Mawson's Subsidiary SXG Drilling Shows Apollo Deep Increasing Grade at Depth

Includes 34.9 m @ 6.1 g/t AuEq Traversing 6 High-Grade Vein Sets

VANCOUVER, BC / ACCESSWIRE / February 22, 2024 / Mawson Gold Limited ("Mawson" or the "Company") (TSXV:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) announces Southern Cross Gold Ltd. ("Southern Cross Gold" or "SXG") has released three drillholes SDDSC105, 106 and 109 from the Apollo area at its 100%-owned Sunday Creek Project in Victoria, Australia (Figures 1, 4 and 5).

Highlights:

• Release of assay data from two drillholes ( SDDSC106 and 109 ) show that the Apollo Deep area is becoming higher grade at depth (Figure 3).
• SDDSC106 drilled east to west successfully traversed 6 high-grade vein sets over a 200 m interval. The hole contains eight intervals > 15 g/t Au (up to 59.9 g/t Au) and eight intervals of >5 % Sb (up to 34.5 % Sb) . Selected highlights include:
  • 34.9 m @ 6.1 g/t AuEq (4.0 g/t Au, 1.3% Sb) from 364.0 m
  • 6.0 m @ 5.5 g/t AuEq (4.4 g/t Au, 0.7% Sb) from 412.0 m
  • 0.8 m @ 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 drillhole contains eight intervals >15 g/t Au (up to 99.8 g/t Au) and five intervals >5% Sb (up to 33.8 % Sb) . Selected highlights include:
  • 6.8 m @ 5.5 g/t AuEq (4.4 g/t Au, 0.7% Sb) from 345.2 m
  • 9.2 m @ 10.3 g/t AuEq (7.0 g/t Au, 2.1% Sb) from 456.8 m, including:
    • 2.8 m @ 32.3 g/t AuEq (21.4 g/t Au, 6.9% Sb) from 459.0 m
• Eight drillholes at Sunday Creek at are being processed and analysed, with three holes in progress (Figures 1 and 2).

Mawson owns 93,750,000 shares of SXG (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, states : "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 >15 g/t Au (up to 59.9 g/t Au) and eight intervals of >5% Sb (up to 34.5% Sb) including 34.9 m @ 6.1 g/t AuEq from 364.0 m (Figure 3). These holes immediately increase the volume and grade of our initial exploration target published in January. With several drillholes from Apollo Deep in the assay lab we look forward to seeing what else can develop at depth in Apollo."

Drill Hole Discussion

SDDSC105 was terminated early due to it deviating too far from target. The hole intercepted near-miss alteration including sericite-pyrite +/- carbonate alteration associated with mineralisation at the top of the hole over a 90 m zone from (197 m to 287 m). Highlights included 1.0 m @ 1.7 g/t AuEq (1.7 g/t Au, 0.0% Sb) from 221.0 m and 0.4 m @ 1.7 g/t AuEq (1.7 g/t Au, 0.0% Sb) from 225.0 m.

SDDSC106 was drilled east to west through into the Apollo Deep area and successfully traversed 6 high-grade vein sets over a 200 m interval. SDDSC106 contains eight intervals >15 g/t Au (up to 59.9 g/t Au) and eight intervals of >5 % Sb (up to 34.5% Sb) . This hole confirms the mineral system is increasing in grade at depth (Figure 3) as it does across the Sunday Creek field. This observation is considered extremely promising. Several drillholes to report (SDDSC108A, 112W1 and 116) will continue to test the trend of higher grades and thickness at depth at Apollo.

Highlights from SDDSC106 include:

• 5.5 m @ 2.5 g/t AuEq (1.8 g/t Au, 0.4% Sb) from 339.0 m, including:
  • 0.5 m @ 7.2 g/t AuEq (5.6 g/t Au, 1.0% Sb) from 339.6 m
• 4.5 m @ 3.2 g/t AuEq (2.7 g/t Au, 0.3% Sb) from 346.5 m, including:
  • 1.0 m @ 10.1 g/t AuEq (8.4 g/t Au, 1.1% Sb) from 349.4 m
• 1.0 m @ 1.8 g/t AuEq (1.8 g/t Au, 0.0% Sb) from 359.0 m
• 34.9 m @ 6.1 g/t AuEq (4.0 g/t Au, 1.3% Sb) from 364.0 m, including:
  • 0.2 m @ 66.9 g/t AuEq (16.5 g/t Au, 31.9% Sb) from 367.7 m
  • 2.6 m @ 17.4 g/t AuEq (13.0 g/t Au, 2.8% Sb) from 369.0 m
  • 1.4 m @ 13.9 g/t AuEq (4.1 g/t Au, 6.2% Sb) from 373.5 m
  • 0.4 m @ 34.8 g/t AuEq (18.4 g/t Au, 10.4% Sb) from 376.6 m
  • 1.5 m @ 34.9 g/t AuEq (27.0 g/t Au, 5.0% Sb) from 379.7 m
  • 0.3 m @ 21.2 g/t AuEq (8.0 g/t Au, 8.4% Sb) from 387.0 m
  • 1.0 m @ 9.5 g/t AuEq (7.7 g/t Au, 1.2% Sb) from 393.0 m
  • 1.0 m @ 6.9 g/t AuEq (6.0 g/t Au, 0.6% Sb) from 396.0 m
  • 0.5 m @ 15.4 g/t AuEq (15.0 g/t Au, 0.3% Sb) from 398.4 m
• 6.0 m @ 5.5 g/t AuEq (4.4 g/t Au, 0.7% Sb) from 412.0 m, including:
  • 0.3 m @ 5.8 g/t AuEq (5.1 g/t Au, 0.4% Sb) from 412.0 m
  • 0.8 m @ 20.7 g/t AuEq (18.4 g/t Au, 1.5% Sb) from 413.8 m
  • 1.4 m @ 7.4 g/t AuEq (5.0 g/t Au, 1.5% Sb) from 416.3 m
• 0.9 m @ 9.5 g/t AuEq (8.6 g/t Au, 0.6% Sb) from 433.2 m
• 2.8 m @ 4.8 g/t AuEq (3.3 g/t Au, 0.9% Sb) from 436.6 m, including:
  • 1.7 m @ 7.0 g/t AuEq (4.8 g/t Au, 1.4% Sb) from 437.4 m
• 0.3 m @ 1.4 g/t AuEq (1.3 g/t Au, 0.1% Sb) from 454.4 m
• 3.1 m @ 1.5 g/t AuEq (0.6 g/t Au, 0.5% Sb) from 457.0 m
• 5.6 m @ 2.2 g/t AuEq (1.6 g/t Au, 0.3% Sb) from 468.8 m, including:
  • 0.3 m @ 11.4 g/t AuEq (7.4 g/t Au, 2.5% Sb) from 468.8 m
• 0.4 m @ 5.8 g/t AuEq (3.7 g/t Au, 1.3% Sb) from 481.1 m
• 1.0 m @ 5.8 g/t AuEq (5.1 g/t Au, 0.5% Sb) from 495.7 m
• 0.8 m @ 61.6 g/t AuEq (30.9 g/t Au, 19.5% Sb) from 535.0 m, including:
• 0.4 m @ 108.9 g/t AuEq (54.4 g/t Au, 34.5% Sb) from 535.3 m

SDDSC109 was drilled parallel to and 70 m to 120 m up-dip of SDDSC106. It traversed seven vein sets in total, five through the high-grade core and two through the low-grade margins. This drillhole contains eight intervals >15 g/t Au (up to 99.8 g/t Au) and five intervals >5% Sb (up to 33.8% Sb) . Selected highlights include:

• 1.7 m @ 6.4 g/t AuEq (4.5 g/t Au, 1.2% Sb) from 196.9 m
• 6.8 m @ 5.5 g/t AuEq (4.4 g/t Au, 0.7% Sb) from 345.2 m, including:
  • 0.7 m @ 27.0 g/t AuEq (21.5 g/t Au, 3.5% Sb) from 347.9 m
  • 0.3 m @ 34.4 g/t AuEq (31.4 g/t Au, 1.9% Sb) from 349.8 m
• 3.9 m @ 4.4 g/t AuEq (3.8 g/t Au, 0.4% Sb) from 362.0 m, including:
  • 0.2 m @ 36.0 g/t AuEq (29.8 g/t Au, 3.9% Sb) from 365.1 m
• 0.9 m @ 16.2 g/t AuEq (12.0 g/t Au, 2.7% Sb) from 374.6 m
• 1.5 m @ 7.5 g/t AuEq (6.0 g/t Au, 0.9% Sb) from 386.4 m
• 9.2 m @ 10.3 g/t AuEq (7.0 g/t Au, 2.1% Sb) from 456.8 m, including:
  • 2.8 m @ 32.3 g/t AuEq (21.4 g/t Au, 6.9% Sb) from 459.0 m
• 0.3 m @ 6.2 g/t AuEq (0.6 g/t Au, 3.5% Sb) from 503.6 m

Pending Results and Update

Eight holes (SDDSC107, 108A, 110-112, 112W1, 113, 114) are currently being processed and analysed, with three holes (SDDSC115A, 116, 117) in progress (Figures 1 and 2).

Further Information

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 1-4 show project location, plan, longitudinal and cross-sectional views of drill results reported here and Tables 1-3 provide collar and assay data. The true thickness of the mineralised intervals reported are interpreted to be approximately 60% to 70% of the sampled thickness. 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 Au lower cutoff over a maximum of 1 m width, unless otherwise stated (0.3 g/t Au lower cutoff over a maximum width of 3 m).

Technical Background and Qualified Person

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.

SXG considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd in its Mandalay Technical Report, 2022 dated 25 March 2022. The gold equivalence formula used by Mandalay Resources was calculated using recoveries achieved at the Costerfield Property Brunswick Processing Plant during 2020, using a gold price of US$1,700 per ounce, an antimony price of US$8,500 per tonne and 2021 total year metal recoveries of 93% for gold and 95% for antimony, and is as follows:

𝐴𝑢𝐸𝑞 = 𝐴𝑢 (𝑔/𝑡) + 1.58 × 𝑆𝑏 (%).

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) + 1.58 × 𝑆𝑏 (%) is appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.

About Mawson Gold Limited (TSXV:MAW),(FRANKFURT:MXR),(OTCPINK:MWSNF)

Mawson Gold Limited has distinguished itself as a leading Nordic exploration company. Over the last decades, the team behind Mawson has forged a long and successful record of discovering, financing, and advancing mineral projects in the Nordics and Australia. Mawson holds the Skellefteå North gold discovery and a portfolio of historic uranium resources in Sweden. Mawson also holds 51% of Southern Cross Gold Ltd. (ASX:SXG) which owns or controls three high-grade, historic epizonal goldfields covering 470 km ² in Victoria, Australia, including the exciting Sunday Creek Au-Sb discovery.

About Southern Cross Gold Ltd (ASX:SXG)

Southern Cross Gold 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 strategic 10% holding in ASX-listed Nagambie Resources Limited (ASX:NAG) which grants SXG a Right of First Refusal over a 3,300 square kilometer tenement package held by NAG in Victoria.

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, Mawson's expectations regarding its ownership interest in Southern Cross Gold, 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 COVID-19, on the Company's business, risks related to negative publicity with respect to the Company or the mining industry in general; exploration potential being conceptual in nature, there being insufficient exploration to define a mineral resource on the Australian-projects owned by SXG, and uncertainty if further exploration will result in the determination of a mineral resource; 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 SEDAR . 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: Sunday Creek plan view showing SDDSC105, 106 and 109 reported here (grey box, blue highlight), selected prior reported drill holes and pending holes. For location see Figure 4.

Figure 2: Sunday Creek longitudinal section across A-B in the plane of the dyke breccia/altered sediment host (see Figure 1) looking towards the north (striking 236 degrees) showing mineralized veins sets. Showing SDDSC105, 106 and 109 reported here and prior reported drill holes. Location of Figure 3 (section C-D marked with red arrows).

Figure 3: Sunday Creek longitudinal section of the modelled vein set A70 across C-D, looking towards the west-south-west (striking 340 degrees). Showing SDDSC106 and SDDSC109 (light blue trace, orange text) reported here and prior reported drill holes. Raster coloring of wireframe shows grade x true thickness increasing at depth.

Figure 4: Sunday Creek regional plan view showing LiDAR, soil sampling, structural framework, regional historic epizonal gold mining areas and broad regional areas (Tonstal, Consols and Leviathan) tested by 12 holes for 2,383 m drill program. The regional drill areas are at Tonstal, Consols and Leviathan located 4,000-7,500 m along strike from the main drill area at Golden Dyke- Apollo.

Figure 5: Location of the Sunday Creek project, along with SXG's other Victoria projects and simplified geology.

Table 1: Drill collar summary table for recent drill holes in progress.

Table 2: Tables of mineralized drill hole intersections reported from SDDSC105, 106 and 109 using two cut-off criteria. Lower grades cut at 1.0 g/t lower cutoff over a maximum of 2 m with higher grades cut at 5.0 g/t AuEq cutoff over a maximum of 1 m.