Mawson Drills 16 Metres of 209 ppm U3O8 at Tasjo, Sweden
VANCOUVER, British Columbia, May 26/PRNewswire/ -- 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=A0metres 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=A0kilometres 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(equal sign)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"
-------------------------------
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
For further information:
Investor Information:
http://www.mawsonresources.com;
1305 - 1090 West Georgia St.
Vancouver, BC,
V6E 3V7;
Company Contact:
Mariana Bermudez,
+1-604-685-9316;
Investor Relation Consultants - Mining Interactive:
Nick Nicolaas,
+1-604-657-4058,
Wayne Melvin,
+1-604-619-6327;
Email: info@mawsonresources.com
Source: Mawson Resources Ltd.
For further information: Investor Information: http://www.mawsonresources.com; 1305 - 1090 West Georgia St. Vancouver, BC, V6E 3V7; Company Contact: Mariana Bermudez, +1-604-685-9316; Investor Relation Consultants - Mining Interactive: Nick Nicolaas, +1-604-657-4058, Wayne Melvin, +1-604-619-6327; Email: info@mawsonresources.com
2008-05-26 08:31:58 0370056 PRNEWSWIRE