Business
Mawson Joint Ventures Into The Whroo Goldfield, Victoria, Australia
VANCOUVER, BC / ACCESSWIRE / October 13, 2020 / Mawson Gold Limited ("Mawson" or the "C...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"Mawson Joint Ventures Into The Whroo Goldfield, Victoria, AustraliaVANCOUVER, BC / ACCESSWIRE / October 13, 2020 / Mawson Gold Limited (\"Mawson\" or the \"Company\") (TSX:MAW) (Frankfurt:MXR) (OTC PINK:MWSNF) is pleased to announce that, further to its news releases dated January 29 and March 23, 2020, it has entered into an Amended and Restated Option Agreement (the \"Amended and Restated Agreement\" or \"Whroo JV\") with Nagambie Resources Limited (NAG:ASX) (\"Nagambie\") covering 199 square kilometres of exploration tenure in the Victorian Goldfields of Australia (Figure 1).Key points:Mawson's area under tenure and option in the Victorian Goldfields increases by 73%;The Whroo JV comprises 199 square kilometres covering the 9 kilometre long Whroo goldfield trend containing both the White Hills and Balaclava Hill mining areas, comprising one of the most significant historic epizonal goldfields in Victoria, Australia;Mawson has the option to earn up to a 70% joint venture interest in the Optioned Property (as defined herein) by incurring exploration expenditures of A$4.0M over 6 years and making cash payments of A$250,000 over 4 years; andMawson now holds interests in three significant epizonal historic goldfields (Sunday Creek, Redcastle and Whroo) within 471 sq km of granted tenements and applications in Victoria (Figure 2).Michael Hudson, CEO states: \"The Whroo JV adds another significant epizonal goldfield (to join Redcastle and Sunday Creek) and increases our Victorian portfolio by 73% to 471 sq km. The Whroo historic goldfield extends over 9 kilometres, and was mined during the mid-1800s to early 1900s with minimal modern-day exploration. Furthermore, little or no exploration has been undertaken on the large 199 sq km land package that the Whroo JV provides. Given the exploration success at Fosterville we now understand that epizonal systems can develop extremely high-grade zones at depth. We look forward to rapidly unravelling the geological opportunity at Whroo by undertaking geophysics to determine structural controls and early diamond drilling.\"Alluvial gold mining commenced in Whroo during the initial gold boom of the 1850s and a settlement was quickly established. Significant alluvial workings are present throughout the field (Figure 3). Hard rock mining commenced in 1855. Whroo consists of the Balaclava Hill area...