Highlights:
- 11m at 31.34 g/t Gold
including 4m at 80.05 g/t Gold in
Drill Hole RWR13
- this drilling program is the first modern exploration
conducted in the Reedy Creek Goldfield, which is part of the
Providence Project
- the intercept was drilled into a significant geochemical
anomaly within one of two ridge targets that are the focus of this
initial drilling at Reedy Creek
VANCOUVER, BC, Aug. 9, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTCQX: FSXLF) (Germany: 4TU)
is pleased to report that initial drilling at the Reedy Creek
goldfield within the Providence Project in Victoria,
Australia has returned high-grade
gold assays during reconnaissance reverse circulation drilling of a
previously undrilled geochemical anomaly located within one of two
ridge targets recently identified by the Company.
Fosterville South is conducting the first modern exploration of
the Reedy Creek Goldfield, which has included various geochemical
sampling programs in preparation of drilling that has now
commenced. These assays reported today in Drill Hole RWR13
(11m at 31.34 g/t Gold including
4m at 80.05 g/t Gold) are from an
area of the goldfield that has been the subject of no historic
drilling. The gold mineralisation intersected in the drilling is
present as a zone of significant quartz veining with fine grained
disseminated stibnite and pyrite. The strike and dip of the
mineralised intercept is not yet known, and further drilling is
planned in the coming weeks.
The Fosterville South drill program at Reedy Creek has been
underway for the past three weeks and commenced after the team
negotiated and then signed 7 separate access agreements, while
garnering strong community support for this exploration
effort. All this planned drilling is on private properties,
which facilitates a streamlined drill program process once
agreements are in place.
The initial 25 drill-hole program will total approximately 2,250
metres and is initially focussed on two ridge targets with
extensive geochemical anomalies established by Fosterville South
fieldwork together with associated various historic workings. In
preparation of drilling, a sampling program was completed, which
returned multiple high-grade assay results (see Fosterville South
News Release dated July 29, 2021 for
details).
The Reedy Creek goldfield, which forms part of the Providence
Project (see Figure 2), occurs in the Melbourne zone and has a history of gold
production from epizonal quartz veins, despite no drilling within
the central goldfield apart from two vertical drill holes completed
in the mid-1890s. While there has been no modern exploration at
Reedy Creek, historical gold production reported at Reedy Creek is
43,489 tons for 39,223 ounces at 26.8 grams per tonne gold.
Drill Results and Intercepts:
HoleID
|
East
|
North
|
Azimuth
(deg.)
|
Dip (deg.)
|
From (m)
|
To (m)
|
Downhole Interval
(m)
|
Au g/t
|
Cut-off Au
g/t
|
RWR13
|
335122
|
5873520
|
220
|
-55
|
68
|
79
|
11
|
31.34
|
0.5
|
includes
|
|
|
|
|
70
|
74
|
4
|
80.05
|
40
|
The 11m intercept uses a 0.5 g/t
Au cut-off grade and carry a maximum 2m of internal
waste, while the higher-grade included intercept of 4m uses a 40 g/t Au cut-off grade and no internal
waste parameter. True widths are not known. Additional drilling is
required to determine true widths. The assays are not capped.
Coordinates are Australian projection MGA94 zone 55.
Chief Operating Officer and Director, Rex Motton states, "To
have a lengthy intercept of high-grade gold at the start of our
first reconnaissance drill program at the Reedy Creek goldfield is
very exciting for our seasoned technical team. As we see it, the
Providence Project has excellent potential for various high-grade
gold deposits. Our results from drilling into recently
developed geochemical anomalies at Reedy Creek is excellent early
evidence of the potential of the Providence Project. We look
forward to further follow up drilling of these geochemical targets
as well as of old gold workings present within the project in the
coming months."
Quality Assurance / Quality Control
All assays were subject to quality control measures appropriate
for reconnaissance rock chip sampling 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.