And 1% Antimony IN Deepest Hole Drilled at Sunday Creek, Victoria, Australia
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE OCTOBER 27, 2021
MAWSON DRILLS 0.4m @ 145.5 g/t GOLD AND 20% ANTIMONY WITHIN 21.7m @ 4.7 g/t GOLD
AND 1% ANTIMONY IN DEEPEST HOLE DRILLED AT SUNDAY CREEK, VICTORIA, AUSTRALIA
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) is pleased to announce assay results from seven diamond drill holes (MDDSC016A-22) drilled
at the 100%-owned Sunday Creek project in the Victorian Goldfields of Australia. The Sunday Creek epizonal-style gold
project is located 56 kilometres north of Melbourne and within 19,365 hectares of granted exploration tenements.
Highlights:
➢ 21.7 metres @ 4.7 g/t Au and 1.0% Sb (5.6 g/t AuEq) from 274.7 metres in hole MDDSC021, including:
o 0.4 metres @ 145.5 g/t Au and 20.0% Sb (165.4 g/t AuEq) from 277.0 metres;
o 1.1 metres @ 19.2 g/t Au and 7.5% Sb (26.7 g/t AuEq) from 280.4 metres;
o 0.4 metres @ 14.7 g/t Au and 3.3% Sb (17.9 g/t AuEq) from 287.4 metres;
o The deepest drill hole drilled at Sunday Creek ( 225 metres vertical depth ), and h ighest-grade gold-
stibnite mineralization to date on the project (Tables 1-3, Figures 1-3):
➢ 77.6 metres @ 0.8 g/t Au and 0.2% Sb (1.0 g/t AuEq) from 109.4 meters in hole MDDSC016A, including:
o 23.5 metres @ 1.6 g/t Au and 0.3% Sb (1.9 g/t AuEq) from 109.4 metres
➢ Drilling continues with t wenty-five diamond drill holes (MDDSC001 -025) for 6,00 5 metres have been now
completed at the Sunday Creek gold project.
Michael Hudson, Executive Chairman, states: “As we start to take bolder and larger step-outs, our deepest
hole at Sunday Creek intersect ed the highest grades we have seen to date and is the seventh intersection
exceeding 100 g/t * width on the project. Sunday Creek continues to deliver with continuity of mineralization
over larger strike distances in multiple drill holes and grades improving at depth. Notwithstanding, all
mineralization remains open at depth and the system continues 10 kilometres to the east covering historic
mines, without a single drill hole test.”
MDDSC016A intersected 77.6 metres @ 0.8 g/t Au and 0.2% Sb 1.0 g/t AuEq (no lower cut) from 109.4 metres at the
Apollo Mine area, drilled 80 metres below VCRC007 (28 metres @ 3.0 g/t Au 0.3% Sb 3.2 g/t AuEq). Higher grade zones
included:
o 23.5 metres @ 1.6 g/t Au and 0.3% Sb (1.9 g/t AuEq) from 109.4 metres including:
▪ 0.4 metres @ 53.3 g/t Au and 3.5% Sb (56.8 g/t AuEq) from 124.7 metres
o 11.9 metres @ 0.7 g/t Au and 0.5% Sb (1.2 g/t AuEq) from 157.5 metres including:
▪ 0.4 metres @ 0.9 g/t Au and 12.1% Sb (12.9 g/t AuEq) from 167.8 metres
o 7.6 metres @ 2.2 g/t Au and 0.2% Sb (2.4 g/t AuEq) from 174.6 metres
MDDSC017, also at Apollo intersected:
o 0.7 metres @ 14.1 g/t Au and 0.0% Sb (14.1 g/t AuEq) from 242.7 metres
o Interpreted to have clipped the southern edge of the broader north -dipping mineralized zone 50 metres
below MDDSC0015A (15.3 metres @ 2.2 g/t Au and 2.1% Sb (4.3 g/t AuEq) from 231.4 metres)
MDDSC018 Mawson’s first drill hole to test immediately below the Golden Dyke workings, intersected:
o 12.2 metres @ 1.6 g/t Au and 0.2% Sb (1.8 g/t AuEq) from 199.8 metres;
▪ Including 1.0 metre @ 12.5 g/t Au and 1.1% Sb (13.5 g/t AuEq) from 202.3 metres
o Golden Dyke is located 600 metres west of the Apollo Mine. The Golden Dyke workings consisted of 20
individual stopes over 200 metres strike, down to 180 metres vertical depth (Figure 2). It is estimated a
total of 15,000 ounces @ 12.6 g/t Au were extracted during the late 1800s to the early 1900s. Free gold
recoveries were reported to be around 50% due to metallurgical complications (at the time) with stibnite.
MDDSC019 also at Golden Dyke, drilled 95 metres ENE of MDDSC018 intersected:
o 1.0 metre @ 3.5 g/t Au and 0.1% Sb (3.5 g/t AuEq) from 52.0 metres;
o 4.0 metres @ 0.9 g/t Au and 0.0% Sb (1.0 g/t AuEq) from 159.0 metres
MDDSC020 testing below the Rising Sun Mine, located 240 metres ENE from the Golden Dyke area intersected:
o 15.0 metres @ 1.3 g/t Au and 0.4% Sb (1.8 g/t AuEq) from 207.0 metres including:
▪ 1.0 metre @ 8.4 g/t Au and 0.2% Sb (8.7 g/t AuEq) from 207.0 metres;
▪ 0.7 metres @ 2.8 g/t Au and 3.5% Sb (6.2 g/t AuEq) from 216.7 metres
o Drilled 120 metres below MDDSC003 (6 metres @ 1.6 g/t Au and 1.4% Sb (3.0 g/t AUEQ) and historic drill
hole VCRC022 (19 metres @ 6.5 g/t Au and 0.3% Sb (6.8 g/t AuEq)
MDDSC021 drilled 90 metres below MDDSC020 and the deepest intersection drilled to date at on the project intersected:
o 21.7 metres @ 4.7 g/t Au and 1.0% Sb (5.6 g/t AuEq) from 274.7 metres including:
▪ 0.4 metres @ 145.5 g/t Au and 20.0% Sb (165.4 g/t AuEq) from 277.0 metres;
▪ 1.1 metres @ 19.2 g/t Au and 7.5% Sb (26.7 g/t AuEq) from 280.4 metres;
▪ 0.4 metres @ 14.7 g/t Au and 3.3% Sb (17.9 g/t AuEq) from 287.4 metres
o Located 600 metres west from the channel samples recently announced (14.0 metres at 11.5 g/t gold and
0.3% antimony including 8.0 metres @ 19.6 g/t gold and 0.4% antimony).
MDDSC022 drilled 115 metres east of MDDSC0020 below the Root Hog Mine area did not intersect significant mineralization
within a zone of structural complexity.
Mawson has now completed twenty-five drill holes (MDDSC001-025) for 6,005 metres at the Sunday Creek gold-antimony
project (Figures 1 and 2). Drilling continues and assays from 22 out of the 25 finalized holes have been released. Geophysical
surveys (3D induced polarization and ground magnetics) and detailed LiDAR surveys have been complete d. A 1,600-point
soil sampling program at Sunday Creek extending east -northeast from drilling areas to test the 11 -kilometre trend of
historically mined epizonal dyke -hosted mineralization within Mawson’s tenured areas has also been completed. The
integration of the LiDAR, soil sampling data, rock chips and geophysics is key to the expansion of the project along strike.
At Sunday Creek, historic gold mining occurred between 1880 and 1920 over a greater than 11-kilometre strike length.
Drilling during 1990-2000s focused on shallow, previously mined surface workings, covering an area of 100 metres in width
and 800 metres in length but only to 80 metres average depth. As such, the entire field remains open along strike and to
depth. Apollo was the first deep shaft to 100 metres in the late 1800s in a series of sheeted stibnite-rich veins, predominately
hosted within a zone of felsic dykes and related alteration that broadly controls gold distribution.
Mineralization at Sunday Creek is hosted in late-Silurian to early-Devonian-aged shales and siltstones containing a series of
dykes of felsic-intermediate composition. Gold is concentrated mainly in and around the north dipping and EW to NE-SW
striking felsic dykes and the halo of associated pre-mineralization dyke-related sericite-pyrite alteration. The mineralization
generally lies within brittle multiple sheeted veins and cataclastic zones. Individual NW striking high-grade quartz-stibnite
veins at Apollo and Golden Dyke, and cataclastic zones at Gladys were the focus of historical mining at Sunday Creek. These
zones have been proven to continue to depth by Mawson. Broader vein -hosted and cataclastic mineralization grading less
than 15 g/t gold appears untouched by the historic miners.
Technical and Environmental Background
Tables 1–3 provide collar and assay data. The true thickness of the mineralized interval is interpreted to be approximately 70% of the
sampled thickness. All drill results quoted have a lower cut of 0.3 g/t Au cut over a 2.0 metre width, with higher grades reported with a
5 g/t Au cut over 1.0 metre applied unless otherwise stated.
A diamond drill rig from contractor Starwest Pty Ltd was used in the program. Core diameter is HQ (63.5 mm) and oriented with excellent
core recoveries averaging close to 100% in both oxidized and fresh rock. After photographing and logging in Mawson’s core logging
facilities in Nagambie, intervals were diamond sawn in half by Mawson personnel . Half core is retained for verification and reference
purposes. Analytical samples are transported to On Site Laboratory Services’ Bendigo facility 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 Mawson consists of the systematic insertion
of certified standards of known gold content and blanks within interpreted mineralized rock. In addition, On Site inserts blanks and
standards into the analytical process.
Gold Equivalent Calculation
It is the opinion of Mawson that all the elements included in the metal equivalent calculation have a reasonable potential to be recovered.
The gold equivalent (AuEq) was calculated based on commodity prices as 21 March 2021. The AuEq formula is as follows: AuEq(g/t) =
(Aug/t) + (XX * Sb%), where XX = (US$5,600/100) / (US$1,750/31.1035) and the gold price = US$1,750/oz and antimony price =
US$5,600/tonne.
Qualified Person
Dr Nick Cook (FAusMM), Chief Geologist for the Company, is a qualified person as defined by National Instrument 43-101 – Standards of
Disclosure or Mineral Projects and has prepared or reviewed the preparation of the scientific and technical information in th is press
release.
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 Arctic exploration
company with a focus on the flagship Rajapalot gold -cobalt project in Finland. Mawson also owns or is joint venturing into three high -
grade, historic epizonal goldfields covering 470 square kilometres in Victoria, Australia and is well placed to add to its already significant
gold-cobalt resource in Finland.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, Executive Chairman
Further Information
www.mawsongold.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez (Canada), Corporate Secretary, +1 (604) 685 9316,
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 that any forward-looking
statements are not guarantees of future results or performance, and that actual results m ay differ materially from those in forward -
looking statements as a result of various factors, including, but not limited to, timing and successful completion of drill programs planned
at Sunday Creek, 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 the current pandemic known as COVID-19 on the
Company’s business, 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 www.sedar.com. 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 fo rward-
looking statement, whether as a result of new information, future events or results or otherwise.
Figure 1: Plan location of the Sunday Creek Project historic mines and location Mawson drilling.
Figure 2: Longitudinal (“Long”) Section of the Golden Dyke to Apollo Mine Area highlighting Mawson drillholes MDDSC0016 and MDDSC0022 reported here.
nd
co
Figure 3: Cross Section of the Rising Sun Mine showing Mawson drillholes MDDSC020 and MDDSC021 reported here
Table 1: Collar information from Mawson’s drilling at the Sunday Creek Project
Coordinate Reference System GDA94, Zone 55 (EPSG:28355)
Area Hole_ID Easting Northing Dip Azimuth RL (m) Depth (m) Date Reported
Central MDDSC001 331080 5867769 -55.5 283.3 318 67 October 07, 2020
Central MDDSC002 331085 5867771 -65.6 241.9 318 150.3 October 27, 2020
Rising Sun MDDSC003 330776 5867892 -65.2 240.2 295 127.7 October 27, 2020
Golden Dyke MDDSC004 330637 5867822 -44 240.5 321 280 January 05, 2021
Apollo MDDSC005 331029 5867798 -45.5 89.6 311 160.1 January 05, 2021
Gladys MDDSC006 331023 5867799 -39.4 237.1 311 99.6 February 11, 2021
Gladys MDDSC007 330985 5867712 -42 70 321.5 150.8 February 11, 2021
Gladys MDDSC008 331044 5867763 -52 253.2 320 99.2 February 11, 2021
Gladys MDDSC009 331013 5867799 -50 260 311 105.9 February 11, 2021
Gladys MDDSC010 331033 5867798 -60 214 310.5 151.3 February 11, 2021
Gladys MDDSC011 331042 5867798 -55 270 310 215.8 March 22, 2021
Apollo MDDSC012 331172 5867842 -60 252.4 309 262.9 March 22, 2021
Apollo MDDSC013 331170 5867842 -68 223 309 43.4 Abandoned
Apollo MDDSC013A 331170 5867842 -68 223 309 270 July 06, 2021
Apollo MDDSC014 330985 5867712 -75 41.4 303.7 300 July 06, 2021
Apollo MDDSC015 331191.6 5867860 -65 253 306.7 29.8 Abandoned
Apollo MDDSC015A 331191.6 5867860 -65 253 306.7 423.2 July 06, 2021
Apollo MDDSC016 331104.4 5867822 -66 236 308.3 15.74 Abandoned
Apollo MDDSC016A 331104.4 5867822 -66 236 308.3 252.5 Here
Apollo MDDSC017 331196.4 5867856 -72 260 307.6 450 Here
Golden Dyke MDDSC018 330548 5867891 -55 195 307.6 300 Here
Golden Dyke MDDSC019 330615.8 5867886 -57 195 300.39 196.4 Here
Rising Sun MDDSC020 330755 5868012 -55 195 298.43 200 Here
Rising Sun MDDSC021 330755 5868012 -65 200 298.43 321.4 Here
Root Hog MDDSC022 330875 5868005 -55 200 307.19 282.5 Here
Gladys MDDSC023 330981 5867845 -66 175 297.35 222.6 TBA
Gladys MDDSC024 330981 5867845 -77 175 297.35 306.3 TBA
Apollo MDDSC025 331154 5867964 -72 210 297.35 444.2 TBA
Note: (1) The true thickness of the mineralized interval is interpreted to be approximately 70% of the sampled thickness.
Table 2: Intersections from Mawson’s drilling from the Sunday Creek Project. Intersections are reported with a lower cut of 0.3 g/t Au
cut over 2.0 metre width, with higher grades reported with a 5 g/t Au cut over 1.0 metre.
Hole_ID From
(m)
To (m) Width(1)
(m)
Au g/t Sb% AuEq
g/t
MDDSC001 0.0 15.2 15.2 3.7 0.2 3.9
including 2.0 2.8 0.8 9.4 0.4 9.7
including 6.0 6.2 0.1 15.8 0.1 15.9
including 8.0 8.7 0.7 5.7 0.1 5.8
including 10.0 11.6 1.6 11.3 0.3 11.5
MDDSC001 56.0 56.9 0.9 2.2 0.0 2.2
MDDSC001 64.0 65.4 1.4 0.6 0.1 0.7
MDDSC002 16.0 17.5 1.5 1.2 0.3 1.4
MDDSC002 26.0 26.3 0.3 6.3 0.2 6.4
MDDSC002 39.0 41.0 2.0 1.4 0.0 1.4
MDDSC002 50.0 59.0 9.0 3.2 0.5 3.7
including 54.0 54.3 0.3 82.8 13.8 96.5
MDDSC002 76.0 76.5 0.5 1.0 0.0 1.1
MDDSC002 96.0 96.6 0.6 2.2 0.3 2.5
MDDSC002 109.0 110.1 1.1 21.4 3.3 24.7
MDDSC002 113.0 113.3 0.3 10.6 1.1 11.7
MDDSC002 116.0 130.3 14.3 2.9 0.5 3.3
including 116.0 116.3 0.3 25.6 0.0 25.6
including 117.0 117.4 0.4 18.0 2.8 20.8
including 119.0 119.6 0.5 7.0 7.3 14.3
including 123.0 124.1 1.1 5.2 0.8 6.0
including 128.0 128.2 0.2 7.1 0.0 7.1
MDDSC002 135.0 136.0 1.0 0.6 0.0 0.6
MDDSC002 143.0 144.0 1.0 1.8 0.0 1.8
MDDSC003 72.0 73.5 1.5 3.6 0.3 3.9
including 72.0 72.9 0.9 5.3 0.5 5.7
MDDSC003 76.0 81.5 5.5 1.6 1.4 3.0
including 79.0 79.6 0.6 5.9 10.0 15.8
MDDSC003 84.0 84.9 0.9 1.0 0.0 1.0
MDDSC003 91.0 92.4 1.3 0.4 0.6 1.0
MDDSC003 116.0 119.1 3.1 0.6 0.0 0.6
MDDSC005 15.0 15.3 0.3 0.7 0.0 0.7
MDDSC005 88.0 92.2 4.2 3.4 0.1 3.5
including 89.0 89.2 0.1 7.1 0.7 7.9
MDDSC005 99.0 99.2 0.2 1.3 0.4 1.6
MDDSC005 107.0 112.7 5.7 0.6 0.6 1.2
including 109.0 109.2 0.2 3.0 11.2 14.1
MDDSC005 120.0 135.7 15.7 2.6 1.0 3.6