Mawson Gold Limited (“
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE June 13, 2022
Mawson Drills 1.8 m @ 28.4 g/t Gold including 0.4 m @ 132 g/t Gold
in Maiden Program at Skellefteå North, Sweden
Vancouver, Canada — Mawson Gold Limited (“Mawson”) or (the “Com pany”) (TSX:MAW) (Frankfurt:MXR)
(PINKSHEETS: MWSNF) announces results from the maiden drill program at the Skelleft eå North project in Sweden
where Mawson has the right to earn up to 85% of the project. Th e first two drillholes (DB2201- DB2202), reported here,
both intersected significant near surface gold. Drilling of the final hole of the six hole program, which to date has drilled
five holes for 591 m, should be completed in the following week . Logging and assay of the unreported drilling metres is
currently in progress.
Highlights:
High-grade gold intersections, including visible gold, reported from the first the two drillholes at
Skellefteå North’s Dalbacka prospect:
o 1.8 m at 28.4 g/t Au, including 0.4 m at 132 g/t Au, both from 82.8 m
o 4.4 m at 4.8 g/t Au from 40.0 m in DB2201
Program targeting mineralized outcrop mapped 180m along surface , coincident with a 2km
regional magnetic structure.
Mr. Fairhall, CEO, states “To intersect these grades from near surface, in a premier mining district is a very
exciting outcome. Given that these are the first drill holes ev er into the project, these results increases their
significance considerably. This on ce again demonstrates the abi lity of Mawson’s team to find, acquire and
explore high quality gold projects within well-known mining jurisdictions.
“Skellefteå North is located in the shadow of the headframe of a number of significant gold mines where
>6Moz of gold have been produced from 4 mines within 22 km of the project. These results further highlight
the fertility of the Skellefte belt. They also bode very well f or the remainder of our drill program, which is
initially focusing on testing the 180 m strike of mineralized o utcrop and then extend beyond to where
mineralization is interpreted to continue under cover, in assoc iation with a 2 km long, approximately NW-SE
trending magnetic anomaly.
“Mawson is concurrently focused on its PEA work program for Rajapalot in Finland, and benefits from a strong
ASX market response to the extremely encouraging Sunday Creek drilling by Southern Cross Gold Ltd
(ASX:SXG) in the Victoria Gold Fields of Australia, a company 60% owned by Mawson.”
Skellefteå North
The drillholes reported here were collared located in the southern-central portion of the Skellefteå Project (Figure 1) at the
Dalbacka prospect (Figure 2), where a 180 m long gold-mineraliz ed outcrop of mafic-dyke was recently discovered. The
dyke intrudes into a Paleoproterozoic, pyrrhotite-bearing, graphitic black-shale succession. A 2 km long, approximately NW-
SE trending magnetic anomaly is coincident with this black-shale host-succession, and is interpreted as the continuation of
the mineralised trend along strike, but under thin glacial-cover. Five continuous, gold-bearing channel samples taken across
the mineralized-dyke were reported by Mawson on January 17, 2022, with best results of 3.8 m @ 4.5 g/t Au, and 1.6 m
@ 5.4 g/t Au (see Figure 2). Gold-mineralization is contained w ithin an arsenopyrite-bearing, sheeted-quartz-vein system
confined to within the limits of the steep south-westerly dipping mafic-dyke system.
The maiden drill program at the Skellefteå Project was focused on testing down-dip extensions of the mineralized-dyke
system at Dalbacka. Drillholes DB2201 & DB2202, collared on the same section approximately 45 metres apart, were
designed to test the down-dip continuity of the eastern portion of the channel sampled mineralized-dyke. These holes
successfully intercepted the mineralized host, returning results of 4.4 m @ 4.8 g/t Au, and 1.8 m @ 28.4 g/t, respectively
(see geological long-section, Figure 3, and geological cross-se ction, Figure 4). Visual observation of the mineralized
intercepts confirms gold is intim ately related to the arsenopyr ite-bearing, sheeted-quartz-vein system hosted within the
dyke. Visible gold occurs within individual quartz veins (Figur e 5), and also within the wall-rock, which similarly shows
elevated arsenopyrite with quartz (see annotated drill-core photograph in Figures 6 & 7).
Drill holes DB2203, DB2204 & DB2205 were designed to target the down-dip extensions of the central and eastern portions
of the mineralized outcrop (see geological long-section, Figure 3). An additional drill hole DB2206 was added during the
program ~180 m further north-west of the mineralized outcrop to explore for both down-dip, and along-strike continuation
of the gold-bearing dyke system.
Skellefteå North
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 north-northwest of the city of Skellefteå (Figure 1) and 750 km
north of Stockholm, Sweden. The area has a long history of mini ng and strong economic ties to the industry. Developed
infrastructure includes railway and paved highways connecting the community to all of Sweden. Low cost hydropower and
a skilled labour force further support the industry. The climat e in this area of northern Sweden is moderated by the Gulf
Stream and is very similar to Timmins, Ontario.
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 an d Mawson’s Option Agreement can be found in Mawson’s
news release dated January 17, 2022.
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.
Figures 3 & 4 show plan-, long- and cross- section views of these drill results (DB2201 & DB2202) and Tables 1 & 2 provide
collar and assay data. The true thickness of the mineralized in terval is interpreted to be approximately 70-80% of the
sampled thickness. All drill results quoted have a lower cut of 0.2 g/t Au cut over a minimum 20 cm sampling width.
A single diamond drill rig owned and operated by Protek Norr AB is being used to execute the drill program. Core diameter
is NQ2 (50.7 mm). Core recoveries are excellent and average clo se to 100% in fresh rock. Geological logging,
photographing, and sampling of the drillcore is being completed by Elemental’s geological staff at their local facility near
Skellefteå. The remaining half core is retained for verificatio n and reference purposes. Analytical samples are transported
by commercial transport from site to the CRS Minlab Oy facility in Kempele, Finland. Samples were prepared and analyzed
for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence
of cyanide, followed by measuring the gold in solution with fla me AAS equipment. Samples for multi-element analysis are
pulped at CRS Minlab, then transported by air to the MSA labs i n Vancouver, Canada and analyzed using four acid digest
ICP-MS methods. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known gold
content, duplicate samples by quartering the core, and blanks t he within interpreted mineralized rock. In addition, CRS
inserts blanks and standards into the analytical process.
About Mawson Gold Limited (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)
Mawson Gold Limited is an exploration and developmen t company. Mawson has distingui shed itself as a leading Nordic
Arctic exploration company with its 100% owned flagship Rajapal ot gold-cobalt project in Finland, and right to earn into
the Skellefteå North gold project in Sweden. Mawson also owns 60% of Southern Cross Gold Ltd (ASX:SXG) which in turn
owns three high-grade, historic epizonal goldfields covering 470 km2 in Victoria, Australia.
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
T h i s n e ws r e l e as e c o n t a i ns f o r w ar d - l o ok i n g s t a t e m e n t s o r f o r w a rd-looking information within the meaning of applicable securiti es 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 t hat 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; changes in equity markets; ability to achieve goals; that the po litical environment in which
the Company operates will contin ue to support the development a nd operation of mining projects; the threat associated with out breaks of viruses and
infectious diseases, including the novel COVID-19 virus; risks related to negative publicity with respect to the Company or the mining industry in general;
reliance on a single asset; planned drill programs and results varying from expectations; unexpected geological conditions; lo cal community relations;
dealings with non-governmental organizations; delays in operations due to permit grants; environmental and safety risks; and other risks and uncertainties
d i s c l o s e d u n d e r t h e h e a d i n g " R i s k F a c t o r s " i n M a w s o n ' s m o s t r e cent Annual Information Form filed on www.sedar.com. While these f a c t o r s a n d
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 la ws, Mawson disclaims any intent or obligation to update any for ward-looking statement,
whether as a result of new information, future events or results or otherwise.
Figure 1: Regional location of the Skellefteå North Project in Northern Sweden.
Figure 2: Location of the Dalbacka prospect in the southern points of the Skellefteå North Project
Figure 3: Geological long-section of drilling intercepts
Figure 4: Geological cross-section of drilling intercepts from hole DB2201 & DB2202.
Figure 5: Drill-core photographs of drillhole DB2201 intercepts, with visible gold circled.
Figure 6: Annotated drill-core photographs of drillhole DB2201
Figure 7: Annotated drill-core photographs of drillhole DB2202
Table 1: Drill collar summary table for drillholes reported in this announcement.
/g43/g82/g79/g72/g66/g44/g39/g3 /g43/g82/g79/g72/g3/g54/g76/g93/g72/g3 /g39/g72/g83/g87/g75/g3/g11/g80/g12/g3/g51 /g85/g82/g86/g83/g72/g70/g87/g3
/g40/g68/g86/g87/g3/g49 /g82 /g85/g87/g75/g3
/g40/g79/g72/g89/g68/g87/g76/g82/g81/g3 /g36/g93/g76/g80/g88/g87/g75/g3 /g51/g79/g88/g81/g74/g72/g3
/g54/g58 /g40/g53/g40/g41/g28/g28/g3 /g54/g58 /g40/g53/g40/g41/g28/g28/g3
/g39/g37/g21/g21/g19/g20/g3/g49/g52/g21/g3 /g27/g20/g17/g19/g3 /g39/g68/g79/g69/g68/g70/g78/g68/g3 /g26/g25/g28/g20/g25/g21/g3 /g26/g21/g20/g28/g26/g19/g19/g3 /g21/g21/g27/g3 /g19/g19/g19/g3 /g16/g23/g24/g3
/g39/g37/g21/g21/g19/g21/g3/g49/g52/g21/g3 /g20/g24/g20/g17/g23/g3 /g39/g68/g79/g69/g68/g70/g78/g68/g3 /g26/g25/g28/g20/g24/g22/g3 /g26/g21/g20/g28/g25/g26/g25/g3 /g21/g21/g24/g3 /g19/g19/g19/g3 /g16/g24/g24/g3
Table 2: All individual assays reported from DB2201 & DB2202 in this announcement. A lower gut-off of 0.2 g/t Au was
applied to reported assays, with no internal dilution factors applied. True widths are estimated to be between 70-80% of
drilled width.
/g43/g82/g79/g72/g66/g44/g39/g3 /g41/g85 /g82/g80/g3/g11/g80/g12/g3/g55 /g82 /g3 /g11/g80/g12/g3/g58 /g76 /g71/g87/g75/g3/g11/g80/g12/g3/g36 /g88 /g3 /g11/g74/g18/g87/g12/g3
/g39/g37/g21/g21/g19/g20/g3/g22/g28/g17/g26/g22/g3 /g23/g19/g17/g22/g24/g3 /g19/g17 /g25/g21/g3 /g20/g17 /g21/g22/g3
/g39/g37/g21/g21/g19/g20/g3/g23/g19/g17/g22/g24/g3 /g23/g19/g17/g25/g24/g3 /g19/g17 /g22/g19/g3 /g20/g23/g17/g24/g3
/g39/g37/g21/g21/g19/g20/g3/g23/g19/g17/g25/g24/g3 /g23/g20/g17/g22/g19/g3 /g19/g17 /g25/g24/g3 /g20/g17 /g24/g26/g3
/g39/g37/g21/g21/g19/g20/g3/g23/g20/g17/g22/g19/g3 /g23/g20/g17/g24/g23/g3 /g19/g17 /g21/g23/g3 /g23/g17 /g20/g21/g3
/g39/g37/g21/g21/g19/g20/g3/g23/g20/g17/g24/g23/g3 /g23/g21/g17/g21/g21/g3 /g19/g17 /g25/g27/g3 /g21/g17 /g23/g26/g3
/g39/g37/g21/g21/g19/g20/g3/g23/g21/g17/g21/g21/g3 /g23/g21/g17/g25/g19/g3 /g19/g17 /g22/g27/g3 /g21/g23/g17/g22/g3
/g39/g37/g21/g21/g19/g20/g3/g23/g21/g17/g25/g19/g3 /g23/g22/g17/g19/g19/g3 /g19/g17 /g23/g19/g3 /g20/g17 /g28/g26/g3
/g39/g37/g21/g21/g19/g20/g3/g23/g22/g17/g19/g19/g3 /g23/g22/g17/g25/g19/g3 /g19/g17 /g25/g19/g3 /g21/g17 /g24/g28/g3
/g39/g37/g21/g21/g19/g20/g3/g23/g22/g17/g25/g19/g3 /g23/g23/g17/g20/g24/g3 /g19/g17 /g24/g24/g3 /g20/g17 /g25/g22/g3
/g39/g37/g21/g21/g19/g21/g3/g27/g21/g17/g26/g28/g3 /g27/g22/g17/g20/g23/g3 /g19/g17 /g22/g24/g3 /g20/g22/g21/g3
/g39/g37/g21/g21/g19/g21/g3/g27/g22/g17/g20/g23/g3 /g27/g23/g17/g19/g24/g3 /g19/g17 /g28/g20/g3 /g21/g17 /g27/g20/g3
/g39/g37/g21/g21/g19/g21/g3/g27/g23/g17/g19/g24/g3 /g27/g23/g17/g24/g26/g3 /g19/g17 /g24/g21/g3 /g22/g17 /g24/g26/g3