🕐20.09.11 - 19:54 Uhr
MAWSON INTERSECTS 11.3 METRES AT 0.68% U3O8 AT RIUTTA IN FINLAND
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Re: News Release - Tuesday, September 20, 2011
Mawson Intersects 11.3 Metres at 0.68% U3O8 at Riutta in Finland
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Vancouver, Canada - Mawson Resources Limited ("Mawson") TSX - MAW;
Frankfurt - MRY.
Mr Michael Hudson, President & CEO, announces the
discovery of high grade uranium mineralization at shallow depth at the
Companys 100% owned Riutta project, located in the Koli-Kaltimo area
of south eastern Finland.
The best drill result from a 10 hole diamond drill program totaling
1,065 m comes from the Ristimonttu prospect where drill hole AREVA DH 1
intersected 11.3 m at 0.68% uranium oxide ("U3O8") including 3.7 m at
1.53% U3O8 from 28.3 m.
The true thickness of the mineralized interval
is estimated to be 8.6 m.
The drilling was conducted by Areva
Resources Finland OY ("Areva") during 2009, but drill core was never
sampled at the time due to Arevas concurrent sale of its Finnish
exploration assets to Mawson.
Mawson recently accessed this core,
identified the mineralized intervals and completed sampling and
assaying.
AREVA DH 1 was the only mineralized hole drilled in this
program.
Only one other hole drilled by Areva tested the main 450 m
long mineralized trend, with the remainder of the Areva holes drilled
in the south of the project area.
The Riutta project was discovered in 1958 by a boulder hunter.
Since
then four major campaigns have been conducted by Atomienergia
(1958-59), Outokumpu Oy (1960-63), the Geological Survey of Finland
("GTK") (1983-88) and Areva (2008-09).
In total 65 drill holes have
been drilled at Riutta for 6,275 m.
Drilling has been restricted to
shallow holes separated by long timeframes with only 10 holes drilled
at Riutta over the last 23 years.
Over 500 mineralized boulders have
been located at Riutta, with more than one hundred assaying greater
than 1% uranium.
The Ristimonttu and Unimonttu prospects have both
been trenched where pitchblende veins and pockets were exposed.
The
previous best drill results at Riutta were in drill hole 324 which
intersected 3.6 m @ 1.10% U3O8 from 42.0 m (including 0.35 m @ 9.79%
U3O8 from 42.6 m) at the Unimonttu prospect and in drill hole AE-7
which intersected 1.0 m @ 0.35% U3O8 from 63.3 m in drill hole AE-7 at
Kolmosviuhka prospect.
These holes are located 260 m and 450 m
respectively SSE of drill hole AREVA DH1 (Figure 1).
Mawson has just completed a 5.4 line km geophysical IP survey at Riutta
which consisted of 9 lines at 100m spacing (Figure 1) to aid in the
delineation and define continuity of the sulphide and pitchblende
bearing mineralized ore shoots.
"This is the best uranium drill result in Finlands history and
demonstrates the potential for high grade and near surface uranium at
the Riutta project" said Mr Hudson.
"High grade uranium mineralization
has now been drilled over 450 m of strike within a larger 3.6 km trend.
These results highlight the outstanding discovery opportunities
presented by Mawsons Scandinavian uranium portfolio, in addition to
the Companys flagship Rompas gold project in Finland.
The Riutta
project is fully permitted for exploration, mineralization remains open
along strike and down dip, and Mawson looks forward further testing the
projects potential utilizing our recent geophysical survey results."
Uranium mineralization at Riutta consists of thin pitchblende veins (up
to a few mm) as infill in microbreccias within sericite-quartz schist
host.
The bedrock is composed of Archean gneisses, overlain by
Paleoproterozoic quartzitic metasediments.
Mafic to ultramafic dykes
cut across these rocks.
Riutta is considered to be an example of low
temperature structural replacement.
Alteration is extensive and
consists of epidote, chlorite, quartz, sericite, albite, potassium
feldspar, carbonate and clinozoisite.
About Mawson Resources Ltd (TSX:MAW, FRANKFURT:MRY, PINKSHEETS:MWSNF)
Mawson Resources Ltd is a resource acquisition and development company
with metal and energy interests.
Mawson has distinguished itself as a leading Scandinavian gold and
uranium exploration company with a focus on the flagship Rompas project
in Finland.
As the European Union moves to reduce its reliance on
carbon-based energy sources and continues to debate energy security,
Mawson is well positioned to provide Europe with the option to fuel its
future.
In addition, the Company is exploring for gold and copper in
the highly prospective Cordillera of Peru with a focus on a new
gold-copper discovery at Alto Quemado.
With a strong cash position and a multi-jurisdiction European and South
American portfolio, Mawson is ideally positioned to enhance its status
as a leader in the uranium and gold industries.
Shares Outstanding: 51,670,753.
Cash: approximately C$11 million.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, President & CEO
Investor Information
www.mawsonresources.com
1305 -- 1090 West Georgia St., Vancouver, BC, V6E 3V7
Company Contact: Mariana Bermudez +1 (604) 685 9316
Investor Relation Consultants - Mining Interactive
Nick Nicolaas +1 (604) 657 4058
Email:
Forward Looking Statement.
The statements herein that are not
historical facts are forward-looking statements.
These statements
address future events and conditions and so involve inherent risks and
uncertainties, as disclosed under the heading "Risk Factors" in the
companys periodic filings with Canadian securities regulators.
Actual
results could differ from those currently projected.
The Company does
not assume the obligation to update any forward-looking statement.
The
TSX Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Please visit the link below to view Figure 1:
http://www.mawsonresources.com/i/maps/2011-09-20_NRF1.jpg
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(MAW) All rights reserved.
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http://www.mawsonresources.com or send mailto:
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