Vancouver, Canada -- Mawson Resources Limited ("Mawson") TSXv-MAW; Frankfurt-MRY. Mawson Resources Ltd announces that ongoing data compilation on the company's vast exploration permits in Northern Sweden has highlighted the Duobblon uranium project where an historical resource of 11.56 million pounds of uranium oxide has been drill defined. The project is located within the 100% owned Långtjärn nr 1 exploration permit of 5,169 hectares.
Uranium mineralization at Duobblon is stratabound within a shallow dipping rhyolitic ignimbrite which extends from 3 metes below surface to at least 300m vertical depth. The ignimbrite is approximately 60 metres thick and is known over a strike length in excess of 5 kilometres. The richest uranium concentrations occur as several 5 to 25 metre thick and 1000 metre long horizons within the ignimbrite. Better drill intersections include 9m for 0.0629% U3O8 from 149.5m and 2.6m @ 0.0724% U3O8 from 161m in drillhole 77102. The following historical resource has been calculated for the Duobblon project over 1.9 kilometres of strike using 51 diamond drillholes on a 100m by 200m grid:
Uranium Oxide (U3O8)
Uranium Oxide (U3O8)
|16.20 million||0.0324%||11.56 million|
Mr Michael Hudson, President & CEO states, "With the trebling in the price of uranium oxide in the past two years and the spot price at US$29.50 per pound, Duobblon is part of a renewed interest in uranium exploration in Sweden. Mawson is extremely pleased to have identified such an advanced project on our ground. The Company will maintain the momentum of its existing gold exploration programs, whilst maximizing the value of this new uranium project."
The resource estimates quoted in this news release are based on a report, "Geological Overview and Ore Potential of the Duobblon Uranium Resource" by Hardy Lindroos of the Swedish Geological Survey dated October 1979. The resource was calculated using a polygonal method and is roughly analogous to the CIM definitions "Indicated" and "Inferred". These data are historical in nature and were compiled prior to the implementation of NI 43-101 reporting standards. Mawson has not completed sufficient exploration to verify the estimates and is not treating them as National Instrument defined resources or reserves verified by a qualified person and the historical estimate should not be relied upon. The Company does not have, and is not aware of, any more recent resource estimates which conform to the standards laid out in National Instrument 43-101.
Mark Saxon, Vice-President of Exploration for Mawson and Member of the AusIMM, is the qualified person as defined by National Instrument 43-101 and has verified the information contained in this release.
ON BEHALF OF THE BOARD
Michael Hudson, President & CEO
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Company Contact: Mariana Bermudez (604) 685 9316
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Forward Looking Statement.
This Company Summary 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.