Further High-Grade Gold Drilled At Joki East

VANCOUVER - Mawson Gold Limited has drill intersected further high-grade gold at the Joki East prospect at the 100% owned Rajapalot Project in Finland. Joki East is located 1,600 meters north-east of the Raja resource area and is permitted for year-round drill access.

Key points: PAL0242 returned 1.6 meters @ 19.2 g/t gold from 155.0 meters and was drilled 27 meters north east of PAL0241, the discovery hole at Joki East, that intersected 1.6 meters @ 28.3 g/t gold from 168.6 meters (News Release 10 November, 2020). PAL0242 is the most easterly hole on the up-plunge drill section drilled to date at Joki East; and A total of eight drill holes have been completed at Joki East. Visible gold has been identified in 4 of the 8 drill holes, including PAL0241 and PAL0242. Holes drilled to date define a body of 50-60 meters across strike and 120 metres down plunge within a modeled electromagnetic (EM) plate with dimensions of 300 metres by 140 metres. Mineralization remains open in all directions. The body plunges at 25 degrees to the NW, a similar orientation to the mineralized bodies defined in the other resource areas at Rajapalot.

Michael Hudson, Chairman and CEO, said, "Finland continues to deliver in our ongoing drill programs. Discovery of high-grade gold in all year round permitted drill areas, outside Natura 2000, is a major step forward. With our second high grade assay returned at Joki East, we are encouraged by the consistency of high grades between drill holes and look forward to additional results from what is shaping up as our fourth mineralized area to add to the three current resource areas."

In total, 11 diamond drill holes for 2,344.6 meters were completed during the autumn program, as initially announced on September 23, 2020. This included eight holes at Joki East (PAL0240-247) for 2,084.7 meters, while 2 holes (PAL0237-238) for 218.2 meters were also drilled at Hirvimaa. PAL0239 was abandoned at 41.7 meters at Joki East and redrilled as PAL0240. Drilling was targeted using the inferred location of the stratigraphic host to the gold-cobalt mineralization, combined with base-of-till drill hole gold anomalies, conductors first recognized in airborne electromagnetic ("VTEMplus"), and then followed up by ground EM surveys .

PAL0242 (1.6 meters @ 19.2 g/t gold from 155 meters within a broader interval of 2.6 meters @ 12.3 g/t gold from 154.0 meters) was drilled 30 meters north east of PAL0241(1.6 meters @ 28.3 g/t gold) from 168.6 meters. From the eight holes drilled to date into Joki East, visible gold has been identified in 4 holes (PAL0241, PAL0242, PAL0245 and PAL0247). Results area awaited from holes PAL0243-0247. No cobalt assays have yet been returned from PAL0240-247. One drill rig will return to Rajapalot in late November, with 4 rigs in total to be mobilized in late December 2020-early January 2021. Further drill results will be released as they become available. Electromagnetic (EM) geophysical surveys remain in progress, covering the entire 2 kilometer trend at Joki East and other prospective areas.

The host rocks to the gold mineralization at Joki East are similar to mineralization observed 1.6 kilometers to the west at the Raja and Palokas resource areas, and comprise sulphides (pyrrhotite>>pyrite) with biotite-albite schists and Mg-Fe amphibole-biotite-chlorite rocks +/- scheelite. Veining and fracture fill minerals include pyrrhotite, pyrite and minor chalcopyrite (+/- quartz, visible gold). Retrograde chlorite after amphibole and vein-controlled chlorite-biotite are also present. Altered rocks enclosing the mineralized package contain locally minor talc.

One drill rig from Nivalan Timanttikairaus Oy with water recirculation and drill cuttings collection systems was used in the drill program. Core diameter is NQ2 (50.7 mm). Core recoveries are excellent and average close to 100% in fresh rock. After photographing and logging in Mawson's Rovaniemi facilities, core intervals averaging 1 meter for mineralized samples and 2 metres for barren samples are cut in half at the Geological Survey of Finland (GTK) core facilities in Rovaniemi, Finland. The remaining half core is retained for verification and reference purposes. Analytical samples are transported by commercial transport from site to the CRS Minlab Oy facility in Kempele, Finland. Samples were prepared and analyzed for gold using the PAL1000 technique which involves grinding the sample in steel pots with abrasive media in the presence of cyanide, followed by measuring the gold in solution with flame AAS equipment. Samples for multi-element analysis (including cobalt) are pulped at CRS Minlab, then transported by air to the MSA labs in Vancouver, Canada and analyzed using four acid digest ICP-MS methods. The QA/QC program of Mawson consists of the systematic insertion of certified standards of known gold content, duplicate samples by quartering the core, and blanks the within interpreted mineralized rock. In addition, CRS inserts blanks and standards into the analytical process.