VANCOUVER, BC, Aug. 5, 2022
/CNW/ - Fosterville South Exploration Ltd. ("Fosterville South") or
(the "Company") (TSXV: FSX) (OTCQX: FSXLF) (Germany: 4TU) reports gold assay results from
drilling at the Comet-New Trojan prospect at the Lauriston Project,
Golden Mountain Project and Providence Project. Gold assays
received included 13.4m of 2.08
g/t Gold from 288.1m in
diamond drill hole GMDH55 at Golden Mountain and 9m at 1.35 g/t Gold from 58m in reverse circulation hole CRC15 at the Comet prospect (Lauriston Gold
Project).
Assays at Comet-New Trojan on
Lauriston Gold Project
Fosterville South received gold assays from its drill program of
the New Trojan and Comet prospects at the Lauriston Project. The
drill program at these prospects was designed to test for shallow
gold mineralization based upon soil geochemistry and sporadic minor
old gold workings.
At the Comet prospect drilling covered a strike length of 300
meters. The results included reverse circulation hole
CRC09 that intersected 11m at 0.96 g/t Gold from 41m and reverse circulation hole CRC15 that intersected 9m at 1.35 g/t Gold from 58m. Drill permits are pending for the
northern part of this prospect. A significant number of drill holes
at the Comet prospect intersected gold mineralization (see Table
1).
At the New Trojan Prospect, which is 2.5 kilometers to the north
of the Comet prospect, the drill program consisted of an initial
ten reverse circulation holes to test various shallow gold workings
and anomalous soil geochemistry. Reverse circulation hole TR05
intersected 11m at 0.79 g/t Gold from
27m and reverse circulation hole TR10
intersected 6m at 0.94 g/t Gold from
27m. Similar to the Comet
prospect, a significant portion of the drill holes intersected gold
mineralization. A follow up program of an additional four reverse
circulation holes was completed to test mineralization at a deeper
level and further south for which assays remain pending. Overall,
this program has covered a strike length of 700 meters, with the
initial access restricted by the hilly terrain and weather
conditions.
At the North New Trojan Prospect, which is 1.4 kilometers to the
north of the New Trojan Prospect, the drill program consisted of an
initial three reverse circulation holes to test 200m of strike length of anomalous soil
geochemistry. Reverse circulation hole NNT03 intersected
2m at 2.04 g/t Gold from 60m. Access to the main section of the North New
Trojan prospect for further drilling awaits the government drilling
Work Plan approval, which also includes the strike interval between
here and New Trojan prospect to the south.
At all the prospects, the soil geochemistry and drill results
indicate that the gold mineralization has a 'pinch and swell'
nature along strike. The cause of this phenomenon is yet to be
established but it does suggest that there are individual gold
shoots that are structurally controlled within the overall fault
zones.
Fosterville South has drilled a total of three diamond drill
holes totalling 748.6 meters and fourteen reverse circulation holes
totalling 1248 metres at the Comet prospect. At the New
Trojan prospect, Fosterville South has drilled a total of fifteen
reverse circulation holes totalling 1328 metres. At the North New
Trojan prospect three reverse circulation holes totalling 269
meters were drilled. Assays are pending for one hole for the Comet
drill program and four holes at the New Trojan drill program.
Assays at Golden Mountain
Project
At the Golden Mountain Project, access has been granted for
drilling from the eastern side further down the valley which allows
for deeper drilling of the main prospect. The current drill program
is designed to test down dip extensions of mineralization from the
previous GMDH45 that intersected 55.1m at 3.1g/t from 210m (see news release dated December 18, 2020). Previously unreported
drilling from July 2021 includes
GMDH53 with a broad zone of low-grade gold mineralization from
354.75 to 409 meters and including 12m of 1.32 g/t Gold from 397m. This drill intersection is north of and
deeper than GMDH45. More recently, diamond drill hole GMDH55
intersected 13.4m of 2.08 g/t Gold
from 288.1m and diamond drill
hole GMDH56 intersected 13m at
1.03 g/t Gold from 221m.
Currently, Fosterville South has drilled a total of three diamond
drill holes totalling 990.4 meters in this latest program.
Assays are being reported for two of the three diamond drill holes
with complete assays pending for the third hole. Drilling is
ongoing at Golden Mountain to test the potential for high-grade
gold mineralization at depth.
A program of deep RC drilling is scheduled for August 2022 targeting the northern part of the
main North-South zone as well as the granite contact area to
explore for extensions to known gold mineralization.
Assays at Providence
Project
At the Big Ben mine site, 6 holes were drilled for 522 meters
(BBM series), results included reverse circulation hole BBM04
intersected 21m at 0.82 g/t Gold from
23m and BBM05 intersected
15m at 0.73 g/t Gold from
54m. Drilling confirmed a gold
mineralized steeply west dipping, weakly quartz veined, pyritic
brecciated siltstone-sandstone host rock. Additional shallow
reverse circulation drilling will be required to continue to
confirm stockwork epizonal gold mineralization which is open in all
directions. Further drilling is ongoing at Big Ben mine area.
Assays are pending for four additional reverse circulation holes
totalling 360m.
Within the Big Ben Prospect Area, Fosterville South carried out
15 reverse circulation holes (BB series) for a total of 1266
meters. The scout drilling program was designed to test for
epizonal, and intrusion related gold mineralization associated with
various soil geochemical anomalies and small-scale gold workings in
the area. Several holes returned elevated gold values over
narrow widths.
Beechworth Gold Project
Exploration
Permits for further drilling have been received for the
Hillsborough prospects located
within the Beechworth gold project. Two reverse circulation
percussion drill programs will be implemented during August 2022. One program is aimed at follow-up
deep drilling of the Homeward Bound prospect where the 2021
drilling of HBDH01 intersected 8.6m of 5.2 g/t gold from 194.6m and HBRC21 intersected 8.0m of 3.8 g/t from 202m (see news releases dated 15/10/2021 and 18/01/2022).
Table 1: 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
|
LAURISTON GOLD
PROJECT
|
Comet
Prospect
|
CDD01
|
263701
|
5850341
|
264.42
|
-58.5
|
|
No Significant
Mineralization
|
Diamond
|
CDD02
|
263703
|
5850344
|
299.32
|
-50
|
168.8
|
170.9
|
2.1
|
ND*
|
1
|
0.3
|
Diamond
|
And
|
|
|
|
|
203.1
|
204.1
|
1
|
ND*
|
0.41
|
0.3
|
Diamond
|
and
|
|
|
|
|
249.6
|
250.6
|
1
|
ND*
|
2.32
|
0.3
|
Diamond
|
and
|
|
|
|
|
255.7
|
257.7
|
2
|
ND*
|
1.14
|
0.3
|
Diamond
|
and
|
|
|
|
|
262.2
|
263.3
|
1.1
|
ND*
|
1.69
|
0.3
|
Diamond
|
CDD03
|
263673
|
5850291
|
242.42
|
-60.1
|
7.1
|
9.1
|
2
|
ND*
|
1.69
|
0.3
|
Diamond
|
CRC05
|
263675
|
5850346
|
277.82
|
-54.7
|
60
|
64
|
3
|
ND*
|
0.6
|
0.3
|
RC
|
CRC06
|
|
|
|
|
|
Not Drilled
|
CRC07
|
|
|
|
|
|
Not Drilled
|
CRC08
|
263582
|
5850079
|
88.92
|
-57.2
|
21
|
24
|
3
|
2.7
|
0.75
|
0.3
|
RC
|
CRC09
|
263552
|
5850089
|
89.42
|
-57.8
|
41
|
52
|
11
|
9.7
|
0.96
|
0.3
|
RC
|
CRC10
|
263572
|
5850124
|
85.02
|
-58.3
|
34
|
43
|
9
|
7.9
|
0.59
|
0.3
|
RC
|
CRC11
|
263564
|
5850166
|
83.42
|
-66
|
47
|
50
|
3
|
2.4
|
0.71
|
0.3
|
RC
|
CRC12
|
263579
|
5850210
|
76.72
|
-57.3
|
37
|
39
|
2
|
1.8
|
1.05
|
0.3
|
RC
|
and
|
|
|
|
|
45
|
47
|
2
|
1.8
|
1.78
|
0.3
|
RC
|
CRC13
|
263538
|
5850169
|
84.42
|
-52.7
|
62
|
65
|
3
|
2.8
|
1.32
|
0.3
|
RC
|
CRC14
|
263520
|
5850093
|
83.42
|
-59
|
77
|
87
|
10
|
8.7
|
0.94
|
0.3
|
RC
|
CRC15
|
263538
|
5850125
|
84.92
|
-53.1
|
58
|
67
|
9
|
8.3
|
1.35
|
0.3
|
RC
|
CRC16
|
263543
|
5850225
|
81.82
|
-53.1
|
|
No Significant
Mineralization
|
CRC17
|
|
|
|
|
|
Assays
Pending
|
New Trojan
Prospect
|
TR01
|
264040
|
5852711
|
86.02
|
-52.7
|
41
|
44
|
3
|
2.8
|
1.64
|
0.3
|
RC
|
TR02
|
264032
|
5852529
|
86.32
|
-54.1
|
60
|
63
|
3
|
2.8
|
0.73
|
0.3
|
RC
|
TR03
|
264033
|
5852595
|
88.32
|
-53.8
|
49
|
52
|
3
|
2.8
|
0.31
|
0.3
|
RC
|
and
|
|
|
|
|
55
|
60
|
5
|
4.6
|
0.90
|
0.3
|
RC
|
TR04
|
264036
|
5852639
|
89.02
|
-59.5
|
38
|
43
|
5
|
4.4
|
0.59
|
0.3
|
RC
|
and
|
|
|
|
|
49
|
51
|
2
|
1.8
|
1.31
|
0.3
|
RC
|
and
|
|
|
|
|
64
|
67
|
3
|
2.6
|
0.61
|
0.3
|
RC
|
TR05
|
264061
|
5852670
|
85.02
|
-58.3
|
27
|
38
|
11
|
9.7
|
0.79
|
0.3
|
RC
|
TR06
|
264037
|
5852663
|
77.22
|
-59.1
|
56
|
58
|
2
|
1.7
|
2.04
|
|
RC
|
TR07
|
264169
|
5852777
|
279.02
|
-53
|
|
No Significant
Mineralization
|
RC
|
TR08
|
264151
|
5852823
|
274.12
|
-53.8
|
1
|
4
|
3
|
ND*
|
0.55
|
0.3
|
RC
|
TR09
|
264080
|
5852669
|
81.02
|
-53.5
|
7
|
9
|
2
|
1.8
|
0.40
|
0.3
|
RC
|
TR10
|
264143
|
5853116
|
90.32
|
-53.5
|
27
|
33
|
6
|
5.5
|
0.94
|
0.3
|
RC
|
and
|
|
|
|
|
63
|
65
|
2
|
1.8
|
1.30
|
0.3
|
RC
|
TR11
|
264064
|
5853003
|
86.72
|
-53.1
|
74
|
76
|
2
|
1.8
|
0.40
|
0.3
|
RC
|
TR12
|
|
|
|
|
|
Not Drilled
|
RC
|
TR13, 15, 18,
19
|
|
|
|
|
Assays
Pending
|
RC
|
NNT01
|
264156
|
5854484
|
87.02
|
-52
|
|
No Significant
Mineralization
|
RC
|
NNT02
|
264142
|
5854403
|
85.62
|
-53
|
|
No Significant
Mineralization
|
RC
|
NNT03
|
264109
|
5854304
|
85.52
|
-54
|
60
|
62
|
2
|
1.8
|
2.04
|
0.3
|
RC
|
GOLDEN
MOUNTAIN
|
GMDH53
|
400163
|
5912027
|
87.86
|
-75
|
330.15
|
332.75
|
2.6
|
0.7
|
0.57
|
0.5
|
Diamond
|
and
|
|
|
|
|
347.8
|
351
|
3.2
|
0.9
|
0.69
|
0.5
|
Diamond
|
and
|
|
|
|
|
354.75
|
371
|
16.25
|
4.5
|
0.64
|
0.3
|
Diamond
|
and
|
|
|
|
|
378
|
392.9
|
14.9
|
4.1
|
0.72
|
0.3
|
Diamond
|
and
|
|
|
|
|
397
|
409
|
12
|
3.3
|
1.32
|
0.3
|
Diamond
|
GMDH54
|
400174
|
5912006
|
189.86
|
-50
|
|
No Significant
Mineralization
|
GMDH55
|
400408
|
5911969
|
266.76
|
-59.9
|
288.1
|
302.3
|
13.4
|
8.5
|
2.08
|
0.5
|
Diamond
|
GMDH56
|
400408
|
5911968
|
282.26
|
-58.5
|
221
|
234
|
13
|
7.6
|
1.03
|
0.3
|
Diamond
|
and
|
|
|
|
|
256
|
261
|
5
|
3.0
|
1.76
|
0.5
|
Diamond
|
PROVIDENCE
|
Big Ben Mine
area
|
|
|
|
|
|
|
|
|
|
|
BBM01
|
350927
|
5858743
|
272.66
|
-51.7
|
|
No Significant
Mineralization (failed to reach target zone)
|
BBM02
|
350921
|
5858775
|
269.96
|
-52.8
|
|
No Significant
Mineralization (failed to reach target zone)
|
BBM03A
|
350882
|
5858805
|
87.76
|
-53.8
|
16
|
20
|
4
|
2.3
|
1.84
|
0.3
|
RC
|
BBM04
|
350916
|
5858830
|
273.36
|
-54.1
|
23
|
44
|
21
|
13.3
|
0.82
|
0.3
|
RC
|
BBM05
|
350932
|
5858860
|
266.56
|
-52.2
|
54
|
69
|
15
|
9.2
|
0.73
|
0.3
|
RC
|
and
|
|
|
|
|
72
|
75
|
3
|
1.8
|
1.39
|
0.3
|
RC
|
Big Ben Regional
Prospects
|
BB01-BB05
|
|
|
|
|
No Significant
Mineralization
|
|
BB06
|
350642
|
5858596
|
82.86
|
-52.2
|
50
|
51
|
1
|
<1
|
2.82
|
0.3
|
RC
|
BB07
|
|
|
|
|
|
No Significant
Mineralization
|
|
BB08
|
350855
|
5859438
|
323.56
|
-54.4
|
80
|
81
|
1
|
<1
|
1.11
|
0.3
|
RC
|
BB09-BB12
|
|
|
|
|
No Significant
Mineralization
|
|
BB13
|
350853
|
5857803
|
89.86
|
-65
|
32
|
34
|
2
|
<2
|
0.70
|
0.3
|
RC
|
and
|
|
|
|
|
37
|
39
|
2
|
<2
|
0.98
|
0.3
|
RC
|
and
|
|
|
|
|
65
|
66
|
1
|
<1
|
0.92
|
0.3
|
RC
|
|
|
|
|
|
|
|
* ND Not
Determined
|
|
|
|
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.
Quality Assurance / Quality
Control
All assays were subject to quality control measures appropriate
for diamond core and reverse circulation 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 or
25g charge and AAS or ICP 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
mineralization 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 mineralization, 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 Agnico
Eagle'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 mineralization and Beechworth has mesozonal and
intrusion relation gold mineralization.
All of Fosterville South's properties 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.