VANCOUVER, BC, July 30, 2021 /PRNewswire/ - Fosterville South Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV: FSX) (OTC: FSXLF) (Germany: 4TU) is pleased to report on ongoing drilling activities at the high-grade Reedy Creek goldfield within the Providence Project in Victoria, Australia.
The Reedy Creek goldfield 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 oz at 26.8 g/t Au.
The Fosterville South drill program at Reedy Creek has been underway for the past 15 days and commenced after the team negotiated and then signed 7 separate access agreements, while garnering strong community support for this exploration effort. All of this planned drilling is on private properties, which facilitates a streamlined drill program process once agreements are in place, which have now been completed.
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 has also been completed, which returned multiple high grade assays from the laboratory this week, including 145 g/t Au, 112 g/t Au and 94 g/t Au (see Table 1.0 for details and observations regarding these various rock chip samples).
Fosterville South CEO and Director, Bryan Slusarchuk, states, "The acceleration and ramping up of concurrent drilling on multiple Fosterville South projects has been predicated by a lot of fieldwork, access agreement negotiations, obtaining of permits, signing of drill contracts and building up logistical support. With these preparations in place due to the hard work of the team in Victoria, Fosterville South is well positioned to grow the current drill program at various targets into an increasingly larger drill program. This bodes well as we seek to unlock value within this premier 4,000 square km land package of tenement and tenement applications that have been assembled over a multi-year period. We have a very strong cash position, a multitude of outstanding targets, excellent shareholders, and a technical team with a track record of geological success. This combination puts us in a great position to execute our business plan."
Table 1.0 – Significant Rock Chip Sample Results from Reedy Creek
Laminated quartz veins (graphite) and stylolitic texture. Three (3) specks of visible gold observed
Quartz float around pit, mullock pile.
Massive quartz with strong disseminated and laminated weathered oxides. Collected off mullock pile.
Fragments of quartz collected on edges of mullock pile.
Assorted quartz collected off mullock pile in centre of creek.
Assorted quartz collected off slope and around large stope
Laminated quartz found around trench.
Brecciated quartz, oxidized with some sericite and feox. Collected at opening of the pit.
Massive quartz around pit.
Laminated quartz found around small pit.
Massive quartz found around small pit.
Weathered and bleached sandstone with weak feox around small pit opening.
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 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.
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
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 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.