Mawson drills 2.4 g/t AuEq over 305 metres at Sunday Creek, Australia

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Mawson Gold Ltd.’s [MAW-TSX; MWSNF-OTC; MXR-FSE] Australian subsidiary, Southern Cross Gold Ltd. [SXG-ASX], has drilled a gold-antimony diamond drill intersection grading 305.8 metres at 2.4 g/t gold equivalent (AuEq) (1.6 g/t gold (Au) and 0.5% antimony (Sb)) from 319.2 metres from hole SDDSC0050 at Sunday Creek, Australia.

Mawson currently owns 60% of SXG following its May 2022 initial public offering on the Australian Securities Exchange.

Highlights: Hole drilled to test under Rising Sun shoot, with mineralization continuing to a never-before-drilled area between Rising Sun and Apollo. The deepest hole on the project by 404.5 metres, intersecting nine separate mineralized zones, and at least eight new veins sets.

Only 67% of the hole has been assayed so far down to 650 m. Drilling continued to 923.7 metres with visible gold noted in restricted sections below assayed intervals. There is 270 metres of core left to process.

So far, drill results included 305.8 metres of 2.4 g/t AuEq (1.6 g/t Au, 0.5% Sb) from 319.2 metres (no lower cut) in SDDSC050. Higher grade zones (3 mof 0.3 g/t AuEq lower cut) include 29.8 metres of 2.1 g/t AuEq (1.7 g/t Au, 0.3% Sb) from 319.2 metres; 14.5 metres of 4.9 g/t AuEq (4.2 g/t Au, 0.5% Sb) from 439.8 metres; 20.0 metres of 4.4 g/t AuEq (2.2 g/t Au, 1.4% Sb) from 475.0 metres; 5.8 metres of 11.5 g/t AuEq (10.4 g/t Au, 0.7% Sb) from 524.2 metres; 19.2 metres of 1.3 g/t AuEq (1.1 g/t Au, 0.2% Sb) from 533.0 metres; 12.6 metres of 4.7 g/t AuEq (2.1 g/t Au, 1.6% Sb) from 561.0 metres; 13.2 metres of 5.6 g/t AuEq (3.9 g/t Au, 1.1% Sb) from 578.9 metres; 4.7 metres of 3.2 g/t AuEq (1.0 g/t Au, 1.4% Sb) from 611.0 metres; 5.0 m @ 36.1 g/t AuEq (26.4 g/t Au, 6.2% Sb) from 620.0 metres.

There were 12 high-grade intersections >20 g/t gold, including 5 grading >100 g/t gold with assays up to 181.0 g/t Au and 9.7% Sb (196.3 g/t AuEq) with multiple intersections that contained visible gold: 0.4 metres of 63.9 g/t AuEq (59.8 g/t Au, 2.6% Sb) from 326.0 metres; 0.3 metres of 49.8 g/t AuEq (42.2 g/t Au, 4.9% Sb) from 343.5 metres; 0.4 metres of 44.5 g/t AuEq (29.6 g/t Au, 9.4% Sb) from 419.2 metres; 0.4 metres of 114.1 g/t AuEq (100.0 g/t Au, 8.9% Sb) from 444.8 metres; refer to original press release for complete assays.

Drilling with three rigs is in progress at Sunday Creek at the Golden Dyke, Rising Sun and Apollo prospects. Six holes (SDDSC048A/50/51/52/53/54) are being geologically processed and analysed, with two holes (SDDSC055/56) in drill progress.

Southern Cross Gold is currently halted pending an announced equity capital raising, which is expected to dilute Mawson’s 60% interest in SXG.

Ivan Fairhall, Mawson CEO, stated: “Sunday Creek gets better and better. Mineralization in hole 50 continued well past the planned location, and to almost double the depth previously drilled. To have drilled over 300 metres (and continuing) through the dyke suggests the potential for a blowout at depth which increases prospectivity materially. The regional experience such as Fosterville and Costerfield reinforces the opportunity at depth with these epizonal style deposits.

With only 67% of the hole having been assayed, 270 m of core left to process which included multiple zones of visible gold, and three rigs turning, we are excited about Sunday Creek’s potential to continue to deliver. Mawson benefits immensely from SXG’s successes as its largest shareholder (currently 60%), alongside its 100%-owned Rajapalot project whose recent PEA delivered a US$211 million after-tax NPV(5%).

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

Mawson also currently owns 60% of Southern Cross Gold which in turn owns or controls three high-grade, historic epizonal goldfields covering 470 km2 in Victoria, Australia. Southern Cross 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 10% holding in Nagambie Resources Limited [NAG-ASX] which grants SXG a Right of First Refusal over a 3,300 km2 tenement package held by NAG in Victoria.

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