Mawson Drills 21.0 Metres at 3.4 G/T GOLD and 5.0 Metres at 5.2 G/T GOLD IN Second Hole at Sunday Creek IN Victoria, Australia
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE OCTOBER 27, 2020
MAWSON DRILLS 21.0 METRES AT 3.4 g/t GOLD AND 5.0 METRES AT 5.2 g/t GOLD
IN SECOND HOLE AT SUNDAY CREEK IN VICTORIA, AUSTRALIA
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) is pleased to announce assay results from two further drill holes from the 100%-owned Sunday
Creek project. Drilling is part of an ongoing 5 kilometre progra m in the Victorian Goldfields of Australia. The project is an
epizonal-style gold prospect located 56 kilometres north of Melbourne and contained with 19,365 hectares of both granted
and applied for exploration tenements.
Highlights:
Diamond drillhole MDDSC002 intersected 5.0 metres @ 5.2 g/t gold from 53.8 metres including 0.29 metres
at 79.4 g/t gold from 53.8 metres (Tables 1-3, Figures 1 and 2) and 21.0 metres @ 3.4 g/t gold from 109.0
metres including 1.1 metres at 22.3 g/t gold from 109.0 metres, while testing immediate down dip extensions
of Mawson drill hole MDDSC001 (15.2 metres @ 3.7 g/t gold from surface including 0.6 metres at 17.9 g/t gold from
10.4 metres) and unmined extensions of the historic Apollo mine area below the oxide zone;
Diamond drillhole MDDSC003, located 330 metres WNW of MDDSC002, intersected 7.9 metres @ 1.8 g/t gold
from 71.7 metres (Tables 1-3, Figures 1 and 3) while testing unmined extensions of the historic Rising Sun area;
This is the second set of diamond drilling results that confirm the tenor of gold mineralization found within earlier
reverse-circulation drill results, using orientated HQ-sized core;
Historic gold mining between 1880-1920 at Sunday Creek occurred over a greater than 11-kilometre trend. Drilling
during 1990-2000s focussed on shallow, previously mined su rface workings, covering an area of 100 metres in
width, 800 metres length but, only to 80 metres depth. As such, the entire field remains open along strike and to
depth;
Three initial drill holes (MDDSC001-003) have been complete d at the Sunday Creek gold project in the Victorian
Goldfields for 345 metres of drilling. Given the intensity, style and grade of mineralization observed in this drilling,
a drill-rig has returned to Sunday Creek to continue to define the gold mineralized system to build volume and
scale.
Mr. Hudson, Chairman and CEO, states, "These results continue our strong start in Victoria with further good gold grades
drilled over substantial widths immediat ely below and along strike from our drilling announced in early October at the
100%-owned epizonal Sunday Creek gold project. A drill rig has now been mobilized back to Sunday Creek to continue to
drill extensions to mineralization. Meanwhile one rig also continues to drill 7 days a week at the Redcastle project.”
Three initial drill holes (MDDSC001-003) totaling 345 metres we re completed at the Sunday Creek gold project in the
Victorian Goldfields with a drill rig currently completing a fourth hole. The target is high-grade veining with associated
mineralized halos, typical of epizonal-st yle gold mineralization. A geophysical cr ew has now also been mobilized to the
Sunday Creek area to test the system along its strike and to depth by undertaking 3D IP, gravity and ground magnetics.
Mineralization at Sunday Creek is hosted in late-Silurian to early-Devonian-aged shales and siltstones containing a series of
volcanic dykes of felsic-intermediate composition. Gold is concentrated in late-aged brittle structures and dominated by two
styles: a fracture hosted quartz-stibnite±arsenopyrite extensio nal-type vein-set, and a broader zone of brittle-fault/shear
hosted sulphidic mineralization with more chaotic veining an d brecciation. The fracture-hos ted quartz-stibnite style of
veining seems to have been the focus of historical mining at Sunday Creek, while the broader fault-hosted systems appears
untouched. A series of felsic dykes are known over 2.5 kilometr es strike and up to 100 metres width, appear to act as a
favourable host for some of the higher-grade gold mineralization.
Technical and Environmental Background
The true thickness of the mineralized interv al is interpreted to be approximately 70% of the sampled thickness. Gold-only intersections
are reported with a lower-cut of 0.3 g/t gold over a 2.5 metre width. No upper cut-off was applied.
A drill rig from drilling contractor Starwest Pty Ltd was used in the drill program. Core diameter is HQ (63.5 mm) and oriented with
excellent core recoveries averaging close to 100% in both oxidiz ed and fresh rock. After photographing and logging in Mawson’s core
logging facilities in Nagambie, core intervals were diamond sawn in half by Mawson personnel. Half core is retained for verification and
reference purposes. Analytical samples are transported to On Site Laboratory Services’ Bendigo facility which operates under both an ISO
9001 and NATA quality systems. Samples were prepared and analyzed for gold using the fire assay technique (25 gram charge), followed
by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis aqua regia digest and ICP-MS methods.
The QA/QC program of Mawson consists of the systematic insertio n of certified standards of known gold content, duplicate samples by
quartering the core, and blanks within interpreted mineralized rock. In addition, On Site inserts blanks and standards into the analytical
process.
Qualified Person
Mr. Michael Hudson (FAusIMM), 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.
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 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.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 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 and su ccessful completion of the geoph ysics and
drill programs planned at Redcastle and Sunday Creek, capital an d other costs varying significantl y from estimates, changes in world
metal markets, changes in equity markets, the potential impact of epidemics, pandemic s 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 varyi ng
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 an d 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.
Figure 1: Plan location of the Sunday Creek Project showing 11 km trend of historic mines (bottom left) and location of current diamond drill with historic mines and drilling (top).
Figure 2: Drillhole MDDSC002 annotated HQ drill core (63.5mm diameter) showing downhole depth and gold grades.
Figure 3: Drillhole MDDSC002 annotated HQ drill core (63.5mm diameter) showing downhole depth and gold grades.
Table 1: Collar information from Mawson’s drilling at the Sunday Creek Project
Coordinate Reference System GDA94, Zone 55 (EPSG:28355)
Hole_Id Easting Northing Dip Azimuth RL (m) Depth (m) Date Reported
MDDSC001 331079.6 5867769 -55 279 318.1 67 October 07, 2020
MDDSC002 331084.7 5867771 -65 250 317.6 150.3 Here
MDDSC003 330776.3 5867892 -65 240 294.9 127.7 Here
Table 2: Intersections from the Sunday Creek. Intersections are reported with a lower cut of 0.3g/t Au cut over 2.5 metre lower.
No upper cut-off was applied
HoleID From (m) To (m) Width (m) Au g/t
MDDSC001 0 15.2 15.2 3.7
including 10.4 11.0 0.6 17.9
MDDSC002 17.2 18.0 0.9 1.9
MDDSC002 26.5 26.7 0.3 6.0
MDDSC002 39.0 41.0 2.0 1.3
MDDSC002 50.0 52.0 2.0 0.8
MDDSC002 53.8 59.0 5.2 5.0
including 53.8 54.09 0.29 79.4
MDDSC002 76.0 76.5 0.5 1.1
MDDSC002 96.0 96.6 0.6 2.3
MDDSC002 109.0 130.0 21.0 3.4
including 109.0 110.1 1.1 22.3
MDDSC002 143.0 144.0 1.0 1.9
MDDSC003 71.7 79.6 7.9 1.8
MDDSC003 83.6 84.5 0.9 1.0
MDDSC003 91.5 92.0 0.5 0.6
MDDSC003 115.6 116.0 0.4 1.5
MDDSC003 117.0 118.7 1.7 0.8
Table 3: Individual assay data from drill holes reported in this press release.
Hole_Id From
(m)
To (m) Width
(m)
Au g/t
MDDSC002 17.2 17.6 0.5 2.4
MDDSC002 17.6 18.0 0.4 1.2
MDDSC002 18.0 19.0 1.0 0.2
MDDSC002 26.0 26.5 0.4 0.4
MDDSC002 26.5 26.7 0.3 6.0
MDDSC002 26.7 27.3 0.6 0.2
MDDSC002 27.3 28.0 0.7 0.1
MDDSC002 39.0 40.0 1.0 2.1
MDDSC002 40.0 41.0 1.0 0.6
MDDSC002 50.0 51.0 1.0 0.5
MDDSC002 51.0 52.0 1.0 1.2
MDDSC002 53.7 53.8 0.1 0.5
MDDSC002 53.8 54.1 0.3 79.4
MDDSC002 54.1 54.5 0.4 2.0
MDDSC002 54.5 55.3 0.8 0.1
MDDSC002 55.3 55.7 0.5 1.3
MDDSC002 55.7 56.1 0.4 0.7
MDDSC002 56.1 57.0 0.9 0.4
MDDSC002 57.0 58.0 1.0 0.5
MDDSC002 58.0 59.0 1.0 0.8
MDDSC002 95.0 96.0 1.0 0.3
MDDSC002 96.0 96.6 0.6 2.3
MDDSC002 108.0 109.0 1.0 0.2
MDDSC002 109.0 109.7 0.7 5.7
MDDSC002 109.7 110.1 0.4 48.8
MDDSC002 110.1 110.5 0.4 0.1
MDDSC002 110.5 111.6 1.0 0.4
MDDSC002 111.6 112.6 1.0 0.1
MDDSC002 112.6 112.8 0.3 9.9
MDDSC002 112.8 113.6 0.8 0.1
MDDSC002 113.6 114.3 0.7 0.2
MDDSC002 114.3 115.3 1.0 0.3
MDDSC002 115.3 115.7 0.4 0.3
MDDSC002 115.7 116.0 0.3 27.1
MDDSC002 116.0 117.0 1.1 0.6
MDDSC002 117.0 117.4 0.4 18.3
MDDSC002 117.4 117.8 0.4 1.2
MDDSC002 117.8 118.7 0.9 1.1