Multiple high-grade veins, 9 intersections > 15 g/t gold demonstrating downdip continuity. 15,000 m still to be drilled in 2023, 4 rigs operating.
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE June 1, 2023
Mawson’s Subsidiary SXG Intersects Third Best Hole, 10.4 m @ 22.4 g/t AuEq, at Sunday
Creek, Victoria, Australia
Multiple high-grade veins, 9 intersections > 15 g/t gold demonstrating downdip continuity.
15,000 m still to be drilled in 2023, 4 rigs operating.
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX:MAW)
(Frankfurt:MXR) (PINKSHEETS:MWSNF) announces results from drillhole SDDSC066 at the Sunday Creek
Project in Victoria, Australia (Figure 1). Highlights include 10.4 m @ 22.4 g/t gold equivalent (“AuEq”)
(18.6 g/t gold (“Au”), 2.4% antimony (“Sb”)) from 542.2 m.
SDDSC066 successfully traversed across multiple (5) high -grade vein sets. Nine intervals >15 g/t Au (up to
188.8 g/t Au), and 6 intervals >5% Sb (up to 22.5% Sb) were intersected.
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 both in the main drill area and up to 7.5 km along strike at the Tonstal,
Consols and Leviathan prospects with 16 holes being processed and analyzed and four holes (SDDSC068,
76, 77 and SDDLV001) in drill progress (Figure 2). Mineralization now extends in the main drill area over
1,350 m from Christina in the far west to SDDSC063.
Highlights:
• SDDSC066 (Figs 3-5) drilled from east to west intersected five main mineralized structures over a 312
m wide downhole interval with multiple high-grade intersections:
• 0.5 m @ 8.1 g/t AuEq (8.1 g/t Au, 0.0% Sb) from 240.1 m
• 0.3 m @ 17.4 g/t AuEq (4.4 g/t Au, 8.3% Sb) from 243.6 m
• 0.2 m @ 34.1 g/t AuEq (26.3 g/t Au, 5.0% Sb) from 297.2 m
• 10.5 m @ 5.8 g/t AuEq (4.2 g/t Au, 1.0% Sb) from 302.8 m, including:
o 0.2 m @ 18.3 g/t AuEq (18.3 g/t Au, 0.0% Sb) from 306.2 m
o 1.0 m @ 23.1 g/t AuEq (12.8 g/t Au, 6.5% Sb) from 308.0 m
o 1.5 m @ 17.4 g/t AuEq (14.2 g/t Au, 2.0% Sb) from 311.0 m
• 7.8 m @ 5.4 g/t AuEq (4.0 g/t Au, 0.9 %Sb) from 401.3 m, including:
o 0.4 m @ 42.7 g/t AuEq (28.1 g/t Au, 9.3% Sb) from 404.6 m
o 0.2 m @ 44.0 g/t AuEq (40.5 g/t Au, 2.2% Sb) from 407.5 m
o 0.2 m @ 31.1 g/t AuEq (26.8 g/t Au, 2.7% Sb) from 408.9 m
Continued over the page
Highlights:
SDDSC066 results continued:
• 0.5 m @ 5.4 g/t AuEq (4.5 g/t Au, 0.6% Sb) from 431.8 m
• 0.2 m @ 18.9 g/t AuEq (8.4 g/t Au, 6.6% Sb) from 506.5 m
• 5.6 m @ 1.9 g/t AuEq (1.5 g/t Au, 0.3% Sb) from 522.8 m, including:
o 0.5 m @ 8.4 g/t AuEq (6.7 g/t Au, 1.0% Sb) from 523.9 m
• 7.4 m @ 1.8 g/t AuEq (1.7 g/t Au, 0.1% Sb) from 531.9 m, including:
o 0.8 m @ 13.9 g/t AuEq (13.3 g/t Au, 0.4% Sb) from 538.0 m
• 10.4 m @ 22.4 g/t AuEq (18.6 g/t Au, 2.4% Sb) from 542.2 m, including:
o 1.0 m @ 224.3 g/t AuEq (188.8 g/t Au, 22.5% Sb) from 544.2 m
o 0.8 m @ 10.6 g/t AuEq (7.3 g/t Au, 2.1% Sb) from 549.1 m
• Mawson owns 93,750,000 shares of SXG (51%), valuing its stake at A$45.0 million (C$39.7 million)
based on SXG’s closing price on May 31, 2023 AEST.
Noora Ahola, Mawson Interim CEO, states: “Yet another great result from the team at Southern Cross Gold.
Delivering 10.4 m @ 22.4 g/t AuEq from 542.2 m, SDDSC066 continues the discovery of high grade
intercepts at depth as the third best hit at the project to date and a 250 m to 300 m depth extension of
SDDSC033 that also intersected a wide mineralized footprint with high grade components (including 119.2 m
@ 3.9 g/t AuEq) almost a year ago to the day.
SXG is now halfway through its 30,000 m drill campaign for 2023 and is fully funded and permitted to execute
on its strategy across its 11 km mineralized trend at Sunday Creek. Given the regularity of high-grade veins,
scale and continuity of minerali zation, we are excited about the result s which will continue to follow in the
months ahead at what we consider to be one of the most exciting and high-grade gold discoveries anywhere
in the world today.”
Results Discussion
SDDSC066 is the third best intersection on the Sunday Creek project to date, drilled at the east end of drilled
mineralization at Sunday Creek (in the Apollo area). The hole was designed to test five main mineralize d
vein sets and intersected 312 m @ 1.4 g/t AuEq (1.1 g/t Au, 0.2% Sb) from 240.1 m (with no lower
cut). This is the greatest down dip extension of mineraliza tion to date on the eastern end of the main
mineralized body at Sunday Creek. Highlights include 10.5 m @ 5.8 g/t AuEq (4.2 g/t Au, 1.0% Sb)
from 302.8 m, 7.8 m @ 5.4 g/t AuEq (4.0 g/t Au, 0.9% Sb) from 401.3 m, and 10.4 m @ 22.4
g/t AuEq (18.6 g/t Au), 2.4% Sb from 542.2 m, including 1.0 m @ 224.3 g/t AuEq (188.8 g/t
Au, 22.5% Sb). In total nine intervals >15 g/t Au (up to 188.8 g/t Au), and six intervals >5% Sb (up to
22.5% Sb) were intersected.
Specifically, SDDSC066 was drilled east to west sub -parallel to the host sequence, a zone of intensely
altered ‘bleached’ sericite-albitic siltstones, and sericite-carbonate-albite altered dyke rocks that range from
50 m to 200 m wide. The hole was also d rilled at a moderate to high angle to the north -west striking
mineralized vein sets that regularly cross the host structure on a predominate north-west orientation and are
typically 10 m to 40 m wide (cut off dependent), 20 m to 60 m along strike, and 300 m to 830 m down dip.
Therefore, the hole was able to intersect five main mineral ized structures over a 312 m wide downhole
interval, while drilling inside the mineralized host.
For the first time a fibrous Pb-Sb sulphosalt, possibly boulangerite (Pb5Sb4S11), a diagnostic alteration mineral
in other epizonal deposits, including Fosterville, was identified in void spaces in quartz at 262.5 m in
SDDSC066 (Photo 1).
Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is available on the SXG
website at www.southerncrossgold.com.au
Figures 1-5 show project location, plan, longitudinal and cross -sectional views of drill results reported here
and Tables 1–3 provide collar and assay data. The true thickness of the mineralize d intervals reported are
interpreted to be approximately 60-70% of the sampled thickness. Lower grades were cut at 0.3 g/t Au lower
cutoff over a maximum width of 3 m with higher grades cut at 5.0 g/t Au cutoff over a maximum of 1 m
width, unless otherwise stated.
Update on Current Drilling
Drilling with four rigs is in progress at Sunday Creek and up to 7.5 km north-east at the Tonstal, Consols and
Leviathan prospects. Sixteen new holes (SDDSC067, 69- 75 and SDDTS001 -7, SDDCN001 and SDDLV001)
are currently being geologically processed and analyzed, with four holes (SDDSC068, 76, 77 and SDDLV001)
in drill progress (Figure 2).
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 analogous mining operations. Historically, ore from Sunday
Creek was treated onsite or shipped to the Costerfield mine, located 54 km to the northwest of the pr oject,
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 25 March 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: 𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴 = 𝐴𝐴𝐴𝐴 (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 𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴 = 𝐴𝐴𝐴𝐴 (𝑔𝑔/𝑡𝑡) + 1.58 × 𝑆𝑆𝑆𝑆 (%) is
appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.
For previously reported exploration results referenced in this news release, refer to the following:
May 30, 2022 SDDSC033
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 the current pandemic known as
COVID-19 on the Company’s business, risks related to negative publicity with respect to the Company or the mining industry in
general; exploration 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 Maws on'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 forward-looking statement,
whether as a result of new information, future events or results or otherwise.
Photo 1: SDDSC066 262.5 m showing a fibrous Pb-Sb sulphosalt, possibly boulangerite (Pb5Sb4S11), commonly seen as alteration in epizonal systems.
Ticks show mm scale.
Figure 1: Location of the Sunday Creek project, along with SXG’s other Victoria projects.
Figure 2: Sunday Creek plan view showing SDDSC066 reported in this press release (grey box), selected prior reported drill holes and pending holes (yellow collar and trace).
Figure 3: Sunday Creek cropped longitudinal section A-B (50 m influence) across the Apollo area looking towards the northwest showing dyke interpreted mineralized veins
sets, SDDSC066 reported here and prior reported drill holes.