VANCOUVER, BC, Jan. 5, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (FSX –
TSXV, FSXLF – OTC, 4TU – Germany)
is pleased to announce it has commenced drilling at its
Lauriston Gold project, located in
Victoria, Australia.
Highlights:
- Lauriston is immediately south of and contiguous with
Kirkland Lake Gold's Fosterville
Mine tenements
- 600 sq km project with excellent structural setting and
significant historic high-grade gold production reported despite
lack of modern exploration and drilling
- initially a 2-drill rig program
Lauriston is an epizonal gold-antimony-arsenic mineralised
project, which has the best potential to be the southern extension
of the Fosterfield Goldfield Belt, outside of Kirkland Lake Gold's tenements. The Redesdale,
Whitelaw and Taradale Faults
intersect Lauriston, although some areas are masked by
a thin younger basalt cover, leaving these particular areas
on the property never explored.
The assembly of Lauriston was a multi-year process, commencing
in early 2017, long before the current land rush now taking place
in Victoria.
Fosterville South's planned 5,120 metre reconnaissance drill
program at the Lauriston Project will focus on the high-grade
epizonal and mesozonal prospects that have recorded historical
high-grade gold production.
Drilling will consist of 64 holes averaging 80m depth and targeting four (4) separate
prospects all held on private property. One reverse circulation
drill rig is operational onsite now with a second drill rig (a
diamond drill) targeted to commence drilling later this week.
Additional to this now underway drill program, plans are being
designed for a further three (3) prospects within the Lauriston
property with a similar level of drilling commitment.
While drilling has now started at Lauriston, Fosterville South
is also awaiting assay results from 11 holes recently completed
drill holes at the Golden Mountain project, where drilling to date
has intersected strong gold grades over lengthy intervals with
excellent distribution of grade throughout the system.
*The mineralization at the Fosterville Mine is not
necessarily indicative of mineralization on the Lauriston
Project.
About Fosterville South Exploration Ltd.
Fosterville South began with two, 100% owned, high-grade gold
projects called the Lauriston and Golden Mountain, 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 related gold
mineralisation.
All of Fosterville South's properties, with the 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/fosterville-south-commences-drilling-at-lauriston-project-301200785.html
SOURCE Fosterville South Exploration Ltd.