Vancouver, Canada - Mawson Resources Limited ("Mawson") TSX - MAW; Frankfurt - MRY. Mr Michael Hudson, President & CEO, announces the discovery of high grade uranium mineralization at shallow depth at the Company's 100% owned Riutta project, located in the Koli-Kaltimo area of south eastern Finland.
The best drill result from a 10 hole diamond drill program totaling 1,065 m comes from the Ristimonttu prospect where drill hole AREVA DH 1 intersected 11.3 m at 0.68% uranium oxide ("U3O8") including 3.7 m at 1.53% U3O8 from 28.3 m. The true thickness of the mineralized interval is estimated to be 8.6 m. The drilling was conducted by Areva Resources Finland OY ("Areva") during 2009, but drill core was never sampled at the time due to Areva's concurrent sale of its Finnish exploration assets to Mawson. Mawson recently accessed this core, identified the mineralized intervals and completed sampling and assaying. AREVA DH 1 was the only mineralized hole drilled in this program. Only one other hole drilled by Areva tested the main 450 m long mineralized trend, with the remainder of the Areva holes drilled in the south of the project area.
The Riutta project was discovered in 1958 by a boulder hunter. Since then four major campaigns have been conducted by Atomienergia (1958-59), Outokumpu Oy (1960-63), the Geological Survey of Finland ("GTK") (1983-88) and Areva (2008-09). In total 65 drill holes have been drilled at Riutta for 6,275 m. Drilling has been restricted to shallow holes separated by long timeframes with only 10 holes drilled at Riutta over the last 23 years. Over 500 mineralized boulders have been located at Riutta, with more than one hundred assaying greater than 1% uranium. The Ristimonttu and Unimonttu prospects have both been trenched where pitchblende veins and pockets were exposed. The previous best drill results at Riutta were in drill hole 324 which intersected 3.6 m @ 1.10% U3O8 from 42.0 m (including 0.35 m @ 9.79% U3O8 from 42.6 m) at the Unimonttu prospect and in drill hole AE-7 which intersected 1.0 m @ 0.35% U3O8 from 63.3 m in drill hole AE-7 at Kolmosviuhka prospect. These holes are located 260 m and 450 m respectively SSE of drill hole AREVA DH1 (Figure 1).
Mawson has just completed a 5.4 line km geophysical IP survey at Riutta which consisted of 9 lines at 100m spacing (Figure 1) to aid in the delineation and define continuity of the sulphide and pitchblende bearing mineralized ore shoots.
"This is the best uranium drill result in Finland's history and demonstrates the potential for high grade and near surface uranium at the Riutta project" said Mr Hudson. "High grade uranium mineralization has now been drilled over 450 m of strike within a larger 3.6 km trend. These results highlight the outstanding discovery opportunities presented by Mawson's Scandinavian uranium portfolio, in addition to the Company's flagship Rompas gold project in Finland. The Riutta project is fully permitted for exploration, mineralization remains open along strike and down dip, and Mawson looks forward further testing the project's potential utilizing our recent geophysical survey results."
Uranium mineralization at Riutta consists of thin pitchblende veins (up to a few mm) as infill in microbreccias within sericite-quartz schist host. The bedrock is composed of Archean gneisses, overlain by Paleoproterozoic quartzitic metasediments. Mafic to ultramafic dykes cut across these rocks. Riutta is considered to be an example of low temperature structural replacement. Alteration is extensive and consists of epidote, chlorite, quartz, sericite, albite, potassium feldspar, carbonate and clinozoisite.
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 a leading Scandinavian gold and uranium exploration company with a focus on the flagship Rompas project in 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. 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: 51,670,753. Cash: approximately C$11 million.
On behalf of the Board, "Michael Hudson" | Investor Information |
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.
(Areva drillholes hown in pink, blue drillholes are historic)