VANCOUVER, BC, March 17, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTC: FSXLF) (Germany: 4TU)
is pleased to report new gold assay results from rock chips samples
collected as part of the ongoing exploration program at Enoch's
Point (which forms part of the Walhalla Gold Belt Project), being
conducted in preparation for drilling.
Highlight sample assays include CR12969 which graded 179 g/t
gold, CR13069 which graded 155 g/t gold and CR13017
(obtained from a dyke outcrop) which graded 16.8 g/t gold
(see Table 1.0 for details on these sampling results).
Rex Motton states "These high-grade samples are epizonal
style mineralization with no visible gold and indicate a finely
disseminated gold system, which is excellent for modern exploration
techniques. In addition, recently acquired 3D LIDAR over the
Enoch's Point goldfield shows the Londonderry workings extend for 1.7 kilometers
of strike length. Enoch's Point has become another high priority
target for FSX".
Rock and soil sampling at the various prospects is also
ongoing.
Enoch's Point
The Enoch's Point project covers 290km2 of highly prospective
ground within the Woods Point – Walhalla Gold Belt, with numerous
gold prospects Recent exploration has taken three forms with
regional ridge and spur sampling, plus geochemical sampling of
various former gold mines and also a Work Plan submission for
drilling, which is awaiting approval.
The Luck's All mine at Enoch's Point is one area of the large
land package that has been prioritised for drilling as soon as
possible. It consists of narrow sheeted auriferous quartz veins
hosted by a pipe like diorite dyke. The mine operated from 3 adits
and produced 17,301oz from 26,482 tons at a recovered grade of
20.32 g/t Au and worked to a maximum depth of about 100m in steep terrain. Luck's All gold prospect
has a similar geological setting as a dyke 'bulge' or pipe to the
Morning Star and the A1 underground gold mines in the Wood's Point
– Walhalla Gold Belt, which have produced 1.2M Oz and 488K Oz
respectively. Both mines are still in production.
Lauriston Re-Split Update & Parallel Zone
Fosterville South also reports that assaying of the re-splits
from recent drilling at the Energetic Reef's target (Lauriston)
returned higher grades in two shallow scout holes versus what was
previously reported within Fosterville South News Release dated
March 10, 2021 ("Fosterville South
Report Multiple Gold Intercepts from Initial Shallow Scout Holes at
Lauriston").
The higher-grade intercepts now received are in holes EN02 and
EN13.
EN13 was originally reported as 5m at 0.84 g/t Au from 54m, while the new additional intervening
assays report 8m at 2.29 g/t Au
including 1m at 12.50 g/t Au from
51m while EN02, interpreted to be
a parallel structure to the known Energetic Reef structure, was
originally reported as 8m at 0.47
g/t Au as composite assays while the new assays report
7m at 0.86 g/t Au (true widths
are unknown, all other details pertaining to these holes can be
found in Fosterville South News Release dated March 10, 2021).
The initial scout drilling has provided key information into the
complexity of the mineralization of the breached saddle reef
structure and its associated strong halo of mineralization that
forms the Energetic Reefs prospect.
Fosterville South continues to drill for extensions of the
established mineralisation at Energetic Reefs, which is open along
strike and open at depth, as well as within parallel structures at
Energetic Reefs.
Drilling at Energetic Reefs intersected gold mineralisation for
the entire 350m strike length
drilled, with low grade haloes surrounding high grade gold present
throughout the system. Regular intercepts of mined out sections
were also encountered from where the previous high grade gold
mining had occurred. Fosterville South results also indicate that
there is a new parallel zone target at Energetic Reefs, masked by a
thin veneer of flood basalt cover, which will be drill tested.
Fosterville South is very active in its exploration of a host of
its highest value targets in the largest prospective package in
Victoria and has now moved into an
expanded operations headquarters in Bendigo, Australia. Expanded field teams, drill rigs
and geologists are accelerating the activity throughout the
tenements. With close to $30 million
in cash on hand, the Fosterville South is in excellent shape to
continue this ramp up and expects to report consistent news flow on
its activities.
Table 1.0 Significant Rock Chip Sample Results from Enoch's
Point
Project
|
Prospect
|
Sample
|
Au
ppm
|
UTM E
|
UTM N
|
Description
|
ENP
|
Belle of
Venetia
|
CR12877
|
1.1
|
422,597
|
5,862,480
|
Vein
quartz
|
ENP
|
Knowles
|
CR12934
|
0.85
|
421,863
|
5,858,917
|
Vein quartz in
quartzite
|
ENP
|
Londonderry
|
CR12969
|
179
|
422,960
|
5,859,783
|
Vein quartz in
dyke
|
ENP
|
Londonderry
|
CR12970
|
1.46
|
422,943
|
5,859,795
|
Vein quartz in
dyke
|
ENP
|
Londonderry
|
CR12972
|
7.49
|
422,994
|
5,859,869
|
Vein quartz &
sulphides
|
ENP
|
Investigate
|
CR13005
|
1.81
|
421,367
|
5,861,578
|
Vein
quartz
|
ENP
|
Londonderry
|
CR13016
|
7.31
|
423,401
|
5,859,436
|
Vein quartz in
dyke
|
ENP
|
Londonderry
|
CR13017
|
16.8
|
423,386
|
5,859,413
|
Vein quartz in
dyke
|
ENP
|
Enoch's Pt
Gold
|
CR13063
|
1.63
|
422,348
|
5,859,435
|
Vein quartz in
quartzite
|
ENP
|
Enoch's Pt
Gold
|
CR13069
|
155
|
422,328
|
5,859,521
|
Vein quartz &
sulphides
|
ENP
|
Georgie
|
CR13080
|
1.37
|
423,600
|
5,860,001
|
Vein
quartz
|
Quality Assurance / Quality Control
All assays were subject to quality control measures appropriate
for reconnaissance rock chip sampling 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
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.