Highlights:
- Strong gold assay of 2m at
174.42 g/t Gold including 1m at 348
g/t Gold in reverse circulation drill hole TRC02
- High-grade results are shallow and from the most easterly
holes drilled to date at Thompson Reef.
- Assays pending from additional holes including from multiple
holes at Reedy Creek Target within the Providence Project
VANCOUVER, BC, April 27,
2022 /CNW/ - Fosterville South Exploration Ltd.
("Fosterville South") or (the "Company") (TSXV: FSX) (OTCQX: FSXLF)
(Germany: 4TU) is pleased to
report that the maiden percussion drilling program at Thompson Reef
and Prince of Wales Reef within the Reedy Creek target of the
Providence Project in Victoria,
Australia has returned strong gold grades. Additional
assays are pending from drilling at high priority gold targets at
Reedy Creek.
Fosterville South intersected high-grade Gold in its reverse
circulation drill program at Thompson Reef that forms part of the
Reedy Creek Target, Providence Project (see Figure 1).
Reverse circulation drill hole TRC02 encountered 2m at 174.42 g/t Gold from 23m including 1m at
348 g/t Gold from 24m. Four
reverse circulation holes (TRC01 to 04) were drilled over a strike
length of 130 meters.
To the northwest of the high-grade discovery hole at Weineroider
Ridge, also at Reedy Creek, the Prince of Wales Reef was reverse
circulation drilled over a strike length of 300m in 6 holes. Drillhole PWR01 returned
6m at 2.98 g/t Gold from 53m, including 2m
at 7.58 g/t Gold; drillhole PWR02 returned 1m at 19.5 g/t Gold from 22.0m prior to intersecting a 9-meter (downhole
width) stope; and reverse circulation hole PWR04 returned
3m at 4.81 g/t Au from 12m and 6m at 1.51
g/t from 51m. Drillhole PWR06 was
abandoned in mineralisation due to drilling difficulties. The
Prince of Wales Reef is a fault zone composed of brecciated
sediments which was historically mined up to 10 meters wide in
shallow open cut operations. Drilling to date has shown parallel
zones of mineralisation occur within an overall package of up to 20
meters wide.
Diamond and reverse circulation drilling continue to focus
expanding mineralization near 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) at
Weineroider Ridge.
Fosterville South COO and Director, Rex Motton, states,
"Fosterville South continues to operate multiple drill rigs on
different projects within the large 4,000 sq km land package we
have assembled over a multi-year period. After extensive fieldwork
to identify priority targets, the reconnaissance drilling to date
has further assisted in prioritizing our target database. Assay
results from several high priority areas are now pending.
The Reedy Creek goldfield, described in today's news, is now
yielding high grade intercepts at a number of prospects with more
targets yet to be drilled. As an example, the Doyle's/Langridge
prospect was the largest high-grade producer and is slated for near
term drilling. The entire field is looking very
promising."
Table 1: Reedy Creek (Thompson
Reef and Prince of Wales) Drill Results and Intercepts:
Hole ID
|
East
|
North
|
Azimuth
(deg.)
|
Dip
(deg.)
|
From
(m)
|
To
(m)
|
Downhole
Interval
(m)
|
True
Width
(m)
|
Au g/t
|
Cut-
off
grade
|
Hole
Type
|
Au
g/t
|
THOMPSON
REEF
|
TRC02
|
335642
|
5872883
|
25
|
-60
|
23
|
25
|
2
|
1.5
|
174.42
|
0.5
|
RC
|
Including
|
|
|
|
|
24
|
25
|
1
|
0.8
|
348.00
|
1.0
|
RC
|
TRC04
|
335622
|
5872896
|
25
|
-60
|
19
|
23
|
4
|
ND
|
0.90
|
0.5
|
RC
|
TRD02
|
335486
|
5872943
|
50
|
-75
|
100.3
|
100.5
|
0.2
|
0.1
|
21.60
|
0.5
|
Diamond
|
PRINCE OF WALES
REEF
|
PWR01
|
334812
|
5874137
|
90.0
|
-70.0
|
47
|
59
|
12
|
9.3
|
1.66
|
0.3
|
RC
|
Including
|
|
|
|
|
53
|
54
|
2
|
1.5
|
7.58
|
1.0
|
RC
|
PWR02
|
334838
|
5874041
|
90.0
|
-70.0
|
22
|
23
|
1
|
ND
|
19.5
|
0.5
|
RC
|
PWR04
|
334838
|
5874041
|
90.0
|
-90.0
|
12
|
15
|
3
|
1.2
|
4.81
|
0.5
|
RC
|
And
|
|
|
|
|
51
|
57
|
6
|
3.5
|
1.98
|
0.5
|
RC
|
PWR05
|
334882
|
5873883
|
90
|
-80
|
22
|
23
|
1
|
0.6
|
1.77
|
1.0
|
RC
|
PWR06
|
334820
|
5874132
|
88.5
|
-52.8
|
33
|
35
|
2
|
ND
|
1.56
|
0.5
|
RC
|
The intercept cut-off grades are shown in the table, and they
use a maximum internal waste of 2m.
True widths are shown for prospects that have sufficient
information otherwise not determined (ND). The assays are not
capped. Coordinates are Australian projection MGA94 Zone 55.
Reverse circulation drill holes TRC01, TRC03, PWR03 & PWR05 did
not contain significant gold mineralization. Drillhole TRC01 failed
to reach the mineralised zone and PWR06 was abandoned in the
mineralised zone due to drilling difficulties.
In addition to Reedy Creek, Providence Project, assays from
drilling on multiple other prospects are currently pending and
drilling is ongoing. Drilling at the Doyle's-Langridge prospect,
which forms part of the Reedy Creek Target, Providence Project,
will begin as soon as possible now that all drill permits are
approved.
Quality Assurance / Quality
Control
All assays were subject to quality control measures appropriate
for reverse circulation 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.