Vancouver, Canada -- Mawson Resources Limited (the "Company" and/or "Mawson") TSXv-MAW; Frankfurt-MRY.Mr Michael Hudson, President & CEO, is pleased to announce results from the first program of mapping and sampling of the Company's 100% owned Flistjärn Uranium Project in Sweden. Significant values from grab and channel samples include 19.1%, 13.2% and 10.4% U3O8.
A series of high grade uranium mineralized structures were mapped and grab or channel sampled within an area of 450 metres by 600 metres. Of the 36 samples taken along mineralized structures, 30 samples assayed from 0.01% to 19.1% U3O8 and averaged 1.7% U3O8. Where channel samples were taken, the mineralized structures were sampled across widths which varied between 0.2 and 0.5 metres. Seven samples or 23% percent of samples assayed higher than 0.5% U3O8 and averaged 6.9% U3O8.
Uranium mineralization at Flistjärn lies on the south-western extension of a 14 kilometre long lineament which hosts a number of uranium prospects. Mineralization at Flistjärn is interpreted as vein and unconformity-related (or "Athabasca"-style), hosted by a block of Paleozoic sediments thrust over Precambrian volcanics. The project is located in the County of Jämtland close to the Norwegian border.
Individual fracture zones dip sub-vertically, trend northeast-southwest, and could be traced in outcrop for up to 450m along strike. The south western extent of the principal structure was limited by boulder scree masking outcrop. Each structure is comprised of a composite set of veins and fractures across a total width of up to 2 metres, whilst additional uranium occurrences exist in structures perpendicular to the main fracture network, parallel to the thrust which divides the Paleozoic and Precambrian age sequences. Mineralization occurs as a vein fill of colloform pitchblende with lesser pyrite, chalcopyrite and galena. Samples from the current program were measured with a gamma radiation detector and subsequently assayed by XRF and ICP methods at ALS and Activation Laboratories in Vancouver and Ancaster. A map of the area can be found at http://www.mawsonresources.com/index.php?page=ProjectsFlist.
A 35 metre wide sandstone-bearing unit forms the basal sequence of the Paleozoic thrust slice, lying unconformably above Precambrian volcanics and below a Paleozoic phyllite sequence. All sequences in the Paleozoic thrust slice are cross-cut by uranium mineralized fractures, which are best developed where the fractures intersect the basal sandstone.
Mr Michael Hudson, President & CEO states, "The discovery of high-grade uranium at surface demonstrates the potential for vein and Athabasca-style uranium bodies at Flistjärn. Surface sampling, mapping, grid based gamma radiation detector surveys and drilling are scheduled for 2006 to target mineralization in the fractures and within sandstone units that are known to strike for greater than 1 kilometre immediately above the Precambrian unconformity."
Ten nuclear power reactors provide approximately 50% of Sweden's electricity. Swedish mining legislation allows exploration for uranium and places no special restriction on mining where the uranium grade is less than 200 ppm or the production is less than 5 kg. When higher uranium grades are present, permitting will follow a process concerning "nuclear technical activity". Such permitting must pass before the Swedish government for decision making.
Mr Mark Saxon, Vice-President of Exploration and Director of Mawson and a Member of the AusIMM, is the qualified person as defined by National Instrument 43-101 and has verified the information contained in this release.
On behalf of the Board,
Michael Hudson, President & CEO
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, Wayne Melvin (604) 619 6327
Forward Looking Statement.
This news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Neither the TSX Venture Exchange nor the Frankfurt Deutsche Börse have reviewed the information contained herein and, therefore, do not accept responsibility for the adequacy or accuracy of this news release.