Fosterville South Announces New Discovery at Golden Mountain and Drilling Results at Lauriston and Beechworth Projects
Fosterville South Announces New Discovery at Golden Mountain and Drilling Results at Lauriston and Beechworth Projects
This news release is not for distribution to U.S. newswire services for dissemination in the United States.
Vancouver, BC – July 29, 2021 – Fosterville South Exploration Ltd. (“Fosterville South” or the “Company”), (TSXV:FSX – OTCQX: FSXLF – WKN:A2QJKK) is pleased to report gold assay results from the ongoing drill programs at Golden Mountain, Lauriston and Beechworth Projects in Victoria, Australia.
Golden Mountain Project
Two reverse circulation holes confirmed significant mineralisation associated with the Cross Fault, located 100 metres west of the Golden Mountain deposit. Gold intervals included 21GMRC006 that returned 20m at 1.53 g/t Au and 21GMRC001 that returned 2m at 7.05 g/t Au (see Table 1 below).
Another new zone of gold mineralisation has been discovered 200m south of Golden Mountain at a location named Vinegar Hill with drill intercepts including 6m @ 1.79 g/t Au from 25m from four drill holes (21GMRC02 to 21GMRC05).
Deeper diamond drilling at the Golden Mountain deposit resulted in continued long gold intervals including GMDH50 that returned 29.0m at 2.46 g/t Au and GMDH51 that returned 28.0m at 1.12 g/t Au (see Table 2 below).
Rex Motton, Chief Operating Officer and Director, “Drilling at the Golden Mountain Project continues to intersect strong gold grades over lengthy intervals. With the new gold discovery on the Cross Fault being in close proximity to the main Golden Mountain deposit, we see further evidence as to the size potential of this project and have much to follow up on in the next phase of drilling as Golden Mountain continues to grow.”
Lauriston Project
Drilling at the Comet, Energetic and Keath’s Reward targets resulted in multiple good gold intercepts at shallow depths and will serve to guide further drilling including deeper holes in the next phase.
Reverse circulation drilling at the Energetic target encountered a wide zone of supergene gold mineralization up to approximately 10m thick which remains open to the east and along strike to the north and south. Gold intervals included EN007 that returned 13m at 1.02 g/t Au and EN0014 that returned 9m at 1.44 g/t Au (see Table 3 below).
Multiple intervals at the Comet target encountered strong gold grades including CRC01 that returned 10m at 2.09 g/t Au and CRC04 that returned 14m at 1.19 g/t Au (see Table 3 below).
A diamond drill program will be planned to follow up on the results at Comet, Energetic and Keith Rewards target.
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Beechworth Gold Project
Fosterville South has commenced its drill program at the Beechworth Gold Project. Initial drilling at the Bon Accord prospect covered 200m of strike length in 4 sections of two drill holes each. The eight drill holes amounted to a 492m. The most significant result is the deeper drill hole BA08 which intersected 11m at 0.52 g/t Au immediately prior to entering an old stope (see Table 4 below).
Historic reports indicate that the old workings were mined to a depth of 120m by a central shaft. The mine has a recorded production of 7185 tons for 5378 ounces at 22.91 g/t Au.
A follow up drill program is planned to drill beneath the old stopes and along strike to holes BA07 and BA08, in search of extensions to the former high-grade mineralisation.
Moormbool Project
Fosterville South drilled a total of 29 holes totaling 1,452 m at the Gleeson Prospect located within the Moormbool Project. The purpose of the drill program was to investigate the source of secondary gold mineralization by drilling angle holes through to the bedrock. The results resulted in minor gold mineralization associated with the basement of an alluvial flood plain deposit (see Table 5 below). The source of this widespread shallow alluvial gold and arsenic mineralisation has not yet been established.
Drill Results and Intercepts:
Table 1. (Drill Results and Intercepts – Golden Mountain)
HoleID
East
North
Azimuth (deg.)
Dip (deg.)
From (m)
To (m)
Downhole Interval (m)
Horiz. Width (m)
Au g/t
Cut-off Au g/t
GMDH50
400338
5911945
270
-68
204.0
209.0
5.0
1.9
1.40
0.5
GMDH50
212.0
241.0
29.0
10.9
2.46
0.5
Includes
224.0
239.0
15.0
5.6
3.89
2.0
GMDH51
400329.6
5911958
300
-68
202.0
205.0
3.0
1.1
2.20
0.5
GMDH51
215.0
243.0
28.0
10.5
1.12
0.5
GMDH51
246.0
252.7
6.7
2.5
1.16
0.5
GMDH52
400163
5912023
110
-75
89.0
90.0
1.0
0.3
25.20
2.0
GMDH52
222.6
225.9
3.3
0.8
2.12
0.5
GMDH52
311.0
320.5
9.5
2.5
0.59
0.5
GMDH52
344.5
349.0
4.5
1.2
0.68
0.5
GMDH52
352.3
355.3
3.0
0.8
2.14
0.5
GMDH52
352.3
355.3
3.0
0.8
2.14
0.5
The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. Horizontal mineralised widths are shown to indicate widths for subvertical mineralisation at various strike orientations. Additional drilling is required to determine true widths as hole cuts across zone at an oblique angle and the effects of post mineral faulting may occur. The assays are not capped.
Table 2. (Drill Results and Intercepts – Vinegar Hill & Cross Fault)
Hole ID
East
North
Azim (deg)
Dip (deg)
From (m)
To (m)
Length (m)
Au g/t
Cutoff Aug g/t
21GMRC001
400177.69
5911882.06
180
-60
35
37
2
7.05
0.5
including
35
36
1
13.2
2.0
21GMRC002
400575.8
5911492.15
260
-60
25
31
6
1.79
0.5
21GMRC002
41
43
2
3.37
0.5
21GMRC004
400639.24
5911496.44
260
-50
31
33
2
2.51
0.5
21GMRC004
48
52
4
1.64
0.5
21GMRC006
400159.1
5911932.18
170
-60
28
31
3
0.9
0.5
21GMRC006
40
60
20
1.53
0.5
including
47
48
1
8.67
2.0
including
51
52
1
3.71
2.0
including
58
59
1
6.77
2.0
Drill holes 21GMRC003 and 21GMRC005 did not encounter any gold mineralization. The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. True widths are not known. The assays are not capped.
Table 3. (Drill Results and Intercepts – Lauriston)
Prospect
Hole ID
East
North
Azim (deg)
Dip (deg)
From (m)
To (m)
Length (m)
Au g/t
Au Cut off
Comet
CRC01
263615
5850083
270
-60
64
74
10
2.09
0.3
including
70
73
3
5.96
2
Comet
CRC01
88
102
14
0.5
0.3
Comet
CRC02
263582
5850169
90
-60
31
34
3
0.54
0.3
Comet
CRC03
263677
5850296
270
-60
109
110
1
1.23
0.3
Comet
CRC04
263683
5850348
270
-60
9
10
1
1.12
0.3
Comet
CRC04
105
119
14
1.19
0.3
Energetic
EN0002
266924
5877361
258.3
-60.4
17
28
11
0.63
0.3
Energetic
EN0003
266841
5877254
86.4
-61.2
75
76
1
1.12
0.3
Energetic
EN0004
266916
5877269
260.1
-61.3
49
54
5
0.6
0.3
Energetic
EN0004
59
63
4
0.56
0.3
Energetic
EN0007
266852
5877434
75.7
-60.9
44
57
13
1.02
0.3
including
44
45
1
9.5
2
Energetic
EN0008
266840
5877600
77.4
-60.5
30
32
2
1.17
0.3
Energetic
EN0008
36
41
5
1.71
0.3
Energetic
EN0008
54
57
3
1.63
0.3
Energetic
EN0010
266860
5877508
78
-59
16
19
3
1.42
0.3
Energetic
EN0010
32
36
4
0.26
0.3
Energetic
EN0013
266906
5877452
257.3
-60.6
45
50
5
0.58
0.3
Energetic
EN0013
54
59
5
0.84
0.3
Energetic
EN0013
86
88
2
1.22
0.3
Energetic
EN0014
266901
5877354
263.1
-60
39
48
9
1.44
0.3
including
39
40
1
5.35
2
Energetic
EN0014
56
59
3
0.67
0.3
Energetic
EN0016
266894
5877350
78.2
-60.2
19
31
12
0.76
0.3
Energetic
END003
266836
5877368
83.2
-70.6
145.55
146.85
1.3
1.41
0.3
Keath's Reward
KR03
267354
5884022
65.3
-61.1
13
14
1
4.55
2
Napier
NP0019
267587
5877762
79.1
-60.2
42
44
2
4.66
0.3
including
43
44
1
8.35
2
Napier
NP0029
267600
5877935
77.9
-59.7
38
40
2
0.8
0.3
Tommy Dodd
TD0005
269664
5881697
84
-60.4
30
31
1
1.51
0.3
Tommy Dodd
TD0005
36
37
1
1.64
0.3
Tommy Dodd
TD0005
63
64
1
1.22
0.3
Wilcott's
WT0006
266433
5884218
274.5
-54.3
83
85
2
1.9
0.3
Federal North
WT0009
267095
5884303
162.3
-60.7
12
13
1
1.91
0.3
Federal North
WT0010
267093
5884304
187.7
-59.5
16
18
2
0.64
0.3
The following drill holes did not encounter significant gold mineralization: EN0001, EN0005, EN0009, EN0011, EN0012, EN0015, KR01, KR02, TD0001, TD0002, TD0003, TD004, WT0001, WT0002, WT0003, WT0004, WT0005, WT0007, WT0008. The NP series were not drilled sequentially. The wider composite intercepts use a 0.3 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. True widths are not known. The assays are not capped.
Table 4. (Drill Results and Intercepts – Beechworth Gold Project)
Hole ID
East
North
Azimuth (deg.)
Dip (deg.)
From (m)
To (m)
Downhole Interval (m)
Au g/t
Cut-off Au g/t
BA01
484839
5971116
258
-50
51
52
1
0.66
0.25
BA02
484839
5971116
258
-60
52
53
1
0.25
0.25
BA03
484788
5971040
84
-55
44
45
1
0.52
0.25
BA07
484827
5971153
259
-55
3
4
1
1.56
0.25
and
26
27
1
0.45
0.25
BA08
484833
5971148
259
-65
25
36
11
0.52
0.25
The following drill holes did not encounter significant gold mineralization: BA04, BA05, BA06. The wider composite intercepts use a 0.25 g/t Au cut-off grade and carry a maximum 2m of internal waste. True widths are not known. The assays are not capped.
Table 5. (Drill Results and Intercepts – Moormbool Project)
Hole ID
East
North
Azimuth (deg.)
Dip (deg.)
From (m)
To (m)
Downhole Interval (m)
Au g/t
Cut-off Au g/t
MBD001
310078.9
5925557
176.5
-59.7
6
8
2
0.64
0.1
MBD006
310074.4
5925658
177.6
-60.4
8
9
1
0.27
0.1
MBD013
308649.2
5926481
40.1
-59.5
5
7
2
0.31
0.1
MBD020
310815.6
5925262
189.3
-59.6
6
8
2
0.28
0.1
MBD026
308683.7
5926525
221.4
-59.1
6
7
1
0.15
0.1
The following drill holes did not encounter significant gold mineralization: MBD002, MBD002, MBD004, MBD005, MBD007, MBD008, MBD009, MBD010, MBD011, MBD012, MBD014, MBD015, MBD016, MBD017, MBD018, MBD019, MBD021, MBD022, MBD023, MBD024 and MBD025. The composite intercepts use a 0.1 g/t Au cut-off grade and carry a maximum 2m of internal waste. The assays are not capped.
Quality Assurance / Quality Control
All assays were subject to quality control measures appropriate for diamond core type drilling with duplicates, blanks and commercially available standards with the expected results from the samples submitted. All assays were conducted by Onsite Laboratory Services Ltd (ISO: 9001), located in Bendigo, Victoria, using fire assay techniques with a 50g charge and AAS finish. The quality control results are consistent.
About Fosterville South Exploration Ltd.
Fosterville South began with two, 100% owned, high-grade gold projects called the Lauriston and Golden Mountain Projects, and has since acquired a large area of granted and application tenements containing further epizonal (low-temperature) high-grade gold mineralisation called the Providence Project and a large group of recently consolidated license tenement applications called the Walhalla Belt Project, which contain a variety of epizonal and intrusion related style gold mineralisation, all in the state of Victoria, Australia. The Fosterville South land package, assembled over a multi-year period, notably includes a 600 sq. km property immediately to the south of and within the same geological framework that hosts Kirkland Lake Gold's Fosterville epizonal gold tenements. Additionally, Fosterville South has gold-focused projects called the Moormbool and Beechworth, which are also located in the state of Victoria, Australia. Moormbool project has epizonal style gold mineralisation and Beechworth has mesozonal and intrusion relation gold mineralisation.
All of Fosterville South's properties, with the possible exception of Moormbool, have had historical gold production from hard rock sources despite limited modern exploration and drilling.
Qualified Person
The technical content of this news release has been reviewed, verified and approved by Rex Motton, AusIMM (CP), COO and Director of Fosterville South, a qualified person as defined by NI 43-101. Historical records were verified by reviewing annual and quarterly reports from government records by the Qualified Person.
On behalf of the Company:
Bryan Slusarchuk
Chief Executive Officer
Contact:
Adam Ross, Investor Relations
Telephone: +1-604-229-9445
Toll Free: +1-833-923-3334
Email: info@fostervillesouth.com
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Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Fosterville South cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Fosterville South’s limited operating history, its proposed exploration and development activities on is Lauriston and Golden Mountain Properties and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fosterville South does not undertake to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.