VANCOUVER, BC, Nov. 5, 2021 /CNW/ - Fosterville South
Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV:
FSX) (OTCQX: FSXLF) (Germany: 4TU)
is pleased to report that a second drill rig has commenced drilling
the Homeward Bound prospect on the Beechworth Gold Project in
Victoria, Australia. This
second rig at Homeward Bound, is a multipurpose rig capable of both
reverse circulation percussion and diamond drilling.
Highlights:
- two drill rigs now turning at the Beechworth
Project
- diamond drilling also continues at Reedy Creek, Providence
Project and at Enochs Point, Walhalla Gold Belt Project
- in total, four drill rigs are now turning with assays
pending from multiple ongoing drill campaigns
Fosterville South's initial diamond drill hole, HBDH001, on the
Homeward Bound prospect interested 8.6m at 5.22 g/t Gold from, including
3.6m at 10.72 g/t Gold (see
news release October 15,
2021). Initial assay results at Reedy Creek include
11m at 31.34 g/t Gold
including 4m at 80.05 g/t Gold
(hole RWRI3) and 0.70m at 238.1
g/t Gold (hole RWD01) (see news releases dated August 9, 2021, and October 14, 2021).
To date, 40 drill holes have been completed within the
Beechworth Gold Project for a total of 3598 meters, most of which
(22) have been scout drilling at various targets for which assays
remain pending. The planned drill program for the two drill rigs
amounts to a two phase 16 hole program for 3110 meters at the
Homeward Bound prospect plus the ongoing scout drilling of a
further 39 holes for 3510 meters, for a total of 6620 meters.
Reverse circulation drilling at Homeward Bound will initially
target shallower zones to 150m depth
of potential gold mineralization along strike, including the
hanging wall and footwall mineralization associated with the old
gold workings. The program aims toward deeper drilling with both
diamond and reverse circulation techniques based upon the
mineralization vectors achieved in the shallower drilling.
A reinterpretation of the previous drilling and the drilling
carried out by Fosterville South indicates that wider zones of
mineralization exist that were not previously mined. The previous
diamond drilling from 1992 was highly selective in its assaying and
has overlooked this broader scale mineralisation as evidenced by
the initial results in HBDH01 which was terminated in old workings
immediately adjacent to 8.6m @ 5.22
g/t gold from 192.6m downhole depth.
The second diamond drill hole at Homeward Bound intersected
significant widths of quartz and sulphide mineralization, with
multiple assays pending.
Reconnaissance percussion drilling continues at various
prospects found throughout the Beechworth Project targeting old
workings and geochemical anomalous zones. This drilling campaign
has also intersected various zones of quartz and sulphide
mineralization, with further multiple assays pending.
The Homeward Bound prospect is in the Hillsborough goldfield, which forms part of
the Beechworth Gold Project, occurring in the Tabberabbera Zone on
the eastern margin with the Omeo Zones of the Lachlan Fold Belt
in Victoria. Several key gold prospects and associated
fault structures have been identified within the Beechworth Gold
Project based upon extensive geochemical sampling, geological &
LIDAR mapping and limited previous drilling. These gold
mineralized zones are largely parallel striking NNW and include
(from west to east) the Perseverance, Bon
Accord and Homeward Bound faults. These include various
historical producing mines located within the Hurdle Flat goldfield
(21,715 ounces of production at 15.32 g/t Au)
and Hillsborough goldfield (47,492 ounces of production
at 17.48 g/t Au). Mineralisation is typical of mesozonal orogenic
gold deposits, although the Hillsborough area occurs within a contact
metamorphic aureole of a nearby granitic intrusion. Intrusion
related gold mineralization has been found as rich float rock
specimen samples nearby and will form part of a new drilling
program in the coming year when permits are received.
Drilling Activities on Three Gold Projects
Fosterville South continues to actively drill on three (3) gold
projects: Reedy Creek (Providence Project), Enoch's Point (Walhalla
Gold Belt Project) and Homeward Bound (Beechworth Gold Project).
The Providence Project and the Walhalla Gold Belt both occur within
the epizonal district of the Melbourne Zone.
At Reedy Creek (Providence Project), Fosterville South is
carrying out diamond drilling at the Prince of Wales
Reef. These prospects contain significant old gold
workings within extensive anomalous Au-Sb-As geochemical soil
trends. After the initial drilling is completed at Prince of Wales
Reef, Fosterville South will continue to focus on the discovery
hole RWR13 (11m at 31.34 g/t Gold
including 4m at 80.05 g/t Gold from
68m) and the recently announced
high-grade intercept from diamond drill hole RWD01 (0.7m at 238.1 g/t Gold from 68.70m and 0.80m at
22.5 g/t Gold from 40.80m).
Detailed geological mapping and sampling is continuing in support
of the drilling program.
Fosterville South is currently diamond drilling at the Big River
Au-Sb prospect in the Enoch's Point area. The Big River Au-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 approximately 85km through much of the Fosterville
South (45km) tenure and beyond. The Big River prospect was worked
in the 1960s for high grade stibnite concentrate from a single adit
of 58m in length working epizonal
quartz veins. A soil geochemical program was conducted at the Big
River Antimony Mine, which outlined an area of As-Sb pXRF soil
anomalism covering strike length of 3.2km and up to 600m wide. Follow up gold assaying of the soil
samples confirmed that the Big River prospect is Au-As-Sb anomalous
especially within an 850m by
450m central anomaly, including the
old workings, epizonal quartz veins and zones of sulphide
mineralised felspar porphyry dykes. Initially two diamond drill
holes across the anomalous zone are being conducted.
As noted above, diamond and reverse circulation drilling is
ongoing at the Beechworth Gold Project, which has been initially
focused on the Hillsborough Goldfield.
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.