Mawson Gold Limited (“Mawson” or the “Company”) (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces results from three further drill holes (SDDSC053 to SDDSC055) at the Sunday Creek Project in Victoria (Figure 1). Sunday Creek is 100% owned by Southern Cross Gold ( “SXG”), wh
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE February 28, 2023
Mawson’s Subsidiary SXG Reports 18.6 m @ 4.1 g/t AuEq
at Sunday Creek, Victoria, Australia
Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) announces results from three further drill holes (SDDSC053 to SDDSC055) at the Sunday Creek
Project in Victoria (Figure 1). Sunday Creek is 100% owned by Southern Cross Gold ( “SXG”), which is an ASX listed
company owned 51% by Mawson. Drilling with three rigs is in progress at Sunday Creek at the Golden Dyke, Rising Sun
and Apollo prospects with 13 holes being processed and analyzed or in progress.
Highlights:
• 18.6 m @ 4.1 g/t AuEq intersected in SDDSC055 60 m above, 40m east and in the plane of Rising Sun
shoot, previously drilled in SDDSC050 which intersected 305.8 m @ 2.4 g/t AuEq (refer news 14 December,
2022).
o Rising Sun shoot continuity now defined over 250 m down dip across 5 drill holes, and
shows potential for thickening or bulging of the host structure at depth.
• SDDSC055 demonstrated significant scale, grade and continuity of mineralization around SDDSC050.
Better results from SDDSC055 included:
o 18.6 m @ 4.1 g/t AuEq (1.2 g/t Au, 1.8 %Sb) from 388.5 m
including 0.9 m @ 25.0 g/t AuEq (4.1 g/t Au, 13.2 %Sb) from 388.5 m
including 0.4 m @ 59.3 g/t AuEq (9.8 g/t Au, 31.4 %Sb) from 392.0 m
including 2.1 m @ 11.5 g/t AuEq (4.7 g/t Au, 4.3 %Sb) from 400.4 m
including 0.3 m @ 8.3 g/t AuEq (5.1 g/t Au, 2.0 %Sb) from 405.9 m
o 5.1 m @ 2.8 g/t AuEq (1.7 g/t Au, 0.7 %Sb) from 417.9 m
including 0.2 m @ 26.8 g/t AuEq (12.6 g/t Au, 9.0 %Sb) from 417.9 m
including 0.6 m @ 10.4 g/t AuEq (7.9 g/t Au, 1.6 %Sb) from 420.8 m
• Lower grade margin of three further vein sets intersected in SDDSC053, parallel and 140 m above
SDDSC050, skimming and exiting the host position. Better results included:
o 10.4 m @ 1.5 g/t AuEq (0.7 g/t Au, 0.5 %Sb) from 270.6 m
o 14.0 m @ 1.5 g/t AuEq (0.9 g/t Au, 0.4 %Sb) from 307.0 m
including 0.4 m @ 35.9 g/t AuEq (18.0 g/t Au, 11.4 %Sb) from 317.5 m
o 11.0 m @ 1.0 g/t AuEq (0.6 g/t Au, 0.3 %Sb) from 400.5 m
• Drilling with three rigs is in progress at Sunday Creek, with 13 holes being processed and analysed or
in progress (Figure 2). Pending holes include the deepest drilled on the project.
• Mawson owns 51% of SXG, valuing its stake at A$59 million (C$ 54 million) based on SXG’s closing
price on February 27, 2022.
Ivan Fairhall, Mawson CEO, states: “Another strong hole at Sunday Creek, with grade, width and continuity
firming up at Rising Sun. This latest 18.6 m at 4.1 g/t AuEq intercept ties in with 5 others over a 250 m
plunge that bulges at depth, boding well for scale and potential mineability.
Southern Cross continues to drill aggressively, with over A$17.5 million cash, 3 rigs and 30,000 metres
targeted for 2023. There are 13 holes being drilled or analyzed, so Mawson shareholders benefit from
exposure to considerable SXG exploration news flow, in addition to significant exploration potential at
Mawson’s Skellefteå earn-in in Sweden, and the 100% owned 1Moz AuEq Rajapalot project in Finland.”
Results Discussion
The Sunday Creek epizonal-style gold project is located 60 km north of Melbourne within 19,365 hectares of granted
exploration tenements. SXG is also the freehold landholder of 133 hectares that forms the key portion in and around
the drilled area at the Sunday Creek Project.
Sunday Creek has a 10 km mineralized trend that extends beyond the drill area and is defined by historic workings and
soil sampling which have yet to receive any exploration drilling and offers potential future upside.
Drill hole SDDSC055 designed as a cross hole drilled from the NE to SW across the upper levels of SDDSC050 and 90 m
below MDDSC021 (21.7 m @ 6.2 g/t AuEq (4.7g/t Au, 1.0% Sb) from 274.7 m). This is the first of six NE-SW oriented
drillholes that are to be drilled across the trace of SDDSC050 from 400 m to 800 m to constrain the position of the host
breccia dyke which will allow deeper drilling in an east-west direction below SDDSC050 to be better targeted. The hole
intersected mineralization up to 60 m above and 40 m east of SDDSC050 in the plane of the Rising Sun structure,
highlighting the undulating nature of the dyke host rock, suggesting a thickening or bulging of the host structure at
depth. Also noted are the high antimony grades, up to 31.4% Sb, encountered.
Drill hole SDDSC053, designed as a 150 m up -dip hole from SDDSC050 at Rising Sun 100 m up dip from SDSSC055.
The hole intersected the lower grade margin of three veins sets (Figures 2-4). The hole was drilled too far north of the
Rising Sun shoot and only tested the northern margins of the host breccia dyke and exited the host position as a
consequence.
Drillholes SDDSC053 and SDDSC055 define continuity in the Rising Sun shoot over 250 m down dip (Figure 4) between
the upper levels of drillholes SDDSC050, MDDSC021 (21.7 m @ 6.2 g/t AuEq (4.7g/t Au, 1.0% Sb)) and SDDSC046
(21.5 m @ 15.0 g/t AuEq (12.2 g/t Au and 1.7% Sb)).
SDDSC054, considered to be a near -miss hole as defined by geochemical (arsenic) and alteration (sericite -pyrite)
vectors, is located 25 m east of SDDSC052 at Apollo. The hole interested thin and low-grade mineralization on the most
easterly extents of the Apollo area drilled to date. Better intercepts included 1.6 m @ 3.1 g/t AuEq (2.4 g/t Au, 0.4
%Sb) from 140.0 m, and 0.7 m @ 2.1 g/t AuEq (2.1 g/t Au, 0.0 %Sb) from 207.0 m.
Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is available on the SXG website
www.southerncrossgold.com.au.
Figures 1-3 show project location and plan and longitudinal views of drill results reported here and Tables 1–3 provide
collar and assay data. The true thickness of the minerali zed interval is interpreted to be approximately 60% - 70% of
the sampled thickness. Lower grades were cut at 0.3 g/t lower cutoff over a maximum of 3 m with higher grades cut
at 5.0 g/t AuEq cutoff over a maximum of 1 m.
Update on Current Drilling
Drilling with three rigs is in progress at Sunday Creek at the Golden Dyke, Rising Sun and Apollo prospects. 10 holes
(SDDSC56-63/65/66) are being geologically processed and analyz ed, with three holes (SDDSC064 /67/68) in drill
progress (Figure 2) with continual news flow expected. Drill holes awaiting assays or in progress include the deepest
drill holes drilled on the project at Rising Sun (SDDSC061/67) and Apollo (SDDSC066).
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.
Gold equivalent “AuEq” for Sunday Creek is = Au (g/t) + 1.58 × Sb (%) based on assumed prices of gold US$1,700/oz
Au and antimony US$8,500/metal tonne, and total year metal recoveries of 93% for gold and 95% for antimony. Given
the geological similarities of the projects, this formula has been adopted to align to TSX listed Mandalay Resources Ltd
Technical Report dated 25 March 2022 on its Costerfield project, which is located 54 km from Sunday Creek and which
historically processed mineralization from the property.
For previously reported exploration results referenced in this news release, refer to the following:
October 27, 2021 MDDSC021
December 13, 2021 MDDSC025
March 8, 2022 MDDSC026
May 30, 2022 SDDSC033
August 9, 2022 SDDSC 039
October 4, 2022 SDDSC046
November 2, 2022 SDDSC049
December 14, 2022 SDDSC050
Gold equivalent “AuEq” for Rajapalot is AuEq = Au x 95% + Co x 87.6% / 911 based on updated assumed commodity
prices of Co USD27.22/lb and Au USD1,700/oz, and includes recovery factors for Au (95%) and Co (87.6%). Refer to
Mawson’s Technical Report: NI 43-101 Technical Report on a Preliminary Economic Assessment of the Rajapalot Gold-
Cobalt Project, Finland, which may be found under the Company’s profile on SEDAR. The PEA is preliminary in nature
and includes resources are considered too speculative geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA results will be
realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
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 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 currently owns 51% of Southern Cross Gold Ltd (ASX:SXG) which in turn owns or controls three
high-grade, historic epizonal goldfields covering 470 km2 in Victoria, Australia.
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 and
Whroo joint ventures in Victoria, Australia, and a strategic 10% 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,
"Ivan Fairhall"
Ivan Fairhall, CEO
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 may differ materially from
those in forward-looking statements as a result of various factors, including, Mawson’s expectations regarding its ownership interest
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, including the current pandemic known as
COVID-19 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 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: Location of the Sunday Creek project, along with SXG’s other Victoria projects.
Figure 2: Sunday Creek plan view showing locations of drillholes for results reported in this announcement, pending holes, and select prior reported drill holes.
Figure 3: Sunday Creek east-west longitudinal section looking towards 000, along the trend of the dyke/structure showing pierce point locations scaled by grade x width.
Also, prior select reported drillholes shown.
Figure 4: Sunday Creek cross section (50 m thickness) in plane of SDDSC055 looking towards 310 showing individual NW striking vein sets (coloured polygons) and prior
reported drillholes.
ASX ANNOUNCEMENT Table 1: Drill collar summary table for drillholes reported in this announcement (including in progress).
Hole_ID Hole Size Depth (m) Prospect East GDA94_Z55 North GDA94_Z55 Elevation Azimuth Plunge
SDDSC050 HQ 923.7 Rising Sun 330538.6 5867885.4 295.5 77 -63.5
SDDSC051 HQ 263.5 Apollo 331191.4 5867848.00 307.4 226.5 -74.5
SDDSC052 HQ 245.4 Apollo 331191.4 5867848.00 307.4 246.8 -67.4
SDDSC053 HQ 601.9 Rising Sun 330617.0 5867890.60 299.8 78.6 -62.0
SDDSC054 HQ 285 Apollo 331180.3 5867847.90 306.6 240 -77.0
SDDSC055 HQ 522.2 Gentle Annie 330883.0 5868075.00 306.7 224.2 -60.3
SDDSC056 HQ 194 Apollo 331110.8 5867850.90 303.1 231.2 -35.0
SDDSC057 HQ 414.2 Apollo 331111.65 5867975.1 319.1 184.3 -71.1
SDDSC058 HQ 303 Golden Dyke 330534.6 5867882.1 295.9 188 -69.8
SDDSC059 HQ 641.9 Root Hog 330883 5868075 306.7 214 -75.5
SDDSC060 HQ 263.8 Golden Dyke 330534.6 5867882.1 295.9 167.3 -69.9
SDDSC061 HQ 821.8 Gentle Annie 330754.2 5868022.2 294.3 209.5 -81.7
SDDSC062 HQ 339.3 Golden Dyke 330537.1 5867883.4 295.6 199 -74.2
SDDSC063 HQ 41.1 Apollo 331292.5 5867824.6 316.4 68 -35
SDDSC064 HQ In progress plan 940 Root Hog 331031.5 5868097.6 325.1 239.6 -69.2
SDDSC065 HQ 40.1 Apollo 331292.5 5867824.6 316.4 92 -39
SDDSC066 HQ 669.9 Apollo 331291.1 5867823.1 316.8 278.9 -57
SDDSC067 HQ In progress plan 490 Rising Sun 330754.2 5868022.2 294.3 220.2 -70.4
SDDSC068 HQ In progress plan 730 Apollo 331254 5868098.6 353.9 211.3 -77.7
Table 2: Tables of mineralized drill hole intersections reported from SDDSC053-055 using two cut-off criteria. Lower
grades cut at 0.3 g/t lower cutoff over a maximum of 3 m with higher grades cut at 5.0 g/t AuEq cutoff over a maximum
of 1 m.
Drill Hole From (m) To (m) Width (m) Au g/t Sb % AuEq g/t
SDDSC053 270.6 281.0 10.4 0.7 0.5 1.5
SDDSC053 307.0 321.0 14.0 0.9 0.4 1.5
including 317.5 317.9 0.4 18.0 11.4 35.9
SDDSC053 400.5 411.5 11.0 0.6 0.3 1.0
SDDSC054 140.0 141.6 1.6 2.4 0.4 3.1
SDDSC054 207.0 207.7 0.7 2.1 0.0 2.1
SDDSC055 388.5 407.1 18.6 1.2 1.8 4.1
including 388.5 389.4 0.9 4.1 13.2 25.0
including 392.0 392.4 0.4 9.8 31.4 59.3
including 400.4 402.5 2.1 4.7 4.3 11.5
including 405.9 406.2 0.3 5.1 2.0 8.3
SDDSC055 417.9 423.0 5.1 1.7 0.7 2.8
including 417.9 418.1 0.2 12.6 9.0 26.8
including 420.8 421.3 0.6 7.9 1.6 10.4