Mawson’s Subsidiary SXG Drills 124.8 g/t Gold Over 3.6 Metres in 80 Metre Down Dip Step Out Deepest Hole on Project Three New High-grade Vein Sets at Depth Two New Top 10 and Three New >100 g/t AuEq*m Intersections
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE June 13, 2024
Mawson’s Subsidiary SXG Drills 124.8 g/t Gold Over 3.6 Metres in
80 Metre Down Dip Step Out
Deepest Hole on Project
Three New High-grade Vein Sets at Depth
Two New Top 10 and Three New >100 g/t AuEq*m Intersections
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX V:MAW)
(Frankfurt:MXR) (PINKSHEETS: MWSNF) announces Southern Cross Gold Ltd. (“Southern Cross Gold” or
“SXG”) has released results from SDDSC118 from the Rising Sun prospect at the 100%-owned Sunday Creek
Project in Victoria, Australia (Figures 1 - 5).
SDDSC118 is the deepest hole on the project, extending high grade mineralization 80 m down dip (3.6 m @
124.8 g/t Au) and intersecting multiple high-grade structures including three new vein sets at depth. The
hole recorded three additional > 100 g/t AuEq x m intersections and two top 10 results for Sunday
Creek.
Highlights:
• SDDSC118 is the deepest hole on the project and extended mineralisation 80 m down dip with 3.6
m @ 124.8 g/t Au from 1,120.4 m (1,050 m vertically below surface).
• The hole intercepted 11 high-grade vein sets, including three new vein sets at depth with three additional
> 100 g/t AuEq x m intersections and two top 10 results for Sunday Creek (0.7 m @ 604.0 g/t
Au and 3.6 m @ 124.8 g/t Au) and included seven assayed intervals of > 50 g/t Au (with three
individual assays >900 g/t Au), and four assayed intervals > 2% Sb (up to 19.4% Sb) . Drill
highlights include:
o 3.1 m @ 39.9 g/t AuEq (38.2 g/t Au, 0.9% Sb) from 452.5 m, including:
1.4 m @ 87.9 g/t AuEq (84.6 g/t Au, 1.7% Sb) from 454.2 m
o 0.4 m @ 71.2 g/t AuEq (70.3 g/t Au, 0.5% Sb) from 475.4 m, including:
0.1 m @ 235.2 g/t AuEq (235.0 g/t Au, 0.1% Sb) from 475.4 m
o 0.7 m @ 604.0 g/t AuEq (604.0 g/t Au, 0.0% Sb) from 555.7 m, including:
0.5 m @ 979 g/t AuEq (979 g/t Au, 0.0% Sb) from 555.7 m
o 1.3 m @ 43.3 g/t AuEq (42.5 g/t Au, 0.4% Sb) from 675.1 m, including:
0.3 m @ 201.9 g/t AuEq (200.0 g/t Au, 1.0% Sb) from 675.1 m
o 3.6 m @ 124.8 g/t AuEq (124.8 g/t Au, 0.0% Sb) from 1,120.4 m, including:
0.2 m @ 1,200 g/t AuEq (1,200 g/t Au, 0.1% Sb) from 1,120.4 m
0.2 m @ 1,030 g/t AuEq (1,030 g/t Au, 0.0% Sb) from 1,121.0 m
o 0.2 m @ 36.0 g/t AuEq (36.0 g/t Au, 0.0% Sb) from 1,180.8 m
Continued Over Page
HIGHLIGHTS (Cont.)
• Ten drill holes at Sunday Creek at are being processed and analysed, with four holes in progress.
• Mawson owns 96,590,910 shares of SXG ( 49.6%), valuing its stake at A$270.4 million (C$247.0 million)
based on SXG’s closing price on June 12, 2024 AEST.
Michael Hudson, Mawson Interim CEO and Executive Chairman, states: “At Sunday Creek, the trend
is your friend, with drill hole after drill hole continuing to demonstrate continuity, extremely high-grades and
new discoveries. This time drill hole SDDSC118 demonstrated continuity across multiple structures, while
defining three new vein sets and drilling the deepest, and one of the best, intersections at Sunday Creek with
3.6 m @ 124.8 g/t Au from 1,120.4 m, in a large 80 m down dip extension below previously defined
mineralization.
“Additionally, the hole recorded two top 10 results for Sunday Creek (0.7 m @ 604.0 g/t Au as well as the
interval above). The tenor of mineralization is becoming higher grade as we go to depth with the tantalizing
prospect that the best is still yet to come at Sunday Creek.”
Drill Hole Discussion
One drill hole (SDDSC118) is reported from the Rising Sun prospect. The hole was designed to test
the hanging wall position of one high- grade vein set and drill to depth further east than tested
previously. The hole intercepted 11 mineralized structures, eight of which are high-grade.
SDDSC118 is the deepest hole on the project and extended high grade mineralization 80 m down
dip (3.6 m @ 124.8 g/t AuEq ). The hole intersected multiple high- grade structures, including
seven assayed intervals of > 50 g/t Au (up to 1,200 g/t Au), and four assayed intervals
> 2% Sb (up to 19.4% Sb), with three additional > 100 g/t AuEq x m intersections and
two top 10 results for Sunday Creek (0.7 m @ 604.0 g/t Au and 3.6 m @ 124.8 g/t AuEq).
Three new vein sets were defined, and mineralization was extended 80 m below the exploration
target.
The hole traversed from the hanging wall to footwall of the dyke/breccia host and provided
continuity information in the plane of the eight known vein sets with three new discoveries at depth
including 3.6 m @ 124.8 g/t AuEq (including 0.8 m @ 558.2 g/t AuEq) from 1,120.4 m
and 0.2 m @ 36.0 g/t AuEq from 1,180.8 m.
High-grade continuity is best demonstrated in vein set RS15 (Figure 3) where SDDSC118 drilled
0.7 m @ 604.0 g/t AuEq (604.0 g/t Au, 0.0% Sb) from 555.7 m (estimated true width “ETW”
0.4 m) including 0.5 m @ 979.0 g/t AuEq from 555.7 m. This intersection was located 54 m
down-plunge of the previously reported SDDSC100 (4.7 m @ 76.6 g/t AuEq) and 42 m up -
plunge from the previously reported SDDSC082 (4.3 m @ 72.3 g/t AuEq), increasing confidence
in the definition of the high-grade core of RS15.
Highlights from SDDSC118 include:
o 3.1 m @ 39.9 g/t AuEq (38.2 g/t Au, 0.9% Sb) from 452.5 m, including:
1.4 m @ 87.9 g/t AuEq (84.6 g/t Au, 1.7% Sb) from 454.2 m
o 0.3 m @ 12.6 g/t AuEq (12.0 g/t Au, 0.3% Sb) from 459.3 m
o 0.4 m @ 71.2 g/t AuEq (70.3 g/t Au, 0.5% Sb) from 475.4 m, including:
0.1 m @ 235.2 g/t AuEq (235.0 g/t Au, 0.1% Sb) from 475.4 m
o 0.2 m @ 8.5 g/t AuEq (7.4 g/t Au, 0.6% Sb) from 487.6 m
o 0.4 m @ 12.7 g/t AuEq (12.6 g/t Au, 0.1% Sb) from 502.2 m
o 0.4 m @ 46.3 g/t AuEq (44.8 g/t Au, 0.8% Sb) from 540.4 m
o 0.7 m @ 604.0 g/t AuEq (604.0 g/t Au, 0.0% Sb) from 555.7 m, including:
0.5 m @ 979.0 g/t AuEq (979.0 g/t Au, 0.0% Sb) from 555.7 m
o 0.1 m @ 12.2 g/t AuEq (12.2 g/t Au, 0.0% Sb) from 568.6 m
o 4.7 m @ 4.6 g/t AuEq (3.5 g/t Au, 0.6% Sb) from 620.4 m, including:
1.4 m @ 11.0 g/t AuEq (9.1 g/t Au, 1.0% Sb) from 621.2 m
o 0.6 m @ 5.0 g/t AuEq (4.0 g/t Au, 0.5% Sb) from 624.6 m
o 0.1 m @ 193.2 g/t AuEq (193.0 g/t Au, 0.1% Sb) from 627.2 m
o 0.4 m @ 11.7 g/t AuEq (11.0 g/t Au, 0.4% Sb) from 632.7 m
o 0.1 m @ 27.4 g/t AuEq (26.7 g/t Au, 0.4% Sb) from 657.9 m
o 0.2 m @ 28.7 g/t AuEq (23.4 g/t Au, 2.8% Sb) from 663.4 m
o 0.5 m @ 6.3 g/t AuEq (5.1 g/t Au, 0.6% Sb) from 671.5 m
o 1.3 m @ 43.3 g/t AuEq (42.5 g/t Au, 0.4% Sb) from 675.1 m, including:
0.3 m @ 201.9 g/t AuEq (200.0 g/t Au, 1.0% Sb) from 675.1 m
o 0.4 m @ 10.0 g/t AuEq (10.0 g/t Au, 0.0% Sb) from 711.6 m
o 0.8 m @ 6.5 g/t AuEq (6.5 g/t Au, 0.0% Sb) from 970.6 m
o 3.6 m @ 124.8 g/t AuEq (124.8 g/t Au, 0.0% Sb) from 1,120.4 m, including:
0.8 m @ 558.2 g/t AuEq (558.2 g/t Au, 0.0% Sb) from 1,120.4 m, including
0.2 m @ 1,200 g/t AuEq (1,200 g/t Au, 0.1% Sb) from 1,120.4 m
0.2 m @ 1,030 g/t AuEq (1,030 g/t Au, 0.0% Sb) from 1,121.0 m
o 0.2 m @ 36.0 g/t AuEq (36.0 g/t Au, 0.0% Sb) from 1,180.8 m
Pending Results and Update
Ten holes (SDDSC114W1, 119, 119W1, 120, 121, 121W1, 122, 123, 124, 125) are currently being processed
and analyzed, with four holes (SDDSC122W1, 050W1, 126, 127) in progress (Figures 1 and 2).
Further Information
Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is available on the SXG
website at www.southerncrossgold.com.au.
Table 1: Top 10 results from Sunday Creek, showing two intersections in SDDSC118 reported here.
No upper gold grade cut is applied in the averaging and intervals are reported as drill thickness. During future
Mineral Resource studies, the requirement for assay top cutting will be assessed.
Figures 1 to 5 show project location, plan and longitudinal views of drill results reported here and Tables 2
to 4 provide collar and assay data. The true thickness of the mineralized intervals reported individually as
estimated true widths (“ETW”), otherwise they are interpreted to be approximately 55-65% of the sampled
thickness for other reported holes. Lower grades were cut at 1.0 g/t AuEq lower cutoff over a maximum
width of 2 m w ith higher grades cut at 5.0 g/t AuEq lower cutoff over a maximum of 1 m width unless
specified.
Technical Background and Qualified Person
The Qualified Person, Michael Hudson, Executive Chairman and a director of Mawson Gold, and a Fellow of
the Australasian Institute of Mining and Metallurgy, has reviewed, verified and approved 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.
MAW considers that both gold and antimony that are included in the gold equivalent calculation (“AuEq")
have reasonable potential to be recovered at Sunday Creek, given current geochemical understanding,
historic production statistics and geologically analogous mining operations. Historically, ore from Sunday
Creek was treated onsite or shipped to the Costerfield mine, located 54 km to the northwest of the project,
for processing during WW1. The Costerfield mine corridor, now owned by Mandalay Resources Ltd contains
two million ounces of equivalent gold (Mandalay Q3 2021 Results), and in 2020 was the sixth highest-grade
global underground mine and a top 5 global producer of antimony.
MAW considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd
in its Mandalay Technical Report, 2024 dated March 28, 2024. The gold equivalence formula used by
Mandalay Resources was calculated using Costerfield’s 2023 production costs, using a gold price of US$1,900
per ounce, an antimony price of US$12,000 per tonne and 2023 total year metal recoveries of 94% for gold
and 89% for antimony, and is as follows:
𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴 = 𝐴𝐴𝐴𝐴 (𝑔𝑔/𝑡𝑡) + 1.88 × 𝑆𝑆𝑆𝑆 (%).
Based on the latest Costerfield calculation and given the similar geological styles and historic toll treatment
of Sunday Creek mineralization at Costerfield, SXG considers that a 𝐴𝐴𝐴𝐴𝐴𝐴𝐴𝐴 = 𝐴𝐴𝐴𝐴 (𝑔𝑔/𝑡𝑡) + 1.88 × 𝑆𝑆𝑆𝑆 (%) is
appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.
.
About Mawson Gold Limited (TSXV:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)
Mawson Gold Limited has distinguished itself as a leading Nordic exploration company. Over the last decades, the team behind
Mawson has forged a long and successful record of discovering, financing, and advancing mineral projects in the Nordics and
Australia. Mawson holds the Skellefteå North gold discovery and a portfolio of historic uranium resources in Sweden. Mawson also
holds 49.6% of Southern Cross Gold Ltd. (ASX:SXG) which owns or controls two high-grade, historic epizonal goldfields in Victoria,
Australia, including the exciting Sunday Creek Au-Sb discovery.
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 joint
venture in Victoria, Australia, and a strategic 6.7% holding in ASX-listed Nagambie Resources Limited (ASX:NAG) which grants SXG
a Right of First Refusal over a 3,300 square kilometer tenement package held by NAG in Victoria.
On behalf of the Board,
"Michael Hudson "
Michael Hudson , Interim CEO and Executive
Chairman
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 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 on the Company’s business, risks related to
negative publicity with respect to the Company or the mining industry in general; exploration potential being conceptual in nature,
there being insufficient exploration to define a mineral resource on the Australian-projects owned by SXG, and uncertainty if further
exploration will result in the determination of a mineral resource; 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 SEDAR+. 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 infor mation, future events or results or
otherwise.
ASX ANNOUNCEMENT
Figure 1: Sunday Creek plan view showing selected results from SDDSC118 reported here (blue highlighted box), selected prior reported drill holes and pending
holes.
Figure 2: Sunday Creek longitudinal section across A-B in the plane of the dyke breccia/altered sediment host (see Figure 1) looking towards the north (striking
236 degrees) showing mineralised veins sets. Showing SDDSC118 reported here (blue highlighted box) with selected intersections and prior reported drill holes.
Three new veins sets identified at depth shown.
Figure 3: Sunday Creek longitudinal section across C-D in the plane of the modelled vein set RS15, looking towards the north-east. Showing SDDSC118 (blue
highlighted box) reported here and prior reported drill holes.