Mawson Acquires Option for 85% of the Skelleftea North Gold Project in Northern Sweden
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE January 17, 2022
Mawson Acquires Option for 85% of the Skelleftea North Gold Project in Northern
Sweden
Vancouver, Canada — Mawson Gold Limited (“Mawson”) or (the “Com pany”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) is pleased to announce the entering into an option and joint venture agreemen t (the “Option
Agreement”) to earn-in up to 85% of the 2,500 ha (“hectare”) in the Skelleftea North Gold Project (“Skelleftea North”, or
the “Project”) from Elemental Exploration Scandinavia AB (“Elem ental”), a private company at arm’s length to Mawson.
Skelleftea is located in Northern Sweden 4 hours drive from Mawson’s flagship Rajapalot project, making it complementary
to Mawson’s Nordic focus and experience base.
Highlights:
Multiple gold outcrops across the 3 km x 6 km permit area grading up to 15.1 g/t (12 samples, range
0.01 to 15.1 g/t Au, average 4.35 g/t Au).
Drill ready target, with better channel samples including 3.8m at 4.5 g/t Au and 1.6m at 5.4 g/t.
Located in renowned Skellefte Belt, a modern goldfield with ove r 6 million ounces of gold
produced.
Right to acquire up to 85% in the project over a 10-year period.
Excellent strategic fit; leveraging local exploration team and track record, and consolidating the
Nordic focus through addition of a year-round drilling prospect t o c o m p l e m e n t o u r a d v a n c e d
Rajapalot project.
Mr. Fairhall, CEO, states, “Skelleftea North is a hugely exciting drill ready project, in a world-class mining belt,
flanked by 4 mines that have extracted over 6 million ounces of gold combined. Fennoscandia is ripe for
discovery and we have seen a race for ground and new discoveries resulting from un-precedented exploration
activity in the region. Being almost completely covered by till , outcrops of this quality are rare in the Nordics
- the last of which in Mawson’s portfolio was Palokas, which un derwrote our growing million-ounce gold
equivalent discovery at Rajapalo t. We will leverage that team’s d e c a d e l o n g e x p e r i e n c e i n t h e r e g i o n t o
advance this Project, thereby adding further value creation optionality for Mawson’s shareholders.”
The Skelleftea North Gold Project consists of 2,500 ha of conti guous 100%-owned claims located in the well-endowed
Skellefte Mining District of Northern Sweden, located 40 km north-northwest of the city of Skelleftea (Figure 1). The Skellefte
Belt comprises a poly-deformed, Paleoproterozoic-aged volcano-sedimentary rocks containing several large gold deposits
that have produced in excess of 6 Moz of gold (most notably fro m the Boliden, Bjorkdal and Kankberg gold mines, see
Figure 1). Swedish mining giant Boliden has dominated productio n in the district for nearly a century and has established
processing facilities at the site of the historical Boliden gol d mine (historical production of 4 Moz at 15.1 g/t Au) located
~22 km to the southwest and smelting facilities in Skelleftea. Mandalay Resources Corporation operates the Bjorkdal gold
mine located 8 km to the southwest of the Project, having histo rically produced over 1.3 Moz Au with a further 1 Moz Au
remaining in M&I resources. The Skelleftea North Project is also flanked by the Akerberg open-pit mine located some 2 km
to the northwest, which historically produced 150 Koz Au (at 3.1 g/t Au) in the early 2000’s. In addition, there are 85 known
polymetallic sulfide deposits within the Skellefte Mining Distr ict, the largest being the currently-operating Renstrom and
Kristineberg mines having produced over 14 Mt and 32 Mt of polymetallic sulfide ore respectively.
The Project area contains outcropping gold mineralization across the 3 km x 6 km land package (see Figure 2), with grab
samples collected grading up to 1 5.1 g/t Au. Gold is hosted wit hin a structurally controlled quartz-vein system containing
arsenopyrite gangue. Veins occur as localized ‘vein-swarms’ wit hin a late sub-vertical mafic dyke intruded within an
interpreted pre-existing structural feature. Weak deformation f a b r i c s o b s e r v e d w i t h i n t h e h o s t d y k e s u g g e s t t h e g o l d -
mineralization has a late post–deformational emplacement age, a nd therefore interpreted as a late-orogenic, epigenetic
deposit style.
The most advanced target on the Project is at the Dalbacka Pros pect (see Figure 3), where an approximately180m long
outcropping mafic dyke intrudes a deformed pyrrhotite-bearing g raphitic black shale that extend s as a clear magnetic
anomaly to the east and west under cover for approximately 1.5 km (see Figure 4). The full outcropping extent of the mafic
dyke contains gold-bearing quartz/arsenopyrite mineralization a cross both its outcropping length and width (between 3m
and 10m – see Table 1). Highlighted results from Elemental’s exploration and Mawson’s confirmatory work include:
Channel TR119948 3.8m at 4.5 g/t Au (true width approx. 80%).
Channel TR119944 1.6m at 5.4 g/t (true width).
5 grab samples cross spanning the outcrop averaging 5.1 g/t Au (range 0.8 to 10.0 g/t Au).
Isolated 6.0 g/t Au sample 1.8 km west of main outcrop, broadly along trend.
Isolated 15.1 g/t Au sample found in quartz-arsenopyrite vein in the Storberget Prospect located in the north of the
Project.
The Dalbacka Prospect is located on privately owned land and is fully permitted for year-round drilling. Following a detailed
ground magnetic survey, drilling will commence in Q2 2022.
Channel samples are considered representative of the in-situ mi neralization sampled, while grab samples are selective by
nature and are unlikely to represent average grades on the property.
Option Agreement Terms
U n d e r t h e t e r m s o f t h e O p t i o n A g r e e m e n t , M a w s o n h a s p a i d E l e m e ntal C$20,000 as reimbursement for certain costs
incurred to maintain the Project in good standing, and has issu ed 260,000 common shares (the “Common Shares”) to
Elemental at an issue price of C$0.16 per common share. The Com mon Shares are subject to a statutory hold period
expiring on May 18, 2022.
Mawson has the right to earn up to 85% of the project and enter into a joint venture. Key terms of the Option Agreement:
An option to earn an initial 75% interest, exercisable by Mawso n subject to incurring aggregate expenditures of
C$3,000,000 over 4 years, provided that a minimum C$220,000 is spent in year one (inclusive of C$20,000 already
paid) and C$280,000 in year two.
An option to earn an additional 10% interest (for 85% total) ex ercisable by the Mawson upon completion of a NI
43-101 compliant pre-feasibility or feasibility study.
Mawson will be the Operator during the option period.
Following Mawson earning 85%, formation of a standard joint ven ture (“JV”), with both parties contributing to
ongoing funding.
Should either party dilute below 10%, the diluting party’s interest will convert to a 2% Net Smelter Royalty (“NSR”).
The non-diluting party will hold an exclusive right to acquire 50% of the NSR for C$1,500,000 at any time prior to
the date that is 12 months after commercial production.
Mawson will utilize the services of Elemental to manage certain operational and statutory responsibilities on the Project.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended
(the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements
of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or
the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
Technical Background and Qualified Person
The Qualified Person, Michael Hudson, Executive Chairman of Maw son Gold, and a Fellow of the Australasian Institute of
Mining and Metallurgy, has reviewed and verified the technical contents of this release.
Channel samples were taken with a powered rock-saw with continu ous sampling taken across the full length of each
channel, at a nominal 1m sampling interval. Sample locations we re measured with a handheld GPS, and sent to three
certified laboratories to conduc t gold assay analysis. Samples w e r e t a k e n a n d t r a n s p o r t e d b y M a w s o n a n d E l e m e n t a l
Exploration personnel or commercial transport from site to the CRS Minlab Oy facility in Kempele, Finland, or to the ALS
Global sample preparation facility in Mala, Sweden. Samples sub mitted to Kempele were prepared and analyzed for gold
using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of
cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples were also sent to MSA Laboratory
in Langley, British Colombia for 50g fire assay and ICP finish method Au ICP-AED. Samples submitted to Mala were analyzed
using 30 g fire assay with AA finish method Au-AA25. The QA/QC program of Mawson consists of the systematic insertion
of certified standards of known gold content. In addition, all three laboratories insert blanks and standards during the
analytical process.
Regional production and resource estimate sources are hyperlinked. These historical data have not been verified by Mawson
and are quoted for information purposes only.
Gold equivalent “AuEq” = 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 (here).
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 Arctic exploration
company with the flagship Rajapalot gold-cobalt project in Finland, and option to earn up to 85% in the Skelleftea Gold Project in Sweden.
Mawson also owns or is joint venturing into three high-grade, h istoric epizonal goldfields covering 470 km² in Victoria, Austr alia and is
well placed to add to its already significant gold-cobalt resource in Finland.
About Elemental Exploration Scandinavia AB
Elemental Exploration Scandinavia AB is a privately-owned, Swedish-based exploration company founded in 2020 by Ms. Amanda Scott
and Dr. Thomas Fromhold, both qualified exploration geologists residing in Sweden, with experience in Australia and the Nordics. Notably
Dr. Fromhold held the position of Exploration Manager for 4 yea rs with Mandalay Resources Corporation at their Swedish operati ons.
Amanda Scott is credited with the discovery of high-grade iron ore at Jigalong in the East Pilbara and the Amanda gold deposit in the
Pilbara, and is currently a non-executive director of ASX-listed Hannans Ltd.
On behalf of the Board,
"Ivan Fairhall”
Ivan Fairhall, Director and CEO
Further Information
www.mawsongold.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez (Canada), Corporate Secretary, +1 (604) 685 9316,
Forward-Looking Statement
This news release contains forward-looking statements or forwar d-looking information within the meaning of applicable securiti es laws
(collectively, "forward-looking statements"). All statements he rein, other than statements of h istorical fact, are forward-loo king
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 fo rward-
looking statements as a result of various factors, including, but not limited to: capital and other costs varying significantly from estimates;
changes in world metal markets; changes in equity markets; ability to achieve goals; that the political environment in which the Company
operates will continue to support the development and operation of mining projects; the threat associated with outbreaks of viruses and
infectious diseases, including the novel COVID-19 virus; risks related to negative publicity with respect to the Company or th e mining
industry in general; reliance on a single asset; planned drill programs and results varying from expectations; unexpected geol ogical
conditions; local community relations; dealings with non-govern mental organizations; delays in operations due to permit grants ;
environmental and safety risks; and other risks and uncertainti es disclosed under the heading "Risk Factors" in Mawson's most recent
Annual Information Form filed on www.sedar.com. While these fac tors and assumptions are considered reasonable by Mawson, in light
of management’s experience and perception of current conditions and expected developments, Mawson can give no assurance that such
expectations will prove to be correct. 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.
Figure 1: Regional Setting of the Skellefteå North Gold Project
Figure 2: Skellefteå North Gold Project Tenure and Prospect Map
Figure 3: Dalbacka Prospect Channel and Outcrop Sampling
Figure 4: Skellefteå North Gold Project Geochemistry and TMI Magnetics
Table 1: Assay Results
Sample ID Channel Name From (m) To (m) Length (m) Au ppm (FA) Easting
(SWEREF99)
Northing
(SWEREF99) MSL (m)
Channel Samples
2733628 TR119943 0.0 0.8 0.8 0.01 769170.2 7219723 235
2733629 TR119943 0.8 1.8 1.0 0.02 769170.8 7219724 235
2733630 TR119943 1.8 2.8 1.0 0.02 769171.5 7219725 235
2733631 TR119943 2.8 3.8 1.0 0.01 769172.2 7219726 235
2733632 TR119943 3.8 4.8 1.0 1.74 769172.9 7219726 235
2733633 TR119943 4.8 5.8 1.0 0.46 769173.7 7219727 235
2733634 TR119943 5.8 6.8 1.0 0.22 769174.3 7219728 235
2733635 TR119943 6.8 7.8 1.0 0.98 769174.8 7219728 235
2733636 TR119943 7.8 8.8 1.0 0.37 769175.2 7219729 235
2733637 TR119943 8.8 9.8 1.0 0.08 769175.4 7219730 235
2733638 TR119943 9.8 10.8 1.0 0.33 769175.7 7219731 235
2733639 TR119943 10.8 11.8 1.0 0.55 769176 7219732 235
2733640 TR119943 11.8 12.8 1.0 1.4 769176.3 7219733 235
2733641 TR119943 12.8 13.8 1.0 0.35 769176.7 7219734 235
2733642 TR119943 13.8 14.8 1.0 0.005 769177 7219735 235
2733643 TR119943 14.8 15.8 1.0 0.005 769177.4 7219736 235
2733644 TR119943 15.8 16.8 1.0 0.005 769177.8 7219737 235
2733645 TR119944 0.0 0.8 0.8 8.08 769152.9 7219737 241
2733646 TR119944 0.8 1.6 0.8 1.92 769152.6 7219736 241
2733647 TR119945 0.0 1.0 1.0 0.52 769143.8 7219740 234
2733648 TR119945 1.0 2.0 1.0 0.005 769143.5 7219739 234
2733649 TR119946 0.0 0.7 0.7 0.06 769060.7 7219777 234
2733651 TR119946 0.7 1.2 0.5 0.04 769060.1 7219777 234
2733677 TR119946 1.2 1.7 0.5 1.41 769059.6 7219777 234
2733652 TR119946 1.7 2.7 1.0 1.18 769058.9 7219777 234
2733653 TR119946 2.7 3.7 1.0 0.52 769057.9 7219776 234
2733654 TR119946 3.7 4.7 1.0 0.37 769056.9 7219776 234
2733655 TR119946 4.7 5.7 1.0 1.22 769055.9 7219776 234
2733656 TR119946 5.7 6.7 1.0 0.57 769055 7219776 234
2733657 TR119946 6.7 7.7 1.0 0.37 769054 7219775 234
2733658 TR119946 7.7 8.7 1.0 0.23 769053 7219775 234
2733659 TR119946 8.7 9.7 1.0 0.51 769052 7219775 234
2733660 TR119946 9.7 10.7 1.0 0.99 769051.1 7219775 234
2733661 TR119946 10.7 11.7 1.0 0.74 769050.1 7219775 234
2733662 TR119946 11.7 12.7 1.0 0.73 769049.1 7219774 234
2733678 TR119946 12.7 13.2 0.5 0.86 769048.4 7219774 234
2733663 TR119947 0.0 0.7 0.7 0.005 769047.8 7219774 236
2733664 TR119947 0.7 1.7 1.0 0.005 769047.4 7219773 236
2733665 TR119947 1.7 2.7 1.0 0.005 769046.9 7219772 236
2733666 TR119947 2.7 3.2 0.5 0.005 769046.5 7219772 236
2733667 TR119948 0.0 1.0 1.0 0.03 769092.8 7219750 237
2733668 TR119948 1.0 2.0 1.0 0.04 769092.5 7219750 237
2733669 TR119948 2.0 3.0 1.0 4.26 769092.1 7219751 237
2733670 TR119948 3.0 4.0 1.0 6.89 769091.8 7219752 237
2733671 TR119948 4.0 4.8 0.8 3.52 769091.5 7219753 237
2733672 TR119948 4.8 5.8 1.0 1.86 769091.2 7219754 237
2733673 TR119948 5.8 6.8 1.0 0.05 769090.8 7219755 237
2733674 TR119948 6.8 7.8 1.0 0.02 769090.5 7219756 237
Grab Samples
KDL19‐002 5.52 7224084 772412
KDL19‐005 1.96 7219773 769052
KDL19‐006 0.8 7219781 769030
KDL19‐007 15.1 7224087 772416
KDL19‐009 5.85 7219755 769108
KDL19‐010 9.95 7219747 769144
KDL19‐011 6.87 7219734 769191
KDL19‐012 0.02 7218713 769366
KDL19‐013 5.99 7220100 767203
KDL19‐015 0.01 7225106 770600
KDL19‐016 0.02 7219789 767225
KDL19‐017 0.02 7218835 774095