VANCOUVER, BC / ACCESSWIRE / January 23, 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 a geological update with a review of vein morphology and continuity at its wholly-owned Sunday Creek project in Victoria, Australia (Figure 12). SXG is an Australian Securities Exchange (“ASX”) indexed company, owned 51% through Mawson.
Strengths:
Mawson owns 93,750,000 shares of SXG (51%), valuing his stake at A$88. 1 million (C$78. 0 million) over SXG’s final value on January 22, 2024 AEST.
Michael Hudson, Mawson’s interim chief executive officer and chief executive, said: “The company will soon publish a first exploration target for the Apollo and Rising Sun zones on Sunday Creek. This update describes the morphology and geologic and venous continuity of the veins to supply geologic energy. context for exploration. Objective.
“The observations made here are vital because, while geologic continuity is imperative when constructing a mineral deposit model, in most cases it is the continuity of the degree of mineralization that will determine the economic nature of a deposit. “
As is the industry standard, Southern Cross Gold uses datasets to construct the Sunday Creek geologic and mineralization style, which are described below.
Geostatistics
A total of 42 mineralized vein set shapes have been created for Sunday Creek. Wireframes were created in Leapfrog Geo using a threshold of 1 g/t Au over 2 m. Modelling consistently shows the vein sets have a higher-grade core with broader lower grade halos. The Company, along with leading global consultants, are preparing grade variography with volumes determined by a strong understanding of geological and grade continuity, trends and other supporting information. The mineralization model provides the first geostatistical summary of the project.
Coefficient of variation
The coefficient of variation (“CV”) is the ratio of the popular deviation to the mean of the verification results. The lower the CV, the less variable and erratic the distribution of mineralization, and the less difficult to design (Table 1).
At Apollo, where well density and well spacing are sufficient, geostatistical assessment provides the validity of the geologic bureaucracy (Table 2). Within Apollo, the average of all vein sets has a CV of less than 1. 5 when implemented at 1 m of composite knowledge and an average CV of less than 2 for crude analyses (Table 2). Rising Sun requires more drilling before the calculations can be made. The CV at Apollo comes to a solid understanding of geological controls on mineralization, a suitable subdomain of high-quality materials. and the predictability of high-grade mineralization within that bureaucracy.
Coefficient of Variation (CV) Range
5
Qualitative description
Excelente
Thats alright
High
Extreme
Table 1: Qualitative description of the range of the Coefficient of Variation (“CV”) within mineral systems. The lower the CV, the less variable and erratic the distribution of the mineralization is, and therefore it is easier to model.
Stereo
All diamond drill cores drilled through Southern Cross Gold are oriented. Orientation knowledge can position the measured structures in the drill core in a three-dimensional space. A confidence measure is assigned to ensure that only high-quality knowledge is used and that drilling deviates or erroneous measurements do not particularly influence interpretation. Combined with intersection triangulation (at least 3 issues in an airplane to orient oneself), maximum confidence is maintained in the structural continuity of vein sets. This helps identify primary trends and critical controls at the top level. Link trends or characteristics.
There are geological controls on mineralization (structural, chemical, stratigraphic) in each and every ore deposit and Sunday Creek is no different. Mineralization is structurally controlled, with increased “bleaching” related mineralization around and within the intrusive sequence. Early alteration and sulphide (pyrite) have exploited the vesicular/tongdaloid nature of the extensively altered/mineralized and breccia zones, and shape the east-west trending pyrite veins. Knowledge of Stereonet aids this and shows pyrite veins parallel to the east-west structural host and prior to the higher-grade NNW Au-Sb mineralized vein asses (Figure 1).
Stereonet data (Figure 1) also demonstrates that gold-antimony (“Au-Sb”) mineralization is dominantly hosted within zones of sub-vertical, brittle-ductile NNW-NW striking shear veins and associated veins, containing visible gold, quartz, stibnite, occasional fibrous sulphosalts and minor ferroan carbonates infill. The veins have an associated selvedge of disseminated sulphides in the form of arsenian pyrite, pyrite and arsenopyrite. The mineralized vein sets are typically between 5-30 m wide, 20-100 m in strike (see Figures 5-7 which show 3 individual veins strike distance 30-40 m, 25-40 m, 40-55 m and up to 110 m) and currently defined vertically down to 1 km depth and up to 570 m in depth extent on an individual vein set basis. These zones repeat every 10-20 m within the Apollo and Rising Sun areas with 42 vein sets currently defined to date.
When viewed from above, the eroded sediments and host resemble the side rails of a staircase, where the subvertical sets of mineralized veins are the rungs from surface to intensity (Figures 5-7).
Quality Control Data
Drilling recovery at Sunday Creek is excellent (99.2% average core recovery). All samples are oriented diamond core, predominately HQ core size. Quality control data is routinely acquired. Standards are inserted at regular intervals and show appropriate consistency. Both field duplicates (quarter core) and laboratory duplicates (from the LM5 pulverizer) show good consistency implying homogenization at both the core and pulp sampling stages with low variability (Figure 2). Addtional screen fire assay data compares favourably with fire assay data showing the homogenization of mineralization, and low nugget effect after pulverization (Figure 3).
Predictability
The Company must now drill holes, make plans and predict, with a high degree of confidence, the vertical and lateral extensions of high-grade mineralization within the disturbed “bleached” sediments and host. This is most productively evidenced in the area of Rising Sun. where our drilling over the past 6 months has broadened the strike and footprint of those vein sets. Longitudinal cross-sectional perspectives of the RS10, RS20 and RS80 vein packages with mineralized intersections (Figures four to 7) are presented to demonstrate how the Company is doing. Edit the predictability of vein packages through continuous drilling.
Geological similarity
A vital component of the geologic dominance of high-grade vein sets and individual veins is based on the geologic similarities of the interval; Similar mineralogy, vein types, and textures are required for domain identification, as well as consistent direction to ensure that analyses are not simply connected to each other. Figures 8 and 9 show examples of textural similarity of veins and breccias containing high-grade gold from recent drilling.
Former mining areas
Hard rock mining on Sunday Creek began in the 1870s and continued until after World War I. Fifty years of old mine records and cuts highlight similar observations of host E-W and the continuity of NW vein designs. Whitelaw (1899) describes the “ladder” design of the “rails” and vein “rungs” of the host design as observed today:
“Sulphurides are discovered in gigantic quantities and oxides in small quantities in connection (sic) with quartz reefs cutting through a strong and well-defined diorite dike, which cuts diagonally through the surrounding Silurian shales and sandstones of Sunday Creek, 8 miles east of Kilmore. The levee has an average width of 80 feet, has an E hundred N direction. It has been followed on the surface for more than two miles without interruption, is very fine-grained, comprises a gigantic quantity of arsenial (sic) and iron pyrites. It is scattered everywhere, and towards the north it is discovered to have a somewhat porphyritic structure, grading to aphanitic porphyry, sometimes greenish in colour.
“Cutting in the N100W direction, at intervals of a few meters you find mineral reefs composed basically of quartz, antimony, pyrites and breccias of the adjacent ‘country’. Of those reefs, all of those that have been mined have been found to be gold reefs. “
In addition, the old orientations of the mine workings are consistent with the surrounding oriented drill core and mineralized intersections. The mineralization drilled at Apollo is spatially consistent with ancient pitting and progression (Figure 10). The LiDAR surface mapping also shows consistent extraction of the mineralized “rungs” in a northwesterly direction over the 10 km strike of the historic surface workings at Sunday Creek (Figure 11).
Pre-Resource Studies
SRK Consulting (Australasia) Pty Ltd (“SRK”) has worked with internal staff to provide ongoing assistance in the modeling and potential preparation of a mineral resource estimate, in accordance with the requirements of the 2012 edition of the JORC Code.
Internal and experience
Southern Cross Management and Board have deep internal technical experience and the Company is led by those with who have made multiple discoveries which have advanced to mining across the globe over the last 30 years.
SXG’s board of directors is chaired by Tom Eadie, a seasoned explorer with many discoveries and successes in the money markets. Similarly, David Henstridge is an industry veteran who has committed his career to mineral discovery and capital markets. Georgina Carnegie has a long career in mining and finance and provides sound policy and government advice.
Management is led by Michael Hudson, Managing Director, who has more than 30 years of mining and exploration experience and revels in several gold, base steel and REE discoveries. Lisa Gibbons, Managing Director, has been involved in several gold discoveries at the North Flinders mines in Normandy and Newmont in Australia. Kenneth Bush, Director of Exploration, is a passionate exploration and mining geologist (>10 years), specializing in three-dimensional geological and structural modeling. He worked extensively in Victoria in some of the richest gold mines in the world, adding Costerfield and Fosterville. The Company also employs a number of specialized geological and geotechnical employees, supplemented by highly specialized geological consultants.
About Sunday Creek
History
The Sunday Creek deposit is a high-level orogenic (or epizonal) deposit. Small-scale mining conducted in the allocation domain since the 1880s and early 20th century. Historic production occurred with several small wells and alluvial works according to existing permits. Past production from the Sunday Creek prospect is estimated at 41,000 ounces of gold grading 33 g/t gold. Larger historical works along the west-east trend include Christina, Golden, Rising Sun, and Apollo.
Regional geology
Sunday Creek is located in the Melbourne area of the Lachlan geosyncline, in folded and thrust series of the Late Devonian Tabberabberan orogeny. The regional host of Sunday Creek mineralization is a series of turbidites interbedded with siltstones, shales and minor sandstones, metamorphosed into subgreen shale facies and folded into a set of open synclines and anticlines trending northwest.
Structural framework and geology.
The intrusion into the sedimentary series is a series of breccias and intermediates of monzodiorite and diorite trending east-west. The Sunday Creek levees have highly variable textures and compositions, with the earliest aphanitic types established along thin sets of fractures. These fine-grained ones evolve from porphyry to large types as the thickness of the types increases and break into spaces of complexity or near hinge folds.
Large-scale thrusts, subparallel to the NW structural grain orientation, dislocate the formula and a set of subvertical extensional veins form subparallel to the stratification orientation and orthogonal to the series of intrusives. Veins are concentrated in spaces of maximum capacity contrast, such as intrusive and surrounding erosion, folding hinges, and spaces of structural complexity.
Modification
Distally, regional alteration to chlorite weakly permeates sediments, with a change in mica composition from fengitic mica to muscovite mica due to mineralization, an accumulation in carbonate patches and cementation, and, in close proximity, a very intense and destructive alteration of the texture of sericite-carbonate-silica “bleaching” sediments.
Additional Information
More in-depth discussions and research on Sunday Creek’s work will be available through Vrify’s 3-D animations, presentations, and interactive videos, all available on the SXG website. This information, along with an interview about those effects with CEO Michael Hudson, with a 3-D presentation of Leapfrog, can be found at www. southerncrossgold. com. au
Calculation of the gold equivalent.
SXG believes that the gold and antimony included in the gold equivalent (“AuEq”) calculation have moderate prospects for recovery at Sunday Creek, given existing geochemical knowledge, ancient production statistics, and geologically analogous mining operations. Historically, Sunday Creek ore was processed on-site or sent to the Costerfield Mine, located 54 km northwest of the project, for processing World War I. The Costerfield Mining Corridor, now owned by Mandalay Resources Ltd. , comprises two million ounces of gold equivalent (Mandalay’s third quarter 2021 results) and in 2020 was the sixth highest grade underground mine in the world and one of the five most sensible antimony producers in the world.
SXG deems it appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd in its 2022 Mandalay Technical Report dated March 25, 2022. The gold equivalency formula used through Mandalay Resources was calculated using Costerfield Pro recoveries consistent with the Brunswick processing plant in 2020, using a gold value of US$1700 per ounce, an antimony value of US$8500 per tonne and overall steel recoveries for the year 2021 of 93% for gold and 95% for antimony, And it looks like this:
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Based on Costerfield’s latest calculation and taking into account the similar geologic styles and former toll treatment of the Sunday Creek mineralization at Costerfield, SXG considers a ?????????? = ????(?? /??) 1. 58 × ???? (%) is suitable for use as an initial exploration target for gold and antimony mineralization at Sunday Creek.
Technical Background and Qualified Person
The qualified person, Michael Hudson, Executive Chairman and Director of Mawson Gold, and Fellow of the Australasian Institute of Mining and Metallurgy, has reviewed, verified and the technical content of this press release.
Analytical samples are transported to Bendigo’s facilities at on-site (“on-site”) laboratory centers operating under ISO 9001 and NATA quality systems. The samples were ready and analysed for gold using the pyrotechnic research strategy (method PE01S; 25 gram load). followed through a measurement of gold in solution with AAS flame equipment. Samples for multi-element investigation (BM011 and out-of-range strategies if necessary) use aqua regia digestion and ICP-MS investigation. Southern Cross Gold’s QA/QC program is comprised of the systematic insertion of qualified criteria of known gold grade, blanks in interpreted mineralized rock, and duplicates of quadrant cores. In addition, On Site inserts white space and criteria into the analytical process.
MAW considers the gold and antimony included in the gold equivalent (“AuEq”) calculation to have a moderate prospect of recovery at Sunday Creek, given existing geochemical knowledge, past production statistics and geologically analogous mining operations. Historically, Sunday Creek ore was processed on-site or shipped to the Costerfield mine, located 54 km northwest of the project, for World War I processing. The Costerfield mining corridor, now owned by Mandalay Resources Ltd. , comprises two million ounces of gold equivalent (Mandalay Q3 2021 results) and in 2020 was the sixth highest grade underground mine in the world and one of the five largest antimony producers in the world.
SXG deems it appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd in its 2022 Mandalay Technical Report dated March 25, 2022. The gold equivalency formula used through Mandalay Resources was calculated using Costerfield Pro recoveries consistent with the Brunswick processing plant in 2020, using a gold value of US$1700 per ounce, an antimony value of US$8500 per tonne and overall steel recoveries for the year 2021 of 93% gold and 95% antimony, And it looks like this: ???????? =???? (?? /??) 1. 58 × ????(%).
Based on Costerfield’s latest calculation and taking into account the similar geologic styles and former toll treatment of the Sunday Creek mineralization at Costerfield, SXG considers a ?????????? = ????(?? /??) 1. 58 × ???? (%) is suitable for use as an initial exploration target for gold and antimony mineralization at Sunday Creek.
Certain data contained in this announcement relating to ancient mining has been taken from the independent geologist’s report, entitled “Southern Cross Gold Independent Geologists Report” dated March 16, 2022, which was published with the consent of Mr. Terry C. The report published as an announcement on ASX on May 12, 2022 and is available in www2. asx. com. au under the symbol ‘SXG’. The Company confirms that it is not aware of any new data or knowledge that materially affects the data. related to the exploration effects included in the initial market announcement. Some of the data contained in this announcement also relates to the exploration effects of past drilling and is drawn from the following announcements, which can be discovered in www. southerncrossgold. com. au:
October 7, 2020 MDDSC003, October 27, 2021 May MDDSC020 & 21, 16, 2022 CRC021, VCRC022, June 1, 2023 SDDSC066, October 4, 2022 SDDSC041, 43 & 46, November 21, 2022 SDDSC0cinco0, December 14, 202 2 022 SDDSC0cinco0, 28 February 2023 SDDSC0cinco3 and cincocinco, May 16, 2023 SDDSC064, July 3, 2023 SDDSC069, August 28, 2023 SDDSC078, September 5, 2023 SDDSC077B, October 12, 2023 SDDLV003 and October 4, 23, 2023 SDDSC080
About Mawson Gold Limited (TSXV:MAW)(FRANKFURT:MXR)(OTC PINK:MWSNF)
Mawson Gold Limited has established itself as a leading northern exploration company. Over the past decades, the Mawson team has built a long and successful track record in the discovery, financing and development of mining projects in the Nordic countries and Australia. Mawson is the owner of Skellefteå. Discovery of gold in the north and a portfolio of ancient uranium resources in Sweden. Mawson also owns 51% of Southern Cross Gold Ltd. (ASX: SXG), which owns or controls 3 historic high-grade epizonal gold fields covering 470 km2 in Victoria, Australia. adding the exciting discovery of Sunday Creek Au-Sb.
About Southern Cross Gold Ltd (ASX:SXG)
Southern Cross Gold owns the Sunday Creek allocation in Victoria and the Mt Isa allocation in Queensland, the Redcastle and Whroo joint ventures in Victoria, Australia, as well as a 10% strategic stake in ASX-listed Nagambie Resources Limited (ASX: NAG). grants SXG a right of first refusal on a transfer of 3,300 square kilometres of real estate owned by NAG in Victoria.
On behalf of the Council,
“Michael Hudson”
Michael Hudson, Interim CEO and Executive Chairman
For information, visit www. mawsongold. com 1305 – 1090 West Georgia St. , Vancouver, BC, V6E 3V7 Mariana Bermudez (Canada), Corporate Secretary 1 (604) 685 9316info@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, 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.Table 2: Statistics of Au g/t within modelled domain shapes in Apollo. Values are raw assays.
Figure 1: Stereonets showing poles and veins measured in an oriented drill core. Stereonet knowledge shows that the pyritic veins parallel the east-west structural host and predate the higher grade NNW Au-Sb mineralized vein sets and that the gold-antimony (“Au-Sb” mineralization) is hosted mainly in subvertical and fragile areas of the northwest. Strike shear veins and related veins.
Figure 2: Quality knowledge showing duplicate (325 quarter-core samples) and duplicate laboratory (2614 LM5 sprayer samples) box samples shows intelligent consistency implying homogenization in core and pulp sampling steps with low variability.
Figure 3: Quality data showing screen-based hearth analysis data (110 samples) compares favorably with hearth assay data showing homogenization of mineralization and low nugget effect after spray.
Figure 4: Longitudinal segment showing the location of the RS10, RS20, and RS80 vein sets.
Figure 5: Explained RS10 vein set with a spacing of 25 m x 50 m extending 570 m downwards and 30 to 40 m along strike, with a decreasing cut-off grade of 2 m to 1 g/t Au. Drill density limits extensions in all directions.
Figure 6: RS20 vein set defined at a 25 m x 50 m spacing extending over 275 m down dip and 25 m – 40 m along strike, with a 2m @ 1 g/t Au lower cut-off grade. Drill density only limits extensions in all directions.
Figure 7: Explained RS80 vein with a spacing of 25 m x 50 m, a prolonged dip of 180 m downwards and 40 to 55 m laterally (up to 110 m), with a decreasing cut-off grade of 2 m at 1 g/t Au. The drill density of the die limits extensions in all directions.
Figure 8: A vital component of the geologic dominance of high-grade vein sets and individual veins is based on the geologic similarities of the interval; Similar mineralogy, vein types, and textures are necessary for domain identification, as well as consistent guidance that ensures analyses are not connected to each other by coincidence. Below are some examples of drilling SDDSC082.
Figure 9: A vital component of the geological domain of vein sets and individual high-grade veins is based on the geological similarities of the interval; Similar mineralogy, vein types, and textures are necessary for domain identification, as well as consistent orientations that ensure analyzes are not connected to each other by coincidence. Below are examples of drill holes SDDSC077B and SDDSC091.
Figure 10: Historical mine operating orientations are consistent with surrounding oriented drill cores and mineralized intersections. The modeling of the modern diamond drilling within the Apollo spatially matches the ancient executions and developments.
Figure 11: Regional plan view of Sunday Creek showing LiDAR, soil sampling, structural configuration, historic gold mining epizonal regional spaces, and giant regional zones (Tonstal, Consols, and Leviathan) tested across 12 wells for a 2383 m drill program. The regional drilling spaces are at Tonstal, Consols and Leviathan, between 4,000 and 7,500 m of Golden-Apollo’s main drill hole.
Figure 12: Location of the Sunday Creek project, as well as other SXG projects in Victoria and simplified geology.
SOURCE: Mawson Gold Limited