VANCOUVER, BC, Sept. 3, 2020 /CNW/ - Fosterville South
Exploration ("Fosterville South") or (the "Company") (TSXV: FSX)
(OTCQX: FSXLF) (Germany: 4TU) has
intersected long intervals of excellent gold mineralisation in
multiple drill holes from ongoing core drilling at its Golden
Mountain Project in Victoria,
Australia.
Highlights:
- Drill hole GMDH0030 records 27.6 metres at 6.7 g/t Au
including 8.0 metres at 11.9 g/t Au
- Drill hole GMDH0031 records 29.0 metres at 2.2 g/t Au
including 6.0 metres at 5.3 g/t Au
- Drill hole GMDH0032 records 60.8 metres at 2.5 g/t Au
including 5.0 metres at 4.5 g/t Au, including 3.7 metres at 4.9 g/t
Au and including 3.8 metres at 4.3 g/t Au
- Appoints Victoria,
Australia based Ms. Liza
Gazis to the Board of Directors
These results confirm and expand the known mineralised footprint
at Golden Mountain, which remains open at depth and open along
strike, particularly as our interpretation of the previous drilling
is proving to be very reliable. Every core drill hole completed by
Fosterville South to date has intersected gold mineralisation and
drilling is ongoing. Two core drill rigs are in operation at Golden
Mountain currently and additional assays, from recently drilled
infill and expansion holes, are expected imminently.
The plan, long section and cross section of Golden Mountain are
provided and show examples of the complex historic drill pattern,
which have aided us in developing a working model and is bearing
excellent results. This now gives us confidence to drill deeper at
all three target areas.
Fosterville South COO Rex Motton, states, "Drilling to date
at Golden Mountain has returned multiple holes with long intervals
of excellent gold mineralisation. Now, as we continue to expand the
footprint, the potential for size, volume and continuity is
becoming more and more apparent. We are moving toward further
deeper drilling on both the E-W zone and the Main Central Zone.
More results from the ongoing confirmation, expansion and
exploration drilling are expected in the coming days and we look
forward to keeping investors up to date as we advance
onsite."
Additionally, Fosterville South Exploration is pleased to
announce the appointment of Ms Liza
Gazis to the Board of Directors.
Ms. Gazis is a mining industry consultant with over 30 years of
experience with specific expertise in GIS and tenement
management. Among other significant corporate assignments
with organizations such as Pasminco, Gold Mines of Australia, Geological Survey of Victoria, BHP Petroleum, and Victorian Mines
Department, Ms. Gazis has had a long-standing involvement with
the Fosterville Mine since its start up in 1989-1990.
Fosterville South Chairman James
Hutton states, "Liza brings a wealth of knowledge and
experience in Victoria to the
board of Fosterville South and we look forward to her contributions
as a Director, which we believe will be significant and
impactful."
Ms. Gazis states "I am pleased to be joining the board of
Fosterville South. These properties have outstanding exploration
and development potential and, in my opinion, represent the best
land package of gold exploration assets and historical mines
assembled in Victoria during the
last few decades. Fosterville South has a remarkable first mover
exploration advantage in Victoria
and I look forward to working with the team moving
forward."
Drill Results and Intercepts:
Table 1. (Core Drill Results and Intercepts – Golden
Mountain)
HoleID
|
East
|
North
|
Azimuth
|
Dip
|
From
|
To
|
Interval
|
Au g/t
|
End of
Hole
|
GMDH30
|
400302
|
5912018
|
193.2
|
-47.9
|
59
|
86.6
|
27.6
|
6.7
|
87.4*
|
Includes
|
|
|
|
|
71
|
79
|
8.0
|
11.9
|
|
GMDH31
|
400318.8
|
5911928
|
276
|
-70
|
185
|
214
|
29.0
|
2.2
|
250
|
Includes
|
|
|
|
|
194
|
200
|
6.0
|
5.3
|
|
GMDH32
|
400302
|
5912017
|
190
|
-50
|
54
|
115
|
60.8
|
2.5
|
230
|
Includes
|
|
|
|
|
72
|
77
|
5.0
|
4.5
|
|
|
|
|
|
|
80
|
83.7
|
3.7
|
4.9
|
|
|
|
|
|
|
90.8
|
94.6
|
3.8
|
4.3
|
|
*Abandoned in old
workings
|
The longer composite intercepts use a 0.5 g/t Au cut-off grade
and carry a maximum 2m of internal
waste. For the higher-grade intercepts, a 3 g/t cut-off grade is
used except for GMDH30 which uses an 8g/t cut-off and still with a
maximum 2m internal waste. For the
Golden Mountain central vertical mineralised zone, the true widths
for GMD31 is approximately half of
the down hole intervals presented in the table. The assays are not
capped. All drill core is HQ in size
Quality Assurance / Quality Control
All assays were subject to quality control measures appropriate
for diamond core type drilling with duplicates, blanks and
commercially available standards. 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 with the expected results from the samples
submitted.
While Fosterville South continues drilling at Golden Mountain,
the company is also preparing various areas at Lauriston for
diamond drilling through data compilation, soil sampling and scout
percussion drilling and is also compiling and modelling a large
database of historical information from the Walhalla Belt Project
and is advancing the previously announced Spinco/Leviathan Gold
transaction, through which every Fosterville South shareholder will
receive 1 (one) share of Leviathan Gold for every share of
Fosterville South that they own at the time of a to be announced
Effective Date, as previously defined in company disclosure.
About Fosterville South Exploration Ltd.
Fosterville South has two large, 100% owned, high-grade epizonal
& mesozonal gold projects called the Lauriston and Golden
Mountain Projects, a large group of tenement applications called
the Providence Project and a large group of recently consolidated
tenement applications called the Walhalla Belt Project, all in the
state of Victoria, Australia.
The Fosterville South land packaged, 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 tenements.
Additionally, Fosterville South recently acquired three
gold-focused projects called the Moormbool, Timor and Avoca
Projects, which are also located in the state of Victoria,
Australia.
Six of Fosterville South's properties
(Lauriston, Providence, Golden Mountain, Timor, Avoca and
Walhalla Belt) 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, P. Geo., 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 proposed
exploration and development activities on is Lauriston and Golden
Mountain 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.