100 m Up-Dip Extension from Previously Announced Results Up to 1,490 g/t Gold Assays Pending for 17 Holes
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE November 09, 2023
Mawson’s Subsidiary SXG Drills 20.0 m @ 62.7 g/t Gold Within the RS50 Vein at Sunday Creek
100 m Up-Dip Extension from Previously Announced Results
Up to 1,490 g/t Gold
Assays Pending for 17 Holes
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX:MAW)
(Frankfurt:MXR) (PINKSHEETS: MWSNF) announces further high grades from drill hole SDDSC091 including
20.0 m @ 62.7 g/t Au from 430.0 m drilled in a 100 m up -dip extension of a previous drilled
mineralized zone, at the Sunday Creek Project in Victoria , Australia, owned 100% by Southern Cross Gold
Ltd. (“Southern Cross Gold” or “SXG”) (Figure 7).
SDDSC091, drilled at Rising Sun, is significant as it was drilled to target one vein set, RS50, in a NE to SW
drill orientation (unlike recent west to east drill orientations that targeted multiple veins). The hole hit a
continuous section of high grades (Table 1) with three intervals assaying >50 g/t Au including 0.4 m
@ 950.0 g/t Au, 0.5 m @ 1,490.0 g/t Au and 0.6 m @ 65.4 g/t Au demonstrating the extremely high-
grade tenor and scale of individual veins at the Sunday Creek Project.
Sunday Creek is 100% owned by Southern Cross Gold (“SXG”), which is an ASX listed company owned 51%
by Mawson. Four rigs continue to drill in the main drill area at Sunday Creek where 18 holes (SDDSC079, 83,
85-86, 88-99, 101, 103) are currently being geologically processed and chemically analyzed, and four holes
(SDDSC0100, 102, 104, 105) are in drill progress (Figures 1-3).
Highlights:
• SDDSC091 drilled at the Rising Sun Prospect intersected 20.0 m (estimated true width or “ETW” 11.6
m) @ 63.6 g/t AuEq (62.7 g/t Au, 0.5% Sb) from 430.0 m including:
o 0.4 m @ 955.6 g/t AuEq (950.0 g/t Au, 3.6% Sb) from 438.4 m, and
o 0.5 m @ 1,497.4 g/t AuEq (1,490.0 g/t Au, 4.7% Sb) from 438.8 m, and
o 0.6 m @ 66.5 g/t AuEq (65.4 g/t Au, 0.7% Sb) from 439.6 m
• SDDSC091 drilled the RS50 vein and is a 100 m up -dip extension from an intersection in drill hole
SDDSC077B (6.5 m @ 10.2 g/t AuEq), previously announced on September 5, 2023 (Figures 1-5).
• Additionally, a further 2 holes (SDDSC079, SDDSC085) are reported from deeper drilling at Apollo.
(Figure 3). These holes are important as they demonstrate the mineralized system extends 500 m below
high-grade drilling at Apollo. Highlights include:
o SDDSC079, a 100 m down dip extension from previous drilling intersected:
6.3 m @ 4.2 g/t AuEq (3.0 g/t Au, 0.8% Sb) from 567.1 m, including:
• 1.5 m @ 10.7 g/t AuEq (9.2 g/t Au, 1.0% Sb) from 567.1 m
Continued over page
HIGHLIGHTS continued
o SDDSC085, a 180 m down dip extension intersected, intersected visible gold at 727.9 m and
738.0 m, however only a broad low grade “near miss” was intersected from 634 m to 811 m
(177 m down hole length) with best assay 0.3 m @ 8.2 g/t AuEq (6.8 g/t Au, 0.9% Sb) from
634.6 m.
• Seventeen holes (SDDSC83, 86, 89 -90, 92-99, 101-105) are currently being processed and anal yzed,
with four holes (SDDSC100, 106, 107, 108) currently in progress (Figures 1-3)
• Mawson owns 93,750,000 shares of SXG (51%), valuing its stake at A$81.1 million (C$71.6 million)
based on SXG’s closing price on November 8, 2023 AEST.
Noora Ahola, Mawson Interim CEO, states: “The last two months since the release of SDDSC077B have
been a stand out period for Southern Cross Gold. Today’s release is yet another exceptional 20.0 m @ 63.6
g/t AuEq (62.7 g/t Au, 0.5% Sb) from 430.0 m in SDDSC091, that includes 0.5 m @ 1,497.4 g/t AuEq
(1,490.0 g/t Au, 4.7% Sb) from 438.8 m , the third >1,000g/t intercept to come out of the Sunday Creek
project in the last three drill results.
The Sunday Creek discovery in Victoria, Australia is one of the most significant discoveries in the world today
with a frequency of extremely high grades within multiple vein sets (up to 23 defined to date with more being
found) at the property that is second to none.
SXG is well funded (A$11.8 m cash at the end of the August quarter) to deliver on its stated campaign to
complete a further 19 km of drilling to April 2024 from four drill rigs on site delivering a continuous flow of
news flow into the market with over 20 holes being processed and drilled.”
Results Discussion
SDDSC091 drilled at the Rising Sun Prospect intersected 20.0 m @ 63.6 g/t AuEq (62.7 g/t Au, 0.5%
Sb) from 430.0 m (ETW 11.6 m) including:
o 1.0 m @ 6.2 g/t AuEq (5.6 g/t Au, 0.4% Sb) from 432.0 m
o 0.4 m @ 955.6 g/t AuEq (950.0 g/t Au, 3.6% Sb) from 438.4 m
o 0.5 m @ 1,497.4 g/t AuEq (1490.0 g/t Au, 4.7% Sb) from 438.8 m
o 0.6 m @ 66.5 g/t AuEq (65.4 g/t Au, 0.7% Sb) from 439.6 m
o 4.5 m @ 13.8 g/t AuEq (13.5 g/t Au, 0.2% Sb) from 441.4 m
SDDSC091 traversed across a single high -grade vein set and is a 100 m up -dip extension from an
intersection in drill hole SDDSC077B (6.5 m @ 10.2 g/t AuEq), previously announced on September 5, 2023
(Figures 1-4). The individual vein set, RS50, intersected in SDDSC083 is 11.6 m wide (estimated true width),
60 m strike extent currently defined and extends over 500 m down dip and remains open (Figure 4). It is
one of 23 vein sets defined to date at Sunday Creek with the system open in all directions (Figures 4 and 5).
Four of the five best intersections on the project have been drilled over the last 2 months as follows. The
intersection within SDDSC091, based on a 2 m @ 1 g/t Au lower cut off is the second -best intersection on
the project to date. The top ten intersections at Sunday Creek are as follows:
1. SDDSC077B: 3.6 m @ 393.2 g/t AuEq (391.9 g/t Au, 0.8% Sb) from 737.1 m
2. SDDSC091: 20.0 m @ 63.6 g/t AuEq (62.7 g/t Au, 0.5% Sb) from 430.0 m
3. SDDSC082: 1.6 m @ 500.5 g/t AuEq (500.3 g/t Au, 0.1% Sb) from 417.4 m
4. SDDSC082: 1.7 m @ 246.2 g/t AuEq (230.6 g/t Au, 9.9% Sb) from 413.6 m
5. SDDSC046: 14.3 m @ 24.6 g/t AuEq (20.5 g/t Au, 2.6% Sb) from 187.5 m
6. SDDSC082: 4.3 m @ 72.2 g/t AuEq (71.5 g/t Au, 0.4% Sb) from 588.0 m
7. SDDSC066: 1.7 m @ 168.7 g/t AuEq (147.1 g/t Au, 13.7% Sb) from 543.5 m
8. SDDSC082: 9.0 m @ 27.4 g/t AuEq (25.8 g/t Au, 1.0% Sb) from 565.8 m
9. SDDSC033: 16.8 m @ 14.3 g/t AuEq (10.7 g/t Au, 2.3% Sb) from 180.6 m
10. SDDSC025: 11.2 m @ 20.4 g/t AuEq (14.4 g/t Au, 3.9% Sb) from 362.5 m
SDDSC091 hit a continuous section of high grades with three intervals assaying >50 g/t Au including
0.4 m @ 950.0 g/t Au, 0.5 m @ 1,490.0 g/t Au and 0.6 m @ 65.4 g/t Au demonstrating the extremely
high-grade tenor and scale of individual vein sets at the Sunday Creek Project. The ETW of 11.6 m was
calculated from oriented core measurements. Individual assays are show in table 1 below:
Table 1: Individual assays from SDDSC091 drilled at the Rising Sun Prospect which intersected 20.0 m @
63.6 g/t AuEq (62.7 g/t Au, 0.5% Sb) from 430.0 m (ETW 11.6 m) using a 2m @ 1.0 g/t Au lower cut.
Hole-ID From (m) To (m) Length (m) Au g/t Sb% AuEq g/t
SDDSC091 430.00 431.00 1.0 1.6 0.4 2.2
SDDSC091 431.00 432.00 1.0 0.4 0.1 0.6
SDDSC091 432.00 433.00 1.0 5.6 0.4 6.2
SDDSC091 433.00 434.00 1.0 0.6 0.6 1.5
SDDSC091 434.00 435.00 1.0 0.0 0.0 0.0
SDDSC091 435.00 436.00 1.0 1.4 0.6 2.3
SDDSC091 436.00 437.00 1.0 0.4 0.3 0.8
SDDSC091 437.00 437.70 0.7 3.3 0.3 3.8
SDDSC091 437.70 438.40 0.7 2.4 2.2 5.9
SDDSC091 438.40 438.80 0.4 950.0 3.6 955.6
SDDSC091 438.80 439.30 0.5 1490.0 4.7 1497.4
SDDSC091 439.30 439.60 0.3 22.8 0.7 23.8
SDDSC091 439.60 440.20 0.6 65.4 0.7 66.5
SDDSC091 440.20 441.40 1.2 2.2 0.3 2.7
SDDSC091 441.40 442.50 1.1 16.2 0.4 16.8
SDDSC091 442.50 443.70 1.2 16.1 0.3 16.6
SDDSC091 443.70 444.80 1.1 9.9 0.0 9.9
SDDSC091 444.80 445.90 1.1 11.5 0.0 11.5
SDDSC091 445.90 447.00 1.1 1.4 0.0 1.5
SDDSC091 447.00 448.10 1.1 1.2 0.3 1.7
SDDSC091 448.10 449.00 0.9 0.3 0.3 0.7
SDDSC091 449.00 450.00 1.0 3.5 0.0 3.5
Additionally, a further 2 holes (SDDSC079, SDDSC085) are reported from deeper drilling at Apollo. These
were drilled in a NE to SW orientation, to individually test the lower extensions at Apollo (Figure 3). These
holes are important as they demonstrate the mineralized system extends 500 m below high-grade drilling at
Apollo, located 500 m east of Rising Sun. Highlights include:
• SDDSC079, a 100 m down dip extension from previous drilling intersected:
o 1.5 m @ 1.8 g/t AuEq (1.3 g/t Au, 0.3% Sb) from 555.5 m
o 6.3 m @ 4.2 g/t AuEq (3.0 g/t Au, 0.8% Sb) from 567.1 m, including:
1.5 m @ 10.7 g/t AuEq (9.2 g/t Au, 1.0% Sb) from 567.1 m
SDDSC085, a 180 m down dip extension from SDDSC066 (10.4 m @ 28.7 g/t AuEq (24.8 g/t Au, 2.5% Sb)
from 302.8 m) and MDDSC026 (5.6 m @ 11.5 g/t AuEq (10.4 g/t Au, 0.7% Sb) from 469.7 m) intersected a
very broad low grade “near miss” from 634 m to 811 m (177 m down hole length). The hole intersected
visible gold at 727.9 m and 738.0 m. Better intersections included:
• 0.3 m @ 8.2 g/t AuEq (6.8 g/t Au, 0.9% Sb) from 634.6 m
Pending Results and Update
With four diamond drill rigs operating at site, and A$11.8M cash (as of August 31, 2023) Southern Cross Gold
has stated that it anticipates drilling an additional 19,000 m by April 2024.
Seventeen holes (SDDSC83, 86, 89 -90, 92-99, 101-105) are currently being processed and analyze d, with
four holes (SDDSC100, 106, 107, 108) currently in progress (Figures 1-3).
Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is available on the SXG
website at www.southerncrossgold.com.au.
No upper gold grade cut is applied in the averaging and intervals are reported as drill thickness otherwise
where estimated true width “ETW” is stated. During future Mineral Resource studies the requirement for
assay top cutting will be assessed.
Figures 1-7 show project location, plan, longitudinal and cross -sectional views of drill results reported here
and Tables 1–4 provide collar and assay data. The true thickness of the mineralize d intervals reported are
interpreted to be approximately 58% for SDDSC091 and 60% to 70% of the sampled thickness for other
reported holes. Lower grades were cut at 1.0 g/t Au lower cutoff over a maximum width of 2 m with higher
grades cut at 5.0 g/t Au lower cutoff over a maximum of 1 m width, unless otherwise stated.
Technical Background and Qualified Person
The Qualified Person, Michael Hudson, Executive Chairman and a director of Mawson Gold, and a Fellow of
the Australasian Institute of Mining and Metallurgy, has reviewed , verified and approved the technical
contents of this release.
Analytical samples are transported to the Bendigo facility of On Site Laboratory Services (“On Site”) which
operates under both an ISO 9001 and NATA quality systems. Samples were prepared and analyzed for gold
using the fire assay technique (PE01S method; 25 gram charge), followed by measuring the gold in solution
with flame AAS equipment. Samples for multi-element analysis (BM011 and over-range methods as required)
use aqua regia digestion and ICP -MS analysis. The QA/QC program of Southern Cross Gold consists of the
systematic insertion of certified standards of known gold content, blanks within interpreted mineralized rock
and quarter core duplicates. In addition, On Site inserts blanks and standards into the analytical process.
MAW considers that both gold and antimony that are included in the gold equivalent calculation (“AuEq")
have reasonable potential to be recovered at Sunday Creek, given current geochemical understanding,
historic production statistics and geologically anal ogous mining operations. Historically, ore from Sunday
Creek was treated onsite or shipped to the Costerfield mine, located 54 km to the northwest of the project,
for processing during WW1. The Costerfield mine corridor, now owned by Mandalay Resources Ltd contains
two million ounces of equivalent gold (Mandalay Q3 2021 Results), and in 2020 was the sixth highest-grade
global underground mine and a top 5 global producer of antimony.
SXG considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd
in its Mandalay Technical Report, 2022 dated March 25, 2022. The gold equivalence formula used by
Mandalay Resources was calculated using recoveries achieved at the Costerfield Property Brunswick
Processing Plant during 2020, using a gold price of US$1,700 per ounce, an antimony price of US$8,500 per
tonne and 2021 total year metal recoveries of 93% for gold and 95% for antimony, and is as follows: 𝐴𝐴 𝑢𝑢𝐸𝐸𝐸𝐸
= 𝐴𝐴𝑢𝑢 (𝑔𝑔/𝑡𝑡) + 1.58 × 𝑆𝑆𝑆𝑆 (%).
Based on the latest Costerfield calculation and given the similar geological styles and historic toll treatment
of Sunday Creek mineralization at Costerfield, SXG considers that a 𝐴𝐴𝑢𝑢𝐸𝐸𝐸𝐸 = 𝐴𝐴𝑢𝑢 (𝑔𝑔/𝑡𝑡) + 1.58 × 𝑆𝑆𝑆𝑆 (%) is
appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.
About Mawson Gold Limited (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)
Mawson Gold Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic exploration
company with its 100% owned flagship Rajapalot gold -cobalt project in Finland, and right to earn into the Skellefteå North gold
project in Sweden. Mawson also currently owns 51% of Southern Cross Gold Ltd (ASX:SXG) which in turn owns or controls three
high-grade, historic epizonal goldfields covering 470 km2 in Victoria, Australia.
About Southern Cross Gold Ltd (ASX:SXG)
Southern Cross Gold holds the 100%-owned Sunday Creek project in Victoria and Mt Isa project in Queensland, the Redcastle and
Whroo joint ventures in Victoria, Australia, and a strategic 10% holding in ASX-listed Nagambie Resources Limited (ASX:NAG) which
grants SXG a Right of First Refusal over a 3,300 square kilometer tenement package held by NAG in Victoria.
On behalf of the Board,
"Noora Ahola "
Noora Ahola, Interim CEO
Further Information
www.mawsongold.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez (Canada), Corporate Secretary
+1 (604) 685 9316 [email protected]
Forward-Looking Statement
This news release contains forward- looking statements or forward- looking information within the meaning of applicable securities
laws (collectively, "forward-looking statements"). All statements herein, other than statements of historical fact, are forward-looking
statements. Although Mawson believes that such statements are reasonable, it can give no assurance that such expectations wil l
prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate,
postulate, and similar expressions, or are those, which, by their nature, refer to future events. Mawson cautions investors t hat any
forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from
those in forward-looking statements as a result of various factors, including, Mawson’s expectations regarding its ownership interest
in Southern Cross Gold, capital and other costs varying significantly from estimates, changes in world metal markets, changes in
equity markets, the potential impact of epidemics, pandemics or other public health crises, including COVID -19, on the Company’s
business, risks related to negative publicity with respect to the Company or the mining industry in general; e xploration potential
being conceptual in nature, there being insufficient exploration to define a mineral resource on the Australian- projects owned by
SXG, and uncertainty if further exploration will result in the determination of a mineral resource; planned drill programs and results
varying from expectations, delays in obtaining results, equipment failure, unexpected geological conditions, local community relations,
dealings with non-governmental organizations, delays in operations due to permit grants, environmental and safety risks, and other
risks and uncertainties disclosed under the heading "Risk Factors" in Mawson's most recent Annual Information Form filed on SEDAR.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities
laws, Mawson disclaims any intent or obligation to update any forward -looking statement, whether as a result of new information,
future events or results or otherwise.
ASX ANNOUNCEMENT Photo 1: SDDSC091 from 439 m (within assayed interval 0.5 m @ 1,497.4 g/t AuEq (1490.0 g/t Au, 4.7% Sb) from
438.8 m to 439.3 m (Table 3)) showing cut core with brecciated dioritic dyke, stibnite and quartz-carbonate veining with
fine, disseminated frequent visible gold (red circles). mm scale.
Photo 2: Zoomed in SDDSC091 from 439 m (within assayed interval 0.5 m @ 1,497.4 g/t AuEq (1490.0 g/t Au, 4.7% Sb)
from 438.8 m to 439.3 m (Table 3)) showing cut core with brecciated dioritic dyke, with stibnite and quartz-carbonate
veining with fine, disseminated frequent visible gold. mm scale.
Photo 3: SDDSC091 annotated mineralized drill core from 435.8 m to 444.0 m.
Figure 1: Sunday Creek plan view showing SDDSC091 reported here (red box), selected prior reported drill holes,
pending holes and mineralized veins, host dyke-breccia and major faults. For location see Figure 5.