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Mawson Resources cuts 13m at 6.3 g/t gold at Vargbacken, Sweden
Vancouver, British Columbia (ots/PRNewswire) -
Mawson Resources Limited ("Mawson") TSXv - MAW; Frankfurt - MRY. Mr Michael Hudson, President, is pleased to present an update and announce results from the first two reverse circulation "RC" drill holes from the ongoing drill program at the Vargbacken project in Sweden. A total of 5 reverse circulation ("RC") holes for 847m have now been drilled with two holes remaining to complete the program. The results from the first two holes, RC60 and RC61, are presented in Table 1 attached to the press release which you may view at www.mawsonresources.com. Further results will be released as they become available.
Best RC drill results when applying a 0.5 g/t gold cut-off grade include:
- RC61: 13m at 6.3 g/t gold from 165m including 1m at 43.7 g/t
gold from 169m;
1m at 7.7 g/t gold from 154m;
4m at 2.0 g/t gold from 106m;
- RC60: 6m at 2.1 g/t gold from 35m including 2m at 5.0 g/t gold
4m at 3.1 g/t gold from 83m including 1m at 9.0 g/t gold
Gold at Vargbacken is visible, free and coarse grained, and occurs in multiple high grade "bonanza" structures within a 30-40m wide gold mineralized halo. The potential of this mineralized halo is demonstrated by applying a lower cut-off grade of 0.2 g/t gold where RC61 intersected 86m at 1.4 g/t gold from 92m. It is not yet possible to make a conclusive statement defining true widths in the reported down-hole intercepts.
The aim of the current drill program is to extend the gold mineralized at depth below the current drilled area. In the case of RC60 and RC61, mineralization has been extended 60m below previous intersections to a vertical depth of 100m. Higher grade gold mineralization has been drill delineated over 350m strike and from surface to the extent of RC drilling and the project will therefore be evaluated in the future for open pit mining. Scout drilling and rock chip sampling has identified gold mineralization over a 1 kilometre trend to the north and south of Vargbacken.
Previous RC drill results at Vargbacken (see Mawson Press Releases
@@start.t1@@ Nov-29-2004, Dec-14-2004 and June-29-2005) have included:
- 3m at 10.4 g/t gold, 10m at 8.6 g/t gold including 1m at 56.4 g/t
gold and 14m at 19.8 g/t gold including 2m at 72.6 g/t gold in
- 3m at 10.0 g/t gold and 16m at 3.3 g/t gold in RC43; and
- 11m at 3.9 g/t gold from 163m in RC53.@@end@@
Mr Hudson comments, "These new results represent the discovery of new bonanza gold bearing structures in the northern half of the Vargbacken prospect with grades up to 43.7 g/t gold over one metre. Combined with RC drill results received over the last year, the Vargbacken project is developing at an encouraging pace for the Company."
The qualified person for the Vargbacken project is Mark Saxon, a Director and V.P.-Exploration for Mawson, 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, 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 Borse have reviewed the information contained herein and, therefore, do not accept responsibility for the adequacy or accuracy of this news release.
Web site: http://www.mawsonresources.com
ots Originaltext: Mawson Resources Ltd.
Im Internet recherchierbar: http://www.presseportal.ch
For further information: 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; Wayne Melvin, +1-(604)-619-6327; Email: