Highlights for Mawson Shareholders:
1
ASX ANNOUNCEMENT
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE May 30, 2022
Mawson’s Subsidiary Southern Cross Gold Drills 119.2 metres @ 3.9 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 an outstanding drill result from its 100% owned Sunday Creek property, Victoria, Australia. Mawson owns
60.3% of SXG following its recent initial public offering (“IPO”) on the Australian Securities Exchange (“ASX”).
Highlights for Mawson Shareholders:
• 119.2 m @ 3.9 g/t AuEq (3.2 g/t Au and 0.4% Sb) from 106.8 m in hole SDDSC033, including:
o 64.0 m @ 3.0 g/t AuEq (2.7 g/t Au and 0.2% Sb) from 110.7 m
o 39.0 m @ 6.8 g/t AuEq (5.2 g/t Au and 1.0% Sb) from 179.0 m
• Higher grade zones included:
o 5.1 m @ 20.3 g/t AuEq (17.7 g/t Au and 1.6% Sb) from 160.5 m
o 2.3 m @ 32.0 g/t AuEq (26.2 g/t Au and 3.7% Sb) from 184.0 m
o 5.2 m @ 22.3 g/t AuEq (14.7 g/t Au and 4.8% Sb) from 189.9 m
• Follow up drilling to prioritize this zone. Assays from the last 3 pre-IPO drilled holes are
pending.
• Mawson owns 60.3% of SXG, which raised A$9.1 million in SXG’s recent IPO to fund an
expected 24-month Victorian exploration program.
• Mawson’s share of SXG has a market capitalization of ~C$55.4 million based on SXG’s 30th May
closing price of A$0.65 per share - up 225% on its previous close.
Ivan Fairhall, Mawson CEO, states: “This hole speaks for itself in terms of the quality of SXG’s Sunday
Creek discovery – a standout for both the project and the Victorian Goldfields in terms of width and grade
– and the continuity observed augurs very well for the potential of the project.
Our holding in SXG very clearly strengthens Mawson’s asset base and we are positioned extremely well as
the majority shareholder in this exciting new gold exploration company. With assays pending from both
Sunday Creek, as well as the maiden drill program at Skellefteå North in Sweden, Mawson shareholders
enjoy considerable near term exploration catalysts to complement later stage economic studies, which are
in progress at our 100% owned +1Moz AuEq inferred resource at Rajapalot in Finland.
Drill Hole Discussion
Southern Cross reports that Drill SDDSC033 was drilled to test a 120m gap between two mineralized shoots to the west
of the Apollo shaft between drill hole VCRC007 (28 m @ 3.0 g/t Au and 0.2% Sb (3.3 g/t AuEq) from 62.0m) located
60 m up-plunge from SDDSC033 and MDDSC012 (10.4 m @ 5.4 g/t Au and 1.1% Sb (7.0 g/t AuEq) from 203.0m) ,
located 40 m down-plunge.
Within SDDSC033, three mineralized shoots join to form a “blow out” of the mineralized zone within altered siltstones,
dioritic dykes and dyke -related breccias. The host for mineraliz ation 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 (sometime s visible) at Sunday Creek is hosted in quartz and carbonate veins, with a later intense
stibnite-bearing vein and breccia overprint. A large arsenic anomaly is associated with the gold mineraliz ation. The
orientation of the Apollo Shoot(s) are approximately 80 degrees dip towards 020 degrees azimuth, correlating with the
intersection of the sub -vertical 330 degree striking mineralised veins and the steep east -west striking, north dipping
dioritic dyke and related intrusive breccia.
In summary SDDSC033 reported here intersected:
• 119.2 m @ 3.9 g/t AuEq (3.2 g/t Au and 0.4% Sb) from 106.8 m in hole SDDSC033 (0.1 g/t AuEq over 3 m
lower cut), including
o 64.0 m @ 3.0 g/t AuEq (2.7 g/t Au and 0.2% Sb) from 110.7 m
o 39.0 m @ 6.8 g/t AuEq (5.2 g/t Au and 1.0% Sb) from 179.0 m
• Higher grade zones included:
o 5.1 m @ 20.3 g/t AuEq (17.7 g/t Au and 1.6% Sb) from 160.5 m
o 2.3 m @ 32.0 g/t AuEq (26.2 g/t Au and 3.7% Sb) from 184.0 m
o 5.2 m @ 22.3 g/t AuEq (14.7 g/t Au and 4.8% Sb) from 189.9 m
A total of 8 high-grade intersections >30g/t Au were intersected, and these are:
o 0.3 m @ 120.6 g/t AuEq (119.5 g/t Au and 0.7% Sb) from 161.0 m
o 0.2 m @ 58.2 g/t AuEq (57.3 g/t Au and 0.6% Sb) from 161.5 m
o 0.1 m @ 45.4 g/t AuEq (34.3 g/t Au and 7.0% Sb) from 161.9 m
o 0.3 m @ 52.8 g/t AuEq (51.6 g/t Au and 0.8% Sb) from 165.3 m
o 0.9 m @ 41.8 g/t AuEq (35.4 g/t Au and 4.0% Sb) from 180.6 m
o 0.8 m @ 65.8 g/t AuEq (54.7 g/t Au and 7.0% Sb) from 184.0 m
o 0.8 m @ 58.2g/t AuEq (39.7 g/t Au and 11.7% Sb) from 192.2 m
o 0.8 m @ 58.2 g/t AuEq (38.4 g/t Au and 7.1% Sb) from 194.3 m
Sunday Creek now has thirteen (13) >100 AuEq g/t x m holes now intersected (Figure 1). Mineralization 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 where exploration drilling has never been undertaken and offers potential future
upside.
Southern Cross has continued to drill at Sunday Creek over the last three months during the IPO process, drilling 10
holes for 2,278m completed and one hole in progress. With seven holes assayed and reported (MDDSC027, SDDSC028-
33), drill core from three further holes (SDD034-36) has been forwarded to the assay laboratory and geochemical assay
results will be released as announcements to ASX after being received from the laboratory.
Figures 1-3 show 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. All drill results quoted have a lower cut of 0.3 g/t Au cut over a 2.0m width, with higher grades reported with
a 5 g/t Au cut over 1.0m applied unless otherwise stated.
Additional information may be found in Southern Cross’ news release dated May 30, 2022, 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 1.10.
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 = 𝐴𝐴𝐴𝐴 (𝑔𝑔/𝑡𝑡) + 1.58 × 𝑆𝑆𝑆𝑆 (%) 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 explorati on 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 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 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.
ASX ANNOUNCEMENT
Figure 1: Location of the Sunday Creek project, along with SXG’s other Victoria projects.
Figure 2: Sunday Creek plan view showing locations of drillholes for results reported in this announcement.
Figure 3: Sunday Creek cross section along the Apollo shoot looking towards 020 degrees showing continuity of wide and high-grade mineralization down to 335 metres
vertically below surface.
Figure 4: Sunday Creek longitudinal section showing individual shoots defined to date and grad x width pierce points of drillholes. Broad arrows show indicative mineralized
shoots. Greater than 100g/t AuEq * m intersections shown by red circles.
ASX ANNOUNCEMENT Table 1: Drill collar summary table for drillholes reported in this announcement.
Hole_ID Hole Size Depth (m) Prospect
East North
Elevation Azimuth Plunge
GDA94_Z55 GDA94_Z55
SDDSC033 HQ 246.1 Apollo 331172 5867842 306.3 245 -51.5
Table 2: Tables of mineralized drill hole intersections reported in this announcement using two intersection criteria
5.0 g/t AuEq cutoff over a maximum of 1m
Hole_ID From (m) To (m) Width (m) Au g/t Sb % AuEq g/t
SDDSC033 118.5 119.0 0.5 9.3 0.6 10.2
SDDSC033 148.9 149.4 0.5 16.4 0.0 16.5
SDDSC033 151.0 153.5 2.5 5.8 0.2 6.2
SDDSC033 154.7 154.9 0.2 24.0 0.1 24.0
SDDSC033 160.5 165.6 5.1 17.7 1.6 20.3
SDDSC033 180.6 181.5 0.9 35.4 4.0 41.8
SDDSC033 184.0 186.3 2.3 26.2 3.7 32.0
SDDSC033 189.9 195.1 5.2 14.7 4.8 22.3
0.3 g/t lower cutoff over a maximum of 2m
Hole_ID From (m) To (m) Width (m) Au g/t Sb % AuEq g/t
SDDSC033 110.7 174.7 64.0 2.7 0.2 3.0
SDDSC033 179.0 218.0 39.0 5.2 1.0 6.8
0.1 g/t lower cutoff over a maximum of 3m
Hole_ID from (m) to (m) Width (m) Au g/t Sb % AuEq g/t
SDDSC033 106.8 226.0 119.2 3.2 0.4 3.9
Table 3: All individual assays reported from SDDSC033 in this announcement.
Hole_ID from (m) to (m) Width (m) Au g/t Sb%
SDDSC033 5 6.0 1.0 0.02 0.00
SDDSC033 16 17.0 1.0 0.03 0.00
SDDSC033 17 18.0 1.0 0.04 0.04
SDDSC033 18 19.0 1.0 -0.01 0.00
SDDSC033 19 20.0 1.0 0.01 0.00
SDDSC033 20 21.0 1.0 -0.01 0.00
SDDSC033 21 22.0 1.0 -0.01 0.00
SDDSC033 28.8 29.8 1.0 0.01 0.00
SDDSC033 29.8 30.5 0.7 -0.01 0.00
SDDSC033 30.5 31.3 0.8 -0.01 0.00
SDDSC033 31.3 32.0 0.7 -0.01 0.00
SDDSC033 32 33.0 1.0 -0.01 0.00
SDDSC033 33 34.0 1.0 -0.01 0.00
SDDSC033 34 35.0 1.0 -0.01 0.00
SDDSC033 35 36.0 1.0 -0.01 0.00