Highlights:
- Lauriston is immediately south of and contiguous with
Kirkland Lake Gold's Fosterville
Mine tenements.
- 600 km2 project with excellent structural
setting and significant historic high-grade gold production
reported despite lack of modern exploration and drilling.
- Follows up on initial reconnaissance drilling and field work
completed in 2021 to develop drill targets
- Three drill rigs are currently drilling at Reedy Creek within
the Providence Project
VANCOUVER, BC, March 15,
2022 /CNW/ - Fosterville South Exploration Ltd.
("Fosterville South") or (the "Company") (TSXV: FSX) (OTCQX: FSXLF)
(Germany: 4TU) is pleased to
report that it has commenced a diamond drilling program at the
Comet-New Trojan targets at Lauriston Gold Project, Victoria, Australia ("Lauriston").
Fosterville South plans to carry out an extensive diamond
drilling at Lauriston, commencing at the Comet target to confirm
the structural controls of the wide zones of gold mineralization
that were discovered during initial reconnaissance work in
2021.
At the New Trojan target, which is located in close proximity to
Comet, Fosterville South will conduct the first modern day drill
program.
The drilling has commenced at these high priority targets after
various community consultations and getting all regulatory
approvals in place.
Lauriston is an epizonal gold-antimony-arsenic mineralised
project, which has the best potential to be the southern extension
of the Fosterfield Goldfield Belt, outside of Kirkland Lake Gold's tenements. The Redesdale,
Whitelaw and Taradale Faults
intersect Lauriston, although in some areas are covered by a very
thing young basalt cover, leaving these particular areas on the
property never explored.
Meanwhile, as drilling at Lauriston has just commenced, the
Company has concurrently accelerated drilling at the Reedy Creek
target within the Providence Project. Two of the three rigs at
Reedy Creek are diamond rigs while the other is a reverse
circulation rig.
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.
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SOURCE Fosterville South Exploration Ltd.