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Mawson Announces Execution of Agreements for Central Victorian Goldfields Investment and Acquisition in Australia
VANCOUVER, BC / ACCESSWIRE / March 23, 2020 / Mawson Resources Limited ("Mawson" or the...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"Mawson Announces Execution of Agreements for Central Victorian Goldfields Investment and Acquisition in AustraliaVANCOUVER, BC / ACCESSWIRE / March 23, 2020 / Mawson Resources Limited (\"Mawson\" or the \"Company\") (TSX:MAW)(Frankfurt:MXR)(OTCPINK:MWSNF) is pleased to announce that further to its news release of January 29, 2020, the Company has executed multifaceted agreements with Nagambie Resources Limited (NAG) (\"Nagambie\"), which holds tenements in the central Victorian goldfields of Australia. Closing, including issuance of all shares and payments, will take place in the near term.Key points:Mawson has subscribed for 50.0 million ordinary shares or a 10% shareholding in Nagambie, which will provide Mawson with a right of first refusal to take up or match proposals being considered over a competitive 3,600 square kilometre tenement package;Mawson will acquire 100% of the Clonbinane project, for consideration of A$500,000 cash and the issuance of 1.0 million shares of Mawson. Clonbinane is a shallow orogenic (or epizonal) Fosterville-style deposit located 56 kilometres north of Melbourne. Clonbinane is developed over 11 kilometres and has been historically drill tested over 800 metre of strike, down to a maximum depth of 80 metres. Selected drill results with a 0.5 g/t gold lower cut include 17 metres at 7.0 g/t gold from 66 metres (VCRC022);Mawson will have the right to earn up to a 70% joint venture interest in each of Nagambie's Redcastle and Doctor's Gully gold properties located in Victoria, Australia by expending A$1M over a 5-year period into each project. Redcastle and Doctor's Gully are both shallow orogenic (or epizonal) Fosterville-style historic high-grade mineral fields.Mr. Hudson, Chairman and CEO, states: \"Our Finnish drilling continues to produce impressive results and provides a solid base for the Company, while the new Australian acquisition offers an incredible optionality to three new Fosterville-style gold projects and the right of first refusal over 3,600 square kilometres. This is the largest continuous land package in one of the most exciting global gold provinces. Mawson is now well placed to continue to grow its strategic and diversified gold portfolio in two safe, Tier 1 jurisdictions.\"Strategic 10% equity investment into NagambieMawson has entered into a subscription agreement with Nagambie d...