SXG Commences Regional Geophysical Survey Over 6 km Strike
Mawson Gold announces that Southern Cross Gold has initiated a large-scale induced polarization (IP) geophysical survey at the Sunday Creek Gold-Antimony Project in Victoria. The survey covers 12 km² and 6 km strike of the mineralized trend, including historical mining areas like Tonstal, Leviathan, Consols, and Aftermath.
IP geophysics is important for mapping gold-antimony mineralization due to the pyrite halo around vein sets. Previous regional drilling confirmed the presence of high-grade gold-bearing veins up to 8 km along strike from the main drill area. Currently, five drill rigs are operating on-site, with 22 diamond drill holes being processed and 5 holes in progress.
The survey aims to define regional drill targets for a sixth rig, expected to be mobilized in November. Mawson owns 48.7% of Southern Cross Gold, valuing its stake at A$298.5 million.
Mawson Gold annuncia che Southern Cross Gold ha avviato un ampio survey geofisico di polarizzazione indotta (IP) presso il Sunday Creek Gold-Antimony Project in Victoria. Il survey copre 12 km² e un strike di 6 km del trend mineralizzato, comprese aree minerarie storiche come Tonstal, Leviathan, Consols e Aftermath.
La geofisica IP è importante per mappare la mineralizzazione di oro-antimonio a causa dell'alone di pirite intorno ai sistemi di vene. Drilling regionali precedenti hanno confermato la presenza di vene aurifere ad alta legge fino a 8 km lungo lo strike dall'area principale di perforazione. Attualmente, cinque trapani sono operativi in loco, con 22 fori di perforazione a diamante in lavorazione e 5 fori in corso.
Il survey mira a definire obiettivi di perforazione regionali per un sesto trapano, previsto per essere mobilizzato a novembre. Mawson possiede 48.7% di Southern Cross Gold, valutando la sua partecipazione a A$298.5 milioni.
Mawson Gold anuncia que Southern Cross Gold ha iniciado una encuesta geofísica a gran escala de polarización inducida (IP) en el Sunday Creek Gold-Antimony Project en Victoria. La encuesta cubre 12 km² y un strike de 6 km de la tendencia mineralizada, incluyendo áreas de minería históricas como Tonstal, Leviathan, Consols y Aftermath.
La geofísica IP es importante para mapear la mineralización de oro-antimonio debido al halo de pirita alrededor de los conjuntos de vetas. La perforación regional previa confirmó la presencia de vetas ricas en oro de alta ley hasta 8 km a lo largo del strike desde el área principal de perforación. Actualmente, están operando en el sitio cinco equipos de perforación, con 22 agujeros de perforación de diamante en proceso y 5 agujeros en curso.
La encuesta tiene como objetivo definir los objetivos de perforación regional para un sexto equipo, que se espera movilizar en noviembre. Mawson posee 48.7% de Southern Cross Gold, valorando su participación en A$298.5 millones.
마우슨 골드는 서던 크로스 골드가 빅토리아 주의 선데이 크리크 금-안티몬 프로젝트에서 대규모 유도 분극(IP) 지구 물리 조사에 착수했다고 발표했습니다. 이 조사는 12 km²의 면적과 6 km의 광물화 경향을 포함하며, 톤스탈, 레비아탄, 콘솔스, 애프터매스와 같은 역사적 채굴 지역을 포함합니다.
IP 지구 물리는 광상의 주변에 있는 황철광의 영향을 받아 금-안티몬 광물화를 맵핑하는 데 중요합니다. 이전 지역 드릴링으로 주 드릴 지역으로부터 8 km까지의 고품질 금 함유 벨트를 발견했습니다. 현재 5대의 드릴링 장비가 현장에서 운영되고 있으며, 22개의 다이아몬드 드릴 홀이 처리 중이고 5개의 홀이 진행 중입니다.
이 조사의 목적은 11월에 투입될 예정인 여섯 번째 드릴 장비를 위한 지역 드릴 타겟을 정의하는 것입니다. 마우슨은 서던 크로스 골드의 48.7%를 소유하고 있으며, 그 지분 가치는 A$298.5 백만입니다.
Mawson Gold annonce que Southern Cross Gold a lancé une enquête géophysique à grande échelle par polarisation induite (IP) au Sunday Creek Gold-Antimony Project dans le Victoria. L'enquête couvre 12 km² et une tendance minéralisée de 6 km, y compris des zones minières historiques comme Tonstal, Leviathan, Consols et Aftermath.
La géophysique IP est importante pour cartographier la minéralisation d'or-antimoine en raison de l'aura de pyrite autour des ensembles de veines. Des forages régionaux précédents ont confirmé la présence de veines de haute qualité contenant de l'or jusqu'à 8 km le long de la strike depuis la zone principale de forage. Actuellement, cinq rigs de forage sont opérationnels sur site, avec 22 trous de forage au diamant en traitement et 5 trous en cours.
L'enquête vise à définir des cibles de forage régionales pour un sixième rig, qui devrait être mobilisé en novembre. Mawson détient 48,7% de Southern Cross Gold, valorisant sa participation à A$298,5 millions.
Mawson Gold gibt bekannt, dass Southern Cross Gold eine großangelegte geophysikalische Untersuchung mit induzierter Polarisation (IP) im Sunday Creek Gold-Antimony Project in Victoria eingeleitet hat. Die Untersuchung deckt ein Gebiet von 12 km² und einen 6 km Streifen der mineralisierten Zone ab, einschließlich historischer Abbaugebiete wie Tonstal, Leviathan, Consols und Aftermath.
IP-Geophysik ist wichtig, um die Gold-Antimon-Mineralisierung aufgrund des Pyrit-Halo um die Adernsätze zu kartieren. Frühere regionale Bohrungen bestätigten das Vorhandensein von hochgradigen, goldführenden Adern bis zu 8 km entlang des Strichs vom Hauptbohrbereich. Derzeit sind fünf Bohrgeräte vor Ort im Einsatz, wobei 22 Diamantbohrlöcher bearbeitet werden und 5 Löcher in Arbeit sind.
Ziel der Untersuchung ist es, regionale Bohrziele für ein sechstes Gerät zu definieren, das voraussichtlich im November mobilisiert wird. Mawson besitzt 48,7% von Southern Cross Gold, was den Wert seiner Beteiligung auf A$298,5 Millionen schätzt.
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VANCOUVER, BC / ACCESSWIRE / October 9, 2024 / Mawson Gold Limited ("Mawson" or the "Company") (TSXV:MAW)(Frankfurt:MXR)OTC PINK:MWSNF) announces Southern Cross Gold Ltd. ("Southern Cross Gold" or "SXG") has initiated a regional scale induced polarization ("IP") geophysical survey at the
Highlights:
A large-scale induced polarization ("IP") geophysical survey has commenced at the Sunday Creek Project with a view to define regional drill targets outside the core drill area.
The IP survey extends over 12 km 2 and covers 6 km strike of the dyke and altered sediment hosted gold mineralized trend to cover significant historical mining areas including Tonstal, Leviathan, Consols and Aftermath.
IP geophysics is a key exploratory tool at Sunday Creek as it successfully maps the gold-antimony mineralized host sequence due to the higher amount of pyrite present as a halo around the vein sets and main trend. The pyritic halo is up to several hundred metres wide in areas around Apollo and Rising Sun and is a near 1:1 correlation with higher chargeability shells (Figure 2).
Previous regional drilling up to 8 km along strike from the main drill area at Sunday Creek confirmed the presence of the same dyke breccia host and crosscutting high grade gold-bearing veins as currently being drilled within the main mineralized zone.
Five drill rigs are operating at site, with 22 diamond drill holes currently being processed and analyzed with an additional 5 holes in progress.
Mawson owns 96,590,910 shares of SXG (
48.7% ), valuing its stake at A$298.5 million (C$274.7 million ) based on SXG's closing price on October 8, 2024 AEDT.
Michael Hudson, Mawson Interim CEO and Executive Chairman, states : "While we have five drill rigs constantly expanding and refining the core drill area over a 1.2 km strike between Christina to Apollo at Sunday Creek, we must always keep our eye on the other
"This IP survey, along with earlier soil sampling and mapping (that coincides with historic mining) is the next step to derisk the regional trend. The survey will help define drill targets for a sixth drill rig that will be dedicated to regional exploration. This rig is expected to be mobilized during November. In the meanwhile we are extremely excited to see what the IP survey may uncover along our regional trend."
A large induced polarization ("IP") geophysical survey has commenced at the Sunday Creek Project. The aim of the program is to cover the significant historical occurrences and associated soil geochemical anomalies at Tonstal, Leviathan, Consols and Aftermath with a view to defining regional drill targets at the project. The survey will test over 6 km of dyke and altered sediment strike extent, covering a 12 km 2 footprint of multiple prospective trends along the same mineralized structure from the main drill area at the
IP has been a successful exploratory tool used at Sunday Creek due to the high amount of pyrite present as a halo around the vein sets and main trend. The pyritic halo is up to several hundred metres wide in areas around Apollo and Rising Sun and is a near 1:1 correlation with higher chargeability shells (Figure 2). Additionally to the chargeability targets, low resistivity shallow targets form above the weathered sulphidic halo.
Previous regional drilling (ASX Release 12th October 2023) up to 8 km along strike from the main drill area at Sunday Creek confirmed the presence of the same dyke breccia host and crosscutting high grade gold-bearing veins as currently being drilled within the main mineralized zone. These results were commensurate with the very early drilling undertaken in what is now the core drill area at Sunday Creek. High grade gold, with anomalous and broad (150 m) mineralized halo were discovered with highlights including 0.5 m @ 15.7 g/t Au from 87.0 m (including visible gold) in SDDLV003 at the Leviathan prospect.
Survey Description
The Induced Polarization ("IP) geophysical survey is to be carried out by Fender Geophysics. The survey consists of a dipole-dipole 3D offset electrode configuration with 100 m spaced lines. Transmitter electrodes are spaced every 100 m along the line while receiver spacing is 50 m. In this configuration data is recorded over 3 lines simultaneously, providing ample current paths for 3D inversion and to maintain good depth penetration. The length of the lines range between 0.65 km and 2.0 km, with 62 lines tracking the interpreted regional strike extensions. The equipment consists of a GDD transmitter and 2 GDD receivers with 16 and 32 channels. The survey is expected to take 3 months to complete.
Pending Results and Update
Twenty-two holes (SDDSC129, 131-143, 146, 137W1, 137W2, 050W1, 050W2, 092W1, 092W2, 092W3) are currently being processed and analyzed, with five holes (SDDSC120W1, 144, 145, 146W1, 147) in progress.
Further Information
Further discussion and analysis of the Sunday Creek project by Southern Cross Gold is available on the SXG website at www.southerncrossgold.com.au.
Critical Metal Epizonal Gold-Antimony Deposits
Sunday Creek is an epizonal gold-antimony deposit formed in the late Devonian (like Fosterville, Costerfield and Redcastle), 60 million years later than mesozonal gold systems formed in Victoria (for example Ballarat and Bendigo). Epizonal deposits are a form of orogenic gold deposit classified according to their depth of formation: epizonal (<6 km), mesozonal (6-12 km) and hypozonal (>12 km).
Epizonal deposits in Victoria often have associated high levels of the critical metal, antimony, and Sunday Creek is no exception. China claims a 56 per cent share of global mined supplies of antimony, according to a 2023 European Union study. Antimony features highly on the critical minerals lists of many countries including Australia, the United States of America, Canada, Japan and the European Union. Australia ranks seventh for antimony production despite all production coming from a single mine at Costerfield in Victoria, located nearby to all SXG projects. Antimony alloys with lead and tin which results in improved properties for solders, munitions, bearings and batteries. Antimony is a prominent additive for halogen-containing flame retardants. Adequate supplies of antimony are critical to the world's energy transition, and to the high-tech industry, especially the semi-conductor and defence sectors where it is a critical additive to primers in munitions.
In August 2024, the Chinese government announced it will place export limits on antimony and antimony products. This will put pressure on Western defence supply chains and negatively affect the supply of the metal and push up pricing given China's dominance of the supply of the metal in the global markets. This is positive for SXG as we are likely to have one of the very few large and high-quality projects of antimony in the western world that can feed western demand into the future.
Antimony represents approximately
Technical Background and Qualified Person
The Qualified Person, Michael Hudson, Executive Chairman and a director of Mawson Gold, and a Fellow of the Australasian Institute of Mining and Metallurgy, has reviewed, verified and approved the technical contents of this release.
Analytical samples are transported to the Bendigo facility of On Site Laboratory Services ("On Site") which operates under both an ISO 9001 and NATA quality systems. Samples were prepared and analyzed for gold using the fire assay technique (PE01S method; 25 gram charge), followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (BM011 and over-range methods as required) use aqua regia digestion and ICP-MS analysis. The QA/QC program of Southern Cross Gold consists of the systematic insertion of certified standards of known gold content, blanks within interpreted mineralized rock and quarter core duplicates. In addition, On Site inserts blanks and standards into the analytical process.
MAW considers that both gold and antimony that are included in the gold equivalent calculation ("AuEq") have reasonable potential to be recovered at Sunday Creek, given current geochemical understanding, historic production statistics and geologically analogous mining operations. Historically, ore from Sunday Creek was treated onsite or shipped to the Costerfield mine, located 54 km to the northwest of the project, for processing during WW1. The Costerfield mine corridor, now owned by Mandalay Resources Ltd contains two million ounces of equivalent gold (Mandalay Q3 2021 Results), and in 2020 was the sixth highest-grade global underground mine and a top 5 global producer of antimony.
MAW considers that it is appropriate to adopt the same gold equivalent variables as Mandalay Resources Ltd in its Mandalay Technical Report, 2024 dated March 28, 2024. The gold equivalence formula used by Mandalay Resources was calculated using Costerfield's 2023 production costs, using a gold price of US
𝐴𝑢𝐸𝑞 = 𝐴𝑢 (𝑔/𝑡) + 1.88 × 𝑆𝑏 (%).
Based on the latest Costerfield calculation and given the similar geological styles and historic toll treatment of Sunday Creek mineralization at Costerfield, SXG considers that a 𝐴𝑢𝐸𝑞 = 𝐴𝑢 (𝑔/𝑡) + 1.88 × 𝑆𝑏 (%) is appropriate to use for the initial exploration targeting of gold-antimony mineralization at Sunday Creek.
About Mawson Gold Limited (TSXV:MAW, FRANKFURT:MXR, OTCPINK:MWSNF)
Mawson Gold Limited has distinguished itself as a leading Nordic exploration company. Over the last decades, the team behind Mawson has forged a long and successful record of discovering, financing, and advancing mineral projects in the Nordics and Australia. Mawson holds the Skellefteå North gold discovery and a portfolio of historic uranium resources in Sweden. Mawson also holds
About Southern Cross Gold Ltd (ASX:SXG)
Southern Cross Gold holds the
On behalf of the Board, "Michael Hudson" | Further Information |
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, Mawson's expectations regarding its ownership interest in Southern Cross Gold, 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 on the Company's business, risks related to negative publicity with respect to the Company or the mining industry in general; exploration potential being conceptual in nature, there being insufficient exploration to define a mineral resource on the Australian-projects owned by SXG, and uncertainty if further exploration will result in the determination of a mineral resource; 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. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Figure 1: Sunday Creek regional plan view showing planned IP area, soil sampling, structural framework, regional historic epizonal gold mining areas and broad regional areas tested in the reported 2,367 m diamond drill program. The regional drill areas are at Tonstal, Consols and Leviathan located 4- 7.5 km along strike from the main drill area at Golden Dyke- Apollo.
Figure 2: Southern Cross Gold's 2020 IP Geophysical survey showing chargeability isosurfaces in association with known mineralization at Apollo East, Apollo and the single vein set that subcrops at Rising Sun.
Figure 3: Location of the Sunday Creek project, along with the Redcastle JV and simplified geology.
SOURCE: Mawson Gold Limited
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FAQ
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