VANCOUVER, BC, March 10, 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 the ongoing drill program at its Energetic Reefs
prospect located within the Lauriston Project in Victoria, Australia and final assays from 2020
drilling at Golden Mountain.
Highlights:
- Shallow drilling at Energetic Reefs (Lauriston) intersects
gold mineralisation over an initial 350m strike length
- results include 1m at 9.50 g/t
Au from 44m, 1m at 8.35 g/t Au from 43m and 1m at 5.35
g/t Au from 39m in various shallow
scout holes drilled
- drill permit received at Moormbool Project with
drilling to commence within 15 days
- Merton Project exploration licence of 498km2
granted
- drilling to re-commence at Golden Mountain within 30 days
after summer break
Lauriston
Multiple shallow holes being reported today intersected lengthy
zones of gold mineralisation, such as EN007 which returned 13
metres at 1.02 g/t Au, including 1 metre at 9.50g/t Au from 44 to
57 metres. The 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.
Rex Motton, Chief Operating Officer and Director, states,
"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 shallow
gold mining had occurred. Our 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.
Projects Update
Drill Permit at Moormbool Project
Fosterville South is pleased to announce that it has received a
drill permit for its Moormbool Project, where the Company expects
to start drilling within the next 15 days. The initial drill
program plans to focus on the Staffordshire Flat Fault Zone, which
is a regional structure masked by 20m
of alluvial cover and with anomalous gold-arsenic in soil cover. It
is a high priority magnetic and geochemical target. Further
northwest along the same valley/structure were extensive alluvial
workings overlying gold mineralised diorite dykes.
Golden Mountain, Tallangallook Project
The Company will also re-commence drilling at its Golden
Mountain Project within the month, with the onset of cooler weather
during Autumn. Due to potential fire risk typically present
during the summer in this area, Fosterville South paused drilling
at Golden Mountain. The upcoming drill program will focus on deeper
drilling of the Golden Mountain main N-S zone as well as following
up on satellite prospects and extensions as has already been
permitted late last year.
A new access track is being completed at Star of the Glen
Prospect to re-commence drilling in the southern section of the
Tallangallook Project. This new access track is important as last
years drilling at Star of the Glen was restricted by difficult
access.
A table of all notable drill results (including previously
released results) received to date from drilling at Golden
Mountain, Tallangallook Project can be found in Table 2.0
below.
Enoch's Point
The Enoch's Point project covers 290km2 of highly prospective
the Woods Point – Walhalla Gold Belt, with numerous gold prospects
including the Luck's All gold prospect. 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 at Luck's All gold prospect awaiting
approval.
The Luck's All mine at Enoch's Point 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' to the Morning Star and the A1 underground gold mines in
the region, which have produced 1.2M
Oz and A1 488K Oz respectively. Both
mines are still in production.
Egan's Reef at
Merton
Fosterville South is pleased to announce that it has been
granted the Merton licence of 498km2, which covers the southern
area of the Tallangallook Project through to the Providence Project
to the southwest. The project includes various isolated historic
gold prospects that have not been drilled or explored previously
including the 2km long Egan's Reef
near the township of Merton. The Company is targeting the old gold
prospects, initially by establishing landowner access and then
carrying out geochemical surveys to scope each prospect.
Table 1.0 Lauriston's Energetic Reefs Results
RC Percussion Drill Results and Intercepts:
HoleID
|
East
|
North
|
RL
|
Length
|
Azimuth
(deg.)
|
Dip (deg.)
|
From (m)
|
To (m)
|
Downhole
Interval (m)
|
Au g/t
|
EN0002
|
266924.381
|
5877361.398
|
479.617
|
90
|
260
|
-60
|
20
|
28
|
8
|
0.47
|
EN0004
|
266916.19
|
5877268.73
|
483.14
|
108
|
260
|
-60
|
49
|
54
|
5
|
0.6
|
|
|
|
|
|
|
|
59
|
63
|
4
|
0.56
|
EN0007
|
266852.31
|
5877434.09
|
469.31
|
96
|
80
|
-60
|
44
|
57
|
13
|
1.02
|
including
|
|
|
|
|
|
|
44
|
45
|
1
|
9.50
|
EN0008
|
266839.53
|
5877600
|
466.79
|
90
|
80
|
-60
|
30
|
32
|
2
|
1.17
|
|
|
|
|
|
|
|
36
|
41
|
5
|
1.71
|
|
|
|
|
|
|
|
54
|
57
|
3
|
1.63
|
EN0010
|
266860.21
|
5877508.16
|
467.17
|
102
|
80
|
-60
|
16
|
19
|
3
|
1.42
|
EN0013
|
266906.07
|
5877451.99
|
476.97
|
90
|
260
|
-60
|
45
|
50
|
5
|
0.58
|
|
|
|
|
|
|
|
54
|
59
|
5
|
0.84
|
|
|
|
|
|
|
|
86
|
88
|
2
|
1.22
|
EN0014
|
266901.47
|
5877354.22
|
481.43
|
75
|
260
|
-60
|
39
|
48
|
9
|
1.44
|
including
|
|
|
|
|
|
|
39
|
40
|
1
|
5.35
|
|
|
|
|
|
|
|
56
|
59
|
3
|
0.67
|
NP0019
|
|
|
|
|
|
|
42
|
44
|
2
|
4.66
|
including
|
|
|
|
|
|
|
43
|
44
|
1
|
8.35
|
The composite intercepts use a 0.3 g/t Au cut-off grade and
carry a maximum 2m of internal waste.
Additional drilling is required to determine true widths as
drilling has not been of a sufficient nature to confirm strike and
dip of the various zones of mineralisation. The assays are not
capped. All drilling assays are from Reverse Circulation percussion
drilling.
Table 2.0 Drill Results from Golden Mountain in 2020
The following table sets forth the diamond drill core results at
Golden Mountain throughout 2020:
HoleID
|
East
|
North
|
Azimuth
|
Dip
|
From
|
To
|
Interval
|
Au g/t
|
GMDH26
|
400315
|
5911920
|
224
|
-60
|
91.8
|
97.6
|
5.8
|
18.14
|
Includes
|
|
|
|
|
93
|
97.6
|
4.6
|
22.68
|
GMDH27
|
400305
|
5911900
|
267
|
-56
|
83
|
88
|
5
|
1.65
|
Includes
|
|
|
|
|
83
|
84
|
1
|
6.25
|
GMDH28
|
400318
|
5911928
|
277
|
-60
|
118.6
|
158.1
|
39.5
|
7.25
|
Includes
|
|
|
|
|
124
|
134.56
|
10.56
|
8.63
|
|
|
|
|
|
137.85
|
148.45
|
10.60
|
17.11
|
GMDH30
|
400302
|
5912018
|
193.2
|
-47.9
|
59
|
86.6
|
27.6
|
6.7
|
Includes
|
|
|
|
|
71
|
79
|
8.0
|
11.9
|
GMDH31
|
400318.8
|
5911928
|
276
|
-70
|
185
|
214
|
29.0
|
2.2
|
Includes
|
|
|
|
|
194
|
200
|
6.0
|
5.3
|
GMDH32
|
400302
|
5912017
|
190
|
-50
|
54
|
115
|
60.8
|
2.5
|
Includes
|
|
|
|
|
72
|
77
|
5.0
|
4.5
|
|
|
|
|
|
80
|
83.7
|
3.7
|
4.9
|
|
|
|
|
|
90.8
|
94.6
|
3.8
|
4.3
|
GMDH33
|
400309
|
5911984
|
267
|
-60
|
35
|
41
|
6
|
3.3
|
and
|
|
|
|
|
44
|
65
|
21
|
1.5
|
GMDH34
|
400315
|
5911920
|
270
|
-60
|
97
|
120
|
23
|
3.1
|
Includes
|
|
|
|
114.05
|
118
|
3.95
|
6.3
|
GMDH35
|
400309
|
5911983
|
270
|
-70
|
68
|
115
|
47
|
2.7
|
Includes
|
|
|
|
91
|
95
|
4
|
11.8
|
GMDH36
|
400302
|
5912017
|
200
|
-47
|
58.5
|
66.8
|
8.3
|
6.9
|
Includes
|
|
|
|
58.5
|
60.2
|
1.7
|
30.7
|
Includes
|
|
|
|
58.5
|
60.2
|
1.7
|
30.7
|
GMDH37
|
400315
|
5911920
|
270
|
-70
|
153.7
|
195.0
|
41.3
|
2.36
|
GMDH38
|
400300
|
5911930
|
280
|
-45
|
22.0
|
30.0
|
8.0
|
1.67
|
GMDH38
|
|
|
|
|
69.0
|
87.0
|
18.0
|
1.61
|
GMDH40
|
400302
|
5912918
|
361
|
-65
|
134.0
|
141.0
|
7.0
|
1.3
|
GMDH41
|
400302
|
5912018
|
316
|
-65
|
24.0
|
42.0
|
17.0
|
0.67
|
GMDH42
|
400304
|
5911985
|
295
|
-75
|
114.0
|
126.7
|
12.7
|
1.33
|
GMDH43
|
400320
|
5911927
|
280
|
-75
|
205.0
|
241.2
|
36.2
|
1.9
|
Includes
|
|
|
|
225.7
|
241.2
|
15.5
|
3.47
|
Includes
|
|
|
|
225.7
|
232.8
|
7.1
|
4.93
|
and
|
|
|
|
238.4
|
240.6
|
2.2
|
6.48
|
GMDH43
|
|
|
|
|
340.0
|
343.0
|
3.0
|
6.08
|
GMDH44
|
400320
|
5911927
|
295
|
-65
|
114.7
|
126.9
|
12.2
|
3.35
|
Includes
|
|
|
|
114.7
|
119.9
|
5.2
|
5.12
|
GMDH44
|
|
|
|
|
149.5
|
152.4
|
2.9
|
4.97
|
GMDH45
|
400335
|
5911984
|
270
|
-77
|
198.3
|
207.0
|
8.7
|
1.49
|
GMDH45
|
|
|
|
|
210.0
|
266.8
|
55.1
|
3.06
|
Includes
|
|
|
|
219.1
|
235.0
|
15.9
|
6.93
|
and
|
|
|
|
237.4
|
240.0
|
2.7
|
5.26
|
and
|
|
|
|
251.0
|
258.0
|
7.0
|
2.38
|
GMDH46*
|
400335
|
5911855
|
270
|
-45
|
No significant
intersection
|
GMDH47*
|
400335
|
5911855
|
270
|
-60
|
169.7
|
170.7
|
1.0
|
1.76
|
GMDH48*
|
400305
|
5911836
|
270
|
-45
|
115.0
|
116.0
|
1.0
|
1.88
|
GMDH49*
|
400306
|
5911836
|
270
|
-60
|
67.0
|
69.0
|
2.0
|
4.49
|
Includes
|
|
|
|
69.0
|
69.0
|
1.0
|
8.42
|
*Drill holes
GMDH46, GMDH47, GMDH48 and GMDH49 are being announced in this news
release. All other drill holes were announced in news
releases dated July 29, 2020, September 3, 2020, September 15,
2020, October 1, 2020, December 18, 2020.
**The wider composite intercepts use a 0.5 g/t Au cut-off grade and
carry a maximum 2m of internal waste. 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. All drill core assays are from HQ sized
core.
|
|
Table 3 West extension drilling for the E-W granite contact
zone.
The following table sets forth reverse circular drilling carried
out in December 2020 which targeted
the western extension of the E-W zone to the north west of the
Golden Mountain historic open pits:
Hole
ID
|
East
|
North
|
Depth
|
Azimuth
|
Dip
|
From
|
To
|
Length
|
Au
ppm
|
20GMRC03
|
400219
|
5912068
|
56
|
181
|
-60
|
32
|
34
|
2
|
0.67
|
|
|
|
|
|
|
40
|
52
|
11
|
0.41
|
|
|
|
|
|
|
55
|
56
|
1
|
0.38
|
20GMRC04
|
400218
|
5912075
|
90
|
363
|
-60
|
24
|
28
|
4
|
0.43
|
|
|
|
|
|
|
40
|
41
|
1
|
0.81
|
20GMRC06
|
400197
|
5912021
|
81
|
358
|
-60
|
4
|
20
|
16
|
0.53
|
|
|
|
|
|
|
30
|
44
|
14
|
0.46
|
|
|
|
|
|
|
63
|
71
|
8
|
0.56
|
The zones of mineralisation are open to the west, southwest and
at depth and further drilling is planned in March 2021.
In Table 3 the composite intercepts use a 0.3 g/t Au cut-off
grade and carry a maximum 2m of
internal waste. Additional drilling is required to determine true
widths as drilling has not been of a sufficient nature to confirm
strike and dip of the various zones of mineralisation. The assays
are not capped. All drilling assays are from Reverse Circulation
percussion drilling.
Quality Assurance / Quality Control
All assays were subject to quality control measures appropriate
for reverse circulation percussion 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.
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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/fosterville-south-reports-multiple-gold-intercepts-from-initial-shallow-scout-drill-holes-at-lauriston-301244324.html
SOURCE Fosterville South Exploration Ltd.