Mawson Nordic Drill Program Update
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE May 9, 2022
Mawson Nordic Drill Program Update
Vancouver, Canada — Mawson Gold Limited (“Mawson”) or (the “Com pany”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) is announces the commencement of drilling at the Skellefteå Nor th project in Sweden, and
results of its winter scout drilling program at the 100% owned-Rajapalot gold-cobalt resource project in northern Finland.
Highlights:
Maiden drill program to commence on the outcropping Dalbacka discovery at the Skellefteå North
project (5 holes / 600 m).
o Drillholes targeted beneath outcropping gold, defined by channel samples grading 4.5 g/t gold over
3.8 m and 5.4 g/t gold over 1.6 m within 180 m long outcrop coincident with a 2km regional
magnetic structure (Figure 2).
o 2,500 ha exploration permit packag e located in renowned Skellef te Belt, a modern goldfield
with over 6 million ounces of gold produced (Figure 1).
Scout drilling at Rajapalot in Finland (26 holes / 5,317 m) tar geting near surface mineralization
adjacent but outside of resource areas has been completed with no material results (Figure 3).
1 Moz AuEq Rajapalot Inferred Resource bodies all remain open a t depth, with PEA in progress
(Figure 4).
Mr. Fairhall, CEO, states “Given Skellefteå North is flanked by four mines having produced in excess of 6 million
ounces, it is remarkable this discovery has only just been made and we are excited to be now undertaking the
maiden drill program on the project. Whilst we would have liked to see our scout drilling in Finland in the near-
resource area produce better results, all resources remain open and approximately 90% of 18,000 ha Rajapalot
land package is untested with drilling so the exploration opportunity remains high in Finland. Meanwhile PEA
study work is in full swing to articulate the value in our already defined million ounce gold-equivalent resource
at Rajapalot.”
Skellefteå North
The drill rig is planned to mobilize shortly to the Skellefteå North project. The program is initially scoped as a 5 hole program
to test the Dalbacka Prospect (see Figure 2), where an approxim ately 180 m long outcropping mafic dyke intrudes a
deformed pyrrhotite-bearing graphitic black shale that extends as a magnetic anomaly to the east and west under cover
for approximately 2 km.
The Skellefteå 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 nor th-northwest of the city of Skellefteå (Figure 1). Over 6
million ounces have been produced from 4 mines within 22 km of the project. Mawson has the right to earn up to 85% of
the project and enter into a joint venture through phased spending and work commitments.
Further details on the Skellefteå North project and Mawson’s Op tion Agreement can be found in Mawson’s news release
dated January 17, 2022.
Rajapalot
Alongside focus on delivering a PEA, we have drill tested shall ow anomalies around the 1 Moz Inferred Mineral Resource
Estimate (“MRE”). Targets were non-contiguous but proximal to d efined resources (23 of 26 holes drilled within 2 km of
the MRE, Figure 3). Prospects likely to result in new near surf ace resource areas were not found, although understanding
of the controls on the regional geology and geophysical responses of mineralization was significantly improved.
PEA resources themselves remain open, in particular at South Pa lokas where an intersection of 30.8 m @ 5.1 g/t
AuEq (3.9 g/t Au, 1,403 ppm Co) from 553.2 m indicates excellent continuity and depth extent ( Figure 4). The majority
of Mawson’s 100% owned 18,000 ha Peräpohja landholding remains undrilled, and a regional exploration program to
advance the target pipeline will be conducted while the PEA program is underway.
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.
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.
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 its 100% owned flagship Rajapalot gold-cobalt project in Finland, and right to earn into the Skellefteå North gold project
in Sweden. Mawson also owns or is joint venturing into three hi gh-grade, historic epizonal goldfields covering 470 square kilo metres in
Victoria, Australia, though Southern Cross Gold Ltd, which it is in the process of listing on the Australian Securities Exchange.
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: Dalbacka prospect till, channel and outcrop sampling
Figure 3: Rajapalot permit map with all diamond drill collars
Figure 4: Rajapalot 1.04 Moz AuEq Inferred Resource (oblique view)