Mawson Reports Drill Results from F11 Target, South East Mount ISA Project

Key points:

• The drill hole targeted a combined gravity and magnetic anomaly below 318 metres of Mesozoic cover rocks;
• Thirty-seven assay samples were taken in sulphidic intervals and zones of brittle chlorite-bearing alteration;
• Nine of the twenty samples below 750 metres ranged between 61 ppm and 8,660 ppm and averaged 1,202 ppm copper associated with texturally late sulphidic hydrothermal alteration;
• Samples from a 43 metre wide zone of brittle faults, fractures and cataclastic zones with pyrite-sericite-chlorite-graphite as the dominant alteration are weakly anomalous in base and precious metals and will be the subject of further investigation in 2021

Mr. Hudson, Chairman and CEO, states: "Anomalous copper is always encouraging, and the results of this drill hole reinforce the strong prospectivity of the Eastern Succession in the Mount Isa Block with this, the only drill hole, to be ever drilled into basement rocks within a 10 kilometre radius. Mawson will further examine the drilling results, in particular the lower 100 metres of the drill core, and work it back into our newly collected (2019) gravity and magnetic datasets to develop further targets.”

The drill hole (MQDDH001; Table 1 for collar information) was completed in October 2020 and drilled to 849.7 metres with basement rocks intersected at 318 metres. Based on results of Mawson’s gravity and magnetic surveys, the target source was modelled below the basement-cover contact within amphibolite facies metamorphic rocks to test a coherent and large undrilled multi-point 1.95 mgal residual gravity anomaly with an adjacent magnetic high. The anomaly has a shallow peak of 700 metres depth and average depth of 1,000-1,500 metres. Iron oxide copper-gold (IOCG) and Broken Hill-type silver-lead-zinc systems are the main target styles within Mawson’s Isa Southeast Project. The pyritic carbonaceous fault zone intersected is possibly an extension of the regionally significant Cloncurry Fault (see photos 1 & 2).

The lower part of the drill hole below 750 metres contains most of the sulphides of interest, in particular pyrrhotite-rich zones with veinlets and disseminated chalcopyrite hosted by potassic-altered metasediments and mafic rocks. It is within these zones that the anomalous copper, arsenic, silver and zinc occur (Tables 2 & 3). From 750 to 838.8 metres downhole, 20 selective samples, representing 12.7 metres of drill core assayed from 61 ppm – 8,660 ppm and averaged 1,202 ppm copper, 0.02 ppm – 0.70 ppm and averaged 0.27 ppm silver and 31.7 ppm – 237 ppm and averaged 109 ppm zinc. Gold results were low with a maximum value of 20 ppb. The increase in copper and associated elements lower in the drill hole and the strong correlation with the emplacement and sulphidic alteration of pegmatites is an encouraging sign for development of further mineralization in the area. Texturally late sulphide enrichment and/or mobilization is a feature of mineralization styles in the Eastern Succession, largely driven by fluids derived from the Williams-Naraku igneous suite (for example photos 3 & 4).

A project in conjunction with James Cook University will be conducted in 2021 to compare MQDDH001 results with other Mount Isa Eastern Succession mineral systems. These results will be integrated with our newly collected (2019) gravity and magnetic datasets across Mawson’s Southeast Mt Isa project exploration permits to develop new drill targets.

Technical Background

Drill hole collar coordinates are shown in Table 1 and selected assay results in Table 2. Representative photographs are shown in Photos 1-4 (the same photos as reported in Mawson press release of December 07, 2020). The true thickness of the mineralized interval is interpreted to be approximately 95% of the sampled thickness. One drill rig from “DDH1 Drilling” was used in the drill program. Core diameter was NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging, core intervals were selectively sampled for assay. The remaining half core is retained for verification and reference purposes. Assay samples were photographed individually and submitted to ALSGlobal laboratory in Brisbane. Samples were prepared and analyzed for gold using the fire assay technique (25 gram charge), followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis use four acid digest and ICP-MS methods. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known content and blanks within interpreted mineralized rock. In addition, ALSGlobal inserts blanks and standards into the analytical process. The true widths of mineralized intersections is approximately 80-90% of drilled widths.

Qualified Person

Dr. Nick Cook (FAusIMM), Chief Geologist for the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and has prepared or reviewed the preparation of the scientific and technical information in this press release.

About Mawson Gold Limited (TSX:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)

Mawson Gold Limited is an exploration and development company. Mawson has distinguished itself as a leading Nordic Arctic exploration company with a focus on the flagship Rajapalot gold-cobalt project in Finland. The Mount Isa exploration permits and the Victorian project acquisition provides Mawson with a strategic and diversified portfolio of high-quality gold exploration assets in two safe jurisdictions.

On behalf of the Board,

"Michael Hudson"                 

Michael Hudson, Chairman & CEO

Further Information

www.mawsongold.com

1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7

Mariana Bermudez (Canada), Corporate Secretary, +1 (604) 685 9316,

info@mawsongold.com

In Europa:

Swiss Resource Capital AG

Jochen Staiger

info@resource-capital.ch

www.resource-capital.ch

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, but not limited to,  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 the current pandemic known as COVID-19 on the Company’s business, 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 www.sedar.com. 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.