VANCOUVER, Nov. 22 /PRNewswire-FirstCall/ -- Mawson Resources Limited ("Mawson" and/or the "Company") TSXv - MAW; Frankfurt - MRY. Mr Michael Hudson, President & CEO, is pleased to announce that the Company has commenced drilling at the Tasjo uranium project in Sweden. A total of 25 holes for 1000 metres is planned with the aim to infill an area of 750 meters by 250 metres to inferred resource status and obtain sufficient samples to perform initial metallurgy test work.
In addition, the Company has staked an additional 21 kilometre strike trend of the uranium mineralized host horizon. Data from an airborne electromagnetic ("EM") survey flown in the early 1960's show a prominent EM high associated with the uranium mineralization. Claims covering an additional 21 kilometres along strike from the drill defined uranium mineralization were staked based on this EM data. The new permit area contains two historic drillholes, one of which intersected the uranium mineralization from 109.7 metres and assayed 0.91 metres for 502pmm U(3)O(8). Three permit applications, Tasjo nr 13, 14 and 15 have been confirmed by the Swedish Mining Inspectorate and are expected to be granted for an initial period of three years. A map showing the extended claim can be found at http://www.mawsonresources.com/index.php?page=ProjectsTasjo.
Eighty-two drillholes have been drilled within the original Mawson permit area at Tasjo with approximately half having intersected the uranium mineralized host sequence. Based on the report, "Geological Investigations in the Tasjo area in 1963 and 1964" by G. Armands of the Swedish Atomic Energy Company it is estimated that 75 to 150 million tonnes exist within the Tasjo field at a grade between 0.03% to 0.07% U(3)O(8), 0.11% to 0.24% REE and 3.75% to 7.5% P(2)O(5). Total contained metal within the field is estimated between 104 to 116 million pounds of U(3)O(8), 165,000 to 180,000 tonnes of REE and 5.63 million tonnes of P(2)O(5).
The magnitude of this exploration target was confirmed in a recent independent NI43-101 technical report by Geosynthesis Pty Ltd, following a review of the SGU documentation, a field visit and check analysis of core samples. However, the potential quantity and grade indicated is conceptual in nature, 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.
Mr Michael Hudson, President & CEO, states, "The new permit applications at Tasjo double Mawson's holding of the uranium mineralized horizon to over 40 kilometres of strike extent. We look forward to our first drilling program on the project, where ground scintillometer measurements and historic drilling have defined the target area."
The qualified person for the Tasjo project, Mark Saxon, a director and Vice President Exploration for Mawson and Member of the Australasian Institute of Mining and Metallurgy, has reviewed and verified the contents of this release.
On behalf of the Board,
"Michael Hudson"
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Michael Hudson, President & CEO
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 Borse have reviewed the information contained herein and, therefore, do not accept responsibility for the adequacy or accuracy of this news release.
CONTACT: Investor Information - http://www.mawsonresources.com/, 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, Email:
