Highlights:
- Strong gold assays along strike of the East West granite
contact zone at Golden Mountain that included:
-
- 77m at 1.14 g/t Gold from 2m, including 35m
at 1.85 g/t Gold from 3m, in reverse
circulation drill hole 22GMRC12.
- 14m at 2.06 g/t Gold from
157m in reverse circulation drill
hole 22GMRC07.
- 18m at 1.48 g/t Gold from
100m in reverse circulation drill
hole 22GMRC08.
- 5m at 3.16 g/t Gold from
69m and 10m at 2.18 g/t Gold from 79m in reverse circulation drill hole
22GMRC10.
VANCOUVER, BC, Sept. 22,
2022 /CNW/ - Fosterville South Exploration Ltd.
("Fosterville South") or (the "Company") (TSXV: FSX) (OTCQX: FSXLF)
(Germany: 4TU) is pleased to
report that new diamond and reverse circulation drilling at the
Golden Mountain prospect within the Tallangallook Gold Project in
Victoria, Australia has returned
strong gold grades over considerable downhole lengths. Additional
assays are pending from a review of previous diamond drilling where
these drillholes drilled through the East West zone prior to the
recognition of the zone's extent. Soil sampling along the corridor
has revealed a 1km strike length of anomalous gold in soil
associated with this previously untested zone.
New Gold Assays at Golden Mountain Prospect Within the
Tallangallook Gold Project
Fosterville South received strong gold assay intercepts, from
its nine-hole drill program of 1519 meters in total, including an
intercept an intercept from surface grading 77m at 1.14
g/t Gold from 2m, including
35m at 1.85 g/t Gold from
3m at the Golden Mountain
prospect located within the Tallangallook Gold Project. Five of the
drill holes intersected the E-W zone while the other four holes
drilled other targets. Two of the latter holes (22GMRC05 &
22GMRC10) failed to reach drill target due to ground
conditions.
A reverse circulation drilling program was instigated on parts
of the EW Zone to determine the extent and grade of gold
mineralization within the zone, following encouraging results from
grid-based soil sampling as well as review of previous drilling and
the geological controls on the mineralisation in this area. The
gold in soil anomaly is approximately 1000m in strike extent. The gold mineralisation
discovered by previous drilling was found to be associated with a
porphyritic, miarolitic and xenolithic granite or monzogranite.
Further petrographic studies are underway to discriminate the
various granitic rock types and those rocks that have associated
alteration and gold mineralisation.
Further to this review and following the reverse circulation
drilling results being received, it was found that previous diamond
holes GMDH52 and GMDH53 had drilled through a potentially
mineralised granite in their upper parts. Sampling of GMDH53
confirmed the mineralization with 38.7m at 0.79 g/t Gold from 10.7m (see photo) and since then GMDH52 has
been sampled and submitted for assay. While some intersections are
preferentially held within the granite other gold intersections are
within the contact metamorphosed (hornfels) rocks nearby suggesting
that there are other structural controls to the mineralisation. The
granite contact is also very nonplanar, and parts of the granite
are sill-shaped and mineralised. Also, the NS Zone appears to
offset the EW zone and cause a larger area of dilation and
potential gold mineralisation. This EW Zone and NS Zone
intersection is the apparent cause of the wider gold intercept from
22GMRC12 of the 77m at 1.14 g/t
Gold from 2m.
The results of 22GMRC08 of 18m
at 1.48 g/t Gold from 100m are
also encouraging where deeper drilling has yielded improved grade
within the contact metamorphosed (hornfels) sediments near the
granite contact.
Table 1: Golden Mountain Drill Results and
Intercepts:
Hole
|
X
|
Y
|
Azimuth
|
Dip
|
From
|
To
|
Length
|
Au ppm
|
Location
|
Type
|
22GMRC02
|
400265
|
5912092
|
105
|
-55
|
64
|
85
|
21.0
|
0.46
|
EW Zone
|
RC Splits
|
22GMRC02
|
|
|
|
|
93
|
104
|
11.0
|
0.52
|
EW Zone
|
RC Splits
|
22GMRC03
|
400198
|
5912040
|
90
|
-62
|
14
|
20
|
6.0
|
1.54
|
EW Zone
|
RC Splits
|
22GMRC03
|
|
|
|
|
37
|
44
|
7.0
|
0.57
|
EW Zone
|
RC Splits
|
22GMRC03
|
|
|
|
|
47
|
66
|
19.0
|
0.72
|
EW Zone
|
RC Splits
|
22GMRC05
|
400198
|
5912018
|
91
|
-65
|
180
|
193
|
13.0
|
0.37
|
Central west
|
RC Splits
|
22GMRC07
|
400220
|
5912076
|
90
|
-60
|
81
|
86
|
5.0
|
0.66
|
EW Zone
|
RC Splits
|
22GMRC07
|
|
|
|
|
92
|
107
|
15.0
|
0.45
|
EW Zone
|
RC Splits
|
22GMRC07
|
|
|
|
|
157
|
171
|
14.0
|
2.06
|
NS Zone
|
RC Splits
|
22GMRC07
|
|
|
|
|
177
|
180
|
3.0
|
2.19
|
NS Zone
|
RC Splits
|
22GMRC08
|
400184
|
5912047
|
86
|
-65
|
88
|
96
|
8.0
|
1.25
|
EW Zone
|
RC Splits
|
22GMRC08
|
|
|
|
|
100
|
118
|
18.0
|
1.48
|
EW Zone
|
RC Splits
|
22GMRC10
|
400225
|
5911980
|
80
|
-73
|
69
|
74
|
5.0
|
3.16
|
New area
|
RC Splits
|
22GMRC10
|
|
|
|
|
79
|
89
|
10.0
|
2.18
|
New area
|
RC Splits
|
22GMRC10
|
|
|
|
|
168
|
174
|
6.0
|
1.26
|
NS Zone
|
RC Splits
|
22GMRC12
|
400269
|
5912049
|
90
|
-55
|
2
|
79
|
77.0
|
1.14
|
EW Zone
|
RC Splits
|
Including
|
|
|
|
|
3
|
38
|
35.0
|
1.85
|
EW
Zone
|
RC
Splits
|
22GMRC12
|
|
|
|
|
104
|
111
|
7.0
|
0.51
|
EW Zone
|
RC Splits
|
GMDH53
|
400163
|
5912027
|
88
|
-75
|
11
|
49
|
38.7
|
0.79
|
EW Zone
|
Diamond
|
The intercept cut-off grades are shown in the table and they use
a maximum internal waste of 1m. True
width are not known. The assays are not capped. Coordinates are
Australian projection MGA94 Zone 55. Planned holes 22GMRC01,
22GMRC06 & 22GMRC09 were not carried out in this drilling
campaign.
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 Tallangallook, which are also located in the state
of Victoria, Australia. Moormbool project has epizonal
style gold mineralisation and Tallangallook 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 Tallangallook
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.