Mawson Drills 15.3 Metres at 2.2 g/t Gold and 2.1% Antimony at Sunday Creek in Victoria, Australia

VANCOUVER, BC / ACCESSWIRE / July 6, 2021 / Mawson Gold Limited ("Mawson" or the "Company") (TSX:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) is pleased to announce assay results from three further drill holes (MDDSC013A-15A) from the 100%-owned Sunday Creek project in the Victorian Goldfields of Australia. The project is an epizonal-style gold prospect located 56 kilometres north of Melbourne and contained within 19,365 hectares of granted exploration tenements.

Highlights:

  • Diamond drillhole MDDSC015A, the deepest hole drilled to date at the Apollo mine area (Tables 1-3, Figures 1-3) intersected (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):
    • 4.6 metres @ 1.6 g/t Au and 0.1% Sb (1.7 g/t AuEQ) from 222 metres; and
    • 15.3 metres @ 2.2 g/t Au and 2.1% Sb (4.3 g/t AuEQ) from 231.4 metres
      • Including 0.8 metres @ 1.1 g/t Au and 6.8% Sb (7.8 g/t AuEQ) from 232.3 metres
      • Including 0.5 metres @ 6.6 g/t Au and 15.3% Sb (21.9 g/t AuEQ) from 238.1 metres
      • Including 2.8 metres @ 5.7 g/t Au and 5.5% Sb (11.1 g/t AuEQ) from 241.3 metres
      • Including 0.5 metres @ 10.1 g/t Au and 0.7% Sb (10.8 g/t AuEQ) from 245.6 metres
  • Diamond drillhole MDDSC013A, the most south-easterly hole at Apollo, intersected (Tables 1-3, Figures 1-3):
    • 5.3 metres @ 3.1 g/t Au and 1.1% Sb (4.2 g/t AuEQ) from 111.1 metres
      • Including 0.6 metres @ 14.4 g/t Au and 9.6% Sb (24.0 g/t AuEQ) from 111.1 metres
      • Including 0.6 metres @ 8.4 g/t Au and 0.01% Sb (8.4 g/t AuEQ) from 113.5 metres
  • Eighteen drill holes (MDDSC001-018) for 2,968 metres have been now completed at the Sunday Creek gold project. Drilling continues;

Michael Hudson, CEO, states: "Our Victorian portfolio continues to successfully deliver at Sunday Creek with the deepest hole drilled to date intersecting broad mineralization with multiple impressive higher-grade zones including 15.3 metres @ 2.2 g/t Au and 2.1% Sb (4.3 g/t AuEQ) located 50 metres down-dip from our closest drill hole. We continue to be impressed by the continuity of gold mineralization as we drill to depth, as well as the increasing antimony grades. Drilling continues as we work towards a maiden resource."

MDDSC015A was drilled 50 metres below Mawson's previously reported drill hole MDDSC012 which intersected 36.4 metres @ 2.4 g/t Au and 0.4% Sb, 2.8 g/t AuEQ from 177 metres demonstrating the consistency of mineralization continuing to depth (Figure 2 and 3). MDDSC013 was drilled 50 metres SE of MDDSC015A and supports the interpretation that higher grade mineralization dips steeply to the NW. MDDSC014, drilled beneath the central zone, drilled under the NE plunging enveloping mineralized surface, intersected low-grade mineralization, with a near-surface best result of 1 metre @ 0.6 g/t Au from 8.2 metres. MDDSC013 and MDDSC015 were abandoned at shallow depths due to hole deviation near their collars and redrilled as MDDSC013A and MDDSC015A respectively.

Mawson has now completed eighteen drill holes (MDDSC001-018) for 2,968 metres at the Sunday Creek gold-antimony project. Drilling continues and assays from 15 out of the 18 finalized holes have been released. Geophysical surveys (3D induced polarization and ground magnetics) and detailed LiDAR surveys have been completed. A 2,500-point soil sampling program at Sunday Creek is near completion extending east-northeast from drilling areas to test the 11-kilometre trend of historic epizonal dyke-hosted mineralization within Mawson's tenured areas. 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, 800 metres length but, only to 80 metres average depth. As such, the entire field remains open along strike and to depth. Apollo was the original deepest 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. Gold-only intersections are reported with a lower-cut of 0.5 g/t gold over a 2.5 metre width except on the edge of calculated intervals where 1 metre @ >2.0 g/t gold was applied. No upper cut-off was applied.

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 (25 gram charge), followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis use aqua regia digest and ICP-MS methods. 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

Mr. Michael Hudson (FAusMM), Chairman and CEO 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,
"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, 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 Apollo Mine Area showing Mawson drillholes MDDSC0013 and MDDSC0015A reported here.

Figure 3: Cross Section of the Gladys to Apollo Mine Area showing Mawson drillholes MDDSC0013 and MDDSC0015A reported here, and enveloping surface to mineralization.

Table 1: Collar information from Mawson's drilling at the Sunday Creek Project

Coordinate Reference System GDA94, Zone 55 (EPSG:28355)

Area

Hole_ID

Easting

Northing

Dip

Azimuth

RL (m)

Depth (m)

Date Reported

Central

MDDSC001

331080

5867769

-55.5

283.3

318

67

October 07, 2020

Central

MDDSC002

331085

5867771

-65.6

241.9

318

150.3

October 27, 2020

Rising Sun

MDDSC003

330776

5867892

-65.2

240.2

295

127.7

October 27, 2020

Golden Dyke

MDDSC004

330637

5867822

-44

240.5

321

280

January 05, 2021

Apollo

MDDSC005

331029

5867798

-45.5

89.6

311

160.1

January 05, 2021

Gladys

MDDSC006

331023

5867799

-39.4

237.1

311

99.6

February 11, 2021

Gladys

MDDSC007

330985

5867712

-42

70

321.5

150.8

February 11, 2021

Gladys

MDDSC008

331044

5867763

-52

253.2

320

99.2

February 11, 2021

Gladys

MDDSC009

331013

5867799

-50

260

311

105.9

February 11, 2021

Gladys

MDDSC010

331033

5867798

-60

214

310.5

151.3

February 11, 2021

Gladys

MDDSC011

331042

5867798

-55

270

310

215.8

March 22, 2021

Apollo

MDDSC012

331172

5867842

-60

252.4

309

262.9

March 22, 2021

Apollo

MDDSC013

331170

5867842

-68

223

309

43.4

Abandoned

Apollo

MDDSC013A

331170

5867842

-68

223

309

270

Here

Apollo

MDDSC014

330985

5867712

-75

41.4

303.7

300

Here

Apollo

MDDSC015

331191.6

5867860

-65

253

306.7

29.8

Abandoned

Apollo

MDDSC015A

331191.6

5867860

-65

253

306.7

423.2

Here

Apollo

MDDSC016

331104.4

5867822

-66

236

308.3

15.74

Abandoned

Apollo

MDDSC016A

331104.4

5867822

-66

236

308.3

252.5

TBA

Apollo

MDDSC017

331196.4

5867856

-72

260

307.6

450

TBA

Golden Dyke

MDDSC018

330548

5867891

-55

195

307.6

300

TBA

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.

Hole_ID

From (m)

To (m)

Width(1) (m)

Au g/t

Sb%

AuEQ g/t

MDDSC001

0.0

15.2

15.2

3.7

0.2

3.9

including

2.0

2.8

0.8

9.4

0.4

9.7

including

6.0

6.2

0.1

15.8

0.1

15.9

including

8.0

8.7

0.7

5.7

0.1

5.8

including

10.0

11.6

1.6

11.3

0.3

11.5

MDDSC001

56.0

56.9

0.9

2.2

0.0

2.2

MDDSC001

64.0

65.4

1.4

0.6

0.1

0.7

MDDSC002

16.0

17.5

1.5

1.2

0.3

1.4

MDDSC002

26.0

26.3

0.3

6.3

0.2

6.4

MDDSC002

39.0

41.0

2.0

1.4

0.0

1.4

MDDSC002

50.0

59.0

9.0

3.2

0.5

3.7

including

54.0

54.3

0.3

82.8

13.8

96.5

MDDSC002

76.0

76.5

0.5

1.0

0.0

1.1

MDDSC002

96.0

96.6

0.6

2.2

0.3

2.5

MDDSC002

109.0

110.1

1.1

21.4

3.3

24.7

MDDSC002

113.0

113.3

0.3

10.6

1.1

11.7

MDDSC002

116.0

130.3

14.3

2.9

0.5

3.3

including

116.0

116.3

0.3

25.6

0.0

25.6

including

117.0

117.4

0.4

18.0

2.8

20.8

including

119.0

119.6

0.5

7.0

7.3

14.3

including

123.0

124.1

1.1

5.2

0.8

6.0

including

128.0

128.2

0.2

7.1

0.0

7.1

MDDSC002

135.0

136.0

1.0

0.6

0.0

0.6

MDDSC002

143.0

144.0

1.0

1.8

0.0

1.8

MDDSC003

72.0

73.5

1.5

3.6

0.3

3.9

including

72.0

72.9

0.9

5.3

0.5

5.7

MDDSC003

76.0

81.5

5.5

1.6

1.4

3.0

including

79.0

79.6

0.6

5.9

10.0

15.8

MDDSC003

84.0

84.9

0.9

1.0

0.0

1.0

MDDSC003

91.0

92.4

1.3

0.4

0.6

1.0

MDDSC003

116.0

119.1

3.1

0.6

0.0

0.6

MDDSC005

15.0

15.3

0.3

0.7

0.0

0.7

MDDSC005

88.0

92.2

4.2

3.4

0.1

3.5

including

89.0

89.2

0.1

7.1

0.7

7.9

MDDSC005

99.0

99.2

0.2

1.3

0.4

1.6

MDDSC005

107.0

112.7

5.7

0.6

0.6

1.2

including

109.0

109.2

0.2

3.0

11.2

14.1

MDDSC005

120.0

135.7

15.7

2.6

1.0

3.6

including

124.0

124.1

0.1

52.6

7.5

60.0

including

128.0

128.6

0.6

13.0

2.0

15.0

including

131.0

131.4

0.4

8.3

5.1

13.4

including

133.0

134.7

1.7

8.6

4.9

13.5

MDDSC006

29.0

30.0

1.0

2.3

0.0

2.3

MDDSC006

33.0

33.8

0.8

0.9

0.0

0.9

MDDSC006

57.0

57.6

0.6

0.0

4.4

4.4

MDDSC007

76.0

81.8

5.8

2.2

0.4

2.6

MDDSC007

76.0

76.3

0.3

7.8

2.4

10.2

MDDSC007

79.0

79.4

0.4

22.8

3.2

26.0

MDDSC007

85.0

90.4

5.4

0.6

0.0

0.6

MDDSC007

96.0

96.8

0.8

0.6

0.0

0.6

MDDSC008

13.0

14.0

1.0

1.0

0.0

1.0

MDDSC008

26.0

26.9

0.9

1.3

0.0

1.3

MDDSC008

32.0

33.8

1.8

1.2

0.0

1.2

MDDSC008

68.0

68.7

0.7

20.6

5.0

25.6

MDDSC008

95.0

95.2

0.2

8.4

3.9

12.3

MDDSC009

26.0

26.4

0.4

0.8

0.0

0.8

MDDSC009

29.0

30.7

1.7

0.6

0.4

1.0

MDDSC009

51.0

53.0

2.0

0.6

0.0

0.6

MDDSC009

67.0

68.7

1.7

2.5

0.0

2.5

MDDSC009

84.0

85.0

1.0

1.0

0.0

1.0

MDDSC010

41.0

41.6

0.6

20.6

0.0

20.6

MDDSC010

47.0

48.9

1.9

1.0

0.0

1.0

MDDSC010

59.0

59.5

0.5

0.6

0.0

0.6

MDDSC010

70.0

79.0

9.0

4.7

0.1

4.8

including

74.0

76.0

2.0

18.6

0.5

19.1

MDDSC010

82.0

84.3

2.3

0.9

0.0

0.9

MDDSC010

93.0

95.5

2.5

0.9

0.1

1.0

MDDSC010

98.0

101.1

3.1

10.8

1.6

12.4

including

100.0

101.2

1.2

25.7

4.1

29.8

MDDSC010

120.0

121.4

1.4

1.0

0.0

1.0

MDDSC011

55.0

56.0

1.0

0.9

0.0

0.9

MDDSC011

79.0

82.0

3.0

0.4

0.0

0.4

MDDSC011

99.0

101.0

2.0

2.0

0.0

2.0

MDDSC011

184.0

187.8

3.8

0.6

0.0

0.6

MDDSC012

74.0

74.7

0.7

0.9

0.2

1.1

MDDSC012

76.0

78.2

2.2

0.4

0.3

0.7

MDDSC012

141.0

141.6

0.6

0.7

0.1

0.8

MDDSC012

155.0

155.3

0.3

0.2

0.8

1.0

MDDSC012

178.0

180.8

2.8

4.0

0.3

4.3

including

178.0

178.8

0.8

11.4

0.9

12.3

MDDSC012

184.0

189.9

5.9

1.7

0.1

1.8

including

185.0

186.0

1.0

4.3

0.8

5.1

MDDSC012

196.0

200.3

4.3

2.2

0.2

2.4

including

196.0

197.0

1.0

5.9

0.3

6.2

MDDSC012

203.0

213.4

10.4

5.4

1.0

6.4

including

207.0

207.2

0.2

37.3

12.0

49.2

including

209.0

211.2

2.2

15.8

3.3

19.2

MDDSC012

226.0

227.1

1.1

1.4

0.0

1.4

MDDSC013A

111.1

116.3

5.3

3.08

1.13

4.21

including

111.1

111.7

0.6

14.40

9.64

24.00

including

113.5

114.1

0.6

8.39

0.01

8.40

MDDSC013A

125.4

126.4

1.0

0.39

0.00

0.39

MDDSC013A

182.7

183.7

1.0

0.43

0.00

0.43

MDDSC014

8.2

9.2

1.0

0.58

0.00

0.58

MDDSC015A

202.0

204.7

2.7

0.49

0.01

0.50

MDDSC015A

222.0

226.5

4.6

1.62

0.07

1.69

including

222.7

223.3

0.6

5.50

0.34

5.84

MDDSC015A

231.4

246.7

15.3

2.16

2.10

4.25

including

232.3

233.2

0.8

1.11

6.76

7.84

including

238.1

238.6

0.5

6.63

15.30

21.86

including

241.3

244.1

2.8

5.70

5.46

11.14

including

245.6

246.1

0.5

10.10

0.65

10.75

MDDSC015A

259.8

260.6

0.8

0.53

0.01

0.54

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>0.2g/t) from drill holes reported in this press release.

Hole_ID

From (m)

To (m)

Width (m)

Au g/t

Sb%

MDDSC013A

110.1

110.6

0.5

0.26

0.01

MDDSC013A

111.1

111.7

0.6

14.40

9.64

MDDSC013A

111.7

112.1

0.5

1.47

0.14

MDDSC013A

112.1

113.1

1.0

0.28

0.04

MDDSC013A

113.1

113.5

0.4

1.57

0.02

MDDSC013A

113.5

114.1

0.6

8.39

0.01

MDDSC013A

114.1

114.3

0.2

0.33

0.01

MDDSC013A

114.3

115.3

1.0

0.56

0.00

MDDSC013A

115.3

116.3

1.0

0.30

0.05

MDDSC013A

125.4

126.4

1.0

0.39

0.00

MDDSC013A

158.1

158.9

0.8

0.28

0.00

MDDSC013A

182.7

183.7

1.0

0.43

0.00

MDDSC013A

210.2

210.8

0.6

0.24

0.00

MDDSC014

8.2

9.2

1.0

0.58

0.00

MDDSC015A

113.0

114.0

1.0

0.27

0.00

MDDSC015A

123.7

124.2

0.5

0.24

0.01

MDDSC015A

202.0

202.6

0.6

0.67

0.01

MDDSC015A

202.6

203.3

0.8

0.39

0.02

MDDSC015A

203.3

203.9

0.6

0.51

0.02

MDDSC015A

203.9

204.7

0.8

0.44

0.00

MDDSC015A

210.0

210.6

0.6

0.21

0.01

MDDSC015A

222.0

222.7

0.8

0.39

0.01

MDDSC015A

222.7

223.3

0.6

5.50

0.34

MDDSC015A

223.3

223.8

0.5

1.62

0.05

MDDSC015A

223.8

224.5

0.7

3.22

0.11

MDDSC015A

224.5

225.0

0.5

0.61

0.01

MDDSC015A

225.0

225.8

0.8

0.42

0.00

MDDSC015A

225.8

226.5

0.7

0.31

0.00

MDDSC015A

231.4

232.3

0.9

0.81

1.19

MDDSC015A

232.3

233.2

0.8

1.11

6.76

MDDSC015A

233.2

234.2

1.0

1.15

0.08

MDDSC015A

234.2

234.5

0.4

0.33

0.01

MDDSC015A

234.5

235.3

0.8

0.98

0.05

MDDSC015A

235.3

235.8

0.5

0.86

0.30

MDDSC015A

235.8

236.6

0.8

0.61

0.03

MDDSC015A

236.6

237.3

0.7

0.32

0.01

MDDSC015A

237.3

238.1

0.7

0.32

0.01

MDDSC015A

238.1

238.6

0.6

6.63

15.30

MDDSC015A

238.6

239.1

0.5

0.56

0.01

MDDSC015A

239.1

239.5

0.4

0.61

1.95

MDDSC015A

239.5

240.0

0.5

0.39

0.01

MDDSC015A

240.0

240.6

0.6

1.27

0.20

MDDSC015A

240.6

241.3

0.7

0.69

0.11

MDDSC015A

241.3

241.6

0.3

7.85

3.90

MDDSC015A

241.6

242.2

0.7

6.79

12.10

MDDSC015A

242.2

242.8

0.6

2.90

3.23

MDDSC015A

242.8

243.4

0.6

4.83

2.96

MDDSC015A

242.8

243.4

0.6

3.27

2.46

MDDSC015A

243.4

244.1

0.7

4.05

1.76

MDDSC015A

244.1

244.5

0.4

1.47

0.21

MDDSC015A

245.6

246.1

0.5

10.10

0.65

MDDSC015A

246.1

246.7

0.6

0.33

0.00

MDDSC015A

246.7

247.5

0.8

0.26

0.00

MDDSC015A

259.8

260.6

0.8

0.53

0.01

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