News

Includes 21.9 m @ 4.0 g/t AuEq and 7.8 m @ 7.5 g/t AuEq

Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSXV:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces Southern Cross Gold Ltd. (“Southern Cross Gold” or “SXG”) has released results from three diamond drill holes (SDDSC124, SDDSC127 and SDDSC128 – Figures 1 and 2) from the Apollo prospect at the 100%-owned Sunday Creek Gold-Antimony Project in Victoria, Australia (Figure 5).   

All holes successfully intersected mineralisation in targets generated through VRIFY’s (“Artificial Intelligence”) AI-assisted mineral discovery platform (“VRIFY AI”). Apollo East, a target identified by both the SXG exploration team and VRIFY AI, is a new zone of potential high-grade mineralisation located approximately 200 m east of the main Apollo drill area. With these new holes, the zone has become a priority for SXG due to AI generated targets that show the possible extension of this zone approximately 400 m to the east (Figure 3).

Michael Hudson, Mawson Interim CEO and Executive Chairman, states: "We are back at Apollo with these three drill holes, that continue to show Apollo is improving with further drilling, especially at depth.

“Each hole delivers a unique outcome: SDDSC128 demonstrates continuity of high-grade zones with 20 m to 60 m extensions, while SDDSC124 expands mineralisation 100 m down dip in the deepest hole drilled east-west at Apollo. Not to be outdone, SDDSC127 drilled four vein sets (with two new vein sets identified) at Apollo East.

“The common thread linking all drill holes at Apollo East is the confirmation of the geological target by VRIFY AI. Using an unbiased approach to mineral exploration, VRIFY AI identified mineralisation patterns within multiple layers of data from Sunday Creek to successfully delineate the potential for additional mineralisation at the Apollo East target. Working alongside the SXG exploration team, Apollo East has demonstrated the effectiveness of VRIFY AI in confirming new targets at Sunday Creek while enhancing the precision and execution of geological targeting by the team.

“Intersecting high grade mineralisation in our initial AI generated targets gets us very excited about testing the other AI targets that we have identified, both at Apollo East and beyond. It’s fascinating to plug these early results into VRIFY’s AI model and watch the targets evolve in real-time, further refining where we look next across our 12 km of mineralised strike extensions (Figure 4). No doubt we’re witnessing a step-change in how mineral exploration is conducted, where AI-assisted mineral discovery platforms like VRIFY will become a standard additional tool for all geological teams.

“These exciting gold-antimony drill results that demonstrate high-grades and continued growth of the project, the Company has already drilled and is planning a significant number of further holes under and to the east of Apollo.”

Drill Hole Discussion

The successful drill results announced today demonstrate how AI generated targets can complement SXG’s geological targeting program at Sunday Creek through an innovative approach to mineral exploration. Additional drilling at Apollo East and at the Christina Target, both of which have been identified as high-priority targets by VRIFY AI and the Company’s technical team, is either currently underway or expected to commence in the near term (Figure 3).

SDDSC124 is the deepest east to west drill hole (parallel to the ladder “rails”) drilled at the Apollo prospect. The hole intercepted eight high-grade vein sets across Apollo East and Apollo Deeps (Figures 1 to 3). This hole extended three vein set shapes by 95 m to 105 m down dip at Apollo Deeps and was drilled ~100 m below and parallel to SDDSC108A (February 28, 2024). The hole included three intervals of > 20 g/t Au (up to 54.4 g/t Au) and two intervals > 5% Sb (up to 23.4% Sb).

SDDSC123 was abandoned at 127 m due to the hole deviating from its original plan and was successfully redrilled as SDDSC124.

Extended highlights from SDDSC124 include:

• 0.3 m @ 33.9 g/t AuEq (28.7 g/t Au, 2.8% Sb) from 364.4 m
• 0.4 m @ 29.9 g/t AuEq (10.0 g/t Au, 10.6% Sb) from 375.8 m
• 1.0 m @ 7.9 g/t AuEq (7.9 g/t Au, 0.0% Sb) from 404.0 m
• 6.3 m @ 6.6 g/t AuEq (2.9 g/t Au, 2.0% Sb) from 427.3 m, including:
  • 0.5 m @ 62.2 g/t AuEq (18.2 g/t Au, 23.4% Sb) from 427.5 m
  • 1.0 m @ 8.0 g/t AuEq (7.4 g/t Au, 0.3% Sb) from 430.4 m
• 2.0 m @ 1.4 g/t AuEq (0.7 g/t Au, 0.4% Sb) from 438.0 m
• 1.0 m @ 2.1 g/t AuEq (2.0 g/t Au, 0.0% Sb) from 443.0 m
• 0.3 m @ 31.0 g/t AuEq (25.1 g/t Au, 3.2% Sb) from 447.1 m
• 0.7 m @ 19.3 g/t AuEq (19.3 g/t Au, 0.0% Sb) from 795.8 m, including:
  • 0.2 m @ 54.4 g/t AuEq (54.4 g/t Au, 0.0% Sb) from 796.3 m
• 3.8 m @ 3.4 g/t AuEq (0.4 g/t Au, 1.6% Sb) from 833.2 m
• 3.9 m @ 0.7 g/t AuEq (0.7 g/t Au, 0.0% Sb) from 897.1 m
• 2.2 m @ 1.2 g/t AuEq (1.2 g/t Au, 0.0% Sb) from 904.5 m
• 1.0 m @ 4.8 g/t AuEq (4.5 g/t Au, 0.1% Sb) from 913.3 m
• 1.3 m @ 2.1 g/t AuEq (2.1 g/t Au, 0.0% Sb) from 920.8 m

SDDSC127 drilled four vein sets (with two new vein sets identified) at Apollo East (Figures 1 to 3). Extended highlights from SDDSC127 include:

• 1.8 m @ 1.3 g/t AuEq (1.3 g/t Au, 0.0% Sb) from 274.3 m
• 3.6 m @ 1.3 g/t AuEq (0.5 g/t Au, 0.4% Sb) from 283.6 m
• 0.5 m @ 16.7 g/t AuEq (13.8 g/t Au, 1.6% Sb) from 384.0 m, including:
  • 0.2 m @ 30.7 g/t AuEq (26.7 g/t Au, 2.1% Sb) from 384.2 m
• 0.5 m @ 10.9 g/t AuEq (9.6 g/t Au, 0.7% Sb) from 396.1 m
• 0.4 m @ 20.1 g/t AuEq (19.1 g/t Au, 0.6% Sb) from 413.6 m
• 0.1 m @ 54.6 g/t AuEq (54.6 g/t Au, 0.0% Sb) from 420.3 m
• 3.5 m @ 6.2 g/t AuEq (4.0 g/t Au, 1.2% Sb) from 423.2 m, including:
  • 1.0 m @ 19.4 g/t AuEq (11.7 g/t Au, 4.1% Sb) from 425.8 m
• 5.2 m @ 1.6 g/t AuEq (1.4 g/t Au, 0.1% Sb) from 436.0 m

SDDSC128 was drilled east to west, parallel to and within the dyke/breccia host structure (the ladder “rails”) and intercepted eleven mineralised vein sets (the ladder “rungs”) across Apollo East and Apollo Deeps. Two high-grade vein sets were extended 20 m and 60 m down dip. SDDSC128 included 11 intercepts of Au > 20 g/t (up to 167 g/t Au) and 11 intercepts of Sb > 5% (up to 16.4% Sb). SDDSC145, currently underway, has been designed to follow up high-grade results from SDDSC128 and SDDSC124. 

Extended highlights from SDDSC128 include:

• 0.3 m @ 15.7 g/t AuEq (15.7 g/t Au, 0.0% Sb) from 495.5 m
• 3.0 m @ 1.6 g/t AuEq (1.4 g/t Au, 0.1% Sb) from 499.9 m
• 21.9 m @ 4.0 g/t AuEq (2.6 g/t Au, 0.8% Sb) from 505.4 m, including:
  • 2.5 m @ 15.5 g/t AuEq (9.6 g/t Au, 3.1% Sb) from 512.4 m
  • 1.9 m @ 14.7 g/t AuEq (9.8 g/t Au, 2.6% Sb) from 519.8 m
• 7.8 m @ 7.5 g/t AuEq (6.8 g/t Au, 0.4% Sb) from 547.7 m, including:
  • 0.6 m @ 81.9 g/t AuEq (74.7 g/t Au, 3.8% Sb) from 547.7 m
  • 0.9 m @ 7.7 g/t AuEq (7.1 g/t Au, 0.3% Sb) from 553.7 m
• 5.7 m @ 6.3 g/t AuEq (4.6 g/t Au, 0.9% Sb) from 575.6 m, including:
  • 1.6 m @ 8.1 g/t AuEq (6.1 g/t Au, 1.0% Sb) from 575.8 m
  • 2.4 m @ 8.3 g/t AuEq (6.1 g/t Au, 1.2% Sb) from 578.8 m
• 0.5 m @ 23.4 g/t AuEq (18.7 g/t Au, 2.5% Sb) from 626.5 m, including:
  • 0.1 m @ 76.6 g/t AuEq (62.3 g/t Au, 7.6% Sb) from 626.5 m
• 0.3 m @ 135.9 g/t AuEq (116.0 g/t Au, 10.6% Sb) from 628.8 m
• 1.3 m @ 5.2 g/t AuEq (5.0 g/t Au, 0.1% Sb) from 634.4 m, including:
  • 0.1 m @ 38.5 g/t AuEq (38.1 g/t Au, 0.2% Sb) from 635.6 m
• 0.7 m @ 4.3 g/t AuEq (1.7 g/t Au, 1.4% Sb) from 638.2 m
• 3.3 m @ 4.7 g/t AuEq (3.8 g/t Au, 0.5% Sb) from 642.1 m, including:
  • 1.6 m @ 7.9 g/t AuEq (6.2 g/t Au, 0.9% Sb) from 643.7 m
• 0.2 m @ 55.7 g/t AuEq (35.8 g/t Au, 10.6% Sb) from 660.1 m
• 3.1 m @ 1.2 g/t AuEq (1.0 g/t Au, 0.1% Sb) from 665.7 m
• 4.6 m @ 1.8 g/t AuEq (1.3 g/t Au, 0.3% Sb) from 674.9 m
• 9.7 m @ 2.3 g/t AuEq (1.2 g/t Au, 0.6% Sb) from 684.1 m, including:
  • 0.3 m @ 20.1 g/t AuEq (12.1 g/t Au, 4.2% Sb) from 688.7 m
  • 1.1 m @ 5.4 g/t AuEq (3.1 g/t Au, 1.2% Sb) from 692.7 m
• 3.6 m @ 4.0 g/t AuEq (2.6 g/t Au, 0.7% Sb) from 696.0 m, including:
  • 0.6 m @ 19.2 g/t AuEq (14.5 g/t Au, 2.5% Sb) from 699.0 m
• 0.3 m @ 43.4 g/t AuEq (28.6 g/t Au, 7.9% Sb) from 704.7 m

Pending Results and Update

Eighteen holes (SDDSC129, 131-140, 143, 050W1, 050W2, 092W1, 092W2, 137W1, 137W2) are currently being processed and analysed, with five holes (SDDSC092W3, 141, 142, 144, 145) in progress (Figure 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 2 to 4 provide collar and assay data. The true thickness of the mineralized intervals reported individually as estimated true widths (“ETW”), otherwise they are interpreted to be approximately 40% to 70% 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.

Critical Metal Epizonal Gold-Antimony Deposits

Sunday Creek is an epizonal gold-antimony deposit formed in the late Devonian (like Fosterville, Costerfield and Redcastle), 60 million years later than mesozonal gold systems formed in Victoria (for example Ballarat and Bendigo). Epizonal deposits are a form of orogenic gold deposit classified according to their depth of formation: epizonal (<6 km), mesozonal (6-12 km) and hypozonal (>12 km). 

Epizonal deposits in Victoria often have associated high levels of the critical metal, antimony, and Sunday Creek is no exception. China claims a 56 per cent share of global mined supplies of antimony, according to a 2023 European Union study. Antimony features highly on the critical minerals lists of many countries including Australia, the United States of America, Canada, Japan and the European Union. Australia ranks seventh for antimony production despite all production coming from a single mine at Costerfield in Victoria, located nearby to all SXG projects. Antimony alloys with lead and tin which results in improved properties for solders, munitions, bearings and batteries. Antimony is a prominent additive for halogen-containing flame retardants. Adequate supplies of antimony are critical to the world's energy transition, and to the high-tech industry, especially the semi-conductor and defence sectors where it is a critical additive to primers in munitions.

In August 2024, the Chinese government announced it will place export limits on antimony and antimony products. This will put pressure on Western defence supply chains and negatively affect the supply of the metal and push up pricing given China’s dominance of the supply of the metal in the global markets. This is positive for SXG as we are likely to have one of the very few large and high-quality projects of antimony in the western world that can feed western demand into the future.

Antimony represents approximately 20% in situ recoverable value of Sunday Creek at an AuEq of 1.88.

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.

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:

AuEq = Au (g/t) + 1.88 x Sb (5).

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 AuEq = Au (g/t) + 1.88 x Sb (5). 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.

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, 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. 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 : Sunday Creek plan view showing selected results from holes SDDSC124, 127 & 128 reported here (blue highlighted box, black trace), with 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 looking towards the north (striking 236 degrees) showing mineralized veins sets. Showing holes SDDSC127, 127 & 128 reported here (blue highlighted box, black trace), with selected intersections and prior reported drill holes. The vertical extents of the vein sets are limited by proximity to drill hole pierce points.  For location refer to Figure 1.

Figure 3: Sunday Creek cropped longitudinal section across A-B in the plane of the dyke breccia/altered sediment host looking towards the north (striking 236 degrees) showing down hole assays and Vrify Prospectivity Point Cloud. Showing holes SDDSC124 and 127 Apollo East assays as reported here (blue highlighted box, black trace), with selected intersections and prior reported drill 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 areas and broad regional areas (Tonstal, Consols and Leviathan) tested by 12 holes for 2,383 m drill program.  The regional drill areas are at Tonstal, Consols and Leviathan located 4,000-7,500 m along strike from the main drill area at Golden Dyke- Apollo.

Figure 5: Location of the Sunday Creek project, along with the Redcastle JV and simplified geology.

Table 1: Drill collar summary table for recent drill holes in progress.

Table 2: Table of mineralized drill hole intersections reported from SDDSC130 using two cutoff criteria. Lower grades cut at 1.0 g/t AuEq lower cutoff over a maximum of 2 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 SDDSC130 reported here >0.1g/t AuEq.