VANCOUVER, May 26 - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Michael Hudson, President & CEO, announces the first results from the Company's 40 hole, 1,724 metre winter diamond drill program at the Tasjo uranium - rare earth element (REE) - phosphate project in Sweden. Results are available for the first 8 holes (BODDD08001 to BODDD08004, BODDD08007, BODDD08013 and ONBDD08001 to ONBDD08002).
Uranium mineralization was targeted from the surface to approximately 40 metres vertical depth. The drill holes reported in this release tested the Bodkullarna ("BOD") and Onbacken ("ON") prospects which are separated by a strike length of 16 kilometres. These areas are located approximately 8.5 kilometres and 7.5 kilometres to the south west and north east respectively of the Kronotorpet project which was drill tested by the Company in mid 2007. Geophysical mapping has demonstrated that all three drilled prospects lie upon a single strike continuous horizon that extends between the prospects. Mineralization was drill tested at Bodkullarna over a 1300 metre by 160 metre area, while at Onbacken mineralization was drilled over an area of 400 metres by 160 metres. A third area, Bodkullarna East, for which drill results are awaited, was tested with 12 drill holes. Twenty-nine of the forty holes drilled during the program intersected the uranium horizon. It is interpreted that reported drill hole intercepts approximate the true width of mineralization.
Better results from the initial 8 drill holes are included below with a full list of results presented in the attached table 1. HOLE_ID From To Width U3O8 (metres) (metres) (metres) (ppm) ONBDD08002 19.8 35.8 16 209 ONBDD08001 19.9 25.5 5.6 247 BODDD08003 38.9 42.7 3.8 302 BODDD08007 43.2 45.2 2 363 BODDD08001 27.6 29.6 2 324
Tasjo is a sedimentary uranium deposit where uranium mineralization is associated with concretions of carbonate-fluorapatite, which constitute up to 20% of the rock. Mass balance calculations indicate that the uranium grade of the apatite is 0.16%.
Mawson controls a 40-km strike extent of the uranium-mineralized unit in the Tasjo field. Based on 80 historic drill holes and the report, "Geological Investigations in the Tasjo area in 1963 and 1964" (G. Armands, Swedish Atomic Energy Company) it is estimated that 75 to 150 million tonnes exist at Tasjo, with a grade range of 0.03% to 0.07% uranium oxide (U3O8), 0.11% to 0.24% REE and 3.75% to 7.5% phosphate (P2O5). Total contained metal within the field is estimated between 104 to 116 million pounds of U3O8, 165,000 to 180,000 tonnes of REE and 5.63 million tonnes of P2O5. This exploration target estimate is based on the aforementioned report. The potential quantity and grade is conceptual in nature, as there has been insufficient exploration to define the target at this time and it is uncertain that further exploration will result in the definition of a resource. The magnitude of the exploration target was confirmed in a recent independent NI43-101 technical report by Andrew Browne of Geosynthesis Pty Ltd, after a review of Swedish Geological Survey documentation, a field visit and check analysis of core samples.
Further information regarding the Tasjo project and the current drilling program may be found at http://www.mawsonresources.com/index.php?page=ProjectsTasjo.
Mr. Hudson stated: "Mawson has now drill tested 3 mineralized prospects over a strike length of 16 kilometres at Tasjo and these drill results continue to show multiple near-surface uranium horizons with accessory rare earth and phosphate. The consistency of grade, the strike extent (which is well defined by geophysics) and the shallow depth of uranium mineralization are encouraging as are the thicker zones up to 16 metres which had not previously been discovered at the project. Drill results from additional holes will soon be available."
The qualified person for the Tasjo project, 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. Uranium was analyzed by the ME-MS81 technique by ALS Chemex Ltd's laboratories in Pitea, Sweden and Vancouver, Canada, where duplicates, repeats, blanks and known standards were inserted according to standard industry practice.
About the Company: Mawson Resources holds significant uranium resources in the nuclear energy reliant countries of Spain, Sweden and Finland. As the European Union reduces its reliance on carbon-based energy sources, Mawson is well placed as the Company develops its exploration portfolio towards the sustainable production of uranium in the shortest possible time frame.
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.
Table 1: Drill hole results from the Tasjo project using a lower cut-off of 0.01% uranium. HOLE_ID From To Width U3O8 (metres) (metres) (metres) (ppm) BODDD08001 27.6 29.6 2 324 BODDD08001 32 38 6 132 BODDD08002 15.8 18 2.2 137 BODDD08003 38.9 42.7 3.8 302 BODDD08003 47.25 49.25 2 132 BODDD08003 58.25 61.25 3 136 BODDD08004 19.2 22.1 2.9 139 BODDD08005 Drill Hole Abandoned BODDD08007 27.9 28.9 1 421 BODDD08007 43.2 45.2 2 363 BODDD080010 No Significant Results BODDD080013 11.9 16.6 4.7 136 BODDD080013 21.9 22.9 1 232 BODDD080013 26.2 32.2 6 118 ONBDD08001 19.9 25.5 5.6 247 ONBDD08002 19.8 35.8 16 209 Results are awaited for drill holes BODDD08006/8/9/11/12
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