Highlights:
- 0.7m at 238.1 g/t Gold from
68.70m and 0.80m at 22.5 g/t Gold from 40.80m in diamond drill hole RWD01
- Visible disseminated gold within quartz veins was present in
both intercepts
- Assay results pending for diamond drill holes RWD02 and
RWD03 with drilling ongoing at Reedy Creek.
VANCOUVER, BC, Oct. 14, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTCQX: FSXLF) (Germany: 4TU)
is pleased to report that initial diamond drilling at the Reedy
Creek goldfield within the Providence Project in Victoria,
Australia has returned high-grade
gold assays.
Fosterville South is carrying out a diamond drill program to
test the zones of gold mineralization recently discovered at Reedy
Creek in August 2021. The initial diamond drill hole has been
drilled at a different azimuth to obliquely target the same region
as the discovery hole, RWD01, and has intersected 0.7m at 238.1 g/t Gold from 68.70m and 0.80m at
22.5 g/t Gold from 40.80m.
The mineralization is of similar character to that found in
discovery hole RWR13 (11m at 31.34
g/t Gold including 4m at 80.05 g/t
Gold), albeit with a narrower width. The gold
mineralisation intersected in the drilling is present as a zone of
significant quartz veining with fine grained disseminated gold,
stibnite and pyrite. The strike and dip of the mineralised
intercept is not yet known, and drilling and structural data
analysis is ongoing. The lower quartz vein present in the drill
hole is quite oblique to the core axis and the initial structural
interpretation is that it has a subvertical dip with a true width
of approximately 0.5m.
Final gold assays were also received from the initial reverse
circular drill program carried out on the Reedy Creek Goldfield by
Fosterville South with multiple holes intersecting gold
mineralization (see Table 1.0 for details).
The Fosterville South drill program at Reedy Creek has been
underway since July 2021 and
commenced after the team negotiated and then signed 7 separate
access agreements, while garnering strong community support for
this exploration effort. All this planned drilling is on
private properties, which facilitates a streamlined drill program
process once agreements are in place.
The Reedy Creek goldfield, which forms part of the Providence
Project, occurs in the Melbourne
zone and has a history of gold production from epizonal quartz
veins, despite no drilling within the central goldfield apart from
two vertical drill holes completed in the mid-1890s. While there
has been no modern exploration at Reedy Creek, historical gold
production reported at Reedy Creek is 43,489 tons for 39,223 ounces
at 26.8 grams per tonne gold.
Drill Results and Intercepts:
Hole ID
|
East
|
North
|
Azimuth
(deg.)
|
Dip (deg.)
|
From (m)
|
To (m)
|
Downhole
Interval
(m)
|
Au g/t
|
Hole Type
|
RWD01
|
335094
|
5873541
|
180.2
|
-48.1
|
40.8
|
41.6
|
0.8
|
22.5
|
Diamond
|
RWD01
|
335094
|
5873541
|
180.2
|
-48.1
|
68.7
|
69.4
|
0.7
|
238.1
|
Diamond
|
RWR10
|
335121
|
5873513
|
195.2
|
-43.3
|
45.0
|
46.0
|
1
|
5.52
|
RC
percussion
|
RWR11
|
335102
|
5873530
|
226.9
|
-51.9
|
50.0
|
51.0
|
1
|
1.16
|
RC
percussion
|
RWR13
|
335124
|
5873517
|
220.0
|
-54.0
|
68.0
|
79.0
|
11
|
31.34
|
RC
percussion
|
RWR17
|
335122
|
5873514
|
225.5
|
-62.2
|
15.0
|
16.0
|
1
|
1.07
|
RC
percussion
|
RWR20
|
335100
|
5873533
|
143.4
|
-52.0
|
13.0
|
17.0
|
4
|
1.69
|
RC
percussion
|
RWR21
|
335069
|
5873557
|
114.9
|
-58.2
|
34.0
|
36.0
|
2
|
4.68
|
RC
percussion
|
RWR23
|
335109
|
5873528
|
118.2
|
-51.9
|
37.0
|
38.0
|
1
|
1.16
|
RC
percussion
|
RWR25
|
335115
|
5873520
|
195.7
|
-63.4
|
58.0
|
59.0
|
1
|
1.13
|
RC
percussion
|
RWR26
|
335107
|
5873526
|
208.3
|
-46.7
|
45.0
|
46.0
|
1
|
0.96
|
RC
percussion
|
* RWR13 was
previously reported by the Company on August 9, 2021. Reverse
circulation drill holes RWR12, RWR14, RWR15, RWR16, RWR18, RWR19,
RWR22 and RWR24 did not encounter significant
mineralization.
|
The intercepts use a 0.5 g/t Au cut-off grade. True widths are
not known. Additional drilling is required to determine true
widths. The assays are not capped. Coordinates are Australian
projection MGA94 zone 55.
Chief Operating Officer and Director, Rex Motton states, "We
are excited that our first diamond drill hole intersected
exceptionally high-grade gold at the Reedy Creek gold field, while
also pleased that the final reverse circulation holes in the area
of the discovery also intersected strong gold mineralization on
various quartz veined structures. Drilling with the diamond drill
rig now, versus the reverse circulation rig that made the
discovery, will allow our technical team to start assessing the
vein sets being encountered including the intersection of these
various quartz vein sets, which are considered to cause the greater
zones of high-grade gold mineralization, and where the most
attractive future drill targets are. The results today shows that
this system has the ability to produce exceptionally high gold
grades and this is an excellent follow-on result from the initial
discovery hole. More results are expected soon."
Quality Assurance / Quality Control
All assays were subject to quality control measures appropriate
for diamond core and reverse circular 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 ICP or 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,
Providence 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/fosterville-souths-initial-follow-up-to-discovery-hole-at-reedy-creek-shows-systems-ability-to-produce-very-high-grades-with-drill-assays-up-to-238-1-gt-gold-in-shallow-drilling-301400201.html
SOURCE Fosterville South Exploration Ltd.