Mawson Resources Limited - First Diamond Drill Program Commences at Rompas in Finland
VANCOUVER, March 5, 2012 /CNW/ - Mawson Resources Limited ('Mawson') TSX - MAW; Frankfurt - MRY. Mr Michael Hudson, President & CEO, announces that a diamond drill rig has commenced a 3000 metre drill program at the Rompas gold project in Northern Finland. This is the first deep diamond drilling program to be undertaken at the project. A 3,000 metre drill program has been planned and the average depth of drill holes will be 100 metres.
Mr Hudson states: 'The first deep drill hole program at Rompas has been awaited for some time and although the permitted areas do not contain the highest priority drill targets, the results are expected to significantly enhance our understanding of the mineral system. We will adhere to international environmental best practice as we conduct this first drill program at Rompas. Initial results from the drill program are expected to be available in Q2 2012.'
The known footprint of mineralization at Rompas is 6 km by up to 270 m wide. The results from recent field programs show outstanding grades, high frequency and broad geographical extent of gold and uranium showings at Rompas within multiple structures in an area with only 5-10% outcrop. Significant results from the 2011 field program include channel assays results of 1.40 m @ 2,529 g/t Au and 5.1 % U3O8, 1.13 m @ 343.6 g/t Au and 0.21 % U3O8 and 0.5 m @ 269.0 g/t Au and 0.99 % U3O8. The weighted average of all 74 channel intervals from the 2011 program was 1.40 m @ 51.9 g/t Au and 0.13 %U3O8. Channel samples are considered representative of in situ mineralization.
Due to the lack of detailed work that has been done on this relatively new discovery, little is understood about the nature of the mineralizing controls. In any event, it would appear that the exploration target is a large, bulk-tonnage vein system that may be genetically related to a granitoid complex that occurs a few kilometers to the north of the property. The possibility of finding potentially economic high grade vein structures must also be considered.
In order to access the drilling area, Mawson signed a contract with landholders to access and drill on private land that incorporates +500 metres of strike potential at two areas at South Rompas. The southern area (18.9 hectares) encompasses a 280m trend of the southern extensions of the known mineralized zone. The northern area (24.8 hectares) covers an area of 240m strike in the central zone of the South Rompas project area. According to discussions with landholders, Mawson will commence drilling in the southern area first. The agreement has been made according to the Finnish Mining Act which allows for private agreements to be reached between explorers and landholders. Mawson will specifically drill for and target gold.
Mawson holds 833 claims and claim applications for 75,340 hectares at the Rompas Project. A total of 110 exploration claims that cover a surface area of 10,580 hectares and form the core claims at Rompas were granted on October 31, 2010 but do not come into legal force until after a standard appeal process. A key decision point on the appeal process is expected Q2 2012.
The qualified person for Mawson's Finnish projects, Mr Terry Lees, VP Exploration for Mawson and Fellow of the Australian Institute of Geoscientists, has reviewed and verified the contents of this release.
On behalf of the Board,
'Michael Hudson'
Michael Hudson, President & CEO
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 company's 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.
Mawson Resources Ltd.
CONTACT: 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: info@mawsonresources.com
