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 MARCH 08, 2022
MAWSON DRILLS 5.6 METRES @ 10.0 g/t AuEq IN DEEPEST HOLE
AT SUNDAY CREEK, VICTORIA, AUSTRALIA
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Compa n y ” ) ( T S X : M A W ) ( F r a n k f u r t : M X R )
(PINKSHEETS: MWSNF) is pleased to announce assay results from the deepest diamond d rill hole (MDDSC026) drilled
at the Sunday Creek project in the Victorian Goldfields of Australia. The Sunday Creek epizonal-style gold project is located
60 kilometres north of Melbourne and within 19,365 hectares of granted exploration tenements.
Highlights:
5.6 metres @ 9.2 g/t Au and 0.8% Sb (10.0 g/t AuEq) from 469.7 metres in hole MDDSC026, including:
o 1.2 metres @ 36.2 g/t Au and 3.3% Sb (39.4 g/t AuEq) from 470.0 metres.
Increases mineralization depth to 420 metres vertical, the deepest drill hole at Sunday Creek.
Drilled on the same mineralized shoot 130 metres west and below previously reported MDDSC025,
which intersected 11.7 metres @ 16.0 g/t AuEq from 362.0 metres (Tables 1-3, Figures 1-3).
Prospectus to be lodged in March for the proposed spin-out of Mawson’s Australian assets onto the
Australian Securities Exchange (“ASX”).
Michael Hudson, Executive Chairman of Mawson and MD-elect for S outhern Cross, states : “With the last hole to report
before we lodge Southern Cross Gold’s prospectus, Sunday Creek continues to prove itself as one of the best discoveries to
be made in the modern renaissance of the Victorian goldfields. Our deepest hole at the project to date, on a big step out
on the Apollo structure is another extremely strong result. Mineralization remains open at depth and the system continues
10 kilometres to the east covering historic mines, without a single drill hole test.”
Exploration work at Sunday Creek over the last 18 months has been undertaken by Clonbinane Goldfield Pty Ltd (“CGF”).
CGF owns 100% of the project and was recently transferred from Mawson Gold Ltd to Southern Cross Gold Ltd (“Southern
Cross”) as part of a larger internal reorganization ahead of Souther n Cross’ proposed initial public offering (“IPO”) onto
the ASX expected to be completed in Q2 2022. Today, Mawson holds 84.62% of Southern Cross’ issued shares after recently
raising A$2.725 million privately into Southern Cross to fund ongoing exploration and IPO costs.
MDDSC026 is another large step-out, located 130 metres west of and below MDDSC025 (Figure 1), the previous deepest
intersection drilled at the project (11.7 metres @ 12.4 g/t Au and 3.6% Sb (16.0 g/t AuEq) from 362.0 metres including 3.0
metres @ 41.4 g/t Au and 12.0% Sb (53.4 g/t AuEq) from 364.0 me tres on the Apollo structure (Figures 2 and 3).
MDDSC026 intersected a broad zone of mineralization greater tha n 100 metres down hole thickness (Tables 2 and 3).
Highlights, (lower cut 0.3 g/t Au over 2 metre) include:
10.0 metres @ 0.9 g/t Au from 381.0 metres, including:
o 0.4 metres @ 7.0 g/t Au from 386.8 metres
3.0 metres @ 1.8 g/t Au and 0.4% Sb (2.1 g/t AuEq) from 437.8 metres
8.2 metres @ 1.1 g/t Au and 0.2% Sb (1.3 g/t AuEq) from 446.6 metres
5.6 metres @ 9.2 g/t Au and 0.8% Sb (10.0 g/t AuEq) from 469.7 metres in hole MDDSC026, including:
o 1.2 metres @ 36.2 g/t Au and 3.3% Sb (39.4 g/t AuEq) from 470.0 metres;
Mawson has reported twenty-six drill holes (MDDSC001-026) for 6,447.8 metres at the Sunday Creek gold-antimony project
since mid-2021 (Figures 1 and 2). Drilling continues during the proposed Southern Cross IPO but further assays of drill
cores are not expected to be completed before the company is admitted to the official list of the ASX.
Technical and Environmental Background: Tables 1–3 provide collar and assay data. The true thickness of the mineralized interval
is interpreted to be approximately 60% of the sampled thickness . All drill results quoted have a lower cut of 0.3 g/t Au cut o ver a 2.0
metre width, with higher grades reported with a 5 g/t Au cut over 1.0 metre applied unless otherwise stated. Lab duplicates and quarter
core field duplicates demonstrate that mineralization is homogenous with a low nugget effect evident. 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
d i a m o n d s a w n i n h a l f b y M a w s o n p e r s o n n e l . H a l f c o r e i s r e t a i n e d for verification and reference purposes. Analytical samples ar e
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 techni que (PE01S method; 25 gram charge), followed by measuring the g old
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, quarter core duplicates 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 t he metal equivalent calculation have a
reasonable potential to be recov ered. The gold equivalent (AuEq ) was calculated based on commodity prices as 21 March 2021. Th e
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 (FAusIMM), Chief Geologist for the Company, is a q ualified person as defined by National Instrument
43-101 – Standards of Disclosure or Mineral Projects and has pr e p a r e d o r r e v i e w e d t h e p r e p a r a t i o n o f t h e s c i e n t i f i c a n d t e c h n ical
information in this press release.
About Mawson Gold Limited (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)
Mawson Gold Limited is an exploration and development company with its flagship Rajapalot gold-cobalt project in Finland now entering
technical de-risking stages. Alongside ongoing exploration at Rajapalot, Mawson holds an option to earn up to 85% in the Skelleftea Gold
Project in Sweden. Mawson also has a significant majority interest in the ownership or joint venture into three high-grade, historic epizonal
goldfields covering 470 km² in Victoria, Australia, through Southern Cross Gold Ltd, which is in the process of listing on the ASX.
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 [email protected]
Forward-Looking Statement
This news release contains forward-looking statements or forwar d-looking information within the meaning of applicable securiti es laws
(collectively, "forward-looking statements"). All statements he rein, other than statements of h istorical fact, are forward-loo king
statements. Although Mawson believes that such statements are reasonable, it can give no assurance that such expectations will 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 may differ materially from those in fo rward-
looking statements as a result of various factors, including, b ut not limited to, timing and successful completion of explorat ion and drill
programs planned at Sunday Creek, timing and successful completion of Southern Cross Gold’s IPO and listing of Southern Cross Gold’s
common shares on ASX, Mawson’s expectations regarding its ownership interest in Southern Cross Gold, capital and other costs varying
significantly from estimates, changes in world metal markets, c hanges in equity markets, the potential impact of epidemics, pa ndemics
or other public health crises, including the current pandemic k nown as COVID-19 on the Company’s business, risks related to ne gative
publicity with respect to the Company or the mining industry in general; planned drill programs and results varying from expec tations,
delays in obtaining results, equipment failure, unexpected geol ogical conditions, local communi ty 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 rec ent 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 forward-lookin g statement, whether as a result of new information, future eve nts or
results or otherwise.
Figure 1: Plan location of the Southern Cross Gold’s Permit Areas in Victoria
Agnico Eagle Mines (Fosterville)
Figure 2: Plan location of the Sunday Creek Project historic mines and location Mawson drilling from this new release (MDDSC0026).
Figure 3: Longitudinal (“Long”) Section of the Golden Dyke to Apollo Mine Area indicating Mawson drillhole MDDSC0026 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 27 October, 2021
Apollo MDDSC017 331196.4 5867856 -72 260 307.6 450 27 October, 2021
Golden Dyke MDDSC018 330548 5867891 -55 195 307.6 300 27 October, 2021
Golden Dyke MDDSC019 330615.8 5867886 -57 195 300.39 196.4 27 October, 2021
Rising Sun MDDSC020 330755 5868012 -55 195 298.43 200 27 October, 2021
Rising Sun MDDSC021 330755 5868012 -65 200 298.43 321.4 27 October, 2021
Root Hog MDDSC022 330875 5868005 -55 200 307.19 282.5 27 October, 2021
Gladys MDDSC023 330981 5867845 -66 175 297.35 222.6 13 Dec, 2021
Gladys MDDSC024 330981 5867845 -77 175 297.35 306.3 13 Dec, 2021
Apollo MDDSC025 331154 5867964 -72 210 297.35 444.2 13 Dec, 2021
Apollo MDDSC026 331111 5867971 -73 215 318.56 519.2 Here
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
including 124.0 124.1 0.1 52.6 7.5 60.0
including 128.0 128.6 0.6 13.0 2.0 15.0
including 131.0 131.4 0.4 8.3 5.1 13.4
including 133.0 134.7 1.7 8.6 4.9 13.5
MDDSC006 29.0 30.0 1.0 2.3 0.0 2.3
MDDSC006 33.0 33.8 0.8 0.9 0.0 0.9
MDDSC006 57.0 57.6 0.6 0.0 4.4 4.4
MDDSC007 76.0 81.8 5.8 2.2 0.4 2.6
MDDSC007 76.0 76.3 0.3 7.8 2.4 10.2
MDDSC007 79.0 79.4 0.4 22.8 3.2 26.0
MDDSC007 85.0 90.4 5.4 0.6 0.0 0.6
MDDSC007 96.0 96.8 0.8 0.6 0.0 0.6
MDDSC008 13.0 14.0 1.0 1.0 0.0 1.0
MDDSC008 26.0 26.9 0.9 1.3 0.0 1.3
MDDSC008 32.0 33.8 1.8 1.2 0.0 1.2
MDDSC008 68.0 68.7 0.7 20.6 5.0 25.6
MDDSC008 95.0 95.2 0.2 8.4 3.9 12.3
MDDSC009 26.0 26.4 0.4 0.8 0.0 0.8
MDDSC009 29.0 30.7 1.7 0.6 0.4 1.0
MDDSC009 51.0 53.0 2.0 0.6 0.0 0.6
MDDSC009 67.0 68.7 1.7 2.5 0.0 2.5
MDDSC009 84.0 85.0 1.0 1.0 0.0 1.0
MDDSC010 41.0 41.6 0.6 20.6 0.0 20.6
MDDSC010 47.0 48.9 1.9 1.0 0.0 1.0
MDDSC010 59.0 59.5 0.5 0.6 0.0 0.6
MDDSC010 70.0 79.0 9.0 4.7 0.1 4.8
including 74.0 76.0 2.0 18.6 0.5 19.1
MDDSC010 82.0 84.3 2.3 0.9 0.0 0.9
MDDSC010 93.0 95.5 2.5 0.9 0.1 1.0
MDDSC010 98.0 101.1 3.1 10.8 1.6 12.4
including 100.0 101.2 1.2 25.7 4.1 29.8
MDDSC010 120.0 121.4 1.4 1.0 0.0 1.0
MDDSC011 55.0 56.0 1.0 0.9 0.0 0.9
MDDSC011 79.0 82.0 3.0 0.4 0.0 0.4
MDDSC011 99.0 101.0 2.0 2.0 0.0 2.0
MDDSC011 184.0 187.8 3.8 0.6 0.0 0.6
MDDSC012 74.0 74.7 0.7 0.9 0.2 1.1
MDDSC012 76.0 78.2 2.2 0.4 0.3 0.7
MDDSC012 141.0 141.6 0.6 0.7 0.1 0.8
MDDSC012 155.0 155.3 0.3 0.2 0.8 1.0
MDDSC012 178.0 180.8 2.8 4.0 0.3 4.3
including 178.0 178.8 0.8 11.4 0.9 12.3
MDDSC012 184.0 189.9 5.9 1.7 0.1 1.8
including 185.0 186.0 1.0 4.3 0.8 5.1
MDDSC012 196.0 200.3 4.3 2.2 0.2 2.4
including 196.0 197.0 1.0 5.9 0.3 6.2
MDDSC012 203.0 213.4 10.4 5.4 1.0 6.4
including 207.0 207.2 0.2 37.3 12.0 49.2
including 209.0 211.2 2.2 15.8 3.3 19.2
MDDSC012 226.0 227.1 1.1 1.4 0.0 1.4
MDDSC013A 111.1 116.3 5.3 3.08 1.13 4.21
including 111.1 111.7 0.6 14.40 9.64 24.00
including 113.5 114.1 0.6