Vancouver, Canada — Mawson Gold Limited (“Mawson” or the “Company”) (TSXV:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces Southern Cross Gold Ltd. (“Southern Cross Gold” or “SXG”) has released results from two diamond drill holes SDDSC119 and SDDSC119W1 from the Apollo prospect at the 100%-owned Sunday Creek Project in Victoria, Australia (Figure 5).
Michael Hudson, Mawson Interim CEO and Executive Chairman, states: “New drilling has shown further expansion and success from the prolific Sunday Creek, this time from the far eastern end of the 1 km long core project area. Drill holes SDDSC119 and 119W1 demonstrated extensions of three high grade veins sets 200 m east at Apollo East, including 1.4 m @ 20.0 g/t AuEq, and infilled seven veins in a 260 m wide gap at Apollo Deeps, which included 11.5 m @ 6.0 g/t AuEq. Encouragingly the wedge hole demonstrated continuity of grade at a close (0.6 m) spacing, and at a scale never tested at the project. These results are important as they show continued project growth as well as continuity of grades at different scales.
“With an additional rig to be mobilised to site next week to increase site capacity to five drill rigs, and with a 60 km drill program underway, these results demonstrate our ability to build the deposit via volume increases and building confidence in continuity of grade.”
Two drill holes (SDDSC119 and 119W1) are reported from the Apollo prospect (Figures 1 and 2).
SDDSC119 was designed to test new mineralisation located 200 m east of Apollo to Apollo East, and to infill a 260 m gap in Apollo Deeps. The hole was drilled 58 m – 113 m down-plunge of SDDSC116 (15.0 m @ 9.8 g/t AuEq (8.8 g/t Au, 0.5% Sb) from 511.2 m) and 38 m – 132 m up-plunge of SDDSC108A (0.2 m @ 576.1 g/t AuEq (576.0 g/t Au, 0.1% Sb) from 762.9 m), proving continuity over 260 m of mineralised plunge and extended mineralisation domain footprints at depth. This drillhole intercepted ten assayed intervals of > 10 g/t Au (up to 35.9 g/t Au), and six assayed intervals > 5% Sb (up to 19.9% Sb).
SDDSC119W1 was drilled as a wedge hole to reacquire core lost down the parent hole SDDSC119 (from 633 m – 635 m). Fortuitously, it also acted as a test of the continuity of mineralisation at different downhole depths over 0.6 m down dip distance, at a spacing never previously tested on the project. Continuity of mineralisation at this scale was successfully demonstrated with SDDSC119 assaying 5.6 m @ 4.3 g/t AuEq (2.7 g/t Au, 0.9% Sb) from 620.1 m and the wedge hole SDDSC119W1 returning 5.5 m @ 5.1 g/t AuEq (3.6 g/t Au, 0.8% Sb) from 619.9 m (Figure 3).
Highlights from SDDSC119 include:
Nine holes (SDDSC114W1, 120, 121, 121W1, 122, 123, 124, 125, 127) are currently being processed and analyzed, with four holes (SDDSC122W1, 050W1, 126, 128) in progress (Figures 1 and 2).
Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is available on the SXG website at www.southerncrossgold.com.au.
No upper gold grade cut is applied in the averaging and intervals are reported as drill thickness. During future Mineral Resource studies, the requirement for assay top cutting will be assessed.
Figures 1 to 5 show project location, plan and longitudinal views of drill results reported here and Tables 1 to 3 provide collar and assay data. The true thickness of the mineralised intervals reported individually as estimated true widths (“ETW”), otherwise they are interpreted to be approximately 55-65% of the sampled thickness for other reported holes. Lower grades were cut at 1.0 g/t AuEq lower cutoff over a maximum width of 2 m with higher grades cut at 5.0 g/t AuEq lower cutoff over a maximum of 1 m width unless specified.
The Qualified Person, Michael Hudson, Executive Chairman and a director of Mawson Gold, and a Fellow of the Australasian Institute of Mining and Metallurgy, has reviewed, verified and approved the technical contents of this release.
Analytical samples are transported to the Bendigo facility of On Site Laboratory Services (“On Site”) which operates under both an ISO 9001 and NATA quality systems. Samples were prepared and analyzed for gold using the fire assay technique (PE01S method; 25 gram charge), followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (BM011 and over-range methods as required) use aqua regia digestion and ICP-MS analysis. The QA/QC program of Southern Cross Gold consists of the systematic insertion of certified standards of known gold content, blanks within interpreted mineralized rock and quarter core duplicates. In addition, On Site inserts blanks and standards into the analytical process.
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. The Costerfield mine corridor, now owned by Mandalay Resources Ltd contains two million ounces of equivalent gold (Mandalay Q3 2021 Results), and in 2020 was the sixth highest-grade global underground mine and a top 5 global producer of antimony.
MAW considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd in its Mandalay Technical Report, 2024 dated March 28, 2024. The gold equivalence formula used by Mandalay Resources was calculated using Costerfield’s 2023 production costs, using a gold price of US$1,900 per ounce, an antimony price of US$12,000 per tonne and 2023 total year metal recoveries of 94% for gold and 89% for antimony, and is as follows:
Based on the latest Costerfield calculation and given the similar geological styles and historic toll treatment of Sunday Creek mineralization at Costerfield, SXG considers that a AuEq = Au (g/t) + 1.88 × Sb (%) is appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.
Table 1: Drill collar summary table for recent drill holes in progress.