VANCOUVER, BC, April 6, 2021 /CNW/ - Fosterville
South Exploration Ltd. ("Fosterville South") or (the "Company")
(TSXV: FSX) (OTC: FSXLF) (Germany:
4TU) is pleased to report drilling is targeted to commence in the
coming weeks at the Keath's Reward target, within the Lauriston
Project.
The Keath's Reward target joins multiple other areas within the
Lauriston Project with land access agreements now in place and
drill targets defined based on field work and historic data
compilation.
Lauriston is a large 600 sq km property which is immediately
south of and contiguous with Kirkland Lake
Gold's Fosterville Mine tenements.
With the landowner agreement in place to access Keath's Reward
and a drill program designed, the necessary drill permit is now
being sought by Fosterville South to commence drilling in the
coming weeks.
Keath's Reward
Prior production records are summarized in a report prepared by
John B. Griffiths of Tallangalook
Pty Limited in March of 1992. The report was focused on assembling
a reliable historic data package of previous mining operations.
The Keath's Reward workings are located within allotment 46,
Parish of Edgecombe. "The property hosts a large window of basement
rocks not overlain by Quaternary volcanic basalt, which appears to
embrace not only a deposit of eluvial auriferous wash, but a quartz
lode deposit of extremely high grade" (Griffiths, 1992).
The quartz reef is described as a laminated flat lying quartz
vein, that was cut by a 'slide' or fault in the underground
workings causing the extension of the high-grade zone to be lost.
The structural description is suggestive of a linking vein
structure crosscutting between fold axes and this structural
setting is well known for carrying high-grade gold.
Initially, the quartz lode was discovered by mining of eluvial
gold rich material which exposed the reef. This reef was exploited
by a small open cut operation but by mid-1940, shaft sinking, and
cross cutting had been carried out, utilising a steam haulage
plant.
Work was carried out only to a depth of 10.7 meters. Mr.
Ray Maltby of Taradale estimated the
grade produced by Mr. Keath to have been approaching 5 ounces per
ton.
Prior production records indicate 495.55 ounces produced from
183 tons crushed or 2.71 ounces per ton (82.9 g/t) plus an
estimated 300 ounces of hand-picked specimen gold. (Griffiths,
1992)
Rex Motton, Chief Operating Officer and Director, states,
"This high-grade connecting structure is exactly the kind of
target that we are prioritizing in our expanding drill campaign.
Work at Lauriston is accelerating and in addition to the
commencement of drilling at Keath's Reward, we are awaiting assay
results from multiple holes completed at the Energetic Reefs target
at Lauriston, whilst also generating new drill targets regionally
within the Lauriston Project. Initial regional exploration has
resulted in a few key regional mineralised faults being recognised
that the company is aiming to explore further."
Fosterville South is currently drilling at both the Lauriston
and Moormbool Projects. Drilling is targeted to re-commence at the
Golden Mountain Project immediately after Easter. Exploration is
ongoing, with drill programs being designed and permitted,
targeting various former high-grade historic gold producers within
the Walhalla Gold Belt at Enoch's Point and at the Reedy Creek
goldfield within the Providence Project.
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
State of Victoria Mining Surveyors and Registrar's quarterly
reports.
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.