized trend (Mawson Press Release Oct 12, 2010). The flow of results has been slower than anticipated due to delays associated with the transport of the samples out of the European Union. As a matter of protocol, Mawson's assay contractor, ALS Chemex, crushes and grinds ("prepares") samples that fall below a certain radioactive threshold in their Swedish facilities. Samples above this threshold are transported directly, without preparation, to ALS Chemex's facilities in Vancouver for assay. Over the last 4 weeks, air transport authorities in Germany have detained samples in Frankfurt. This has been due to radiation levels exceeding those normally associated with exploration samples for approximately 120 unprepared channel and chip samples. The issue has been resolved and the samples are now being transported to Vancouver for analysis. Results are expected to flow shortly and will be reported once received. Assays reported to date from Rompas show a strong correlation between bonanza gold and high uranium grades.
Mr Hudson states, "Mawson has undertaken and completed all work programs at the Rompas discovery as previously outlined. Issues associated with transporting samples to the laboratory have now been resolved. Approximately 90% of results remain to be released from almost 300 new discovery sites within the 6 kilometre long mineralized trend at Rompas and we eagerly await releasing results as they become available."
Additionally, in Peru the Company continues with its work at the Alto Quemado project. Mapping and surface sampling is now complete. Over the last month at the Santa Maria porphyry, 93 regularly spaced pits have been dug and sampled within an area of 800m x 700m down to bedrock. Furthermore, the Company has rehabilitated and sampled all adits and shafts constructed by informal miners from 2001-2007 within the high grade gold structures that lie adjacent to the porphyry zone. A compilation of results from the work program over the last 4 months at Alto Quemado will soon be made.
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 gold-copper 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: 49,747,253. Cash: approximately C$14 million.
On behalf of the Board,
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.
Mawson samples are analyzed by Au-ICP21, ME-MS41u, PGM-ICP27 and ME-MS61u techniques by ALS Chemex Ltd's laboratories in Pitea, Sweden and Vancouver, Canada. 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.