🕐08.03.10 - 16:52 Uhr
Mawson Acquires High Grade Alto Quemado Gold-Copper Project In Peru
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Re: News Release - Monday, March 08, 2010
Mawson Acquires High Grade Alto Quemado Gold-Copper Project In
Peru
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Vancouver, Canada -- Mawson Resources Limited ("Mawson") TSX -- MAW;
Frankfurt -- MRY.
Mr Michael Hudson, President & CEO, announces the
Company has signed a Letter of Understanding which entitles it to
acquire up to 100% of the Alto Quemado gold-copper project in the
mineral-rich Southern Peru Mineral Belt.
The Property is located in
the Province of Caylloma, Department of Arequipa, 56km north of the
Panamerican Highway from the town of Pedregal and 98km northwest of
Arequipa.
The licence area comprises of 3,800 ha with elevations
between 2,900-3,300m.
The project lies in the Western Cordillera of southern Peru which
comprises segments of Proterozoic and Paleozoic basement rocks,
Cretaceous and Tertiary volcanic and sedimentary rocks.
This
prospectivity of the belt is highlighted by the presence of significant
scale deposits and mines including: Cuajone (1.2Bt at 0.64% Cu), Cerro
Verde (1Bt at 0.51% Cu), Toquepala (770Mt at 0.74% Cu), and Quellaveco
(761Mt at 0.57% Cu, 0.23% Mo and 2.32g/t Ag).
Alto Quemado is a significant new discovery in Peru.
Mineralization
can be characterized as gold-copper low-sulphidation to transitional
porphyry style.
It was not until informal miners from 2001-2007
exposed a network of high-grade gold structures beneath a gold-depleted
weathered veneer that the true potential of the area was recognized.
Potential for two styles of mineralization have been identified at the
Property:"Alto Quemado is an exciting new gold and copper discovery in
Peru with both short term and large scale potential.
Recent small
scale mining has exposed a network of high-grade gold structures
beneath a weathered and depleted surface zone.
The tenor of the
mineralized structures that extend over 3km is demonstrated by Mawsons
15 check samples averaging 60g/t Au with grades ranging from 0.06g/t to
to 709g/t Au from underground workings.
The scale of a strong IP
chargeability anomaly beneath the leached porphyry and extending away
under the high grade mineralized structures over 1.8km by 0.5km forms
an impressive target.
The Project has not been methodically explored
by modern techniques and never drill tested.
We plan an aggressive
exploration program to test both targets styles" said Mr Hudson.
"Mawson continues to review global multi-commodity exploration
opportunities and now has a twofold strategy to explore this new gold
discovery with significant potential while in parallel pursuing its
European uranium strategy."
Small scale mining took place for 6 years at Alto Quemado during 2001
to 2007.
The average mining depth was 30 to 40m, except for one
section of which went to 80m depth.
The Company has been advised that
monthly production from small scale mining was 100t-150t of oxide ore
with an average grade between 30g/t-40g/t Au.
The project has only
been tested by a small amount of modern exploration and never a drill
hole.
Work has included an IP survey in 1997 which defined a strong
chargeability/low resistivity target over an area of 1.8km by 500m
which remains open.
The known strike of the high grade structural system is over 3km with a
vertical extent over 200m, giving further confidence to the third
dimension continuity of mineralization.
The thickness of the
structures ranges from 0.5m up to 2.5m and show a pinch-and-swell type
behavior with thicknesses up to 16m at La Union where the structures
anastomose.
Mineralization at Alto Quemado is comprised of pyrite,
chalcopyrite, chalcocite, bornite, covellite, malachite, azurite, gold
and with accessory gangue minerals which include quartz, sericite,
chlorite, epidote, K-feldspar, micas, kaoline, carbonate, barite,
hematite and limonite.
More than 10 mineralized structures have been mapped at the property,
however reconnaissance sampling by the underlying optionor, Altynor
Peru SAC or "Altynor" (117 samples) and Mawson (21 samples) has focused
to date on 3 main high grade mineralized structures (Ximena, Fiorella
and La Banda) and one linear stockwork zone (Lomada) which have been
exposed by previous artisanal mining activities.
Sampling also has
taken place over leached outcropping porphyry (Santa Maria) that
extends over an area of approximately 850m by 400m.
The gold bearing
structures lie within a large argillic alteration system, fault bound
to north and south and estimated to be at least 4km long and 1.3km wide
which remains open along strike to the east and west.
As outcrop of
mineralized structures is poor Mawson believes good opportunities exist
to make further discoveries.
Ninety-five rockchip samples taken across
the 3 high grade veins structures from both the Altynor and Mawson
sampling programs averaged 19.9g/t Au and 2.0% Cu and ranged from
0.01-709g/t Au and 0.0-32.5% Cu.
Mawson has signed a Letter of Understanding with arms length parties to
acquire a 100% of the stock of Altynor by making payments of US$50,000,
$550,000 and $900,000 over 40 months.
Both parties will work towards
signing a final agreement according to the terms defined in the LOU.
These payments are triggered by the registration of certain agreements
and the gaining of permits to drill the property.
Altynor holds an
option to purchase 100% of the Alto Quemado gold-copper project from
Alto Quemado Mining Company SAC ("AQ").
Altynor must make a payment of
?2.56M in 20 months to acquire 100% of the mining rights from AQ.
The
owners of AQ retain a 3% net smelter return which Altynor may purchase.
If production is not achieved within 4 years another payment of ?2.56M
is due.
Mawson is in discussion with the owners of AQ to modify some
specific terms of the agreement.
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.
Altynor samples were analyzed by SGC laboratories in Lima, Peru with
gold analysed by technique Au-FAA515 and over range determined by
Au-FAG505, copper and silver were assayed by Ag-AA12CP and Cu-AA12CP
techniques.
Mawson samples were analyzed by ALS CHEMEX laboratories in
Lima, Peru with techniques ME-ICP61a, Au-SCR24.
The qualified person
for the Alto Quemado project, Michael Hudson, director and President &
CEO for Mawson, and a Fellow of the Australasian Institute of Mining
and Metallurgy, has reviewed and verified the contents of this release.
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Copyright (c) 2010 MAWSON RESOURCES LTD.
(MAW) All rights reserved.
For more information visit our website at
http://www.mawsonresources.com or send mailto:
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