Fosterville South Exploration (TSX.V: FSX)
Has obtained the necessary government approvals to drill from an additional 15 drill pad locations at its highly prospective Golden Mountain gold project located in Victoria, Australia.
Multiple holes can be drilled from each of the newly approved drill pad locations within Exploration License EL006430.
Fosterville South obtains approval for new drill pad locations at Golden Mountain
Vancouver, BC – Oct. 14, 2020- Fosterville South Exploration Ltd. (“FSX” or the “Company”) (TSXV: FSX) (OTC: FSXLF) (Germany: 4TU) is pleased to announce that it has obtained the necessary government approvals to drill from an additional 15 drill pad locations at its Golden Mountain gold project located in Victoria, Australia.
- Multiple holes can be drilled from each of the newly approved drill pad locations within Exploration License EL006430
- This newly issued permit will allow the company to extensively drill test for:
- mineralisation south of the key east-west fault, within the main N-S zone, where multiple high-grade gold intercepts were recently reported by Fosterville South in the southernmost hole drilled to date
- western extensions of the mineralised east-west fault
- central part & western extensions to the northern E-W granite contact zone
- and the depth extensions of the main N-S zone
Fosterville South Chief Operating Officer and Director, Mr. Rex Motton states, “As described in our recent October 1, 2020 News Release, we have intersected a zone of high-grade mineralisation, with visible gold in the drill core, at a location further south than previous high-grade intersections and south of the key east-west fault. Assays were excellent from this hole which reported 28 metres at 10.2 g/t Au (9.0 m true width), including 13 metres at 17.5 g/t Au (4.2 m true width) and 11 m at 4.8 g/t Au (3.5 m true width). The new permits received will allow us to extensively test this area and other key areas to our understanding of the mineralisation, which remains open at depth and open along strike.”
The new permit was received under provisions of sub-section 44 (1) of the Mineral Resources (Sustainable Development) Act 1990, within Exploration Licence EL006430. The drill pad locations are all on old access tracks and comply with the Low Impact Exploration category of exploration permitting so that no earthworks are required. A recent onsite meeting with Parks Victoria was held to approve the final stage.
Figure 1 Location map of new drill sites
Fosterville South is currently drilling at Golden Mountain and is targeting to start drilling soon at Lauriston. As recently provided in an update (see Fosterville South News Release dated October 13, 2020), the spin out of the Avoca and Timor assets to Leviathan Gold is targeted for completion in the near term. Fosterville South has approximately CAD $28.3 million in cash on hand with no debt and is well positioned to accelerate on multiple projects.
About Fosterville South Exploration Ltd.
Fosterville South has two large, 100% owned, high-grade episonal 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 has 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.
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,
Bryan Slusarchuk, Chief Executive Officer and Director
For further information please visit the Company website www.fostervillesouth.com
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