VANCOUVER, BC, July 29, 2020 /CNW/ - Fosterville South
Exploration ("Fosterville South" or the "Company") (TSXV: FSX)
(OTCQX: FSXLF) (Germany: 4TU)
has intersected wide intervals of high-grade gold in multiple drill
holes during the initial phase of core drilling at its Golden
Mountain Project in Victoria,
Australia.
Based on the high-grade drilling results during this initial
core drilling program, the previous high-grade drill results
reported by Fosterville South from near surface percussion drilling
and regional groundwork, Fosterville South is also pleased to
announce that it has staked (exploration tenement applications) an
additional 404 sq km contiguous with and immediately to the east of
the Company's Golden Mountain project tenements, as to cover off
all of what the Company believes is the geologically prospective
ground in the immediate area.
Highlights:
- Drill hole GMDH28 records 39.5 metres at 7.25 g/t Au from
118.6m including 10.6m at 17.1 g/t Au from 137.85m
- Drill hole GMDH26 records 5.8 metres at 18.4 g/t Au from
91.8m including 4.6m at 22.68 g/t Au from 93m
- In drill hole GMDH28, three occurrences of visible gold have
been observed over a drill length of 12 metres located on fractures
and within quartz veins
- Drilling is ongoing with two diamond drills operating,
targeting mineralization that is open along strike and at
depth
The Company is now preparing to accelerate the Golden Mountain
drilling program based on these high-grade gold results.
These high-grade core drilling assays follow previously reported
high-grade assays from shallow, near surface percussion drilling
conducted by Fosterville South, such as 6 metres at 8.9 g/t
Au within a total intercept of 22 metres at 3.44 g/t Au
in hole GMP 13 (from 60 metres) and 4 metres at 9.04 g/t Au
within a total intercept of 28 metres at 2.22 g/t Au in hole
GMP 11 (from 36 metres) (see Fosterville South News Release dated
June 19, 2020 for details of these
drill results).
Fosterville South Chief Operating Officer, Rex Motton, states,
"Fosterville South has acquired a premier land package of
approximately 3000 sq km in Victoria, and this is the result of a
multi-year head start on the current land rush happening today. We
are well funded and have now commenced exploration initiatives that
will ramp up in the coming weeks. These initial high-grade gold
assays from Golden Mountain are indicative of the quality of the
properties within Fosterville South and we look forward to keeping
investors up to date as we progress on the ground on all
fronts."
The geological interpretation of the central mineralisation as a
north-south striking near vertical fault zone is proving especially
useful in terms of drill hole targeting. All drill core is using
oriented core techniques. In drill hole GMDH28, three
occurrences of visible gold have been observed over a drill length
of 12 metres located on fractures and within quartz veins, which
correlated well with the individual generally 1m interval assay results (see Figure 1).
Core Drill Results and Intercepts:
Table 1. (Core Drill Results and
Intercepts – Golden Mountain)
HoleID
|
East
|
North
|
Azimuth
|
Dip
|
From
|
To
|
Interval
|
Au g/t
|
End
of
Hole
|
GMDH26
|
400315
|
5911920
|
224
|
-60
|
91.8
|
97.6
|
5.8
|
18.14
|
72
|
Includes
|
|
|
|
|
93
|
97.6
|
4.6
|
22.68
|
|
GMDH27
|
400305
|
5911900
|
267
|
-56
|
83
|
88
|
5
|
1.65
|
130
|
Includes
|
|
|
|
|
83
|
84
|
1
|
6.25
|
|
GMDH28
|
400318
|
5911928
|
277
|
-60
|
118.6
|
158.1
|
39.5
|
7.25
|
185
|
Includes
|
|
|
|
|
124
137.85
|
134.56
148.45
|
10.56
10.60
|
8.63
17.11
|
|
The wider composite intercepts use a 0.5 g/t Au cut-off grade
and carry a maximum 2m of internal
waste. For the Golden Mountain central vertical mineralised zone,
the true widths for GMDH27 and GMDH28 are approximately half of the
down hole intervals presented in the table. The assays are not
capped. All drill core is HQ in size
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. 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 with the expected results from the samples
submitted.
While Fosterville South continues drilling at Golden Mountain,
the Company is also preparing various areas at Lauriston for
drilling through data compilation, soil sampling and landowner
negotiations and is also compiling and modelling a large database
of historical information from the Walhalla Belt Project and is
advancing the previously announced Spinco/Leviathan Gold
transaction, through which every Fosterville South shareholder will
receive 1 (one) share of Leviathan Gold for every share of
Fosterville South that they own at the time of a to be announced
Effective Date, as previously defined in company disclosure.
About Fosterville South Exploration Ltd.
Fosterville South has two large, 100% owned, high-grade epizonal
gold projects called the Lauriston and Golden Mountain Projects, a
large group of tenement applications called the Providence Project
and a large group of recently consolidated tenement applications
called the Walhalla Belt Project, all in the state
of Victoria, Australia. The
Fosterville South land packaged, 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 tenements.
Additionally, Fosterville South recently acquired three
gold-focused projects called the Moormbool, Timor and Avoca
Projects, which are also located in the state of Victoria,
Australia.
Six of Fosterville South's properties
(Lauriston, Providence, Golden Mountain, Timor, Avoca and
Walhalla Belt) 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
Rex Motton
Chief Operating Officer and Director
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 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.
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SOURCE Fosterville South Exploration Ltd.