Mawson Starts Drilling and Increases Land Position to 785 Sq Km IN the Mount Isa Block Queensland, Australia
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE OCTOBER 19, 2020
MAWSON STARTS DRILLING AND INCREASES LAND POSITION TO 785 SQ KM IN THE
MOUNT ISA BLOCK QUEENSLAND, AUSTRALIA
Vancouver, Canada — Mawson Gold Limited (“Mawson”) or (the “Company”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) is pleased to announce that Mawson has commen ced drilling on a combined large-scale
gravity/magnetic target under deep cover within the Mount Is a block, northwest Queensland, Australia. Additionally, the
Company has applied for an additional 312 square kilometres of exploration perm its for a total position of 785 square
kilometres of granted exploration licences and applications.
Highlights:
A grant of $200,000 under the Collaborative Ex ploration Initiative (“CEI”) from the Queensland government will
fully fund one +800 metre long drill hole to test a coherent and large undrilled multi-point 1.95 mgal residual gravity
anomaly (“F11”) with an adjacent magnetic high. The anomaly has a shallow peak of 700 metres depth and average
depth of 1,000-1,500 metres. A video of the invert ed magnetic and gravity model can be viewed HERE. Depth of
cover is estimated to be >300 metres (Figure 1);
Meanwhile, Mawson has increased its mineral tenure by 65% and applied for an additional 312 square kilometres
of exploration permits for a total position of 785 square kilometres of granted exploration licences and applications
in the Cloncurry district of the Mount Isa block, over a combined 60 kilometres of strike.
Mr. Hudson, Chairman and CEO, states, “Mawson raised significant funds back in May, and is now executing with four rigs
turning on three projects through Finland and Australia. This government-backed and fully funded drill test of a large, and
untested combined gravity and magnetic target in Mount Isa is an exciting moment. The Mount Isa Block is true elephant
country and contains 5% of the world’s silver resources, 1.7% of the world’s copper resources, 21.2% of the world’s lead
resources and 11% of the world’s zinc resources within numerous world-class mines, and extends to the south almost as
far under 100-500 metres of cover as it extends on the surface.”
The F11 gravity target is structurally well positioned. It is lo cated lateral to the interpreted trace of the Cloncurry Fault, a
significant regional structure with many splays evident in the seismic line interpretations. South32 Ltd’s Cannington silver-
lead mine is proximal to the same fault zone. Cannington is the ninth largest silver producer in the world with 12.3 Moz
produced in 2019. At its prime in the early 2000s, Cannington was the world’s largest single silver producer and represented
about 6% of the world’s primary silver production. The total resource at Cannington in May 2007 (Bailey, 1998) comprised
43.8 Mt @ 538 g/t silver, 11.6% lead, 4.4% zinc for 758 Moz of silver (Figure 1).
Mawson has recently applied for an additional 312 square kilometres of exploration permits for a total position of 785 square
kilometres of granted exploration licenses and applications in the Cloncurry district of the Mount Isa block, over a combined
60 kilometres of strike (Figure 1). Mawson’s strategy has been to acquire undercover areas within prospective host
sequences in data poor environments. The deposit styles targeted are iron-oxide copper gold (IOCG) or Cannington silver-
zinc (Broken-Hill type). Copper, gold, zinc and silver are all considered “New Economy Minerals” and are vital contributors
to a clean, electrified and low carbon new economy.
In the late 1980s and early 1990s, widespread use of geophysi cal techniques and drilling persistence led to the discovery
of a number of major deposits under cover in the Mount Isa region, such as Cannington (about 60 metres deep), Century
(40 metres) and the iron oxide-copper-gold type deposit, Ernest Henry (40 metres). Since that time, grassroots exploration
worldwide has decreased, while the search space depth, drive n by technology and increasing exploration maturity has
increased. Following the discovery of Cannington in 1990 the area north-west of Mawson’s tenure area was subject to
multiple drilling campaigns as well as ground and airborne geophysical surveys. However, drilling remains extremely sparse
where cover depths exceed >250 metres within tens of kilometres around the F11 drill target.
Technical and Environmental Background
Nick Cook (FAusIMM), Chief Geologist for the Company, is a qualif ied person as defined by National Instrument 43-101 – Standard s of
Disclosure for Mineral Projects and has prepared or reviewed th e preparation of the scientific and technical information in thi s press
release.
About Mawson Gold Limited (TSX:MAW, FRANKFURT:MXR, PINKSHEETS: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 Rajapa lot gold-cobalt project in Finland. More re cently it has acquired three significant epizonal
goldfields with a large tenement portfolio of 471 sq km in the Victorian Goldfields of Australia, which provides a strategic and diversified
portfolio of high-quality gold exploration assets in two safe jurisdictions. The company will have nine drill rigs turning in four global gold
projects during the remainder of 2020.
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 within the meaning of applicable securitie s 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 reasonab le, 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 forward-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, chan ges in equity markets, the potential impact of epidemics, pan demics 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
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 oblig ation to update any
forward-looking statement, whether as a result of new information, future events or results or otherwise.
Figure 1: Map of the Mount Isa SE project showing exploration permits, competitors, outcropping areas, gravity structures and the F11 drill target.
(to include inset map of Mount Isa)