gsfl
14 years ago
MAWSON REGISTERS AGREEMENTS FOR THE ALTO QUEMADO GOLD-COPPER PROJECT IN PERU AND COMMENCES DRILL PERMITTING
11 minutes ago by CNW Group
Mawson Resources Limited ("Mawson") (TSX:MAW) (Frankfurt:MRY) (OTCPINK:MWSNF). Mr Michael Hudson, President & CEO, announces the Company has renegotiated terms of the underlying agreement with Alto Quemado Mining Company SAC ("AQMC"), the vendor of the Alto Quemado gold-copper project in the mineral-rich Southern Peru Mineral Belt. The new agreements have been registered against the exploration claims by the Peruvian authorities.
As previously announced by Mawson on 9 September 2010, the Company secured the right to acquire 100% of the stock of the optionor, Altynor Peru SAC ("Altynor") from arm's length third parties. Altynor holds an option to purchase 100% of the Alto Quemado gold-copper project from Alto Quemado Mining Company SAC ("AQMC"). The 100% acquisition terms are based on making staged payments of US$50,000 on signing, US$550,000 on receipt of permits to drill and US$900,000 should the option with AQMC be triggered.
The renegotiated terms state that Altynor must make a payment of €5.12M in 48 months to acquire 100% of the mining rights from AQMC. AQMC retain a net smelter return payable at a rate between 1 to 3%, dependent on the price of gold. Altynor holds the first right of refusal to purchase the NSR from AQMC.
"The new terms of the agreement provide 4 years before significant option payment fall due, and are better aligned with the timeframe required to make a significant discovery. Now we have finalized our agreements with AQMC, we look forward to advancing permitting to enable the project to be drill tested late in 2011. We have completed extensive field work at Alto Quemado which has significantly increased our understanding of the property. Results from this work program will be released shortly." said Mr Hudson.
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 the leading Scandinavian uranium exploration company, with advanced projects in Sweden and 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 high grade gold 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: 50,845,753. Cash: approximately C$13 million.
On behalf of the Board,
"Michael Hudson" Michael Hudson, President & CEO
haya
14 years ago
Hello, seems like there's not many people here on this board either.
For everyone that is here though, what do you guys think of the shallow drilling permit?
They did some sample holes in a cluster in the north rompas area, and some sample holes in a cluster in the south area, are they going to fill the middle with 200 new holes? How does mining exploration work?
Also are these holes deeper than the original sample holes and did they get a permit to take samples of the last holes in the north and south rompas areas.
Also is the map that they have of the holes they drilled on their site representative on the entire claim area that they have at rompas? And how deep are the mineable ore veins, and how much tons / ha are they or are gold uranium or mines in general not viewed / measured like that. Perhaps maybe that's what they're drilling for? measures of proven and probable gold / uranium ores?
usually how much drilling / sampling is required for a relatively accurate 43-101 ?
and how far are they for the permitting for rompas? and weren't their south american claims closer to production?
too bad their grade wasn't weighted average 22000g/ton from their first samples, that would be insane....
Anyways, sorry I'm not that familiar with mines but I've taken a liking to mining resource stocks =)
gsfl
14 years ago
MAWSON RECEIVES PERMIT FOR SHALLOW DRILLING AT THE ROMPAS GOLD PROJECT IN FINLAND
Mar. 16, 2011 (Canada NewsWire Group) --
VANCOUVER, March 16 /CNW/ - Mawson Resources Limited ("Mawson" and/or the "Company") (TSX: MAW) (Frankfurt: MRY) (OTCPINK: MWSNF). Mr. Michael Hudson, President & CEO, announces the Company has received permission from the relevant Finnish authorities to allow shallow ("deep till") drilling at the Rompas gold project in Northern Finland.
The aim of the program is to grid drill through the glacial soil or till (which covers 90-95% of the property) into the bedrock and along strike from high-grade gold surface showings that were identified during the 2010 summer field program. The first full exploration season at Rompas identified 171 grab samples which averaged 1,127.9 g/t gold and 3.6 % uranium and ranged from 0.1 g/t to 22,723 g/t gold and 0 to 47.9% uranium and 80 channel samples which averaged 0.59 metres @ 203.66 g/t gold and 0.73 % uranium within a sampling footprint of 6.0 kilometres strike and 200-250 metres width. Channel samples are considered representative of the in-situ mineralization sampled and channel widths quoted approximate the true width of mineralization, while grab samples are selective by nature and are unlikely to represent average grades on the property. A detailed map showing the location and distribution of channel and grab samples can be downloaded from the Company's website at http://www.mawsonresources.com/i/maps/Rompas_PLANFEB22.pdf.
Approximately 100-150 diamond drill holes are anticipated to be drilled with a snowmobile-transportable, low environmental footprint drill rig. Each hole will be 50 millimetres in diameter and will average between 4 to 6 metres in depth. The drill rig is expected to be onsite at Rompas next week and drilling is permitted until winter conditions cease at the end of April.
"At this very early stage of exploration, we believe that Rompas has to be considered as one of the most exciting gold discoveries (with a uranium credit) to emerge into the market place. The project reinforces Northern Finland's reputation as one of the world's exploration hot spots and we are pleased to be able to advance our understanding of the mineralized trend as it continues undercover with the execution of this, the first ever drill program to be undertaken at Rompas," said Mr Hudson.
About Mawson Resources Ltd (TSX: MAW) (FRANKFURT: MRY) (OTCPINK: MWSNF)
Mawson Resources Ltd is a resource acquisition and development company with METAL and ENERGY interests.
Mawson has distinguished itself as a leading Scandinavian uranium and gold exploration company, with advanced projects in Sweden and 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: 50,725,753. Cash: approximately C$13 million.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, President & CEO
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nowwhat2
4 years ago
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