Mawson Gold unit drills 6.1 g/t AuEq over 34 metres at Sunday Creek, Australia

Mawson Gold Ltd.’s [TSXV-MAW; FSE-MXR; Pink Sheets-MWSNF] and Southern Cross Gold Ltd. [ASX-SXG] have released the results of three drill holes (SDDSC105, SDDSC106 and SDDSC109) from the Apollo area at its 100%-owned Sunday Creek project in Victoria, Australia.

Highlights: Release of assay data from two drill holes (SDDSC106 and SDDSC109) show that the Apollo Deep area is becoming higher grade at depth. SDDSC106 drilled east to west successfully traversed 6 high-grade vein sets over a 200-metre interval. The hole contains eight intervals greater than 15 g/t gold (up to 59.9 g/t Au) and eight intervals of greater than 5% Sb (up to 34.5% Sb).

Selected highlights include: 34.9 m at 6.1 g/t AuEq (4.0 g/t Au, 1.3% Sb) from 364.0 m; 6.0 m at 5.5 g/t AuEq (4.4 g/t Au, 0.7% Sb) from 412.0 m; and 0.8 m at 61.6 g/t AuEq (30.9 g/t Au, 19.5% Sb) from 535.0 m.

SDDSC109 was drilled parallel to and 70 m to 120 m up-dip of SDDSC106. It traversed seven vein sets in total. This drill hole contains eight intervals greater than 15 g/t Au (up to 99.8 g/t Au) and five intervals greater than 5% Sb (up to 33.8% Sb). Selected highlights include:

6.8 m at 5.5 g/t AuEq (4.4 g/t Au, 0.7 per cent Sb) from 345.2 m; 9.2 m at 10.3 g/t AuEq (7.0 g/t Au, 2.1% Sb) from 456.8 m, including 2.8 m at 32.3 g/t AuEq (21.4 g/t Au, 6.9% Sb) from 459.0 m.

Eight drill holes at Sunday Creek at are being processed and analyzed, with three holes in progress.

Mawson owns 93,750,000 shares of Southern Cross (51%), valuing its stake at A$118.6 million (C$105.2 million) based on SXG’s closing price on February 20, 2024 AEST.

Michael Hudson, Mawson interim CEO and executive chairman, stated: “Since SXG was listed less than 20 months ago, our team has routinely drilled to depth at Sunday Creek to test the well understood geological opportunity to find extremely high grade, ‘Cinderella Zones’, that form at depth in the Victorian epizonal systems. Over the last 12 months the Rising Sun area has demonstrated spectacular results at depth and now it’s Apollo’s turn to show the same trend with eight intervals greater than 15 g/t Au (up to 59.9 g/t Au) and eight intervals of greater than 5% Sb (up to 34.5% Sb) including 34.9 m at 6.1 g/t AuEq from 364.0 m. These holes immediately increase the volume and grade of our initial exploration target published in January. With several drill holes from Apollo Deep in the assay lab we look forward to seeing what else can develop at depth in Apollo.”

Eight holes (SDDSC107, 108A, 110-112, 112W1, 113, 114) are currently being processed and analyzed, with three holes (SDDSC115A, 116, 117) in progress.

The true thickness of the mineralized intervals reported are interpreted to be approximately 60-70% of the sampled thickness.

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.