VANCOUVER, BC / ACCESSWIRE / August 9, 2022 / Mawson Gold Limited ("Mawson" or the "Company") (TSX:MAW) (Frankfurt:MXR) (OTC PINK:MWSNF) reports that its majority-owned Australian subsidiary, Southern Cross Gold Ltd("SXG"), has reported further results from its 100% owned Sunday Creek property, Victoria, Australia. Mawson owns 60% of SXG following its recent initial public offering ("IPO") on the Australian Securities Exchange ("ASX").

Highlights for Mawson Shareholders:

• 2^nd and 4^th best holes ever drilled into Sunday Creek
  • Project area now hosts fifteen >100 AuEq g/t * m intersections
• Wide and continuous zones of gold-antimony mineralization over 100 m in the plane of the Apollo shoot around drill hole SDDSC033. Highlights,
  • 42.0 m @ 4.8 g/t AuEq from 166.0 m in SDDSC039
    (3.5 g/t Au and 0.8% Sb, 30 metres below SDDSC033)
  • 15.3 m @ 4.2 g/t AuEq from 141.0 m in SDDSC038
    (2.8 g/t Au and 0.9% Sb, 60 metres above SDDSC033)
• Exceptional high grade zones with sometimes abundant visible gold (Photos 1-3). Highlights;
  • 1.0 m @ 23.7 g/t AuEq from 197.6 m (19.8 g/t Au and 2.5% Sb, SDDSC039)
  • 1.5 m @ 22.6 g/t AuEq from 199.3 m (14.9 g/t Au and 4.9% Sb, SDDSC039)
  • 0.7 m @ 105.7 g/t AuEq from 202.0 m (84.0 g/t Au and 13.8%, Sb SDDSC039)
  • 0.8 m @ 21.3 g/t AuEq from 98.5 m (0.3 g/t Au and 13.3%, Sb SDDSC038)
  • 1.5 m @ 25.8 g/t AuEq from 149.6 m (19.9 g/t Au and 3.7%, Sb SDDSC038)
• Two new high grade veins intersected 70 and 100 metres to the east in SDDSC038.
• Mawson's 60% stake in SXG has a market capitalization of ~C$45 million based on SXG's 9^th August closing price of A$0.54 per share - up 270% on its IPO price.
• Two drill rigs are now active at the Sunday Creek site. A further five holes are either in progress or pending assay.

Ivan Fairhall, Mawson CEO, states: "Sunday Creek continues to deliver for its shareholders, of which Mawson is its largest. These results demonstrate the continuity of widths and grade in the Apollo shoot around the earlier spectacular result in SDSC0033.

Mawson's asset base is as strong as it has ever been, with its pre-PEA stage 1moz AuEq Rajapalot project and significant exploration upside in Finland, a brand new discovery in Sweden, and toping it off a controlling interest in SXG which has considerable market value as demonstrated by its ASX listing."

Figure 1: Sunday Creek longitudinal section along the Apollo shoot looking towards 320 degrees showing drillholes reported here (SDDSC038-39) and continuity of wide and high-grade mineralization around drillhole SDDSC033 and down to 335 metres vertically below surface (MDDSC025).

Results Discussion

With 13,500 metres drilled at Sunday Creek in less than two years, the project now has fifteen (15) >100 cumulative grade x metres ("AuEq g/t x m") holes intersected. The two new drill holes (SDDSC038-39) form the 2^nd and 4^th best drill holes, after SDDSC033, to be drilled to date at Sunday Creek based on AuEq g/t x m. The 3^rd best hole (MDDSC025 11.7 m @ 18.0 g/t AuEq) lies 200 m below SDDSC033 showing the scale of the developing system. Mineralization remains open at depth and along strike.

A 10 km mineralized trend that extends beyond the drill area is defined by historic workings and soil sampling at Sunday Creek which has yet to receive any exploration drilling and offers potential future upside.

The Sunday Creek epizonal-style gold project is located 60 km north of Melbourne (Figure 2) within 19,365 hectares of granted exploration tenements. SXG is also the freehold landholder of 132.64 hectares that forms the key portion in and around the drilled area at the Sunday Creek Project. Geologically, the project is located within the Melbourne Structural Zone in the Lachlan Fold Belt. The regional host to the Sunday Creek mineralization is an interbedded turbidite sequence of siltstones, minor sandstones metamorphosed to sub-greenschist facies and folded into a set of open NW trending folds. Mineralization at Sunday Creek is controlled by veining, stibnite-gold-matrix breccias and brittle faults. The immediate host for mineralization is a zone of intensely altered white mica-pyritic siltstones, and white mica-pyrite-carbonate altered dyke rocks.

As is typical for epizonal deposits like Fosterville and Costerfield, gold (sometimes visible (Photos 1 - 3)) at Sunday Creek is hosted in quartz and carbonate veins, with a later intense stibnite-bearing vein and breccia overprint. A larger arsenic anomaly is associated with the gold mineralization, mostly represented by arsenian-pyrite but developing to arsenopyrite-bearing zones with a clear spatial relationship to high-grade gold.

Mineralized shoots at Sunday Creek are formed at the intersection of the sub-vertical to shallower dipping 330 degree striking mineralized veins and a steep east-west striking, north dipping structure formed by dioritic dykes and related intrusive breccias. The dimensions of each shoot will be uncovered with further drilling, but typically:

• In the down plunge orientation (80 degrees towards trend of 020 degrees), the shoots are extensive and have been drilled down over 400 m and remain open to depth, with grades improving (for example MDDSC025 11.7 m @ 18.0 g/t AuEq (12.4 g/t Au and 3.6% Sb) including 4.0 m @ 46.7 g/t AuEq (31.9 g/t Au and 9.4% Sb)).
• Visible gold in other epizonal deposits (for example Fosterville and Costerfield) becomes increasingly significant at depth below approximately 800 m, most likely representing the different temperatures of formation of Au-Sb and Au dominant mineralization.
• Are typically 20 m to 30 m wide in the up-dip/down-dip orientation but can blow out to be wider (ie around SDDSC033), and;
• Further drilling is required to establish the average thickness but drilling so far suggests a thickness of 20 m to 30 m.

SDDSC038 also identified two new veins drilled 70 m and 100 m further east than previously drilled. 'Vein 1' intersected 1.0 m @ 11.5 g/t AuEq (7.5 g/t Au and 2.5% Sb) from 235.0 m and 0.2 m @ 10.0 g/t AuEq (8.2 g/t Au and 1.2% Sb) from 238.0 m. 'Vein 2' intersected 0.6 m @ 28.3 g/t AuEq (0.9 g/t Au and 17.4% Sb) from 306.3 m.

Figures 1-4 show project location and plan, longitudinal and cross section views of drill results reported here and Tables 1-3 provide collar and assay data. The true thickness of the mineralised interval is interpreted to be approximately 60-70% of the sampled thickness. Drill results quoted have a lower cut of 0.3 g/t Au cut over a 3.0 m width, with higher grades reported with a 5 g/t Au cut over 1.0 m applied unless otherwise indicated* where 0.1 g/t Au over 7.0 m was applied for broader intersection through length of mineralised structure).

Additional information may be found in Southern Cross' news release dated 9^th August, and on its website at .

Technical Background and Qualified Person

C$ conversions of A$ values completed at an exchange rate of 1.11.

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.

Gold equivalent "AuEq" for Sunday Creek is =