Highlights:
- Diamond (core) drill rig is drilling to follow up on
discovery hole RWR13
- RWR13 returned high grade gold assays during reconnaissance
reverse circulation drilling of a previously undrilled geochemical
target
- Multiple additional targets within the Reedy Creek goldfield
have also been identified and prioritized for additional near-term
drilling
VANCOUVER, BC, Sept. 27, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTCQX: FSXLF) (Germany: 4TU)
is pleased to provide an update on its initial drilling at the
Reedy Creek goldfield within the Providence project in Victoria, Australia, that returned high-grade
gold assays during reconnaissance reverse circulation drilling of a
previously undrilled geochemical anomaly located within one of two
ridge targets recently identified by the company.
Fosterville South has now signed a drill contract with the
operator of a diamond drill rig to commence core drilling in the
vicinity of this RWR13 discovery hole. This drill rig was recently
mobilized to site and has commenced drilling.
Fosterville South is conducting the first modern exploration of
the Reedy Creek Goldfield, which included various geochemical
sampling programs in preparation of drilling that has now
commenced. The high grade assays, previously reported by
Fosterville South, in drill hole RWR13 (11 metres at 31.34 grams
per tonne gold including 4 metres at 80.05 g/t gold) are from an
area of the goldfield that has been the subject of no historic
drilling and no mining. The gold mineralization intersected in the
drilling is present as a zone of significant quartz veining with
fine grained disseminated stibnite and pyrite.
As described in Fosterville South News Release dated
August 9, 2021, the 11-metre
intercept uses a 0.5 g/t Au cut-off grade and carry a maximum
two m of internal waste, while the
higher-grade included intercept of four
m uses a 40 g/t Au cut-off grade and no internal waste
parameter. True widths are not known and the intersected
mineralisation has no apparent outcrop. Additional drilling is
required to determine true widths. The assays are not capped.
Co-ordinates are Australian projection MGA94 zone 55.
The Fosterville South drill program at Reedy Creek commenced
after the team negotiated and then signed seven separate access
agreements, while garnering strong community support for this
exploration effort. All this planned drilling is on private
properties, which facilitates a streamlined drill program process
once agreements are in place.
The Reedy Creek goldfield, which forms part of the Providence project, 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 ounces at 26.8 grams per tonne gold.
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 ICP or 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,
Providence 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.