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2021 News Releases

March 04, 2021

Mawson Reports Drill Results from F11 Target, South East Mount Isa Project

Vancouver, Canada — Mawson Gold Limited ("Mawson" or the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces the return of assays from the drilling of the F11 target 50 kilometres to the south of Cannington silver-zinc-lead mine in the Mount Isa block (Figure 1). Drill funding was supported by an AUD$200,000 grant under the Queensland State Government's Collaborative Exploration Initiative ("CEI").

Key points:

  • The drill hole targeted a combined gravity and magnetic anomaly below 318 metres of Mesozoic cover rocks;
  • Thirty-seven assay samples were taken in sulphidic intervals and zones of brittle chlorite-bearing alteration;
  • Nine of the twenty samples below 750 metres ranged between 61 ppm and 8,660 ppm and averaged 1,202 ppm copper associated with texturally late sulphidic hydrothermal alteration;
  • Samples from a 43 metre wide zone of brittle faults, fractures and cataclastic zones with pyrite-sericite-chlorite-graphite as the dominant alteration are weakly anomalous in base and precious metals and will be the subject of further investigation in 2021

Mr. Hudson, Chairman and CEO, states: "Anomalous copper is always encouraging, and the results of this drill hole reinforce the strong prospectivity of the Eastern Succession in the Mount Isa Block with this, the only drill hole, to be ever drilled into basement rocks within a 10 kilometre radius. Mawson will further examine the drilling results, in particular the lower 100 metres of the drill core, and work it back into our newly collected (2019) gravity and magnetic datasets to develop further targets."

The drill hole (MQDDH001; Table 1 for collar information) was completed in October 2020 and drilled to 849.7 metres with basement rocks intersected at 318 metres. Based on results of Mawson's gravity and magnetic surveys, the target source was modelled below the basement-cover contact within amphibolite facies metamorphic rocks to test a coherent and large undrilled multi-point 1.95 mgal residual gravity anomaly with an adjacent magnetic high. The anomaly has a shallow peak of 700 metres depth and average depth of 1,000-1,500 metres. Iron oxide copper-gold (IOCG) and Broken Hill-type silver-lead-zinc systems are the main target styles within Mawson's Isa Southeast Project. The pyritic carbonaceous fault zone intersected is possibly an extension of the regionally significant Cloncurry Fault (see photos 1 & 2).

The lower part of the drill hole below 750 metres contains most of the sulphides of interest, in particular pyrrhotite-rich zones with veinlets and disseminated chalcopyrite hosted by potassic-altered metasediments and mafic rocks. It is within these zones that the anomalous copper, arsenic, silver and zinc occur (Tables 2 & 3). From 750 to 838.8 metres downhole, 20 selective samples, representing 12.7 metres of drill core assayed from 61 ppm – 8,660 ppm and averaged 1,202 ppm copper, 0.02 ppm – 0.70 ppm and averaged 0.27 ppm silver and 31.7 ppm – 237 ppm and averaged 109 ppm zinc. Gold results were low with a maximum value of 20 ppb. The increase in copper and associated elements lower in the drill hole and the strong correlation with the emplacement and sulphidic alteration of pegmatites is an encouraging sign for development of further mineralization in the area. Texturally late sulphide enrichment and/or mobilization is a feature of mineralization styles in the Eastern Succession, largely driven by fluids derived from the Williams-Naraku igneous suite (for example photos 3 & 4).

A project in conjunction with James Cook University will be conducted in 2021 to compare MQDDH001 results with other Mount Isa Eastern Succession mineral systems. These results will be integrated with our newly collected (2019) gravity and magnetic datasets across Mawson's Southeast Mt Isa project exploration permits to develop new drill targets.

Technical Background

Drill hole collar coordinates are shown in Table 1 and selected assay results in Table 2. Representative photographs are shown in Photos 1-4 (the same photos as reported in Mawson press release of December 07, 2020). The true thickness of the mineralized interval is interpreted to be approximately 95% of the sampled thickness. One drill rig from "DDH1 Drilling" was used in the drill program. Core diameter was NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging, core intervals were selectively sampled for assay. The remaining half core is retained for verification and reference purposes. Assay samples were photographed individually and submitted to ALSGlobal laboratory in Brisbane. Samples were prepared and analyzed for gold using the fire assay technique (25 gram charge), followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis use four acid digest and ICP-MS methods. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known content and blanks within interpreted mineralized rock. In addition, ALSGlobal inserts blanks and standards into the analytical process. The true widths of mineralized intersections is approximately 80-90% of drilled widths.

Qualified Person

Dr. Nick Cook (FAusIMM), 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. The Mount Isa exploration permits and the Victorian project acquisition provides Mawson with a strategic and diversified portfolio of high-quality gold exploration assets in two safe jurisdictions.

On behalf of the Board,

"Michael Hudson"
Michael Hudson, Chairman & CEO

Further Information
www.mawsongold.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez (Canada), Corporate Secretary, +1 (604) 685 9316, info@mawsongold.com

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,  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.

Table 1: Collar Information for drill hole MQDDH001 at Southeast Isa Project (Coordinate system GDA94, Zone54).

HoleID

East

North

RL

Dip

Az

Depth (m)

Permit

Comment

MQDDH001

505762

7535004

-75

270

849.7

EL26940

Target based on inversion of ground gravity and
airborne magnetic data

Table 2: Assay results from MQDDH001 showing a selection of elements.

From

To

Width

Sample

Notes

Cu ppm

Zn ppm

S %

Au_ppm

Ag_ppm

As_ppm

408

414

6

61008042

qtz-fsp-bi-musc -
chips

85

39.1

0.3

<0.01

0.069

3.7

414

420

6

61008043

qtz-fsp-bi-musc -
chips

36.3

40.7

0.18

<0.01

0.041

2.7

436.4

436.75

0.35

61008001

Schlieren granite

118.5

29.4

0.24

<0.01

0.05

1.9

437.1

437.4

0.3

61008002

Amphibolite

157

70.9

0.25

0.01

0.027

12.6

467.6

468

0.4

61008003

Amphibolite

109

141

0.11

0.01

0.108

1.1

500.95

501.45

0.5

61008004

schlieren-bearing
peg/granite

9.51

46.3

0.03

0.01

0.019

0.5

552.6

552.9

0.3

61008005

sheared sericitic
chloritic fault
rock

14.9

68

0.06

0.01

0.02

0.4

567.2

567.5

0.3

61008006

Granite

10.6

15.5

0.02

<0.01

0.007

0.3

568.2

568.3

0.1

61008007

pyritic psammitic
granoblastic texture

33.1

47.7

0.14

0.01

0.014

0.3

608.7

609.1

0.4

61008008

?altered and pyritic
fractured ?metased?

98.7

8.1

0.19

0.02

0.027

0.3

610.3

610.6

0.3

61008009

graphitic cataclasite
(pyritic)

208

300

0.84

0.01

0.1

3.2

623.85

624.15

0.3

61008012

Probable amphibolite -
py + po

561

120

2.22

<0.01

0.145

12.2

642.15

642.45

0.3

61008013

pyritic psammite

245

147.5

3.94

0.01

0.342

1.5

644.7

645.15

0.45

61008014

pyritic psammite,
possibly with
other metallic
mineral

335

210

3.32

0.02

0.171

1.3

648.6

649.4

0.8

61008015

sulphide and ser-chl
pegmatite

326

17.2

1.1

0.02

0.039

0.6

657.9

658.5

0.6

61008017

Amphibolite with
sulphide - peg
margin

147.5

139.5

0.84

<0.01

0.032

0.5

665.95

666.2

0.25

61008018

graphitic psammopelite
with py, ?chl,
trace ccp

478

28.9

1.58

<0.01

0.119

1.1

752.7

753.5

0.8

61008020

chl altered and
sulphide-rich amph

1885

103.5

9.92

<0.01

0.533

16.7

753.5

754.15

0.65

61008021

chl altered and
sulphide-rich amph

1660

138.5

3.98

0.01

0.388

4.2

755.35

756.2

0.85

61008022

pegmatite and altered
amph margin -
sulphidic

2340

173

8.02

0.01

0.684

14.2

758.9

759.6

0.7

61008040

sulphidic psammite +
peg

1095

115

2.4

<0.01

0.151

6.6

759.6

759.9

0.3

61008041

po - qtz - fspar
cp pegmatite

8660

115

9.79

0.01

0.703

5.8

773

774

1

61008023

sulphidic psammite

442

113

2.43

0.01

0.086

0.9

774

775

1

61008024

sulphidic psammite

328

132.5

2.09

<0.01

0.089

2.2

775

776

1

61008025

sulphidic psammite

335

76

1.25

0.02

0.226

2.4

781.5

781.8

0.3

61008026

chl-py
altered pegmatite

713

35

1.14

<0.01

0.151

0.9

789

789.4

0.4

61008039

?K-feldspar
altered amphibolite

276

237

0.33

<0.01

0.063

1

793

793.45

0.45

61008027

altered (chl)
pyritic amph

1090

85.8

4.81

0.01

0.27

0.8

795.4

796

0.6

61008028

altered (chl)
pyritic amph

481

145.5

1.4

<0.01

0.114

1.5

814

814.7

0.7

61008030

qtz-po zone in amph

849

54.2

18.35

0.01

0.354

2.5

816.4

816.9

0.5

61008031

py-bearing edge
amph grading into
faulted/cataclasite zone

305

152

1.25

<0.01

0.159

2.8

817

817.5

0.5

61008032

cataclastic & broken
amph margin

132

77.8

0.58

<0.01

0.135

1.6

823.8

824.15

0.35

61008038

sulphide-bearing psammite +
unk metallic mineral

449

50.4

1.6

0.01

0.238

3.3

829

830

1

61008033

sulphidic retrogressed
pegmatite

404

34

1.55

<0.01

0.133

1

830

831

1

61008034

sulphidic retrogressed
pegmatite

354

31.7

1.28

<0.01

0.103

0.7

832.1

832.5

0.4

61008035

sulphidic retrogressed
pegmatite

2190

124

2.77

<0.01

0.702

0.5

838.6

838.8

0.2

61008036

sill-bi pelite

61.1

183

0.13

<0.01

0.018

55.6

Table 3: Basic statistics of assay results from Table 2

Depth

Statistics

Cu ppm

Zn ppm

S %

Au_ppm

Ag_ppm

As_ppm

from 408 m - 666.2 m

max

561.0

300.0

3.9

0.0

0.3

12.6

min

9.5

8.1

0.0

0.0

0.0

0.3

average

174.9

86.5

0.9

0.0

0.1

2.6

count

17

17

17

10

17

17

drill metres sampled

30.3

from 752.7 m - 838.8 m

max

8660.0

237.0

18.4

0.02

0.70

55.6

min

61.1

31.7

0.1

0.01

0.02

0.5

average

1202.5

108.8

3.8

0.01

0.27

6.3

count

20

20

20

8

20.00

20

drill metres sampled

12.7


Figure 1: Map of the Mount Isa SE project showing exploration permits, other tenement holders, limit to outcropping area, gravity structures and the location of the F11 drill target.

Photo 1: Quartz-carbonate-chlorite-graphite veined within zone of sericite-pyrite-chlorite alteration (from sample interval 610.3-610.6 metres).

Photo 2: Rotated cataclastic "ball" comprising chlorite, graphite, quartz and carbonate from within broad faulted and veined zone of sericite-pyrite-chlorite alteration (611.4 metres).

Photo 3: Abundant pyrrhotite and quartz with trace chalcopyrite and pyrite associated with chlorite-pyrite-quartz shear (left side of core; from sample interval 814.0-814.7 metres; 0.085 wt % Cu).

Photo 4: Fracture-controlled biotite-sericite-pyrite alteration with trace chalcopyrite associated with quartz-carbonate veining from sample interval 832.1-832.5 metres (0.22 wt % Cu).