VANCOUVER, BC, April 19, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the
"Company") (TSXV: FSX) (OTC: FSXLF) (Germany: 4TU) is pleased to announce that it
has re-commenced diamond drilling at its Golden Mountain project in
Victoria, Australia.
Highlights:
- Drilling at Golden Mountain Project
- Drilling at Moormbool Project
- Drilling at Lauriston Project
- Ongoing field work at multiple other projects in preparation
for drilling
Drilling at Golden Mountain had been paused through the heat of
the summer fire season. The new drilling campaign will follow on
the 2020 drill success to drill deeper and further delineate the
size and structure of this robust system.
Results from the initial drilling at Golden Mountain in 2020
included multiple strong gold assays, such as drill hole GMDH26
which recorded 5.8 metres at 18.4 g/t gold including
4.6 m at 22.68 g/t gold and
drill hole GMDH28 which recorded 39.5 metres at 7.25 g/t
gold including 10.6 m at 17.1
g/t gold and GMDH36 which recorded 28 metres at 10.2 g/t
gold including 13 metres at 17.5 g/t gold and
11 m at 4.8 g/t gold and
GMDH30 which recorded 27.6 metres at 6.7 g/t gold, including
8.0 metres at 11.9 g/t gold and GMDH 45, which recorded
55.1 metres at 3.06 g/t gold, including 15.9 metres at
6.93 g/t gold in the deepest hole drilled to date in the N-S
zone. (see Fosterville South News Releases July 29, 2020, September
3, 2020, October 1, 2020 and
December 18, 2020 for full details on
these drill holes including collar locations, QA/QC, and true
widths).
Fosterville South Chief Operating Officer and Director, Rex
Motton, states, "We are excited to re-commence drilling at
Golden Mountain, where results from 2020 indicate the potential for
a robust system with excellent grades and size. The re-start of
work at Golden Mountain is concurrent with continuing drilling at
Lauriston and Moormbool and field work at Providence (Reedy Creek target) and the
Walhalla Gold Belt (Enoch's Point target)."
Corporate Matters
The Company also announces the resignation of Mr. James Hutton as Director and Chairman of the
Board due to health reasons of an immediate family member. Mr.
Hutton will continue to support the Company in an advisory capacity
on an as needed basis.
"Since co-founding Fosterville South, I have always firmly
believed in the future of the Company's projects. It is therefore
with great regret that I have to resign from the Company in order
to fully support my family in our fight against brain cancer,"
said Mr. Hutton.
"James always was and remains a strong supporter of the
Company's potential. We appreciate his role in co-founding the
Company and his significant contributions since that time. We
regret having to accept his resignation but wish him and his family
all the best in this battle which they are facing with
courage," said Bryan Slusarchuk,
the Company Chief Executive Officer.
Fosterville South also announces the grant of incentive stock
options for the purchase of a total of 3,600,000 common shares to
employees, technical staff, directors and consultants of the
Company, pursuant to the terms of the Company's Stock Option Plan,
which are the first options issued since the Company became a
publicly trading issuer. The options are exercisable at
$1.57 per share and expire five years
from the date of grant.
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.
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.