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Mawson Gold Limited (MWSNF) is a distinguished Nordic exploration company with a successful record in discovering, financing, and advancing mineral projects. The company holds the Skellefteå North gold discovery and a portfolio of historic uranium resources in Sweden. Mawson also holds a significant stake in Southern Cross Gold Ltd. (SXG), which owns high-grade epizonal goldfields in Victoria, Australia, including the Sunday Creek Au-Sb discovery.
SXG's Sunday Creek Project in Victoria continues to produce impressive results, with recent drilling at the Rising Sun prospect uncovering new high-grade vein sets at depth. Drill hole SDDSC118, the deepest on the project, extended mineralization 80 m down dip and intersected multiple high-grade structures, including three new vein sets. Notably, SDDSC118 recorded three >100 g/t AuEq x m intersections and two top 10 results for Sunday Creek, reaffirming the high-grade mineralization and continuity on the project.
Mawson Gold's subsidiary, Southern Cross Gold (SXG), announced drilling results from the Rising Sun prospect at the Sunday Creek Project in Victoria, Australia. The deepest hole, SDDSC118, extended high-grade mineralization 80 meters down dip, with a notable intersection of 3.6 meters at 124.8 g/t gold. The hole intercepted 11 high-grade vein sets, including three new sets at depth, and achieved two of the top 10 results for Sunday Creek. Ten holes are currently being processed and analyzed, with four holes in progress. Mawson holds a 49.6% stake in SXG, valued at A$270.4 million.
Mawson Gold announced a non-binding term sheet (NBTS) for acquiring Southern Cross Gold via an Australian scheme of arrangement. Upon completion, Mawson will rename itself to Southern Cross Gold , maintaining its TSXV listing and seeking a dual listing on the ASX. A share consolidation at a ratio of around 3.1581:1 will occur before the acquisition.
Key benefits include simplified corporate structure, reduced cost of capital, and direct exposure to the high-margin Sunday Creek gold-antimony asset. The current board and management of SXG will lead the new entity. A proposed spin-off of Mawson's Swedish uranium assets is also planned.
This transaction aims to broaden market access, eliminate major shareholder overhang, and attract institutional support. Shareholder votes and regulatory approvals are pending, with a 3-4 month timeline anticipated for completion.
Mawson Gold's subsidiary Southern Cross Gold has announced significant results from its Sunday Creek Project in Victoria, Australia. The company drilled two diamond drill holes, intersecting multiple high-grade gold and antimony structures. Highlights include SDDSC115A with 3.2m @ 48.2 g/t AuEq and SDDSC117 with 0.5m @ 473.1 g/t AuEq. Southern Cross Gold plans to drill 60 km over the next year, starting a specialized NAVI drilling program to enhance confidence in grade continuity. Mawson holds a 51% stake in SXG, valued at A$270.5 million. Further exploration includes a regional IP geophysical survey.
Mawson Gold (OTC PINK: MWSNF) announced it has fully exercised its participation rights in Southern Cross Gold’s (SXG) Rights Issue to maintain its 50.6% ownership. The Rights Issue closed on May 9, 2024. Mawson acquired 2,840,910 SXG shares at A$1.82 per share, totaling A$5,170,456.20. This brings Mawson's holdings to 96,590,910 shares, valued at A$286,875,003 as of May 13, 2024. The proceeds will be used by SXG to fund ongoing exploration of the Sunday Creek project. Mawson seeks to maximize shareholder value by exploring ways to provide direct access to SXG shares.
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