VANCOUVER, BC, July 30, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTC: FSXLF) (Germany: 4TU)
is pleased to report on ongoing drilling activities at the
high-grade Reedy Creek goldfield within the Providence Project in
Victoria, Australia.
The Reedy Creek goldfield occurs in the Melbourne Zone and has a
history of gold production from epizonal quartz veins, despite no
drilling within the central goldfield apart from two vertical drill
holes completed in the mid 1890s. While there has been no modern
exploration at Reedy Creek, historical gold production reported at
Reedy Creek is 43,489 tons for 39,223 oz at 26.8 g/t Au.
The Fosterville South drill program at Reedy Creek has been
underway for the past 15 days and commenced after the team
negotiated and then signed 7 separate access agreements, while
garnering strong community support for this exploration
effort. All of this planned drilling is on private
properties, which facilitates a streamlined drill program process
once agreements are in place, which have now been completed.
The initial 25 drill-hole program will total approximately 2,250
metres and is initially focussed on two ridge targets with
extensive geochemical anomalies established by Fosterville South
fieldwork together with associated various historic workings. In
preparation of drilling, a sampling program has also been
completed, which returned multiple high grade assays from the
laboratory this week, including 145 g/t Au, 112 g/t Au and 94 g/t
Au (see Table 1.0 for details and observations regarding these
various rock chip samples).
Fosterville South CEO and Director, Bryan Slusarchuk, states, "The acceleration
and ramping up of concurrent drilling on multiple Fosterville South
projects has been predicated by a lot of fieldwork, access
agreement negotiations, obtaining of permits, signing of drill
contracts and building up logistical support. With these
preparations in place due to the hard work of the team in
Victoria, Fosterville South is
well positioned to grow the current drill program at various
targets into an increasingly larger drill program. This bodes well
as we seek to unlock value within this premier 4,000 square km land
package of tenement and tenement applications that have been
assembled over a multi-year period. We have a very strong cash
position, a multitude of outstanding targets, excellent
shareholders, and a technical team with a track record of
geological success. This combination puts us in a great position to
execute our business plan."
Table 1.0 – Significant Rock Chip Sample Results from Reedy
Creek
Sample
ID
|
Easting
|
Northing
|
Elevation
|
Au
g/t
|
Observations
|
CR21987
|
335219
|
5873670
|
414
|
145.00
|
Laminated quartz
veins (graphite) and stylolitic texture.
Three (3) specks of visible gold observed
|
CR21994
|
334920
|
5873808
|
384
|
112.00
|
Quartz float around
pit, mullock pile.
|
CR21956
|
335231
|
5873611
|
412
|
94.00
|
Massive quartz with
strong disseminated and laminated
weathered oxides. Collected off mullock pile.
|
CR21959
|
335056
|
5873592
|
462
|
33.40
|
Fragments of quartz
collected on edges of mullock pile.
|
CR21995
|
334900
|
5873830
|
382
|
8.73
|
Assorted quartz
collected off mullock pile in centre of
creek.
|
CR21989
|
334951
|
5873783
|
400
|
7.86
|
Assorted quartz
collected off slope and around large
stope
|
CR21957
|
335067
|
5873573
|
466
|
2.58
|
Laminated quartz
found around trench.
|
CR21963
|
335026
|
5873595
|
452
|
2.56
|
Brecciated quartz,
oxidized with some sericite and feox.
Collected at opening of the pit.
|
CR21975
|
335463
|
5873408
|
498
|
1.95
|
Massive quartz around
pit.
|
CR21915
|
335031
|
5873604
|
453
|
1.61
|
Laminated quartz
found around small pit.
|
CR21960
|
335042
|
5873599
|
457
|
1.57
|
Massive quartz found
around small pit.
|
CR21970
|
335211
|
5873452
|
482
|
1.27
|
Weathered and
bleached sandstone with weak feox
around small pit opening.
|
Quality Assurance / Quality Control
All assays were subject to quality control measures appropriate
for reconnaissance rock chip sampling 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.
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.