Announcement • Nov 10
Mawson’S Subsidiary Sxg Drills 20.0 M @ 62.7 G/T Gold Within the Rs50 Vein At Sunday Creek 100 M Up-Dip Extension from Previously Announced Results Up to 1,490 G/T Gold
Mawson Gold Limited announced further high grades from drill hole SDDSC091 including 20.0 m @ 62.7 g/t Au from 430.0 m drilled in a 100 m up-dip extension of a previous drilled mineralized zone, at the Sunday Creek Project in Victoria, Australia, owned 100% by Southern Cross Gold Ltd. SDDSC091, drilled at Rising Sun, is significant as it was drilled to target one vein set, RS50, in a NE to SW drill orientation (unlike recent west to east drill orientations that targeted multiple veins). The hole hit a continuous section of high grades with three intervals assaying >50 g/t Au including 0.4 m @ 950.0 g/t Au, 0.5 m @ 1,490.0 g/t Au and 0.6 m @ 65.4 g/t Au demonstrating the extremely high-grade tenor and scale of individual veins at the Sunday Creek Project. Sunday Creek is 100% owned by Southern Cross Gold ("SXG"), which is an ASX listed company owned 51% by Mawson. Four rigs continue to drill in the main drill area at Sunday Creek where 18 holes (SDDSC079, 83, 85-86, 88-99, 101, 103) are currently being geologically processed and chemically analyzed, and four holes (SDDSC0100, 102, 104, 105) are in drill progress. SDDSC091 drilled at the Rising Sun Prospect intersected 20.0 m @ 63.6 g/t AuEq (62.7 g/t Au, 0.5% Sb) from 430.0 m (ETW 11.6 m) including: 1.0 m @ 6.2 g/t AuEq (5.6 g/t Au, 0.4% Sb) from 432.0 m, 0.4 m @ 955.6 g/t AuEq (950.0 g/t Au, 3.6% Sb) from 438.4 m, 0.5 m @ 1,497.4 g/t AuEq (1490.0 g/t Au, 4.7% Sb) from 438.8 m, 0.6 m @ 66.5 g/t AuEq (65.4 g/t Au, 0.7% Sb) from 439.6 m and 4.5 m @ 13.8 g/t AuEq (13.5 g/t Au, 0.2% Sb) from 441.4 m. SDDSC091 traversed across a single high-grade vein set and is a 100 m up-dip extension from an intersection in drill hole SDDSC077B (6.5 m @ 10.2 g/t AuEq), previously announced on September 5, 2023 (Figures 1-4). The individual vein set, RS50, intersected in SDDSC083 is 11.6 m wide (estimated true width), 60 m strike extent currently defined and extends over 500 m down dip and remains open. It is one of 23 vein sets defined to date at Sunday Creek with the system open in all directions. Four of the five best intersections on the project have been drilled over the last 2 months as follows. The intersection within SDDSC091, based on a 2 m @ 1 g/t Au lower cut off is the second-best intersection on the project to date. The top ten intersections at Sunday Creek are as follows: SDDSC077B: 3.6 m @ 393.2 g/t AuEq (391.9 g/t Au, 0.8% Sb) from 737.1 m, SDDSC091: 20.0 m @ 63.6 g/t AuEq (62.7 g/t Au, 0.5% Sb) from 430.0 m, SDDSC082: 1.6 m @ 500.5 g/t AuEq (500.3 g/t Au, 0.1% Sb) from 417.4 m, SDDSC082: 1.7 m @ 246.2 g/t AuEq (230.6 g/t Au, 9.9% Sb) from 413.6 m, SDDSC046: 14.3 m @ 24.6 g/t AuEq (20.5 g/t Au, 2.6% Sb) from 187.5 m, SDDSC082: 4.3 m @ 72.2 g/t AuEq (71.5 g/t Au, 0.4% Sb) from 588.0 m, SDDSC066: 1.7 m @ 168.7 g/t AuEq (147.1 g/t Au, 13.7% Sb) from 543.5 m, SDDSC082: 9.0 m @ 27.4 g/t AuEq (25.8 g/t Au, 1.0% Sb) from 565.8 m, SDDSC033: 16.8 m @ 14.3 g/t AuEq (10.7 g/t Au, 2.3% Sb) from 180.6 m, SDDSC025: 11.2 m @ 20.4 g/t AuEq (14.4 g/t Au, 3.9% Sb) from 362.5 m and SDDSC091 hit a continuous section of high grades with three intervals assaying >50 g/t Au including 0.4 m @ 950.0 g/t Au, 0.5 m @ 1,490.0 g/t Au and 0.6 m @ 65.4 g/t Au demonstrating the extremely high-grade tenor and scale of individual vein sets at the Sunday Creek Project. The ETW of 11.6 m was calculated from oriented core measurements. Additionally, a further 2 holes (SDDSC079, SDDSC085) are reported from deeper drilling at Apollo. These were drilled in a NE to SW orientation, to individually test the lower extensions at Apollo (Figure 3). These holes are important as they demonstrate the mineralized system extends 500 m below high-grade drilling at Apollo, located 500 m east of Rising Sun. Highlights include: SDDSC079, a 100 m down dip extension from previous drilling intersected: 1.5 m @ 1.8 g/t AuEq (1.3 g/t Au, 0.3% Sb) from 555.5 m 6.3 m @ 4.2 g/t AuEq (3.0 g/t Au, 0.8% Sb) from 567.1 m, including: 1.5 m @ 10.7 g/t AuEq (9.2 g/t Au, 1.0% Sb) from 567.1 m. SDDSC085, a 180 m down dip extension from SDDSC066 (10.4 m @ 28.7 g/t AuEq (24.8 g/t Au, 2.5% Sb) from 302.8 m) and MDDSC026 (5.6 m @ 11.5 g/t AuEq (10.4 g/t Au, 0.7% Sb) from 469.7 m) intersected a very broad low grade "near miss" from 634 m to 811 m (177 m down hole length). The hole intersected visible gold at 727.9 m and 738.0 m. Better intersections included: 0.3 m @ 8.2 g/t AuEq (6.8 g/t Au, 0.9% Sb) from 634.6 m Pending Results and Update With four diamond drill rigs operating at site, and A$11.8M cash (as of August 31, 2023) Southern Cross Gold has stated that it anticipates drilling an additional 19,000 m by April 2024. Seventeen holes (SDDSC83, 86, 89-90, 92-99, 101-105) are currently being processed and analyzed, with four holes (SDDSC100, 106, 107, 108) currently in progress. No upper gold grade cut is applied in the averaging and intervals are reported as drill thickness otherwise where estimated true width "ETW" is stated. During future Mineral Resource studies the requirement for assay top cutting will be assessed. 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.