News

Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSX: MAW) (Frankfurt: MXR) (PINKSHEETS: MWSNF) announces further high-grade gold mineralization from new assays reported from the lower third of drill hole SDDSC050 from 651 m to 923.7 m at the 100%-owned Sunday Creek Project in Victoria (Figure 2). The top two thirds of SDDSC050 from 0 m to 651 m was reported on 21 November 2022 with a highlight 305.8 m @ 2.4 g/t AuEq (1.6 g/t Au, 0.5% Sb) from 319.2 m, and included 12 high-grade intersections >20 g/t Au.

The bottom portion of the hole, reported here, has identified 4 new and separate mineralized zones containing assays up to 95.6 g/t Au and with multiple visible gold intersections (photos 1-4). SDDSC050 now has a total of thirteen vein sets and sixteen intersections > 20 g/t Au over a > 0.5 km interval from 319.2 (520.8 m @ 1.7 g/t AuEq no lower cut).

Ivan Fairhall, Mawson CEO, states: “This completes an incredible hole at Sunday Creek, demonstrating 13 vein sets over a > 0.5 km interval – which expands the project footprint both along strike and to depth in the deepest drilling on the project to date. Importantly, at depth the deposit is transitioning with wide quartz carbonate gold-bearing veins observed with gold, but no antimony – consistent with changes in other prominent epizonal deposits in the region such as Fosterville and Costerfield, two of the highest grade gold mines on earth.

Southern Cross is well capitalized following its recent raise and represents an asset of considerable value in Mawson’s portfolio, which also includes also the 100% owned Rajapalot project whose recent PEA delivered a US$211 million after-tax NPV5.

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 132.6Ctoni hectares that forms the key portion in and around the drilled area at the Sunday Creek Project.

Drill hole SDDSC050 was originally designed by SXG to test under the Rising Sun shoot (from 319.2 – 349.0 m), however the hole continued in mineralization to test a never-before-drilled area between Rising Sun and Apollo. With 100% of the assays returned for hole SDDSC050, it illustrates thick and multiple zones of high-grade mineralization and changes in mineralization style with depth, seen elsewhere in the region. The drill hole also intersected 16 high-grade intersections >20 g/t Au, including 5 high-grade intersections >100 g/t Au. Summary grades are outlined in the highlights section above and in Table 2. SDDSC050 is parallel to the host breccia dyke but at a high angle to the predominant NW high-grade mineralization trend and therefore the true thickness of the mineralized interval is interpreted to be approximately 60-70% of the sampled thickness.

Also reported here is drillhole SDSC048A, delivering a solid result and also considered by SXG to be a near-miss drill hole at depth in the Apollo area, with over 230 m of anomalous sulphidic (arsenic) mineralization. Better gold and antimony results included:

• 8.5 m @ 2.3 g/t AuEq (1.3 g/t Au, 0.6 %Sb) from 493.5 m
  • Including 0.4 m @ 15.9 g/t AuEq (2.5 g/t Au, 8.5 %Sb) from 493.5 m
  • Including 0.4 m @ 8.7 g/t AuEq (6.3 g/t Au, 1.5 %Sb) from 500.0 m

Figures 2-4 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 mineralized interval is interpreted to be approximately 60-70% of the sampled thickness.

Mineralization Transition at Depth
The transition from gold + stibnite +/- arsenopyrite to gold + arsenopyrite marks a change in temperature within the system. The transition observed in SDDSC050 correlates with the typical transition in epizonal deposits in Victoria and potentially indicates what may come at depth as drilling continues.

Figure 1: Sunday Creek mineralization is changing at depth, with thick quartz-carbonate veins up to 1 m wide with gold and arsenic, but no antimony mineralization.

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:

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 on the Company’s website at www.mawsongold.com and under the Company’s profile on SEDAR at www.sedar.com

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 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 kilometre tenement package held by NAG in Victoria.

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: Mawson’s expectations regarding its ownership interest in Southern Cross Gold, the preliminary nature of the Rajapalot PEA and the Company’s ability to realize the results of the Rajapalot PEA, 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 2: Location of the Sunday Creek project, along with SXG’s other Victoria projects.

Figure 3: Sunday Creek plan view showing locations of drillholes for results reported in this announcement, pending holes, and select prior drill holes.

Figure 4: Sunday Creek east-west longitudinal section looking towards 000, along the trend of the dyke/structure showing individual shoots defined to date. Also, prior reported drillholes shown

Photo 1: SDDSC050 713.9 m showing visible gold within quartz, carbonate and stibnite vein hosted in an altered metasediment. Field of view 7 mm.

Photo 2: SDDSC050 713.9 m showing visible gold associated with and adjacent to pyrite veinlets within quartz carbonate vein. Field of view 7 mm.

Photo 3: SDDSC050 713.9 m showing visible gold along pyrite and arsenopyrite veinlets within quartz carbonate vein. Field of view 7 mm.

Photo 4: SDDSC050 713.9 m showing fine visible gold associated with arsenopyrite within quartz carbonate vein. Field of view 7 mm.

Table 1: Drill collar summary table for drillholes reported in this announcement (including in progress).

Table 2: Tables of mineralized drill hole intersections reported from SDDSC050 and SDDSC048A 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.

Table 3: All individual assays reported from SDDSC050 and SDDSC048A >0.1g/t AuEq.