Drilling Expands Near-Surface Uranium at Tasjo, Sweden
Vancouver, Canada (ots/PRNewswire)
Mawson Resources Limited
("Mawson") TSXv - MAW; Frankfurt - MRY. Michael Hudson, President &
CEO, announces results from additional drill holes completed by
Mawson at its Kronotorpet uranium - rare earth element (REE)
prospect at the Company's Tasjo project in northwestern Sweden.Results are available for a further 19 drill holes (KRODD06020 to KRODD07038) of a 53-drill hole program. Results for these holes plus the first 19 holes released on March 19, 2007 are in the attached table.
Uranium was targeted in a mineralized sedimentary horizon from surface to approximately 40 metres vertical depth, across an area 1,100 metres in strike and 250 metres wide. Drilling was performed on a grid of 25 or 50- metre spacing, on sections separated by 100 metres. The aim of the program was to collect sufficient samples to perform metallurgical test work, and to define an initial CIM-compliant resource within the Kronotorpet area.
Better results are included below with a full list of results presented in the attached table 1.
Drill Hole From To Width (m) U(3)O(8)
(m) (m) ppm
KRODD07020 38.9 45.9 7.0 252
KRODD07022 55.6 61.7 6.1 262
KRODD07022 74.8 79.8 5.0 304
KRODD07024 9.7 14.7 5.0 277
KRODD07031 7.3 12.0 4.7 229
KRODD07032 17.0 21.0 4.0 266
KRODD07026 5.5 9.5 4.0 263
KRODD07023 94.2 98.3 4.1 247
KRODD07036 53.0 56.0 3.0 303Tasjo 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 fluorapatite is 0.16%. Significant rare earth element mineralization is contained within the uranium bearing sequence, again associated with the carbonate-fluorapatite. Drilled intersections range from 0.03% to 0.12% combined REE and averaged 0.09% combined REE. The dominant REE at Tasjo are yttrium (Y), cerium (Ce), neodymium (Nd), europium (Eu) and ytterbium (Yb).
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 (U(3)O(8)), 0.11% to 0.24% REE and 3.75% to 7.5% phosphate (P(2)O(5)). Total contained metal within the field is estimated to be 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). This exploration target estimate is based on the aforementioned report. The potential quantity and grade is conceptual in nature, as there has not been sufficient exploration to define the target at this time; and it is uncertain that further exploration would 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, the current qualified person at the Jabiluka uranium project in Australia, 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. In addition, after a test program, a ground EM survey commenced at the Tasjo project to map accurately the near-surface host rock to uranium mineralization over a 20-kilometre strike length. Furthermore, a preferred metallurgical consulting group has been identified with extensive uranium and REE processing experience, with which terms of reference for metallurgical research are being discussed.
Mr. Hudson stated: "The new drill results from Tasjo continue to demonstrate consistent at or near-surface uranium mineralization. The Company continues to be encouraged by the regularity of grade, the strike extent and the shallow depth of uranium mineralization. Drilling results from the final third of the program will be released as they become available."
Uranium was analyzed by the ME-MS81u technique by ALS Chemex Ltd's laboratory in Vancouver, Canada, where duplicates, repeats, blanks and known standards were inserted according to standard industry practice. 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.
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. 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, actualresults 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.
Table 1 - Kronotorpet Drill Hole Results March - June 2007,
100ppm U(3)O(8) Lower Cut
Section Drill Hole From To Width U(3)O(8) Unit
(m) (m) (m) ppm(1)
150E KRODD06001 Host not
intersected
150E KRODD06002 Host not
intersected
150E KRODD06003 4.5 8.3 3.8 126 Lycophoria
Host
50E KRODD06004 3.2 12.2 9.0 287 Lycophoria
Host
35.1 40.2 5.1 259 Lycophoria
Host
50E KRODD06005 3.5 8.5 5.0 157 Lycophoria
Host
37.1 50.1 13.0 233 Lycophoria
Host
50W KRODD06006 2.0 5.0 3.0 151 Lycophoria
Host
25.5 30.4 4.9 232 Lycophoria
Host
50W KRODD06007 Host not
intersected
50W KRODD06008 31.8 35.2 3.4 225 Lycophoria
Host
50W KRODD06009 2.0 9.5 7.5 278 Lycophoria
Host
150W KRODD06010 18.0 24.7 6.7 198 Lycophoria
Host
150W KRODD06011 7.0 13.7 6.7 241 Lycophoria
Host
150W KRODD06012 Host not
intersected
250W KRODD06013 37.1 40.1 3.0 222 Lycophoria
Host
42.2 45.3 3.2 296 Lycophoria
Host
250W KRODD06014 13.9 18.9 5.0 219 Alum Shale
24.8 26.4 1.6 327 Lycophoria
Host
250W KRODD06015 4.2 11.9 7.7 304 Lycophoria
Host
350W KRODD06016 25.5 27.5 2.0 209 Alum Shale
350W KRODD06017 16.8 21.8 5.0 195 Alum Shale
350W KRODD06018 37.5 39.5 2.0 169 Alum Shale
42.3 45.7 3.4 324 Lycophoria
Host
250W KRODD06019 60.9 62.9 2.0 309 Lycophoria
Host
150W KRODD07020 38.9 45.9 7.0 252 Lycophoria
Host
50W KRODD07021 Host not
intersected
50W KRODD07022 55.6 61.7 6.1 262 Lycophoria
Host
KRODD07022 74.8 79.8 5.0 304 Lycophoria
Host
150E KRODD07023 94.2 98.3 4.1 247 Lycophoria
Host
150E KRODD07024 9.7 14.7 5.0 277 Lycophoria
Host
50E KRODD07025 96.9 101.9 5.0 165 Alum Shale
KRODD07025 111.9 127.3 15.4 134 Alum Shale
KRODD07025 84.9 128.9 44.0 109 Alum Shale
50E KRODD07026 5.5 9.5 4.0 263 Lycophoria
Host
150W KRODD07027 Host not
intersected
250W KRODD07028 78.0 84.0 6.0 200 Lycophoria
Host
KRODD07028 87.0 96.0 9.0 204 Lycophoria
Host
250W KRODD07029 3.0 7.0 4.0 194 Lycophoria
Host
350W KRODD07030 3.9 6.0 2.2 214 Lycophoria
Host
350W KRODD07031 7.3 12.0 4.7 229 Lycophoria
Host
350W KRODD07032 11.0 14.0 3.0 262 Lycophoria
Host
KRODD07032 17.0 21.0 4.0 266 Lycophoria
Host
350W KRODD07033 10.0 11.0 1.0 200 Lycophoria
Host
450W KRODD07034 2.2 5.0 2.9 192 Lycophoria
Host
450W KRODD07035 Host not
intersected
450W KRODD07036 53.0 56.0 3.0 303 Lycophoria
Host
550W KRODD07037 Host not
intersected
550W KRODD07038 6.0 8.0 2.0 216 Lycophoria
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