- drilling at the Moormbool Project has started targeting a
high priority magnetic and geochemical target
- drilling continues at the Lauriston Project where assay
results from multiple recently completed holes are pending
- drilling targeted to commence during the next 30 days at the
Golden Mountain Project while exploration work continues to define
drill targets at Enochs Point target within the Walhalla
Gold Belt Project and at the Reedy Creek goldfield also within
the Melbourne Zone
VANCOUVER, BC, March 25, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company")
(TSXV: FSX) (OTC: FSXLF)
(Germany: 4TU) is pleased
to announce that it has commenced drilling at its Moormbool
Project. The initial drill program plans to focus on the
Staffordshire Flat Fault Zone, which is a regional structure masked
by 10m to 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 striking along the valley.
The Moormbool project area occurs east
of Fosterville within the Melbourne Zone and is underlain
by Siluro-Devonian rocks. It covers an area between the Redcastle
and Graytown goldfields, within which occurs a southeast striking
large regional fault. Due to pervasive shallow alluvial
cover, the project area is largely unexplored. In close proximity
to this regional structure and included within the project area is
a magnetic anomaly interpreted to be a small intrusive plug or
cupola.
Initial soil geochemistry exploration indicates that both the
southeast striking fault zone and the intrusive zone are arsenic
mineralized, and therefore potentially gold mineralized. The
magnetic anomaly could be an intrusive related gold system similar
to Mt Piper, near Broadford. Further northwest, along strike of the
fault zone, within the Redcastle goldfield extensive alluvial and
hard-rock gold mineralization was mined historically.
Additionally, the Company is pleased to report that drilling
continues at the Lauriston Project where assay results from
multiple recently completed holes are pending and that drilling is
targeted to commence during the next 30 days at the Golden Mountain
Project while exploration work continues to define drill targets at
the Enochs Point target within the Walhalla Gold Belt Project.
Soil and rock geochemical surveys, as well as mapping, are being
carried out at the Reedy Creek goldfield to define drilling
targets. The Reedy Creek goldfield forms part of the Providence
Project in the Melbourne Zone of Central
Victoria. Several targets have already been identified as a
result of this work in a goldfield that has never been previously
explored or drilled by modern techniques, which is well know for
its high-grade historic gold production.
Fosterville South Exploration is very well funded to accelerate
drilling and other exploration at multiple projects, within the
company's premier exploration land package acquired over a
multi-year period in Victoria,
Australia.
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 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.
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SOURCE Fosterville South Exploration Ltd.