Diamond Drilling and Geophysics Underway IN Australia
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE AUGUST 19, 2020
DIAMOND DRILLING AND GEOPHYSICS UNDERWAY IN AUSTRALIA
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) is pleased to announce field programs are well underway, with diamond drilling commencing
at its 100%-owned Sunday Creek gold project in the central Victorian goldfields of Australia. In addition, large geophysical
surveys are ongoing at the Redcastle gold project.
Key points:
Diamond drilling has commenced at the Sunday Creek gold project in the Victorian Goldfields. The target is high-
grade veining with associated mineralised halos, typical of epizonal-style gold mineralization at the Apollo-Golden
Dyke prospect.
o An initial 500 metre drill program is planned, after wh ich the rig will immediately move to the Company’s
Redcastle project. A total program of 5,000 metres is planned for the remainder of 2020 in Victoria;
o Historic gold mines at Sunday Creek occur over a greater than 11-kilometre trend. Modern drilling at
Sunday Creek has focussed on shallow, previously mi ned surface workings, to an average of 80 metres
depth. Selected historical drill results include:
CRC013: 21 metres @ 4.8 g/t gold from 9 metres including 2 metres @ 28.8 g/t gold from
15 metres, and VCRC022: 8 metres @ 11.3 g/t gold from 66 metres including 2 metres @
40.3 g/t gold from 70 metres;
At Redcastle gradient array induced polarization (“IP”) surveys are in progress, covering an area of 24 square
kilometres which includes all historic workings. Dipole-dipole IP, ground magnetics and detailed gravity will also be
undertaken at Redcastle, before crew s move onto Sunday Creek to perform gradient IP, 3D IP and ground
magnetics over the coming months.
o At Redcastle, extremely high gold grades were mine d over a 4.5 x 7 square kilometre area that contains
over 24 historic mining areas, including the Welcome Group, that were exploited over a 2 kilometres strike
length down to a maximum depth of 125 metres between the years ca. 1859–1865, producing 20,583 oz
@ 254.6 g/t gold.
Mr. Hudson, Chairman and CEO, states: “Mr. Hudson, Chairman and CEO, states, "Exciting times with drilling commencing
at Sunday Creek and project-scale geophysi cs revealing controls on high-grade mine ralization at Redcastle, in our search
for the next Fosterville-style epizonal high-grade gold deposit. Drilling will be ongoing in Victoria for the remainder of the
year and we should see first results starting to flow during mid to late September.”
Victoria has produced more than 80 million ounces of gold and has seen three booms: the 1850s, early 1900s, and the last
three years. Two different styles of gold mineralization predominate in Victoria. The deep orogenic (“mesozonal”) style and
the shallow orogenic “epizonal” style. The mesozonal style is well represented in the Bendigo and Ballarat regions that are
often represented by huge mineralizing systems containing abundant nuggety gold that are typically extremely difficult to
accurately model in modern resource calculations. Mawson is sharply focused on the high-grade epizonal-style (i.e.
Fosterville-style).
An initial 500 metre drill program is planned at Sunday Cr eek, after which the drill rig will immediately move to the
Company’s Redcastle project. A total drill program of 5,000 metres is planned for the remainder of 2020 in Victoria with a
second rig planned to be added within 4-6 weeks.
The Sunday Creek project is a significant historic high-grade epizonal-gold mining area developed over multiple parallel
zones over 11 kilometres of strike length. While the high-grade historic mines exist along these well-defined trends, limited
systematic exploration has been undertaken within the larger 19,365 hectare project area. Drilling over 800 metres of strike-
length, with a maximum average vertical depth of 80 metres has already taken place at the Golden Dyke-Apollo prospect
area by previous operators. These historic drill results demonstrate high grade gold with selected holes including 8 metres
@ 11.3 g/t gold from 66 metres including 2 metres @ 40.3 g/t gold. Trenching has also revealed broad low-grade
oxide gold with one trench returning 166 metres @ 0.9 g/t gold.
Mawson acquired the Sunday Creek project on March 25, 2020 with the acquisition of EL6163 (5,822 hectares) and RL 6040
(300 hectares). A recent application of EL7232 (13,243 hectares ) has extended the total land holding at Sunday Creek to
19,365 hectares. The project is an epizonal, Fosterville-style gold deposit located 56 kilometres north of Melbourne .
Historically, the Golden Dyke Mine at S unday Creek was one of the larger producers of gold in the Melbourne Zone of
Victoria. Total production from the Sunday Creek goldfield is reported as 20,000 ounces gold at a grade of 16.9 g/t gold
between 1865 and 1920. Gold mineralization is structurally cont rolled along multiple undrilled parallel trends within an 11
kilometre surface trend contains many historical epizonal-gold mines. At Golden Dyke, gold-grades within quartz-stibnite
veins contained up to 120 g/t gold and 50% stibnite, while altered and stockworked diorite-dyke averaged 6 g/t gold outside
of the high-grade veins. The epizonal-style Tonstal mine, located 8 kilometres north-east of the Golden Dyke mine extracted
2,814 tonnes at 23 g/t gold during the early 1900s, while the adjacent Tobin mine extracted 1.1 tonnes at 203 g/t gold in
the late 1870s.
Trench sampling by CRA Exploration in the early 1980s at the Apollo prospect demonstrated extensive low-grade oxide gold
over 166 metres at 0.9 g/t gold with results ranging from <0.04 g/t to 8.0 g/t gold, and including 30 metres @ 1.6 g/t gold.
Two small drill campaigns tested the Golden Dyke-Apollo trend to 40-100 metres vertical depth over an 800 metre strike.
In 1986, Ausminde Pty Ltd and Ausminde Holdings Pty Ltd (collectively “Ausminde”) completed soil and rock chip sampling
and undertook RC drilling in 1993 (29 RC drill holes). Beadell Resources Limited subsequently drilled at Golden Dyke-Apollo
in 2008; 27 RC holes (4 with diamond drill tails) and 3 diamon d drill holes. None of the drill or trench data have been
independently verified at this time. The true thickness of the mineralized intervals is not known at this stage. Selected drill
results with a 0.5 g/t and 5 g/t gold lower-cut from these two drill programs at Golden Dyke-Apollo included:
CRC013: 21 metres @ 4.8 g/t gold from 9 metres including 2 metres @ 28.8 g/t gold from 15 metres
VCRC022: 8 metres @ 11.3 g/t gold from 66 metres including 2 metres @ 40.3 g/t gold from 70 metres
VCRC011: 18 metres @ 4.5 g/t gold from 37 metres including 10 metres @ 7.1 g/t gold from 42 metres
VCRC007: 15 metres @ 4.5 g/t gold from 62 metres including 5 metres @ 11.2 g/t gold from 67 metres
Qualified Person
Michael Hudson (FAusMM), Chairman and CEO 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 th e scientific and technical inform ation in
this press release.
None of the drill and trench data have been independently verified by Mawson at this time. The historical data pre-date the implementation
of NI 43 101 and are quoted for information pu rposes only. Drilling and trench inform ation from Sunday Creek by CRA Exploratio n,
Ausminde and Beadell Resources had a variety of assays and check a ssays reported in historical reports. It is reported that the primary
analysis for gold was completed by fire assay with an atomic ad sorption finish by NATA registered laboratories. XRF assays were used
for antimony.
About Mawson Resources Limited (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)
Mawson Resources Limited is an exploration and development company. Mawson ha s distinguished itself as a leading Nordic Arctic
exploration company with a focus on the flagship Rajapalot gold project in Finland. The Australian gold acquisition provides Mawson with
a strategic and diversified portfolio of high-quality gold exploration assets in two safe jurisdictions.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, Chairman & CEO
Further Information
www.mawsonresources.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez (Canada), Corporate Secretary, +1 (604) 685 9316,
infoatmawsonresources.com
Forward-Looking Statement
This news release contains forward-looking statements or forward-looking information wi thin the meaning of applicable securitie s laws
(collectively, "forward-looking statements") . All statements herein, other than statements of historical fact, are forward-look ing
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 for ward-
looking statements as a result of various factors, including, but not limited to, timing of the updated resource on the Company’s Finnish
projects, the Company’s expectations and timing of the resource expansion and definition program at Rajapalot, Finland, timing and
successful completion of the geophysics and drill programs planned at Redcastle and S unday Creek, capital and other costs varyi ng
significantly from estimates, changes in world metal markets, changes in equity market s, the potential impact of epidemics, pan demics
or other public health crises, including the current outbreak of the novel coronavirus known as COVID-19 on the Company’s business,
planned drill programs and results varying from expectations, de lays in obtaining results, equi pment failure, unexpected geolog ical
conditions, local community relations, dealings with non-government al organizations, delays in operations due to permit grants,
environmental and safety risks, and other ri sks and uncertainties disclosed under the he ading "Risk Factors" in Mawson's most r ecent
Annual Information Form filed on www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made an d,
e x c e p t a s m a y b e r e q u i r e d b y a p p l i c a b l e s e c u r i t i e s l a w s , M a w s o n disclaims any intent or obligat ion to update any forward-lookin g
statement, whether as a result of new information, future events or results or otherwise.