Intersection at Sunday Creek
ASX ANNOUNCEMENT
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE May 25, 2022
Mawson’s Subsidiary Southern Cross Gold Reports 17.3m @ 4.9 g/t AuEq
Intersection at Sunday Creek
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 assay results from six diamond drill holes at its 100% owned Sunday Creek property , Victoria, Australia.
Mawson now owns 60.3% of SXG following its recent initial public offering (“IPO”) on the ASX.
Highlights for Mawson Shareholders:
• SXG reports high grade gold intersections continue at Sunday Creek
o 17.3m @ 4.9 g/t AuEq (3.9 g/t Au and 0.6% Sb) from 214.4m in hole SDDSC031
o 9.8m @ 4.6 g/t AuEq (3.9 g/t Au and 0.5% Sb) from 55.5m in hole SDDSC032
o Sunday Creek now contains a total of twelve 100 g/t AuEq x m intersections (Figure 1)
• Further core drilled pre-IPO await assay.
• Assays are pending and drilling continues, with SXG’s IPO funding an expected 24 month work
program
• Mawson’s share of SXG has a market capitalization of ~C$17.0 million based on 24th May closing
price of A$0.20 per share.
Ivan Fairhall, Mawson CEO, states: “We are very pleased to highlight Southern Cross’ continued success
at Sunday Creek. We consider Sunday Creek one of the best discoveries in Victoria, and thankful that
results like this could be bought forward by the funding accessed by spinning-out SXG onto the ASX .
Southern Cross is now well funded to continue drilling and we look forward to more assays as the Sunday
Creek discovery matures.
In the meantime, Mawson focuses its attention on its maiden drill program at Skellefteå in Sweden, and
PEA studies to underwrite value in its million -ounce gold equivalent inferred resource at Rajapalot in
Finland.
Drill Hole Discussion
Drill holes MDDSC0027 and SDDSC031 -32 were targeted to extend and infill mineralization across specific multiple
north-west striking mineralized shoots in the Apollo min e area. As is typical with the Sunday Creek property, wide
mineralized zones with high grade central intersections were intersected.
SDDSC031 was drilled to target mineralized shoots to the west of the Apollo shaft in a 67m gap to infill between drill
hole MDDSC015A (15.3m @ 5.5 g/t AuEq (2.2 g/t Au and 2.1% Sb) from 231.4m) and drill hole MDDSC0012 (10.4m @
7.0 g/t AuEq (5.4 g/t Au and 1.1% Sb) from 203.0m). With a 0.3 g/t AuEq over 2m lower cut SDDSC031 intersected:
• 17.3m @ 4.9 g/t AuEq (3.9 g/t Au and 0.6% Sb) from 214.4m (0.3 g/t AuEq over 2m lower cut), including:
o 1.3m @ 27.3 g/t AuEq (23.4 g/t Au and 2.5% Sb) from 226.0m.
With a 3m @ 0.1g/t AuEq lower cut, SDDSC031 intersected 36.0m @ 2.9 g/t AuEq (2.3 g/t Au and 0.4% Sb) from
197.7m (109 g/t AuEq * m) and included high grade mineralization:
o 1.4m @ 16.3 g/t AuEq (10.9 g/t Au and 3.4% Sb) from 222.7m
o 0.4m @ 28.5 g/t AuEq (18.0 g/t Au and 6.6% Sb) from 226.3m
o 0.3m @ 66.9 g/t AuEq (66.8 g/t Au and 0.0% Sb) from 227.3m
SDDSC032 was drilled to test the Gladys mineralized shoots. The closest hole was historic RC hole VCRC011, located
20m in the plane of the shoot, intersected 21.0m @ 3.9 g/t Au from 37.0m . With a 0.3 g/t AuEq over 2m lower cut
SDDSC032 intersected:
• 9.8m @ 4.6 g/t AuEq (3.9 g/t Au and 0.5% Sb) from 55.5m (0.3 g/t AuEq over 2m lower cut), including:
o 1.5m @ 27.0 g/t AuEq (23.1 g/t Au and 2.5% Sb) from 60.3m.
With no lower cut applied, SDDSC032 intersected multiple structures yielding 97m @ 0.8 g/t AuEq (0.7 g/t Au and 0.1%
Sb) from surface, and included high grade mineralization:
o 0.4m @ 26.4 g/t AuEq (15.7 g/t Au and 6.7% Sb) from 60.3m
o 0.3m @ 86.6 g/t AuEq (81.2 g/t Au and 3.4% Sb) from 61.5m
Drillhole MDDSC027, targeted at depth below the Apollo mine, intersected a significant cataclastic fault zone which
disrupted the mineralized target. The hole hit a broad low -grade interval including 2.5m @ 0.5 g/t Au from 285.5m,
1.9m @ 0.5 g/t Au from 302.9m and 4.0m @ 0.3 g/t Au from 315.0m and is considered a near -miss hole for further
drill follow-up.
Drill holes SDDSC028-29 tested a coincident gold in soil anomaly, with low grade boulders on a topographic high and a
coincident 3D array IP chargeability anomaly (with higher chargeability than the main mineralized zone at Apollo). Low-
grade and geologically significant gold was discovered in SDDSC029 including 0.6m @ 0.4 g/t Au from 16.0m, 1.0m @
0.4 g/t Au from 26.0m and 1.2m @ 0.3 g/t Au from 29.8m. The source of soil anomalies above SDDSC029 could be
explained in part by the presence of gold in drilling. SDDSC028, drilled 300m north-east of SDDSC029 did not intersect
significant results and the source for the 3D IP chargeable anomalies remains unexplained. These indications of a
parallel zone of gold mineralization located 250m north of the main mineralized area opens further opportunities for
undercover parallel zones across the property that will require drill testing.
Drill hole SDDSC030 was a short hole (104.1m) to test earlier trench results located 200m east of any prior drilling
(Trench 1: 14.0m at 11.5 g/t gold and 0.3% antimony including 8.0m @ 19.6 g/t gold and 0.4% antimony and Trench
2: 2m @ 4.9 g/t gold and 0.2% antimony). The single hole failed to intersect the mineralized structure and further
drilling is warranted. The mineralized trend remains open and undrilled for 10km to the NE from these trenches.
Southern Cross Gold has continued to drill at Sunday Creek over the last three months during the IPO process, with
drilling of 10 holes for 2,278m completed and one hole in progress. With six holes assayed and reported here
(MDDSC027, SDDSC028-32), drill core from four further holes (SDD033-36) has been forwarded to the assay laboratory
and geochemical assay results will be released as announcements to ASX by SXG following being received from the
laboratory.
Figures 1 and 2 show plan and longitudinal section views of drill results report here and 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 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 23rd May, 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 of Mawson Gold, and a Fellow of the Australasian Institute
of Mining and Metallurgy, has reviewed and verified 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, which has successfully listed on the ASX. Mawson’s 60.3% ownership interest in Southern Cross is
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% holdin g in the ASX listed Nagambie Resources Limited (ASX:NAG)
which grants it 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 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; planned drill programs and results varying from expectations, delays in obtaining results, equipment failure, unexpe cted
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 Mawso n'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: Sunday Creek plan view showing locations of drillholes for results reported in this announcement.
Figure 2: 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
MDDSC027 HQ/NQ 400.0 Apollo 331150 5867964 323.0 205 -65.0
SDDSC028 HQ 150.0 north IP 331550 5868090 362.5 288 -30.0
SDDSC029 HQ 220.6 north IP 331243 5868014 343.7 90 -60.0
SDDSC030 HQ 104.1 Eastern trench 331294 5867801 320.0 42 -45.0
SDDSC031 HQ 282.0 Apollo 331191 5867860 307.4 250 -60.0
SDDSC032 HQ 140.0 Apollo 331056 5867767 319.0 228 -65.0
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
Drill Hole From (m) To (m) Width (m) Au g/t Sb % AuEq g/t
SDDSC031 115.6 115.7 0.1 8.1 4.0 14.5
SDDSC031 222.7 224.1 1.4 10.9 3.4 16.3
SDDSC031 226.3 226.7 0.4 18.0 6.6 28.5
SDDSC031 227.3 227.6 0.3 66.8 0.1 66.9
SDDSC032 60.3 60.7 0.4 15.7 6.7 26.3
SDDSC032 61.5 61.8 0.3 81.2 3.4 86.6
0.3 g/t lower cutoff over a maximum of 2m
Drill Hole From (m) To (m) Width (m) Au g/t Sb % AuEq g/t
MDDSC027 285.5 288.0 2.5 0.5 0.0 0.5
MDDSC027 302.9 304.8 1.9 0.5 0.1 0.6
MDDSC027 315.0 319.0 4.0 0.3 0.0 0.4
SDDSC029 16.0 16.7 0.6 0.4 0.0 0.4
SDDSC029 26.0 27.0 1.0 0.4 0.0 0.4
SDDSC029 29.8 31.0 1.2 0.3 0.0 0.3
SDDSC031 109.5 110.6 1.1 0.4 0.0 0.5
SDDSC031 115.3 115.8 0.5 2.1 1.0 3.7
SDDSC031 163.7 164.0 0.3 0.5 0.0 0.5
SDDSC031 196.1 200.0 3.9 0.6 0.1 0.8
SDDSC031 202.4 212.1 9.7 1.3 0.2 1.6
SDDSC031 214.4 231.7 17.3 3.9 0.6 4.9
SDDSC031 236.3 240.7 4.4 0.7 0.0 0.7
SDDSC032 0.0 2.2 2.2 1.0 0.0 1.0
SDDSC032 7.0 8.0 1.0 0.3 0.0 0.3
SDDSC032 24.3 25.3 1.0 0.3 0.0 0.3
SDDSC032 38.4 40.2 1.8 0.9 0.0 0.9
SDDSC032 55.5 65.3 9.8 3.9 0.5 4.6
SDDSC032 68.0 68.8 0.8 0.4 0.0 0.5
SDDSC032 74.0 78.4 4.4 0.4 0.2 0.7
SDDSC032 84.0 85.0 1.0 0.3 0.0 0.3
SDDSC032 88.0 92.7 4.7 1.2 0.0 1.3
SDDSC032 96.0 97.0 1.0 7.6 0.5 8.4
SDDSC032 101.0 102.0 1.0 0.3 0.0 0.3
SDDSC032 109.7 111.6 1.9 1.1 0.0 1.1
Table 3: Individual assays (>0.1 g/t Au) reported in this announcement.
Drill Hole From (m) To (m) Width (m) Au g/t Sb %
SDDSC032 0.0 0.8 0.8 1.3 0.1
SDDSC032 0.8 1.8 1.0 0.7 0.0
SDDSC032 1.8 2.2 0.4 1.3 0.0
SDDSC032 2.2 3.0 0.8 0.2 0.0
SDDSC032 6.0 7.0 1.0 0.2 0.0
SDDSC032 7.0 8.0 1.0 0.3 0.0
SDDSC032 23.4 23.7 0.3 0.1 0.0
SDDSC032 23.7 24.3 0.6 0.2 0.0
SDDSC032 24.3 25.3 1.0 0.3 0.0
SDDSC032 32.0 33.0 1.0 0.1 0.0
SDDSC032 33.0 34.0 1.0 0.1 0.0
SDDSC032 34.0 35.1 1.1 0.2 0.0
SDDSC032 35.1 36.0 0.9 0.2 0.0
SDDSC032 36.0 37.0 1.0 0.1 0.0
SDDSC032 37.0 37.5 0.5 0.1 0.0
SDDSC032 37.5 38.0 0.5 0.2 0.0
SDDSC032 38.4 38.7 0.3 0.5 0.0
SDDSC032 38.7 39.1 0.4 0.5 0.0
SDDSC032 39.1 39.5 0.4 0.8 0.0
SDDSC032 39.5 40.2 0.6 1.4 0.0
SDDSC032 40.2 41.0 0.9 0.1 0.0
SDDSC032 41.0 42.0 1.0 0.2 0.0
SDDSC032 46.0 47.0 1.0 0.2 0.0
SDDSC032 47.0 48.0 1.0 0.1 0.0
SDDSC032 48.0 49.0 1.0 0.1 0.0
SDDSC032 50.0 50.3 0.3 0.3 0.0
SDDSC032 50.3 51.0 0.7 0.3 0.0
SDDSC032 55.5 56.0 0.5 0.7 0.0
SDDSC032 56.0 56.4 0.4 1.3 0.0
SDDSC032 56.4 57.0 0.6 0.3 0.0
SDDSC032 57.0 58.0 1.0 0.3 0.0
SDDSC032 58.0 59.0 1.0 0.2 0.0
SDDSC032 59.0 59.7 0.7 0.1 0.0
SDDSC032 59.7 60.3 0.6 0.7 0.0
SDDSC032 60.3 60.7 0.4 15.7 6.7
SDDSC032 60.7 61.5 0.8 4.5 0.3
SDDSC032 61.5 61.8 0.3 81.2 3.4
SDDSC032 61.8 62.5 0.8 0.3 0.1
SDDSC032 62.5 63.5 1.0 0.9 0.1
SDDSC032 63.5 64.5 1.0 1.5 0.1
SDDSC032 65.0 65.3 0.3 0.5 2.0
SDDSC032 68.0 68.8 0.8 0.4 0.0
SDDSC032 68.8 69.4 0.6 0.2 0.0
SDDSC032 71.7 72.2 0.5 0.3 0.0
SDDSC032 72.2 72.8 0.6 0.1 0.0
SDDSC032 72.8 73.3 0.5 0.2 0.0
SDDSC032 74.0 75.4 1.4 0.3 0.1
SDDSC032 75.4 75.7 0.3 1.0 1.9
SDDSC032 75.7 76.3 0.6 1.3 0.1
SDDSC032 76.3 77.0 0.7 0.1 0.0
SDDSC032 77.0 77.5 0.5 0.2 0.0
SDDSC032 77.5 78.1 0.6 0.2 0.0
SDDSC032 78.1 78.4 0.3 0.3 0.0
SDDSC032 78.4 79.4 1.0 0.2 0.0
SDDSC032 81.0 82.0 1.0 0.3 0.0
SDDSC032 82.0 82.9 0.9 0.2 0.0
SDDSC032 82.9 83.4 0.5 0.2 0.0
SDDSC032 83.4 84.0 0.6 0.2 0.0
SDDSC032 84.0 85.0 1.0 0.3 0.0
SDDSC032 85.0 86.0 1.0 0.2 0.0
SDDSC032 86.0 87.0 1.0 0.2 0.0
SDDSC032 87.0 88.0 1.0 0.2 0.0
SDDSC032 88.0 89.0 1.0 3.3 0.1
SDDSC032 89.0 90.0 1.0 0.5 0.0
SDDSC032 90.0 91.0 1.0 0.6 0.0
SDDSC032 91.0 92.0 1.0 0.9 0.0
SDDSC032 92.0 92.7 0.7 0.7 0.0
SDDSC032 92.7 94.0 1.3 0.3 0.0
SDDSC032 96.0 97.0 1.0 7.6 0.5
SDDSC032 101.0 102.0 1.0 0.3 0.0
SDDSC032 109.7 110.7 1.0 1.6 0.0
SDDSC032 110.7 111.6 0.9 0.4 0.0
SDDSC032 111.6 112.6 1.0 0.2 0.0
SDDSC032 115.0 116.0 1.0 0.1 0.0
SDDSC032 135.2 136.0 0.8 0.3 0.0
SDDSC031 109.5 110.1 0.6 0.5 0.0
SDDSC031 110.1 110.6 0.5 0.4 0.0
SDDSC031 110.6 111.2 0.6 0.1 0.0
SDDSC031 113.0 114.0 1.0 0.1 0.0
SDDSC031 115.3 115.6 0.3 0.2 0.1
SDDSC031 115.6 115.7 0.1 8.1 4.0
SDDSC031 115.7 115.8 0.1 2.0 0.6
SDDSC031 163.7 164.0 0.3 0.5 0.0
SDDSC031 195.7 196.1 0.4 0.2 0.0
SDDSC031 196.1 196.5 0.4 0.3 0.0
SDDSC031 196.5 197.0 0.5 1.8 0.0
SDDSC031 197.0 197.7 0.7 0.8 0.3
SDDSC031 197.7 198.6 0.9 0.5 0.2
SDDSC031 198.6 199.0 0.4 0.4 0.1
SDDSC031 199.0 200.0 1.0 0.3 0.0
SDDSC031 200.0 200.4 0.4 0.1 0.0
SDDSC031 201.1 201.4 0.3 0.3 0.0
SDDSC031 201.4 202.4 1.0 0.1 0.0
SDDSC031 202.4 203.4 1.0 0.7 0.1
SDDSC031 203.4 203.8 0.4 0.8 0.0
SDDSC031 203.8 204.7 0.9 0.4 0.0
SDDSC031 204.7 205.1 0.4 1.2 0.0
SDDSC031 205.1 205.5 0.4 4.5 0.1
SDDSC031 205.5 206.2 0.7 6.7 1.7
SDDSC031 206.2 206.5 0.3 0.3 0.1
SDDSC031 206.5 207.0 0.5 0.2 0.0
SDDSC031 207.0 207.8 0.8 0.6 0.0
SDDSC031 207.8 208.3 0.5 0.5 0.0
SDDSC031 208.3 208.7 0.4 1.8 0.3