Mawson Drills 17.7 metres at 3.7 g/t Gold and 0.7% Antimony Including 2.2 metres @ 15.8 g/t Gold and 3.3% Antimony at Sunday Creek in Victoria, Australia

March 22, 2021 5:01 PM EDT

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VANCOUVER, BC / ACCESSWIRE / March 22, 2021 / Mawson Gold Limited ("Mawson" or the "Company") (TSX:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) is pleased to announce assay results from two further drill holes (MDDSC011-12) and multi-element data for remaining holes drilled by Mawson from the 100%-owned Sunday Creek project in the Victorian Goldfields of Australia. Holes were drilled below the historic Apollo and Gladys mine areas. 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 MDDSC0012, the deepest hole and Mawson's best drill result to date at Sunday Creek, was drilled 110 metres vertically below the historic Apollo mine workings and intersected thick and high-grade mineralized intervals over a combined width of 36.4 metres @ 2.4 g/t gold ("Au") and 0.4% antimony ("Sb") (2.8 g/t gold equivalent ("AuEQ")) from 177 metres (without a lower cut) (Tables 1-4, Figures 1 and 2): Better intervals included (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):
    • 13 metres @ 1.7 g/t Au and 0.14% Sb (1.9 g/t AuEQ) from 177 metres
      • including 0.8 metres @ 11.4 g/t Au and 0.9% Sb (12.3 g/t AuEQ) from 178.0 metres
    • 17.7 metres @ 3.7 g/t Au and 0.7% Sb (4.4 g/t AuEQ) from 196.0 metres
      • Including 10.4 metres @ 5.4 g/t Au and 1.0% Sb (6.4 g/t AuEQ) from 203.0 metres
        • 0.2 metres @ 37.3 g/t Au and 12.0% Sb (49.2 g/t AuEQ) from 207.0 metres and
        • 2.2 metres @ 15.8 g/t Au and 3.3% Sb (19.2 g/t AuEQ) from 209.0 metres
  • The high-grade tenor of the epizonal Sunday Creek is now becoming evident with full gold and antimony assays available for all Mawson drill holes for the first time, with the opportunity to develop similar high-grades as seen in adjacent mining operations such as Mandalay Resource's Costerfield mine or Kirkland Lake Gold's Fosterville mine. Better results to date from Mawson's drilling include:
    • 2.0 metres @ 18.6 g/t Au and 0.5% Sb (19.1 g/t AuEQ) from 74 metres in MDDSC010
    • 0.3 metres @ 82.8 g/t Au and 13.8% Sb (96.5 g/t AuEQ) from 54 metres in MDDSC002
    • 0.1 metres @ 52.6 g/t Au and 7.5% Sb (60.0 g/t AuEQ) from 124.0 metres in MDDSC005
  • Diamond drillhole MDDSC0011, the most northerly hole at the Gladys, intersected moderate thickness and grade mineralization on the margins of the Gladys structure (Tables 1-4, Figures 1 and 2) including 1.0 metres @ 3.1 g/t Au from 100.0 metres;
  • Fourteen drill holes (MDDSC001-014) for 2,487 metres have been now completed at the Sunday Creek gold project. Drilling continues;
  • A 2,500-point soil sampling program at Sunday Creek has commenced extending east-northeast from drilling areas to test the 11 kilometre trend of historic epizonal dyke-hosted mineralization within Mawson's tenured areas.

Michael Hudson, CEO, states: "Sunday Creek is shaping up as one of the best discoveries to emerge from the new wave of gold exploration in Victoria, with this new drilling delivering our best and deepest result from the project. Impressively, we see a broad zone of mineralization (36.4 metres @ 2.4 g/t Au and 0.4% Sb) that includes multiple high grade sheeted veins including 0.2 metres @ 37.3 g/t Au and 12.0% Sb and 2.2 metres @ 15.8 g/t Au and 3.3% Sb. MDDSC012 is the first drill hole to test beneath old mine workings, and demonstrates that high-grades continue to depth. Drilling continues with the Company looking to bring in extra drill capacity. As we continue to extend the system in all directions, the chance to find further high-grade blow outs at Sunday Creek remains an exciting opportunity."

Mawson has drilled strong gold results from multiple sheeted vein structures within a 200 metre by 150 metre area (Figure 1) with over 500 metres strike to test between historic mines, before drilling will step out to test the broader 11-kilometre historic mine trend. The high grade and free gold epizonal mineralization targeted by historic miners is now becoming evident from Mawson's diamond drilling. A full suite of gold and antimony assays are now presented for the first time in Table 1 below shows better high-grade results from individual structures.

Table 1: High-grade epizonal gold and antimony sheeted vein intersections from Mawson's drilling at Sunday Creek, Victoria (5 g/t Au lower cut over 1 metre).

Hole_ID

From
(m)

To
(m)

Width(1)

Au
g/t

Sb%

AuEQ
g/t

MDDSC001

10.0

11.6

1.6

11.3

0.3

11.5

MDDSC002

54.0

54.3

0.3

82.8

13.8

96.5

MDDSC002

109.0

110.1

1.1

21.4

3.3

24.7

MDDSC002

117.0

117.4

0.4

18.0

2.8

20.8

MDDSC002

119.0

119.6

0.6

7.0

7.3

14.3

MDDSC003

79.0

79.6

0.6

5.9

10.0

15.8

MDDSC005

124.0

124.1

0.1

52.6

7.5

60.0

MDDSC005

128.0

128.6

0.6

13.0

2.0

15.0

MDDSC005

133.0

134.7

1.7

8.6

4.9

13.5

MDDSC007

79.0

79.4

0.4

22.8

3.2

26.0

MDDSC008

68.0

68.7

0.7

20.6

5.0

25.6

MDDSC010

41.0

41.6

0.6

20.6

0.0

20.6

MDDSC010

74.0

76.0

2.0

18.6

0.5

19.1

MDDSC010

100.0

101.2

1.2

25.7

4.1

29.8

MDDSC012

178.0

178.8

0.8

11.4

0.9

12.3

MDDSC012

207.0

207.2

0.2

37.3

12.0

49.2

MDDSC012

209.0

211.2

2.2

15.8

3.3

19.2

Note: (1) The true thickness of the mineralized interval is interpreted to be approximately 70% of the sampled thickness.

At Sunday Creek, historic gold mining occurred between 1880-1920 over a greater than 11 kilometre trend. 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 felsic dyke that broadly controls gold distribution. Two diamond drill holes (MDDSC0011-12) from the Gladys and Apollo areas are reported here (Tables 1-4, Figure 1):

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 EW to NE-SW trending felsic dykes, within predominately NW oriented brittle multiple sheeted veins and cataclastic zones. Individual 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.

Mawson has now completed fourteen drill holes (MDDSC001-014) for 2,487 metres at the Sunday Creek gold. Drilling continues. Assays from 12 out of the 14 completed holes have been released. Geophysical surveys (3D induced polarization and ground magnetics) have been completed. A 2,500-point soil sampling program at Sunday Creek has commenced extending east-northeast from drilling areas to test the 11 kilometre trend of historic epizonal dyke-hosted mineralization within Mawson's tenured areas.

Technical and Environmental Background

Tables 1-4 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 Au Eq. formula is as follows: Au Eq. (g/t) = (Au g/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 Cross Section of the Apollo Mine Area showing Mawson drillhole MDDSC0012 reported here.

Table 2: 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

Here

Apollo

MDDSC012

331172

5867842

-60

252.4

309

262.9

Here

Apollo

MDDSC013

331170

5867842

-68

223

309

43.4

Abandoned

Apollo

MDDSC013A

331170

5867842

-68

223

309

270

TBA

Apollo

MDDSC014

330985

5867712

-75

41.4

303.7

300

TBA

Note: (1) The true thickness of the mineralized interval is interpreted to be approximately 70% of the sampled thickness.

Table 3: Intersections from the Sunday Creek. 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

Note: (1) The true thickness of the mineralized interval is interpreted to be approximately 70% of the sampled thickness.

Table 4: Individual assay data (Au>0.3g/t) from drill holes reported in this press release.

Hole_ID

From
(m)

To
(m)

Width(1)
(m)

Au
g/t

Sb%

MDDSC011

54.0

55.0

1.0

0.3

0.0

MDDSC011

55.0

56.0

1.0

0.9

0.0

MDDSC011

79.0

80.0

1.0

0.5

0.0

MDDSC011

81.0

82.0

1.0

0.6

0.0

MDDSC011

99.0

100.0

1.0

0.9

0.0

MDDSC011

100.0

101.0

1.0

3.1

0.0

MDDSC011

150.5

151.3

0.8

0.3

0.0

MDDSC011

184.2

185.2

1.0

1.0

0.0

MDDSC011

186.7

187.0

0.3

0.9

0.0

MDDSC011

187.0

188.0

1.0

0.7

0.0

MDDSC011

188.0

189.0

1.0

0.4

0.0

MDDSC012

73.6

74.3

0.7

0.9

0.2

MDDSC012

74.3

75.0

0.7

0.5

0.0

MDDSC012

75.0

75.5

0.5

0.4

0.0

MDDSC012

75.5

76.4

0.9

0.4

0.0

MDDSC012

76.4

77.8

1.4

0.5

0.0

MDDSC012

140.9

141.5

0.6

0.7

0.1

MDDSC012

177.0

177.3

0.3

0.3

0.0

MDDSC012

177.3

178.2

0.9

0.4

0.0

MDDSC012

178.2

179.0

0.8

11.4

0.9

MDDSC012

179.0

180.0

1.0

1.1

0.0

MDDSC012

180.0

181.0

1.0

1.0

0.1

MDDSC012

181.0

182.0

1.0

0.4

0.0

MDDSC012

183.0

184.1

1.1

0.4

0.0

MDDSC012

184.1

185.0

0.9

0.7

0.0

MDDSC012

185.0

186.0

1.0

4.3

0.8

MDDSC012

186.0

187.0

1.0

1.6

0.0

MDDSC012

187.0

188.0

1.0

1.6

0.0

MDDSC012

188.0

189.0

1.0

1.1

0.0

MDDSC012

189.0

190.0

1.0

0.6

0.0

MDDSC012

195.8

196.8

1.0

5.9

0.3

MDDSC012

196.8

197.6

0.9

0.9

0.0

MDDSC012

197.6

199.0

1.4

1.6

0.2

MDDSC012

199.0

200.0

1.0

0.5

0.0

MDDSC012

203.0

204.0

1.0

0.9

0.0

MDDSC012

204.0

205.0

1.0

2.7

0.5

MDDSC012

205.0

206.0

1.0

2.2

0.1

MDDSC012

206.9

207.1

0.2

37.3

12.0

MDDSC012

207.1

208.2

1.1

2.1

0.0

MDDSC012

208.2

208.8

0.6

2.8

0.1

MDDSC012

208.8

209.7

0.9

8.6

1.1

MDDSC012

209.7

210.4

0.8

29.7

7.9

MDDSC012

210.4

211.0

0.6

8.8

0.8

MDDSC012

211.0

212.0

1.0

1.6

0.2

MDDSC012

212.0

213.0

1.0

0.4

0.1

MDDSC012

213.0

213.4

0.4

4.0

0.1

MDDSC012

226.4

227.5

1.1

1.4

0.0

Note: (1) The true thickness of the mineralized interval is interpreted to be approximately 70% of the sampled thickness.

SOURCE: Mawson Gold Limited



View source version on accesswire.com:
https://www.accesswire.com/636826/Mawson-Drills-177-metres-at-37-gt-Gold-and-07-Antimony-Including-22-metres-158-gt-Gold-and-33-Antimony-at-Sunday-Creek-in-Victoria-Australia



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