VANCOUVER, BC, June 18, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTC: FSXLF) (Germany: 4TU)
is pleased to announce it is mobilizing a drill rig to commence
drilling at its Beechworth Gold Project, located within the
Tabberabbera Zone in the state of Victoria, Australia. Fosterville South's drill
program will be at depth beneath historic high-grade gold
mines.
Highlights of Beechworth Gold Project
- Permitted to immediately drill the Taff and Bon Accord
Prospects at Beechworth license
- Beechworth license and Fosterville South's Myrtleford and Lady
Jane tenement applications are adjacent to the Myrtleford Property
owned by E79 Resources Corp*
- Over 100,000 ounces of historic high-grade production from FSX
owned goldfields including:
-
- 47,492 ounces at 17.48 g/t Au at Hillsborough Goldfield,
Beechworth.
- 21,715 ounces at 15.32 g/t Au at the Hurdle Flat Goldfield,
Beechworth.
- 11,836 ounces at 17.68 g/t Au at Harrietville tenement
application.
- 24,745 ounces at 15.14 g/t Au at Myrtleford tenement
application.
- 2,945 ounces at 34.3 g/t Au at Lady Jane tenement
application.
- Past exploration drilling at Hillsborough and Hurdle Flat goldfields
includes high-grade results beneath former gold mines and near
surface:
-
- W03: 8m @ 8.88 g/t Au from
18m and W06: 4m @ 22.0 g/t Au from 38m downhole.
- HB04: 1.2m @132 g/t from
154.3m and HB09: 1.25m @ 31.5 g/t Au from 145.6m.
- Channel sampling of outcrops include 10
m at 23.7 g/t, 5 m at 25.9 g/t
gold and 10 m at 7.16 g/t gold.
Rex Motton, COO of Fosterville South states, "Historically,
hard-rock production and exploration focused on gold shoots above 1
oz/t. As our drill program is designed to drill beneath these
former gold mines, we anticipate that drilling will confirm
high-grade mineralization at depth. Recently, another
operator bordering our projects announced that their high-grade
results were confirming the thesis that high-grade gold
mineralization exists beneath historic gold mines."
The Beechworth Gold Project
The Beechworth Gold Project is a drill ready high-grade gold
project to the north-east of the Company's extensive land package
in the state of Victoria. The Beechworth Gold Project
consists of one granted exploration license (Beechworth license)
and three tenement applications (Myrtleford, Harrietville and Lady
Jane) covering an area of 459 km2. A large number
of prospects were mined in the late 19th and early
20th centuries.
Geologically the entire Beechworth Gold Project lies within the
Tabberabbera Zone on the eastern margin with the Omeo Zones of the
Lachlan Fold Belt in Victoria. The
host rocks are Lower Ordovician marine sediments of the Pinnak
Sandstone Formation comprising sandstone, siltstone, and shale. The
Hillsborough goldfield occurs in
the hanging wall of the major regional Sawpit Gully Fault Zone
which separates the Tabberabbera Zone from the Omeo Zone.
Mineralisation is typical of orogenic gold deposits. The gold
deposits are characteristically associated with deformed
(compressed, folded and faulted) and metamorphosed (chemically or
thermally altered) mid-crustal blocks, particularly in proximity to
major crustal structures (such as major faults or basement shear
zones). Mineralised fault zones generally strike north to
north-westerly with occasional breccia pipes developed at the
intersection of anastomosing fault zones.
Beechworth License
Several key gold prospects and associated fault structures have
been identified within the Beechworth license based upon extensive
geochemical sampling, geological & LIDAR mapping and
previous drilling. These include various historical producing
mines located within the Hurdle Flat goldfield (21,715 ounces of
production at 15/32 g/t Au) and Hillsborough goldfield (47,492 ounces of
production at 17.48 g/t Au).
Within the Hurdle Flat goldfield, at the Wallaby prospect, the
existing adit accesses 200m below
surface workings including an old open cut. The historically worked
mineralized bodies are large subvertical tabular and pipe like
structures. The largest historical mineralized shoot had a
strike length of 145m, vertical
extent of at least 170m, width of
13m, and an average grade of 15 -
20g/t Au. Repetitions of these ore shoots occur along strike and
probably at depth.
Extensive channel sampling has occurred on the numerous
prospects at the Beechworth license as follows:
- Wallaby Prospect. 25 metres at 7.05 g/t gold; and
5 m at 25.9 g/t gold.
- Bon Accord Prospect. 10 metres at 23.7 g/t gold
- Kingston Prospect. 10 metres at 7.16 g/t gold.
Previous drilling for depth continuations around these old
working has yielded significant intercepts at relatively shallow
depths and include:
- Kingston Prospect. W03: 8m
@ 8.88 g/t Au from 18m
- Hope Prospect. W06: 4m @
22.0 g/t Au from 38m of downhole
intervals.
- Homeward Bound Prospect. HB04: 1.2m @132 g/t from 154.3m and HB09: 1.25m @ 31.5 g/t Au from 145.6m.
Myrtleford, Harrietville and Lady Jane Tenement
Applications
Fosterville South's Harrietville tenement application consists
of 247km2 and is located 33 km south of the Beechworth
license. Several key gold prospects have been identified
within the Harrietville tenement application based upon
previous gold production. No modern exploration has taken place at
any of these prospects. The only exploration drilling that has been
carried out was by BHP Minerals searching for alluvial gold
deposits with 20 cable tool drillholes completed in the Smoko area.
Minor geochemical sampling, as stream sediments, has previously
taken place. Historical production from these key mines was 11,836
ounces at 17.68 g/t Au.
The Myrtleford tenement application consists of 118km2. The area
is east and south of the Beechworth license and is in part
contiguous with the Beechworth granted licence and the Myrtleford
Property owned by E79 Resources Inc.* Several key gold prospects
have been identified within the Myrtleford based upon previous gold
production. No modern exploration or drilling has taken place at
any of these prospects. Minor geochemical stream sediments sampling
has occurred. Historical production resulted in 24,745 ounces
produced at 15.14g/t Au.
* Mineralization at the Myrtleford Property owned by E79
Resources Inc. is not necessarily indicative of mineralization at
the Beechworth license and Myrtleford and Lady Jane tenement
applications owned by Fosterville South.
The Lady Jane tenement application consists of 58km2. The area
is west of and is in part contiguous with the Harrietville
application and the Myrtleford Property owned by E79 Resources
Inc.* Several key gold prospects have been identified within
the Lady Jane based upon previous gold production. No modern
exploration or drilling has taken place at any of these
prospects. Minor geochemical stream sediments sampling has
occurred.
The geological setting of these tenement applications is similar
to the Beechworth licence and host rocks are the same Lower
Ordovician Pinnak Sandstone Formation with north-westerly striking
mineralized fault zones.
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 the Lauriston, Golden Mountain and Beechworth 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.