Mawson Stakes 2.9 Million Pound Historic Uranium Resource in Finland
Vancouver, Canada (ots/PRNewswire)
Mawson Resources Limited
("Mawson") TSXv - MAW; Frankfurt - MRY. Mr Michael Hudson, President
& CEO, is pleased to announce staking of the Nuottijarvi uranium
project in central Finland, one of that nation's largest known
uranium deposits.Mawson's 100%-owned claim application "Nuottijarvi 1" is approximately 100 hectares in size and has been confirmed to hold priority by the Finnish state mining authority, the Ministry of Trade & Industry (MTI).
Nuottijarvi was identified in 1959 from the discovery of a radioactive outcrop, and was followed up with various geochemical and geophysical methodologies, with drill testing by Outokumpu Oy between 1965 and 1969. Mawson has gained access to all previous publically available exploration data and drill core from the Geological Survey of Finland and Outokumpu Oy. Better drill intersections included:
- PLT-NU-017: 40.7m for 0.08% U(3)O(8) from 59.9m;
- PLT-NU-011: 33.4m for 0.06% U(3)O(8) from 17.8m, including
3.8m (at) 0.13% U(3)O(8);
- PLT-NJ-033: 40.3m for 0.05% U(3)O(8) from 23.0m;
- PLT-NU-004: 179.8m for 0.04% U(3)O(8) from 18.1m;Uranium at Nuottijarvi is present as uraninite associated with fluorapatite, within a 40 metre wide mineralized breccia, hosted by a carbonate-apatite horizon at the contact between quartzite and graphite-bearing phyllite.
In 1969, Outokumpu Oy reported a historical resource at Nuottijarvi of 2.9 million tonnes at 0.044% U(3)O(8) (2.9 million pounds of U(3)O(8)) based on 43 diamond drill holes for 6,679 metres, drilled on a 50-metre-by-50-metre drill pattern. The mineralized body is approximately 40 metres in thickness, extends from surface to a vertical depth of 80 metres, trends over a strike length of more than 400 metres, and remains open along strike and at depth.
The historical resource estimates quoted above are based on a report titled "Paltamo Nuoti Resource Calculation" by Aarto Huhma in 1969 of Outokumpu Oy. The resource was calculated using a polygonal method and is roughly analogous to CIM definitions "Indicated" and "Inferred". Data is historical in nature and was compiled prior to the implementation of NI 43-101 reporting standards. Mawson has not completed sufficient exploration to verify the estimates. Mawson is not treating them as National Instrument defined resources or reserves verified by a Qualified Person, and the histor ical estimate should not be relied upon. The Company does not have, and is not aware of, any more recent resource estimates that conform to the standards set out in National Instrument 43-101.
Mr Hudson stated: "Staking of the Nuottijarvi historical resource represents a further expansion of our uranium portfolio in Europe. The grade and near-surface width of mineralization, together with the open-ended mineralized body forms a significant exploration target. The Company will compile the historic data and move rapidly towards a NI43-101 compliant resource and in conjunction, will commence metallurgical test work."
Finland is currently expanding its nuclear program by building the world largest nuclear power centre, its fifth. At present 26% of the total electricity supply in Finland comes from nuclear energy. Finland imports all of its uranium required for its nuclear reactors.
The qualified person for the Nuottijarvi project, Mark Saxon, Mawson's VP-Exploration, Director and a member of the Australasian Institute of Mining and Metallurgy, has reviewed and verified the contents of this release.
About the Company: Mawson Resources is a leading uranium explorer in Europe with more than 16 million pounds of U(3)O(8) in CIM-compliant or historic 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. 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.
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