VANCOUVER, BC, Dec. 18, 2020 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTC: FSXLF) (Germany: 4TU)
is pleased to report new gold assay results from the ongoing drill
program at its Golden Mountain Project in Victoria, Australia.
Multiple holes being reported today intersected long intervals
of strong gold mineralisation, including GMDH 45 which returned
55.1 metres at 3.06 g/t Au, including 15.9 metres at 6.93 g/t Au in
the deepest hole drilled to date in the N-S zone (see Table 1 for
details of the assay results including collar locations and
horizontal widths).
The N-S zone is open at depth and open along strike.
Rex Motton, Chief Operating Officer and Director, states,
"Drilling at Golden Mountain continues to intersect strong gold
grades over lengthy intervals with excellent distribution of grade
throughout the system. These assay results continue to demonstrate
the potential for grade, size and continuity."
Fosterville South is awaiting assays on 11 additional holes
drilled at Golden Mountain. Assays pending
include four diamond drill holes from the southern part of the N-S
zone and seven RC scout holes that were drilled at various
extensional targets to the Golden Mountain mineralisation.
Fosterville South is well capitalized to fund its growing
exploration platform in Victoria,
Australia with a strong balance sheet and more than
$30 million cash on hand. This will
allow Fosterville South to fund a systematic approach to
un-explored prior high-grade production at Lauriston, Providence, Beechworth, Moormbool and the
Woods-Walhalla belt.
At Golden Mountain, the geological interpretation of the central
mineralisation as a north-south striking near vertical fault zone
(N-S zone) is confirmed, with east-west faults and intrusive
granitic dyke swarms (E-W zone) adding further zones of
mineralisation. The east-west striking granitic dyke swarm (E-W
zone) is located on or near the Strathbogie granite contact, with
mapping and geochemical sampling indicating this zone is about 1km
in length. Within the central part of the N-S zone, a
fault-controlled extension to the gold mineralisation in the south
west (Southwest Fault) is now recognised, apart from the southern
extension of the N-S zone as well. The intersection of the
Southwest Fault with the main N-S zone causes a wide zone of
fracturing and gold mineralisation. As part of this 3D structural
interpretation process all drill core is using oriented core
techniques.
Core Drill Results and Intercepts:
Table 1. (Core Drill Results and Intercepts – Golden
Mountain)
HoleID
|
East
|
North
|
Azimuth
(deg.)
|
Dip (deg.)
|
From (m)
|
To (m)
|
Downhole
Interval
(m)
|
Horiz.
Width
(m)
|
Au g/t
|
Cut-
off
Au
g/t
|
GMDH37
|
400315
|
5911920
|
270
|
-70
|
153.7
|
195.0
|
41.3
|
16.3
|
2.36
|
0.5
|
GMDH38
|
400300
|
5911930
|
280
|
-45
|
22.0
|
30.0
|
8.0
|
5.8
|
1.67
|
0.5
|
GMDH38
|
|
|
|
|
69.0
|
87.0
|
18.0
|
12.9
|
1.61
|
0.5
|
GMDH40
|
400302
|
5912918
|
361
|
-65
|
134.0
|
141.0
|
7.0
|
3.1
|
1.3
|
0.5
|
GMDH41
|
400302
|
5912018
|
316
|
-65
|
24.0
|
42.0
|
17.0
|
7.2
|
0.67
|
0.5
|
GMDH42
|
400304
|
5911985
|
295
|
-75
|
114.0
|
126.7
|
12.7
|
3.7
|
1.33
|
0.5
|
GMDH43
|
400320
|
5911927
|
280
|
-75
|
205.0
|
241.2
|
36.2
|
11.8
|
1.9
|
0.5
|
Includes
|
|
|
|
225.7
|
241.2
|
15.5
|
5.1
|
3.47
|
0.5
|
Includes
|
|
|
|
225.7
|
232.8
|
7.1
|
2.3
|
4.93
|
2.0
|
and
|
|
|
|
238.4
|
240.6
|
2.2
|
0.7
|
6.48
|
0.5
|
GMDH43
|
(NQ)
|
|
|
|
340.0
|
343.0
|
3.0
|
1
|
6.08
|
2.0
|
GMDH44
|
400320
|
5911927
|
295
|
-65
|
114.7
|
126.9
|
12.2
|
6.1
|
3.35
|
0.5
|
Includes
|
|
|
|
114.7
|
119.9
|
5.2
|
2.6
|
5.12
|
2.0
|
GMDH44
|
|
|
|
|
149.5
|
152.4
|
2.9
|
1.5
|
4.97
|
0.5
|
GMDH45
|
400335
|
5911984
|
270
|
-77
|
198.3
|
207.0
|
8.7
|
2.3
|
1.49
|
0.5
|
GMDH45
|
|
|
|
|
210.0
|
266.8
|
55.1
|
14.5
|
3.06
|
0.5
|
Includes
|
|
|
|
219.1
|
235.0
|
15.9
|
4.2
|
6.93
|
2.0
|
and
|
|
|
|
237.4
|
240.0
|
2.7
|
0.7
|
5.26
|
2.0
|
and
|
|
|
|
251.0
|
258.0
|
7.0
|
1.8
|
2.38
|
2.0
|
The wider composite intercepts use a 0.5 g/t Au cut-off grade
and carry a maximum 2m of internal
waste, while the higher-grade included intercepts use a 2 g/t Au
cut-off grade and same internal waste parameter. Horizontal
mineralised widths are shown to indicate widths for subvertical
mineralisation at various strike orientations. Additional drilling
is required to determine true widths as hole cuts across zone at an
oblique angle and the effects of post mineral faulting may
occur. The assays are not capped. All drill core assays are
from HQ sized core, except GMDH43 which was drilled NQ from
252.8m depth as noted in the
table.
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 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 has 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.
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 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.