Vancouver, Canada -- Mawson Resources Limited (the "Company" and/or "Mawson") TSXv-MAW; Frankfurt-MRY.Mawson announces that it has completed a "Letter of Understanding" to purchase 100% of the Kläppibäcken uranium historic resource. The project area is contained within the Tallsjön nr 1 exploration permit of 209.25 hectares located in the County of Jämtland in Northern Sweden.
Uranium mineralization at Kläppibäcken is hosted within a brecciated fluorite-rich granitic body from surface to at least 150m vertical depth. The breccia is approximately 70 metres thick and has been drilled to date over a strike length 125m. Better drill intersections include 53.1m for 0.16% U3O8 from 30.2m in drill hole 84701 and 42.7m for 0.11% U3O8from 2.8m in drillhole 83705. The following historical resource with a 0.035% U3O8 lower cut-off has been calculated for the Kläppibäcken project using 32 diamond drill holes drilled in 1983-84 on six 25m spaced drill sections:
| Tonnes | Grade of Uranium Oxide (U3O8) |
Pounds (lbs) of Uranium Oxide (U3O8) |
|---|---|---|
| 929,765 | 0.10% | 2.0 million |
The resource estimates quoted are based on a report, "Nödfjället Sydost: Preliminary Ore Resource Calculation" by Bo Lofroth of the Swedish Geological Survey dated November 1984. The resource was calculated using a polygonal method and is roughly analogous to the CIM definitions "Indicated" and "Inferred". These data are historical in nature and were compiled prior to the implementation of NI 43-101 reporting standards. Mawson has not completed sufficient exploration to verify the estimates and is not treating them as National Instrument defined resources or reserves verified by a qualified person and the historical estimate should not be relied upon. The Company believes this historical resource and the data used to compile the estimate -- which represent the most recent estimates and data available -- are generally reliable and relevant.
Mr Michael Hudson, President & CEO, can be seen discussing this new uranium acquisition on a webcast at http://www.mininginteractive.com/media/mawson/m-hudson1/video.htm. Plans and sections of the project can be viewed at http://www.mawsonresources.com/index.php?page=ProjectsKlap.
Mr Hudson states, "The Kläppibäcken project provides Mawson with an additional historic uranium resource that has strong potential for expansion. We are extremely pleased to have negotiated the outright purchase of this project which demonstrates robust grades in a coherent 70m wide zone beginning at surface that remains open in all directions. The Company will maintain the momentum of its existing gold exploration programs, whilst maximizing the value of this new uranium project."
Mr. Mark Saxon, a Director and the Vice-President of Exploration for Mawson and 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"
Michael Hudson, President & CEO
Investor Information
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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.