VANCOUVER, BC, July 29, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTC: FSXLF) (Germany: 4TU)
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.
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
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 the Lauriston, Golden
Mountain and Beechworth 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.