Mawson Gold Limited (“Mawson” or the “Company”)
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE July 8, 2024
SXG Drills 1.4 m @ 20.0 g/t AuEq Extends Mineralisation 200 m at Apollo East
Drills 11.5 m @ 6.0 g/t AuEq to Infill 260 m gap in Apollo Deeps
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 two diamond drill holes SDDSC119 and SDDSC119W1 from the Apollo
prospect at the 100%-owned Sunday Creek Project in Victoria, Australia (Figure 5).
Highlights:
• Drillhole SDDSC119 drilled an extension of mineralisation 200 m from Apollo to Apollo East and infilled a
260 m gap in Apollo Deeps providing confidence in continuity.
• SDDSC119 intercepted 10 high-grade vein sets, including three vein sets at Apollo East, and seven at Apollo
Deeps. It included ten assayed intervals of > 10 g/t Au (up to 35.9 g/t Au), and six assayed
intervals > 5% Sb (up to 19.9% Sb). Selected highlights include:
Apollo East
o 4.2 m @ 3.6 g/t AuEq (2.9 g/t Au, 0.3% Sb) from 416.8 m, including:
2.6 m @ 4.9 g/t AuEq (4.0 g/t Au, 0.5% Sb) from 418.4 m
o 1.4 m @ 20.0 g/t AuEq (8.9 g/t Au, 5.9% Sb) from 440.0 m, including:
0.4 m @ 66.7 g/t AuEq (29.3 g/t Au, 19.9% Sb) from 441.0 m
Apollo Deeps
o 11.5 m @ 6.0 g/t AuEq (3.7 g/t Au, 1.2% Sb) from 571.2 m, including:
4.7 m @ 11.7 g/t AuEq (6.6 g/t Au, 2.7% Sb) from 577.1 m
o 10.8 m @ 1.7 g/t AuEq (1.2 g/t Au, 0.3% Sb) from 607.0 m
o 5.6 m @ 4.3 g/t AuEq (2.7 g/t Au, 0.9% Sb) from 620.1 m, including:
1.0 m @ 14.2 g/t AuEq (8.6 g/t Au, 3.0% Sb) from 621.0 m
o 1.6 m @ 6.6 g/t AuEq (6.3 g/t Au, 0.1% Sb) from 646.3 m
o 0.6 m @ 18.0 g/t AuEq (17.6 g/t Au, 0.2% Sb) from 657.1 m
o 7.1 m @ 2.3 g/t AuEq (1.4 g/t Au, 0.4% Sb) from 663.4 m
• SDDSC119W1 was drilled as a wedge hole to reacquire core lost down the parent hole SDDSC119. It
therefore also acted as a test of the continuity of mineralisation over a 0.6 m down dip distance for the first
time at this scale. Continuity of mineralisation was demonstrated with SDDSC119 and SDSC119W1 assaying
respectively 5.6 m @ 4.3 g/t AuEq and 5.5 m @ 5.1 g/t AuEq (Figure 3).
• Nine drill holes at Sunday Creek are currently being processed and analysed, with four holes in
progress.
Continued Over Page
HIGHLIGHTS (Cont.)
• Mawson owns 9 6,590,910 shares of SXG ( 49.4%), valuing its stake at A$232.8 million (C$213.1 million)
based on SXG’s closing price on July 3, 2024 AEST.
Michael Hudson, Mawson Interim CEO and Executive Chairman, states : “New drilling has shown
further expansion and success from the prolific Sunday Creek, this time from the far eastern end of the 1 km
long core project area. Drill holes SDDSC119 and 119W1 demonstrated extensions of three high grade veins
sets 200 m east at Apollo East, including 1.4 m @ 20.0 g/t AuEq , and infilled seven veins in a 260 m wide
gap at Apollo Deeps, which included 11.5 m @ 6.0 g/t AuEq. Encouragingly the wedge hole demonstrated
continuity of grade at a close (0.6 m) spacing, and at a scale never tested at the project. These results are
important as they show continued project growth as well as continuity of grades at different scales.
“With an additional rig to be mobilised to site next week to increase site capacity to five drill rigs, and with
a 60 km drill program underway, these results demonstrate our ability to build the deposit via volume
increases and building confidence in continuity of grade.”
Drill Hole Discussion
Two drill holes (SDDSC119 and 119W1) are reported from the Apollo prospect (Figures 1 and 2).
SDDSC119 was designed to test new mineralisation located 200 m east of Apollo to Apollo East, and to infill
a 260 m gap in Apollo Deeps. The hole was drilled 58 m – 113 m down-plunge of SDDSC116 (15.0 m @
9.8 g/t AuEq (8.8 g/t Au, 0.5% Sb) from 511.2 m) and 38 m – 132 m up-plunge of SDDSC108A (0.2
m @ 576.1 g/t AuEq (576.0 g/t Au, 0.1% Sb) from 762.9 m) , proving continuity over 260 m of
mineralised plunge and extended mineralisation domain footprints at depth. This drillhole intercepted ten
assayed intervals of > 10 g/t Au (up to 35.9 g/t Au), and six assayed intervals > 5% Sb (up to
19.9% Sb).
SDDSC119W1 was drilled as a wedge hole to reacquire core lost down the parent hole SDDSC119 (from
633 m – 635 m). Fortuitously, it also acted as a test of the continuity of mineralisation at different downhole
depths over 0.6 m down dip distance, at a spacing never p reviously tested on the project. Continuity of
mineralisation at this scale was successfully demonstrated with SDDSC119 assaying 5.6 m @ 4.3 g/t AuEq
(2.7 g/t Au, 0.9% Sb) from 620.1 m and the wedge hole SDDSC119W1 returning 5.5 m @ 5.1 g/t AuEq (3.6
g/t Au, 0.8% Sb) from 619.9 m (Figure 3).
Highlights from SDDSC119 include:
Apollo East
o 4.2 m @ 3.6 g/t AuEq (2.9 g/t Au, 0.3% Sb) from 416.8 m, including:
2.6 m @ 4.9 g/t AuEq (4.0 g/t Au, 0.5% Sb) from 418.4 m
o 3.6 m @ 2.6 g/t AuEq (1.1 g/t Au, 0.8% Sb) from 423.4 m
o 1.4 m @ 20.0 g/t AuEq (8.9 g/t Au, 5.9% Sb) from 440.0 m, including:
0.4 m @ 66.7 g/t AuEq (29.3 g/t Au, 19.9% Sb) from 441.0 m
Apollo Deeps
o 11.5 m @ 6.0 g/t AuEq (3.7 g/t Au, 1.2% Sb) from 571.2 m, including:
4.7 m @ 11.7 g/t AuEq (6.6 g/t Au, 2.7% Sb) from 577.1 m
o 10.8 m @ 1.7 g/t AuEq (1.2 g/t Au, 0.3% Sb) from 607.0 m
o 5.6 m @ 4.3 g/t AuEq (2.7 g/t Au, 0.9% Sb) from 620.1 m, including:
1.0 m @ 14.2 g/t AuEq (8.6 g/t Au, 3.0% Sb) from 621.0 m
o 1.6 m @ 6.6 g/t AuEq (6.3 g/t Au, 0.1% Sb) from 646.3 m, including:
0.3 m @ 36.0 g/t AuEq (35.9 g/t Au, 0.0% Sb) from 647.6 m
o 0.6 m @ 18.0 g/t AuEq (17.6 g/t Au, 0.2% Sb) from 657.1 m
o 7.1 m @ 2.3 g/t AuEq (1.4 g/t Au, 0.4% Sb) from 663.4 m
Pending Results and Update
Nine holes (SDDSC114W1, 120, 121, 121W1, 122, 123, 124, 125 , 127) are currently being processed and
analyzed, with four holes (SDDSC122W1, 050W1, 126, 128) 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.
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 1
to 3 provide collar and assay data. The true thickness of the mineralised 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 with 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 consi sts 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% 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 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 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 SDDSC119 reported here (blue highlighted box, orange trace), 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 SDDSC119 reported here (blue highlighted box, orange trace) with selected intersections and prior
reported drill holes. For location refer to Figure 1.
Figure 3: Showing cross section of the A_150 vein set drilled by SDDSC119 and SDDSC119W1 showing continuity of mineralisation over a sh ort (0.6 m) down
dip distance between parent and wedge holes. For location refer to Figure 1.
Figure 4: Sunday Creek regional plan view showing LiDAR, soil sampling, structural framework, regional historic epizonal gold mining ar eas and broad regional
areas (Tonstal, Consols and Leviathan) tested by 12 holes for 2,383 m drill program. The regional drill ar eas are at Tonstal, Consols and Leviathan located
4,000-7,500 m along strike from the main drill area at Golden Dyke- Apollo.