The Nuottijarvi uranium deposit is located in north-central Finland about 35 kilometres northeast of the town of Kajaani. The project area comprises one exploration license covering an area of 96 hectares. Nuottijarvi was discovered in 1959 by Outokumpu Oy, who explored the property intermittently until 1969, conducting radiometric and magnetic surveys and electromagnetic surveys and geologic mapping. A total of 6,679 metres were drilled in 43 diamond drill holes. Outokumpu also extracted an 867 tonne bulk sample which had an average grade of 0.05% U3O8 and 1.10% P.
Uranium mineralization at Nuottijarvi occurs as uraninite associated with fluorapatite breccia, hosted by a carbonate-apatite horizon at the contact between quartzite and graphitic breccia. The mineralized body is approximately 40 metres thick, extends from surface to a vertical depth of 80 metres, trends over a strike length of 400 metres and remains open along strike and at depth.
On September 8, 2010, Mawson filed on its company profile on www.sedar.com a technical report dated August 6, 2010, entitled "Report on the Geology, Mineralization and Resource Estimation of the Nuottijarvi Uranium-Phosphate Deposit, Central Finland", written by John Nebocat of PGS Pacific Geological Services and Geoff Reed of Reed Leyton Consultants. The authors prepared a resource estimate of the Nuottijarvi deposit on behalf of Mawson. This resource estimate comprises an Inferred Resource of 2.0 million tonnes averaging 0.074% U3O8 and containing 3.27 million pounds of U3O8 using a cut-off of 0.03% U3O8. The estimate was based on 43 diamond drill holes totaling 6,679 metres, drilled on a 50 metre by 50 metre drill pattern. European Uranium considers this resource estimate to be relevant but European Uranium has not independently verified the estimate. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and European Uranium is not treating the historical estimate as a current mineral resource.
A program of metallurgical studies is recommended to determine what proportion of the uranium is contained in uraninite versus apatite (a phosphorus-bearing mineral) and whether the uranium is separable from the phosphorus. In addition, further drilling should be done to test for lateral and depth extensions of the deposit. In due course after this work is completed, European Uranium may elect to verify and update the historical resource estimate.
The Riutta project is located in southeastern Finland near the town of Joensuu. The project area comprises 10 exploration licenses covering 790.2 hectares. Mineralization at the project area was discovered in 1958 by a prospector who identified mineralized boulders. Since then, exploration on the project has been performed by Atomienergia (1958-1959), Outokumpu Oy (1960-1963), the Geological Survey of Finland (1983-1988) and AREVA (2008-2009). Over 500 mineralized boulders have been identified at Riutta, with more than one hundred of these boulders giving assays over 1.0% uranium. Trenching has exposed uranium mineralization occurring as veins and pockets of pitchblende.
A total of 65 drill holes (6,275 metres) have been drilled at Riutta. Drilling has been restricted to shallow holes separated by long timeframes. The best drill results to date include 11.3 metres at 0.68% U3O8 (including 3.7 metres at 1.53% U3O8) beginning at a depth of 28.3 metres; 3.6 metres at 1.10% U3O8 (including 0.35 metres at 9.79% U3O8) beginning at a depth of 42.0 metres; and 1.0 metres at 0.35% U3O8 beginning at a depth of 63.3 metres. Several zones of mineralized trends remain untested by drilling. High uranium grades have been intersected within 450 metres of strike within a larger 3.6 kilometre trend.
Uranium mineralization at Riutta consists of pitchblende veins and infill in breccias within a quartz sericite schist host rock. The bedrock comprises Archean gneisses overlain by Proterozoic quartzites. Mafic and ultramafic dykes cut across these. Alteration is extensive and includes epidote, chlorite, quartz, sericite, albite, potassium feldspar and carbonate.
The Asento ("10,000 Boulders") project is a new discovery that is located in north-central Finland. A large number of mineralized boulders have been identified and the project area is considered prospective for vein-style hydrothermal uranium deposits within Archean granites. Applications have been filed for exploration licenses covering 3,556.6 hectares.