Highlights for Mawson Shareholders:
ASX ANNOUNCEMENT
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE August 9, 2022
Mawson’s Subsidiary SXG Drills 42.0 m @ 4.8 g/t AuEq
at Sunday Creek, Victoria, Australia
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) reports that its majority-owned Australian subsidiary, Southern Cross Gold Ltd (“SXG”), has
reported further results from its 100% owned Sunday Creek property , Victoria, Australia . Mawson owns 60% of SXG
following its recent initial public offering (“IPO”) on the Australian Securities Exchange (“ASX”).
Highlights for Mawson Shareholders:
• 2nd and 4th best holes ever drilled into Sunday Creek
o Project area now hosts fifteen >100 AuEq g/t * m intersections
• Wide and continuous zones of gold-antimony mineralization over 100 m in the plane of the
Apollo shoot around drill hole SDDSC033. Highlights,
o 42.0 m @ 4.8 g/t AuEq from 166.0 m in SDDSC039
(3.5 g/t Au and 0.8% Sb, 30 metres below SDDSC033)
o 15.3 m @ 4.2 g/t AuEq from 141.0 m in SDDSC038
(2.8 g/t Au and 0.9% Sb, 60 metres above SDDSC033)
• Exceptional high grade zones with sometimes abundant visible gold (Photos 1-3). Highlights;
o 1.0 m @ 23.7 g/t AuEq from 197.6 m (19.8 g/t Au and 2.5% Sb, SDDSC039)
o 1.5 m @ 22.6 g/t AuEq from 199.3 m (14.9 g/t Au and 4.9% Sb, SDDSC039)
o 0.7 m @ 105.7 g/t AuEq from 202.0 m (84.0 g/t Au and 13.8%, Sb SDDSC039)
o 0.8 m @ 21.3 g/t AuEq from 98.5 m (0.3 g/t Au and 13.3%, Sb SDDSC038)
o 1.5 m @ 25.8 g/t AuEq from 149.6 m (19.9 g/t Au and 3.7%, Sb SDDSC038)
• Two new high grade veins intersected 70 and 100 metres to the east in SDDSC038.
• Mawson’s 60% stake in SXG has a market capitalization of ~C$45 million based on SXG’s 9th August
closing price of A$0.54 per share – up 270% on its IPO price.
• Two drill rigs are now active at the Sunday Creek site. A further five holes are either in progress or
pending assay.
Ivan Fairhall, Mawson CEO, states: “Sunday Creek continues to deliver for its shareholders, of which Mawson
is its largest. Th ese results demonstrate th e continuity of widths and grade in the Apollo shoot around the
earlier spectacular result in SDSC0033.
Mawson’s asset base is as strong as it has ever bee n, with its pre-PEA stage 1moz AuEq Rajapalot project
and significant exploration upside in Finland, a brand new discovery in Sweden, and toping it off a controlling
interest in SXG which has considerable market value as demonstrated by its ASX listing.”
Figure 1: Sunday Creek longitudinal section along the Apollo shoot looking towards 320 degrees showing drillholes
reported here (SDDSC038-39) and continuity of wide and high-grade mineralization around drillhole SDDSC033 and down
to 335 metres vertically below surface (MDDSC025).
Results Discussion
With 13,500 metres drilled at Sunday Creek in less than two years, the project now has fifteen (15) >100 cumulative
grade x metres (“AuEq g/t x m”) holes intersected. The two new drill holes (SDDSC038-39) form the 2nd and 4th best drill
holes, after SDDSC033, to be drilled to date at Sunday Creek based on AuEq g/t x m. The 3rd best hole (MDDSC025
11.7 m @ 18.0 g/t AuEq) lies 200 m below SDDSC033 showing the scale of the developing system. Minerali zation remains
open at depth and along strike.
A 10 km mineralized trend that extends beyond the drill area is defined by historic workings and soil sampling at Sunday
Creek which has yet to receive any exploration drilling and offers potential future upside.
The Sunday Creek epizonal-style gold project is located 60 km north of Melbourne (Figure 2) within 19,365 hectares of
granted exploration tenements. SXG is also the freehold landholder of 132.64 hectares that forms the key portion in and
around the drilled area at the Sunday Creek Project. Geologically, the project is located within the Melbourne Structural
Zone in the Lachlan Fold Belt. The regional host to the Sunday Creek mineralization is an interbedded turbidite sequence
of siltstones, minor sandstones metamorphosed to sub-greenschist facies and folded into a set of open NW trending folds.
Mineralization at Sunday Creek is controlled by veining, stibnite-gold-matrix breccias and brittle faults. The immediate
host for mineralization is a zone of intensely altered white mica-pyritic siltstones, and white mica-pyrite-carbonate altered
dyke rocks.
As is typical for epizonal deposits like Fosterville and Costerfield, gold (sometimes visible (Photos 1 – 3)) at Sunday Creek
is hosted in quartz and carbonate veins, with a later intense stibnite-bearing vein and breccia overprint. A larger arsenic
anomaly is associated with the gold mineralization, mostly represented by arsenian-pyrite but developing to arsenopyrite-
bearing zones with a clear spatial relationship to high-grade gold.
Mineralized shoots at Sunday Creek are formed at the intersection of the sub-vertical to shallower dipping 330 degree
striking mineralized veins and a steep east-west striking, north dipping structure formed by dioritic dykes and related
intrusive breccias. The dimensions of each shoot will be uncovered with further drilling, but typically:
• In the down plunge orientation (80 degrees towards trend of 020 degrees), the shoots are extensive and have
been drilled down over 400 m and remain open to depth, with grades improving (for example MDDSC025 11.7 m
@ 18.0 g/t AuEq (12.4 g/t Au and 3.6% Sb) including 4.0 m @ 46.7 g/t AuEq (31.9 g/t Au and 9.4% Sb)).
• Visible gold in other epizonal deposits (for example Fosterville and Costerfield) becomes increasingly significant at
depth below approximately 800 m, most likely representing the different temperatures of formation of Au -Sb and
Au dominant mineralization.
• Are typically 20 m to 30 m wide in the up -dip/down-dip orientation but can blow out to be wider (ie around
SDDSC033), and;
• Further drilling is required to establish the averag e thickness but drilling so far suggests a thickness of 20 m to
30 m.
SDDSC038 also identified two new veins drilled 70 m and 100 m further east than previously drilled . ‘Vein 1’ intersected
1.0 m @ 11.5 g/t AuEq (7.5 g/t Au and 2.5% Sb) from 235.0 m and 0.2 m @ 10.0 g/t AuEq (8.2 g/t Au and 1.2% Sb)
from 238.0 m. ‘Vein 2’ intersected 0.6 m @ 28.3 g/t AuEq (0.9 g/t Au and 17.4% Sb) from 306.3 m.
Figures 1-4 show project location and plan, longitudinal and cross section views of drill results reported here and Tables
1–3 provide collar and assay data. The true thickness of the mineralised interval is interpreted to be approximately 60 -
70% of the sampled thickness. Drill results quoted have a lower cut of 0.3 g/t Au cut over a 3.0 m width, with higher
grades reported with a 5 g/t Au cut over 1.0 m applied unless otherwise indicated* where 0.1 g/t Au over 7.0 m was
applied for broader intersection through length of mineralised structure).
Additional information may be found in Southern Cross’ news release dated 9th August, and on its website at
www.southerncrossgold.com.au.
Technical Background and Qualified Person
C$ conversions of A$ values completed at an exchange rate of 1.11.
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.
Gold equivalent “AuEq” for Sunday Creek is = 𝐴𝑢 (𝑔/𝑡) + 1.58 × 𝑆𝑏 (%) based on assumed prices of gold US$1,700/oz Au
and antimony US$8,500/metal tonne, and total year metal recoveries of 93% for gold and 95% for antimony . Given the
geological similarities of the projects, this formula has been adopted to align to TSX listed Mandalay Resources Ltd Technical
Report dated 25 March 2022 on its Costerfield project, which is located 54 km from Sunday Creek and which historically
processed mineralization from the property.
Gold equivalent “AuEq” for Rajapalot = Au+(Co/1005) based on assumed prices of cobalt US$23.07/lb and gold
US$1,590/oz. Details of Mawson’s Inferred Mineral Resource can be read in the Company’s news release dated August 26,
2021.
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 study stages to de -risk its inferred resource and exploration growth program . 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. (“Southern Cross”), which shares have successfully listed on the ASX. Mawson currently holds 60.3% ownership interest
in Southern Cross. Mawson’s holdings in Southern Cross are escrowed until May 16, 2024.
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
Southern Cross a Right of First Refusal over a 3,300 square kilometre tenement package held by NAG in Victoria.
On behalf of the Board,
"Ivan Fairhall"
Ivan Fairhall, 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 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, 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 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 forward-looking statement, whether as a result of new information, future
events or results or otherwise.
Photo 1: SDDSC039 @ 202.4 metres showing abundant visible gold in quartz-carbonate and stibnite matrix. Assays from
two quarter core from this interval assayed 112 g/t Au with a laboratory repeat of 130 g/t Au and 14.4% Sb (sample
61014702) and 47 g/t Au and 13.1% Sb (sample 61014701) for an average of 0.7 m @ 105.7 g/t AuEq (84.0 g/t Au and
13.8% Sb) from 202.0 m. Field of view 12 mm.
Photo 2: SDDSC039 @ 202.7 m Stibnite -white mica altered sediment breccia zone with ferroan dolomite and quartz veins
with stibnite and visible gold. Assays from two quarter core from this interval assayed 112 g/t Au with a laboratory repeat
of 130 g/t Au and 14.4% Sb (sample 61014702) and 47 g/t Au and 13.1% Sb (sample 61014701) for an average of 0.7 m
@ 105.7 g/t AuEq (84.0 g/t Au and 13.8% Sb) from 202.0 m. Field of view of top image is 20 mm.
Photo 3: SDDSC039 @ 203.7 m: Ferroan dolomite and quart z with stibnite and visible gold. Interval averaged 0.5 m @
82.6 g/t AuEq (42.9 g/t Au and 25.1% Sb) from 203.7 m. Field of view of top image is 15 mm.
Figure 2: Location of the Sunday Creek project, along with SXG’s other Victoria projects.
Figure 3: Sunday Creek plan view showing locations of drillholes for results reported in this announcement and pending
holes.