News

Vancouver, Canada — Mawson Gold Limited ("Mawson" or the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) is pleased to announce assay results from seven diamond drill holes (MDDSC016A-22) drilled at the 100%-owned Sunday Creek project in the Victorian Goldfields of Australia. The Sunday Creek epizonal-style gold project is located 56 kilometres north of Melbourne and within 19,365 hectares of granted exploration tenements.

Michael Hudson, Executive Chairman, states: "As we start to take bolder and larger step-outs, our deepest hole at Sunday Creek intersected the highest grades we have seen to date and is the seventh intersection exceeding 100 g/t * width on the project. Sunday Creek continues to deliver with continuity of mineralization over larger strike distances in multiple drill holes and grades improving at depth. Notwithstanding, all mineralization remains open at depth and the system continues 10 kilometres to the east covering historic mines, without a single drill hole test."

MDDSC016A intersected 77.6 metres @ 0.8 g/t Au and 0.2% Sb 1.0 g/t AuEq (no lower cut) from 109.4 metres at the Apollo Mine area, drilled 80 metres below VCRC007 (28 metres @ 3.0 g/t Au 0.3% Sb 3.2 g/t AuEq). Higher grade zones included:

• 23.5 metres @ 1.6 g/t Au and 0.3% Sb (1.9 g/t AuEq) from 109.4 metres including:
  • 0.4 metres @ 53.3 g/t Au and 3.5% Sb (56.8 g/t AuEq) from 124.7 metres

• 11.9 metres @ 0.7 g/t Au and 0.5% Sb (1.2 g/t AuEq) from 157.5 metres including:
  • 0.4 metres @ 0.9 g/t Au and 12.1% Sb (12.9 g/t AuEq) from 167.8 metres

• 7.6 metres @ 2.2 g/t Au and 0.2% Sb (2.4 g/t AuEq) from 174.6 metres

MDDSC017, also at Apollo intersected:

• 0.7 metres @ 14.1 g/t Au and 0.0% Sb (14.1 g/t AuEq) from 242.7 metres

• Interpreted to have clipped the southern edge of the broader north-dipping mineralized zone 50 metres below MDDSC0015A (15.3 metres @ 2.2 g/t Au and 2.1% Sb (4.3 g/t AuEq) from 231.4 metres)

MDDSC018 Mawson's first drill hole to test immediately below the Golden Dyke workings, intersected:

• 12.2 metres @ 1.6 g/t Au and 0.2% Sb (1.8 g/t AuEq) from 199.8 metres;
  • Including 1.0 metre @ 12.5 g/t Au and 1.1% Sb (13.5 g/t AuEq) from 202.3 metres

• Golden Dyke is located 600 metres west of the Apollo Mine. The Golden Dyke workings consisted of 20 individual stopes over 200 metres strike, down to 180 metres vertical depth (Figure 2). It is estimated a total of 15,000 ounces @ 12.6 g/t Au were extracted during the late 1800s to the early 1900s. Free gold recoveries were reported to be around 50% due to metallurgical complications (at the time) with stibnite.

MDDSC019 also at Golden Dyke, drilled 95 metres ENE of MDDSC018 intersected:

• 1.0 metre @ 3.5 g/t Au and 0.1% Sb (3.5 g/t AuEq) from 52.0 metres;

• 4.0 metres @ 0.9 g/t Au and 0.0% Sb (1.0 g/t AuEq) from 159.0 metres

MDDSC020 testing below the Rising Sun Mine, located 240 metres ENE from the Golden Dyke area intersected:

• 15.0 metres @ 1.3 g/t Au and 0.4% Sb (1.8 g/t AuEq) from 207.0 metres including:
  • 1.0 metre @ 8.4 g/t Au and 0.2% Sb (8.7 g/t AuEq) from 207.0 metres;
  • 0.7 metres @ 2.8 g/t Au and 3.5% Sb (6.2 g/t AuEq) from 216.7 metres

• Drilled 120 metres below MDDSC003 (6 metres @ 1.6 g/t Au and 1.4% Sb (3.0 g/t AUEQ) and historic drill hole VCRC022 (19 metres @ 6.5 g/t Au and 0.3% Sb (6.8 g/t AuEq)

MDDSC021 drilled 90 metres below MDDSC020 and the deepest intersection drilled to date at on the project intersected:

• 21.7 metres @ 4.7 g/t Au and 1.0% Sb (5.6 g/t AuEq) from 274.7 metres including:
  • 0.4 metres @ 145.5 g/t Au and 20.0% Sb (165.4 g/t AuEq) from 277.0 metres;
  • 1.1 metres @ 19.2 g/t Au and 7.5% Sb (26.7 g/t AuEq) from 280.4 metres;
  • 0.4 metres @ 14.7 g/t Au and 3.3% Sb (17.9 g/t AuEq) from 287.4 metres

• Located 600 metres west from the channel samples recently announced (14.0 metres at 11.5 g/t gold and 0.3% antimony including 8.0 metres @ 19.6 g/t gold and 0.4% antimony).

MDDSC022 drilled 115 metres east of MDDSC0020 below the Root Hog Mine area did not intersect significant mineralization within a zone of structural complexity.

Mawson has now completed twenty-five drill holes (MDDSC001-025) for 6,005 metres at the Sunday Creek gold-antimony project (Figures 1 and 2). Drilling continues and assays from 22 out of the 25 finalized holes have been released. Geophysical surveys (3D induced polarization and ground magnetics) and detailed LiDAR surveys have been completed. A 1,600-point soil sampling program at Sunday Creek extending east-northeast from drilling areas to test the 11-kilometre trend of historically mined epizonal dyke-hosted mineralization within Mawson's tenured areas has also been completed. The integration of the LiDAR, soil sampling data, rock chips and geophysics is key to the expansion of the project along strike.

At Sunday Creek, historic gold mining occurred between 1880 and 1920 over a greater than 11-kilometre strike length. Drilling during 1990-2000s focused on shallow, previously mined surface workings, covering an area of 100 metres in width and 800 metres in length but only to 80 metres average depth. As such, the entire field remains open along strike and to depth. Apollo was the first deep shaft to 100 metres in the late 1800s in a series of sheeted stibnite-rich veins, predominately hosted within a zone of felsic dykes and related alteration that broadly controls gold distribution.

Mineralization at Sunday Creek is hosted in late-Silurian to early-Devonian-aged shales and siltstones containing a series of dykes of felsic-intermediate composition. Gold is concentrated mainly in and around the north dipping and EW to NE-SW striking felsic dykes and the halo of associated pre-mineralization dyke-related sericite-pyrite alteration. The mineralization generally lies within brittle multiple sheeted veins and cataclastic zones. Individual NW striking high-grade quartz-stibnite veins at Apollo and Golden Dyke, and cataclastic zones at Gladys were the focus of historical mining at Sunday Creek. These zones have been proven to continue to depth by Mawson. Broader vein-hosted and cataclastic mineralization grading less than 15 g/t gold appears untouched by the historic miners.

Technical and Environmental Background

Tables 1–3 provide collar and assay data. The true thickness of the mineralized interval is interpreted to be approximately 70% of the sampled thickness. All drill results quoted have a lower cut of 0.3 g/t Au cut over a 2.0 metre width, with higher grades reported with a 5 g/t Au cut over 1.0 metre applied unless otherwise stated.

A diamond drill rig from contractor Starwest Pty Ltd was used in the program. Core diameter is HQ (63.5 mm) and oriented with excellent core recoveries averaging close to 100% in both oxidized and fresh rock. After photographing and logging in Mawson's core logging facilities in Nagambie, intervals were diamond sawn in half by Mawson personnel. Half core is retained for verification and reference purposes. Analytical samples are transported to On Site Laboratory Services' Bendigo facility 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 Mawson consists of the systematic insertion of certified standards of known gold content and blanks within interpreted mineralized rock. In addition, On Site inserts blanks and standards into the analytical process.

Gold Equivalent Calculation

It is the opinion of Mawson that all the elements included in the metal equivalent calculation have a reasonable potential to be recovered. The gold equivalent (AuEq) was calculated based on commodity prices as 21 March 2021. The AuEq formula is as follows: AuEq(g/t) = (Aug/t) + (XX * Sb%), where XX = (US$5,600/100) / (US$1,750/31.1035) and the gold price = US$1,750/oz and antimony price = US$5,600/tonne.

Qualified Person

Dr Nick Cook (FAusMM), Chief Geologist for the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and has prepared or reviewed the preparation of the scientific and technical information in this press release.

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 Arctic exploration company with a focus on the flagship Rajapalot gold-cobalt project in Finland. Mawson also owns or is joint venturing into three high-grade, historic epizonal goldfields covering 470 square kilometres in Victoria, Australia and is well placed to add to its already significant gold-cobalt resource in Finland.

On behalf of the Board,

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 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, timing and successful completion of drill programs planned at Sunday Creek, 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, 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: Plan location of the Sunday Creek Project historic mines and location Mawson drilling.

Figure 2: Longitudinal ("Long") Section of the Golden Dyke to Apollo Mine Area highlighting Mawson drillholes MDDSC0016 and MDDSC0022 reported here.

Figure 3: Cross Section of the Rising Sun Mine showing Mawson drillholes MDDSC020 and MDDSC021 reported here

Table 1: Collar information from Mawson's drilling at the Sunday Creek Project
Coordinate Reference System GDA94, Zone 55 (EPSG:28355)

Note: (1) The true thickness of the mineralized interval is interpreted to be approximately 70% of the sampled thickness.

Table 2: Intersections from Mawson's drilling from the Sunday Creek Project. Intersections are reported with a lower cut of 0.3 g/t Au cut over 2.0 metre width, with higher grades reported with a 5 g/t Au cut over 1.0 metre.

Note: (1) The true thickness of the mineralized interval is interpreted to be approximately 70% of the sampled thickness.

Table 3: Individual assay data (Au>0.3 g/t) from drill holes reported in this press release.