Mawson Resources cuts 35 metres for 2.51 g/t gold at Vargbacken, Sweden
VANCOUVER, Sept. 7 /CNW/ - Mawson Resources Limited ("Mawson" and/or the "Company") TSXv - MAW; Frankfurt - MRY. Mr Michael Hudson, President, is pleased to announce results from a four hole, 398 metre, reverse circulation "RC" drill program recently completed at the Vargbacken project in Sweden. Additionally, the Company announces that a four hole 1,000 metre diamond drill program is currently underway with the aim of doubling the depth of the mineralized area in the northern half of the prospect. Drill results from the RC program are presented in the attached table 1.
Three holes intersected broad intervals of gold mineralization, whilst the fourth was abandoned prior to reaching the ore zone. Best RC drill results when applying a 0.5 g/t gold cut-off grade include:
- RC68: 35m at 2.51 g/t gold from 4m including 10 metres at 4.11 g/tgold from 14 metres;- RC67: 20m at 2.38 g/t gold from 22m including 2 metres at11.35 g/t gold from 38 metres;4m at 2.17 g/t gold from 44 metres;12m at 1.95 g/t gold from 58 metres;- RC69: 20m at 1.10 g/t gold from 47 metres;
The RC drill program aimed to test for additional gold mineralization within the mineralized envelope, using the recently completed 3D geological model to predict mineralized zones. These results were not taken into account during the recent independent resource estimate released on 16 August 2006, which utilized a 0.6 g/t gold lower cut-off grade:
- Indicated Resource: 1.2 million tonnes for 1.44 g/t gold
(56,700 ounces) plus
- Inferred Resource: 0.9 million tonnes for 1.68 g/t gold
(48,120 ounces)
Vargbacken is covered by a 25 year mining license granted initially in October 2003. Gold at Vargbacken is visible, free and coarse grained, and occurs in multiple structures within a 30-40 metre wide gold mineralized halo.
Mr Hudson comments, "We are encouraged by this latest round of drilling, with significant widths of mineralization discovered from four metres depth which will add to the recent independent resource calculation. Diamond drilling is now underway on a 1,000 metre drill program with the aim to test the continuity of mineralization below the resource area and build ounces on the project."
In other news, three RC holes completed in a 247 metre program at Middagsberget North to test an arsenic and gold bedrock anomaly (see Mawson press release 3 May 2006) intersected low grade gold mineralization in each hole, with a best result of 9 metres for 0.45 g/t gold from 9 metres depth in MIDNRC0602. These holes failed to locate the source of multiple high grade surficial boulders that assayed from 0.01 g/t gold to 60.8 g/t gold and averaged 6.0 g/t gold. The area remains a high priority, and additional bedrock anomalies will be drill tested during the winter when access is facilitated by frozen ground.
Gold was analyzed by a 1 kilogram bottle roll technique with leachwell accelerant and an atomic absorption spectroscopy finish by ALS Chemex Ltd's laboratory in Pitea, Sweden. Duplicates, repeats, blanks and known gold standards were inserted according to standard industry practice.
The qualified person for the Vargbacken project is Mark Saxon, Mawson's VP-Exploration and director, and a member of the Australasian Institute of Mining and Metallurgy. Mr. Saxon has reviewed and verified the contents of this release.
On behalf of the Board,
"Michael Hudson"
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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.
Table 1 - Vargbacken Reverse Circulation Drill Hole Results July 2006,0.5 g/t Gold Lower Cut------------------------------------------------------------------Location Drill Hole From To Width(1) Gold(2)(g/t)(m) (m) (m)------------------------------------------------------------------Section 50N RC67 22 42 20 2.38------------------------------------------------------------------44 48 4 2.17------------------------------------------------------------------58 70 12 1.95------------------------------------------------------------------Section 50N RC68 4 39 35 2.51------------------------------------------------------------------including 14 24 10 4.11------------------------------------------------------------------Section 00N RC69 20 22 2 1.87------------------------------------------------------------------28 30 2 1.54------------------------------------------------------------------36 43 7 0.92------------------------------------------------------------------47 67 20 1.10------------------------------------------------------------------77 79 2 1.15------------------------------------------------------------------Section 30S RC70(2) 67 69 2 2.34------------------------------------------------------------------83 85 2 1.22------------------------------------------------------------------111 113 2 1.68------------------------------------------------------------------Note 1: Calculated using a 1m minimum thickness and a 0.5 g/t gold lowercut. No upper cut applied.Note 2: Drill hole RC70 terminated at 118m before intersected mainmineralized zone due to drilling problems |
