VANCOUVER, BC, May 20, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTC: FSXLF) (Germany: 4TU)
is pleased to report the results of a soil sampling program at
Enoch's Point goldfield (Walhalla Gold Belt Project) and Reedy
Creek goldfield (Providence Gold Project) that has detected five
significant As-Sb epizonal anomalies. Soil sampling and
assaying in the areas are ongoing.
Epizonal gold mineralised systems have arsenic-antimony
mineralisation haloes that are used as trace element pathfinders,
such that the larger the halo then the larger the potential gold
mineralization.
Based on the location of some of these anomalies, the Company
has been recently active in the area strategically expanding the
footprint of the land package and through its wholly owned
subsidiary Currawong Resources, has increased the size of its
Walhalla Gold Belt Project by filing two additional tenement
applications totalling 218km2. These new tenement
applications border the Enoch's Point, Harbinger and Pinnacles
tenements. The company now holds contiguous tenements and tenement
applications covering approximately 72km of strike in the western
and central parts of the Walhalla Gold Belt.
Enoch's Point
The Enoch's Point project covers 290km2 of highly
prospective ground within the Woods Point – Walhalla Gold Belt,
with numerous gold prospects. The latest soil sampling
program has generated three extensive As±Sb epizonal anomalies
within this area:
- The Dray Track arsenic anomaly that is approximately 1 km by 1
km.
- The Big River Sb prospect to Hope Track anomaly that is
approximately 3.2 km by 600 m
- The Londonderry Reef that is approximately 1.6 km in length and
up to 100 m wide.
Dray Track Prospect. The Big River Sb Prospect is
hosted by Siluro-Devonian folded and faulted sediments and occurs
near the Eildon Thrust Fault, which is west bounding structure of
the Enoch's Point Thrust Fault Zone. Reconnaissance regional
soil sampling traverses discovered an pXRF arsenic anomalous zone
outlining an area approximately 1km in diameter, with some outcrops
of pyritic quartz stockwork veining in sandstone. Gold assays
for these soil samples are pending.
Big River Sb Prospect to Hope Track. The Big River
Sb Prospect is hosted by Siluro-Devonian folded and faulted
sediments and occurs in close proximity to the Jerusalem Inlet
Fault, which is part of the Enoch's Point Thrust Fault Zone.
This fault zone extends for tens of kilometers north to south
across the entire state of Victoria. A soil program was conducted at the
Big River Antimony Mine, which has outlined an area of As-Sb pXRF
soil anomalism covering strike length of 1km by 600m width and possibly extending 1.6km south to
the Hope Track arsenic anomalous traverse, as well as north to
another ridge traverse making an overall strike extent of 3.2km and
up to 600m wide. Mineralisation
is therefore open along strike in both north and south directions
beyond these two remote traverses. Fosterville South is exploring
the intervening ground currently to establish mineralisation
continuity. Gold assays for these soil samples are pending.
Londonderry Reef. The Londonderry gold prospect is hosted by the
Devonian Norton Gully Sandstone and historic gold production is
from mineralised quartz stockwork sandstone and diorite dykes. Grid
based sampling results determined that anomalous arsenic soil
samples occur for a 1.6 km strike length and remains open north and
south. Previous rock chip results had reported grades of up
to 179 g/t Au (see Fosterville South News Release March 17, 2021).
Wild Dog Ring Dyke. The Wild Dog Ring Dyke consists
of granite and almandine-bearing granodiorite porphyry. This
porphyry contains antimony-gold in sheeted quartz chlorite and
carbonate veins, with sericite alteration haloes. Within the
Enoch's Point licence, the dyke extends for 23km and is variably
Au-As-Sb mineralised for its entire length. BHP drilled two holes
in the south in 1985 and CRAE drilled two holes in the central part
in 1994. All holes are less than 136m
depth. Previous explorers soil sampling traverses indicate numerous
gold mineralised prospects occur which require follow up in this
very prospective structure.
Reedy Creek
The Reedy Creek goldfield forms part of the Providence Project
in the Melbourne Zone of Central Victoria west of the Walhalla Gold
Belt. The goldfield is hosted by the Silurian Dargile Formation of
siltstone and sandstone set in a northwest striking doubly plunging
anticlinal dome. This geological setting is similar to the
Costerfield dome which is being mined by Mandalay Resources and is
currently one of the highest-grade gold mines in the world. The
Reedy Creek goldfield is well known for its high-grade historic
gold production. This goldfield that has never been previously
explored or drilled by modern techniques. Soil sampling has
generated various areas of mineralisation and exploration is
ongoing, both as infill sampling and in the neighbouring landowner
properties. The latest sampling program has identified two
extensive As-Sb epizonal anomalies:
- The Prince of Wales Reef and satellite mineralisation extends
1.6 km by 440 m.
- Big Ben prospect area soil anomalies extend over the entire 2km
grid.
Prince of Wales Reef. A north-northwest striking
pXRF arsenic anomalous trend is present and associated with the
600m long Prince of Wales reef, which
was worked by several gold mining companies in the late 1800s.
Further east there is a parallel arsenic trend that shows quartz
veining. This secondary area of potential mineralization has
had no historical mining. The soil geochemical anomalies are open
along strike in both directions and landowner access is being or
has been secured. Historic gold workings extend for a further 2.5km
southeast of the soil grid and 3km northwest of the soil grid on
various mined structures within the overall corridor.
Big Ben Prospect. The Big Ben prospect area is
hosted by Devonian Humevale Siltstone and occurs partly within the
contact metamorphic aureole of the Mount Robertson granodiorite
intrusion. Various Au-As mineralised structures occur within the
prospect including those associated with the Harry's Dyke and Big
Ben gold workings. The main continuous Au-As anomaly lies in the
southwest of the grid and is at least 600m in strike length and up to 120m wide. Soil sampling has covered an area of
2000m by 800m and soil sampling is ongoing. Further gold
assay results are pending for the newly acquired soil samples.
Rex Motton states "These extensive As-Sb epizonal soil
anomalies contain significant strike length and may indicate
various robust gold systems through a number of our
properties. Each of Enoch's Point and Reedy Creek are
high-priority target areas for future drilling by FSX".
Fosterville South is very active in its exploration of a host of
its highest value targets in the largest prospective package in
Victoria and has now moved into an
expanded operations headquarters in Bendigo, Australia. Expanded field teams, drill rigs
and geologists are accelerating the activity throughout the
tenements. With in excess of $25
million in cash on hand, Fosterville South is in excellent
shape to continue this ramp up and expects to report consistent
news flow on its activities.
In addition to regional fieldwork, such as described in today's
News Release, the company has ongoing active exploration programs,
including drilling at the Lauriston, Moormbool and Golden Mountain projects.
Quality Assurance / Quality Control
All portable XRF arsenic and antimony assays of the collected
soil samples are conducted by Currawong Resources staff, which
includes regular duplicates, blanks and supplied instrument
standards with the expected results from the samples submitted. The
quality control results are consistent. Sampling has been done in
several campaigns and follow up results have been supportive of
previous results.
The gold 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.
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 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-expands-walhalla-gold-belt-project-footprint-after-fieldwork-identifies-multiple-as-sb-epizonal-anomalies-301295744.html
SOURCE Fosterville South Exploration Ltd.