Highlights:
- 8.6m at 5.22 g/t Gold from
194.6m, including 3.6m at 10.72 g/t Gold from 196.8m, in diamond drill hole HBDH001
- Rock chip assays from numerous gold prospects yielding gold
grades including 38.7 g/t Gold
- Fosterville South now actively drilling at Reedy Creek
(Providence Project), Enoch's Point (Walhalla Gold Belt Project)
and Homeward Bound (Beechworth Gold Project).
VANCOUVER, BC, Oct. 15, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTCQX: FSXLF) (Germany: 4TU)
is pleased to report that initial diamond drilling at the Homeward
Bound prospect within the Beechworth Gold Project in Victoria,
Australia has returned strong
grade gold assays.
Initial Diamond Drill Results at Beechworth Gold
Project
Fosterville South's initial diamond drill hole, HBDH001,
intersected 8.6m at 5.22 g/t Gold
from 194.6m, including 3.6m at 10.72 g/t Gold from 196.8m at the Homeward Bound prospect located
at Hillsborough within the
Beechworth Gold Project.
Drill hole HBDH001 did not proceed below 203m as it intersected old workings. As
Fosterville South anticipated mineralization below this point, a
second diamond drill hole, HBDH002, commenced approximately
40m below HBDH001. HBDH002
appears to have intersected two separate zones of intense
silicification with significant arsenopyrite, similar to the gold
mineralisation present in HBDH001. Assay results for HBDH002
are pending.
The Homeward Bound prospect is in the Hillsborough goldfield, which forms part of
the Beechworth Gold Project, occurring in the Tabberabbera Zone on
the eastern margin with the Omeo Zones of the Lachlan Fold Belt
in Victoria. Several key gold prospects and associated
fault structures have been identified within the Beechworth Gold
Project based upon extensive geochemical sampling, geological &
LIDAR mapping and limited 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). Mineralisation is typical of mesozonal
orogenic gold deposits.
Table 1: Drill Results and Intercepts:
Hole ID
|
East
|
North
|
Azimuth
(deg.)
|
Dip (deg.)
|
From (m)
|
To (m)
|
Downhole
Interval
(m)
|
Au g/t
|
Cut-off
grade Au g/t
|
Hole Type
|
HBD001
|
484851
|
5971313
|
113
|
-70
|
194.6
|
203.2
|
8.6
|
5.22
|
0.4
|
Diamond
|
Includes
|
|
|
|
|
196.8
|
200.4
|
3.6
|
10.72
|
1.0
|
Diamond
|
The intercept cut-off grades are shown in the table and they use
a maximum internal waste of 1m. True
width is estimated at 4.9m for the
longer intercept. The assays are not capped. Coordinates are
Australian projection MGA94 Zone 55.
Sampling Program at Beechworth Project
In preparation for drilling, Fosterville South carried out an
extensive reconnaissance rock chip sampling program covering the
entire Beechworth Gold Project. The program was a follow up on
anomalies identified in the extensive rock and soil sampling
program announced on June 29,
2021. The samples targeted quartz veining from outcrops,
float and mine waste dumps on the Beechworth Gold
Project.
Table 2: Summary of Key Rock Chip Sample Results:
Sample ID
|
East
|
North
|
Au g/t
|
Prospect at
Beechworth
|
CR28017
|
476688
|
5969575
|
2.43
|
Snowball
|
CR28018
|
476671
|
5969592
|
7.61
|
Snowball
|
CR28029
|
476637
|
5971219
|
14.2
|
Sore
Leg
|
CR28043
|
476196
|
5970177
|
38.67
|
Perseverance
|
CR28067
|
475232
|
5971110
|
3.76
|
Golden Bar
|
CR28082
|
484471
|
5971891
|
9.74
|
Prince of
Wales
|
CR28083
|
484530
|
5971958
|
2.00
|
Brunton's
|
CR28087
|
484027
|
5972768
|
21.0
|
Markham
|
CR28093
|
478698
|
5976022
|
11.5
|
Wallaby
|
CR28098
|
478760
|
5975936
|
2.44
|
Marco Polo
|
CR28106
|
478925
|
5975675
|
2.60
|
Rechabite
|
CR28111
|
478139
|
5976447
|
2.15
|
Kerry
Eagle
|
CR28114
|
478118
|
5976589
|
2.04
|
Kerry
Eagle
|
CR28125
|
478586
|
5976363
|
25.6
|
Allot's
|
CR28304
|
476199
|
5970175
|
32.7
|
Perseverance
|
CR28323
|
476744
|
5969660
|
4.61
|
Snowball
|
CR28336
|
482462
|
5974864
|
20.1
|
Bangor
|
CR28338
|
482454
|
5974939
|
5.52
|
Bangor
|
CR28343
|
482883
|
5974571
|
19.0
|
Comasino
|
CR28345
|
482877
|
5974770
|
2.05
|
Comasino
|
CR28347
|
482857
|
5974415
|
8.39
|
Comasino
|
CR29272
|
482953
|
5974409
|
5
|
Pride
|
CR29277
|
482959
|
5974157
|
5.29
|
Pride
|
CR29278
|
482931
|
5974992
|
10.9
|
Pride
|
CR29280
|
482897
|
5974906
|
3.28
|
Comasino
|
CR29286
|
482681
|
5974158
|
13.9
|
Crawford &
Folster
|
CR29293
|
478203
|
5976592
|
2.02
|
Kerry
Eagle
|
CR29294
|
478168
|
5976548
|
5.58
|
Kerry
Eagle
|
CR29295
|
478098
|
5976661
|
2.79
|
Kerry
Eagle
|
CR29300
|
478475
|
5976268
|
11.5
|
Golden
Hope
|
Drilling Activities on Three Gold Projects
Fosterville South is pleased to report that it is now
concurrently carrying out drilling activities on three (3) gold
projects: Reedy Creek (Providence Project), Enoch's Point (Walhalla
Gold Belt Project) and Homeward Bound (Beechworth Gold
Project).
At Reedy Creek (Providence Project), Fosterville South has
commenced diamond drilling at the United Reef and, thereafter, will
commence diamond drilling at the Prince of Wales Reef. These
prospects contain significant old gold workings within extensive
anomalous Au-Sb-As geochemical soil trends. After the initial
drilling is completed at Prince of Wales Reef, Fosterville South
will continue to focus on the discovery hole RWR13 (11m at 31.34 g/t Gold including 4m at 80.05 g/t Gold from 68m) and the recently announced high-grade
intercept from diamond drill hole RWD01 (0.7m at 238.1 g/t Gold from 68.70m and 0.80m at
22.5 g/t Gold from 40.80m).
Detailed geological mapping and sampling is continuing in support
of the drilling program.
Diamond drilling has commenced at the Big River Au-Sb prospect
in the Enoch's Point area. The Big River Au-Sb Prospect is
hosted by Siluro-Devonian folded and faulted sediments and occurs
in close proximity to the Jerusalem Inlet Fault, which is part of
the Enoch's Point Thrust Fault Zone. This fault zone extends
for approximately 85km through much of the Fosterville South (45km)
tenure and beyond. The Big River prospect was worked in the 1960s
for high grade stibnite concentrate from a single adit of
58m in length working epizonal quartz
veins. A soil geochemical program was conducted at the Big River
Antimony Mine, which outlined an area of As-Sb pXRF soil anomalism
covering strike length of 3.2km and up to 600m wide. Follow up gold assaying of the soil
samples confirmed that the Big River prospect is Au-As-Sb anomalous
especially within an 850m by
450m central anomaly, including the
old workings, epizonal quartz veins and zones of sulphide
mineralised felspar porphyry dykes. Initially two diamond drill
holes across the anomalous zone are being conducted.
Reverse circulation drilling is ongoing at the Beechworth Gold
Project, which has been initially focused on the Hillsborough
Goldfield. Fosterville South recently obtained a new permit
to add an additional 40 drill pads and will continue to actively
drill over prospective gold geochemically anomalous zones. The new
permit allows for scout drilling at various locations within the
Stanley State Forest as a follow up to the soil and rock chip
sampling at these various prospects.
Chief Operating Officer, Rex Motton, states, "With multiple
drill permits in hand and significant fieldwork completed to vector
in on key drilling targets, drilling is now ramping up on multiple
high priority projects. Fosterville South is well financed and in a
strong position to accelerate drilling and we look forward to
increasing assay data flow from this work on site. "
Quality Assurance / Quality Control
All assays were subject to quality control measures appropriate
for diamond core and reverse circular drilling 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.