Mawson Drills 0.1% U(3)O(8) Over 56 Metres at Klappibacken
Vancouver, Canada (ots/PRNewswire)
- TSXv - MAW
- Frankfurt - MRY
Mawson Resources Limited ("Mawson") (TSXv: MAW; Frankfurt: MRY).
Michael Hudson, President and CEO, announces new results from the
Company's first diamond drill program completed at the Klappibacken
uranium project in Sweden. Significant near-surface and high-grade
uranium mineralization was intersected. The results indicate the
strength of the uranium mineralized system and the potential for a
major uranium deposit at Klappibacken.Two drill holes for a total of 169 metres were completed before the spring thaw conditions prevented further drilling. The drill program will continue when summer conditions provide suitable access. The Company expects to resume drilling in July and will have two diamond drill rigs on site to complete a 4,000 metre program. Best results, calculated with a lower cut-off of 200ppm U(3)O(8), included:
KLADD0703: 56 metres at 0.10% U(3)O(8) from 20 metres;
including 5 metres for 0.24% U(3)O(8) from 25 metres, and
including 24.7 metres for 0.12% U(3)O(8) from 46.3 metres;
KLADD0702: 23.1 metres at 0.12% U(3)O(8) from 18.6 metres; and
8.6 metres at 0.10% U(3)O(8) from 51.5 metres;Klappibacken is an intrusive-related uranium deposit, hosted by a brecciated or cataclastic granite which is strongly enriched in fluorite. Uranium mineralization is present within a single lense, generally greater than 30 metres in width and locally up to 50 metres wide. Historical drilling at Klappibacken has shown that mineralization extends to greater than 150 metres below the surface, at least 120 metres along strike, and remains open both at depth and along strike. Both current drill holes were drilled on Section 10 and intersected the mineralized body approximately 35 metres apart. Drilling was at a high angle to the mineralized body and true widths are between 90-100% of the drill indicated widths. The results demonstrate the continuity of mineralization in three dimensions and confirm historic drill data.
A radon cap survey was completed by Mawson at Klappibacken in 2006, to measure the abundance of radon gas in the one metre thick soil that masks bedrock in the prospect area. Radon gas is emitted as a daughter product during the natural decay of uranium. This program identified numerous nearby exploration targets up to two kilometers along strike from Klappibacken. These targets include areas with a stronger radon gas signature than those associated with the known mineralization. The radon cap targets shall be drill tested early in the upcoming summer drilling program.
Mr Hudson states, "These drill results demonstrate the quality of Klappibacken and the Company looks forward to commencing a major summer drilling program at the project. Mineralization commences from surface and remains open at depth. Surface indications from radon cap surveys and scintillometer traverses define the footprint of high radioactivity to over two kilometres strike, of which only 120 metres has been tested by drilling. We look forward to continuing the drill program at Klappibacken in July '07 and the subsequent flow of drill results over the next 4 months." Further information regarding these and previous results from the Kläppibäcken uranium project may be found at:
http://www.mawsonresources.com/index.php?page(equal sign)ProjectsKlap.
Update on Sweden's Nuclear Policy
Sweden's energy is provided by 47% nuclear power, 44% hydroelectric and 9% biofuels. The country is a world leader in nuclear efficiency research and disposal of nuclear waste which occurs in-country. Sweden ranks among the top countries in the world for reliance on nuclear power, as well as for power plant efficiency. The current government recently overturned a 27 year anti-nuclear power policy, and has approved the expansion of some nuclear plants.
In Sweden, the same legislation is applied to all minerals (including uranium) during the exploration phase. To gain approval for uranium mining, a company must apply to the national government for a ruling. There is no ban on uranium mining in Sweden today and the current government has stated it will review all uranium mining projects in light of the relevant legislation and environmental standards. The municipal government, where the specific project is located, retains a right of veto for uranium mining projects. Sweden's nuclear power plants require 1,500 tonnes of uranium fuel each year, all of which is imported.
Uranium was analyzed by the ME-XRF05 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 Klappibacken uranium 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. Investor Information
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 Börse have reviewed the information contained herein and, therefore, do not accept responsibility for the adequacy or accuracy of this news release.
www.mawsonresources.com
Contact:
For further information: Investor Information, 1305-1090, West
Georgia Street, Vancouver, BC, V6E 3V7; Company Contact: Mariana
Bermudez, +1-604-685-9316; Investor Relations Consultants - Mining
Interactive, Nick Nicolaas, +1-604-657-4058; Wayne Melvin,
+1-604-619-6327, Email: info@mawsonresources.com