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Mawson's Subsidiary Southern Cross Gold Drills 119.2 metres @ 3.9 g/t AuEq at Sunday Creek, Victoria, Australia
VANCOUVER, BC / ACCESSWIRE / May 30, 2022 / Mawson Gold Limited ("Mawson" or the "Company...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"Mawson’s Subsidiary Southern Cross Gold Drills 119.2 metres @ 3.9 g/t AuEq at Sunday Creek, Victoria, AustraliaVANCOUVER, BC / ACCESSWIRE / May 30, 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 an outstanding drill result from its 100% owned Sunday Creek property, Victoria, Australia. Mawson owns 60.3% of SXG following its recent initial public offering (\"IPO\") on the Australian Securities Exchange (\"ASX\").Highlights for Mawson Shareholders:119.2 m @ 3.9 g/t AuEq (3.2 g/t Au and 0.4% Sb) from 106.8 m in hole SDDSC033, including:64.0 m @ 3.0 g/t AuEq (2.7 g/t Au and 0.2% Sb) from 110.7 m39.0 m @ 6.8 g/t AuEq (5.2 g/t Au and 1.0% Sb) from 179.0 mHigher grade zones included:5.1 m @ 20.3 g/t AuEq (17.7 g/t Au and 1.6% Sb) from 160.5 m2.3 m @ 32.0 g/t AuEq (26.2 g/t Au and 3.7% Sb) from 184.0 m5.2 m @ 22.3 g/t AuEq (14.7 g/t Au and 4.8% Sb) from 189.9 mFollow up drilling to prioritize this zone. Assays from the last 3 pre-IPO drilled holes are pending.Mawson owns 60.3% of SXG, which raised A$9.1 million in SXG's recent IPO to fund an expected 24-month Victorian exploration program.Mawson's share of SXG has a market capitalization of ~C$55.4 million based on SXG's 30th May closing price of A$0.65 per share - up 225% on its previous close.Ivan Fairhall, Mawson CEO, states: \"This hole speaks for itself in terms of the quality of SXG's Sunday Creek discovery - a standout for both the project and the Victorian Goldfields in terms of width and grade - and the continuity observed augurs very well for the potential of the project.Our holding in SXG very clearly strengthens Mawson's asset base and we are positioned extremely well as the majority shareholder in this exciting new gold exploration company. With assays pending from both Sunday Creek, as well as the maiden drill program at Skellefteå North in Sweden, Mawson shareholders enjoy considerable near term exploration catalysts to complement later stage economic studies, which are in progress at our 100% owned +1Moz AuEq inferred resource at Rajapalot in Finland.\"Drill Hole DiscussionSouthern Cross reports that Drill SDDSC033 was drilled to test a 120m gap between two mineralized shoots to the west of the Apollo shaft...