Highlights:
- Strong gold assays below and on strike to the initial
discovery hole at Homeward Bound including;
- 8m at 3.36 g/t Gold including 3m at 8.83 g/t Gold in reverse circulation drill
hole HBRC21, and
- 4.38m at 2.51 g/t Gold and
3.15m at 3.38 g/t Gold in diamond
drill hold HBDH002
- Gold discovery hole at Bon
Accord from reverse circulation drilling hole BHVP30 of
8m at 4.84 g/t Gold including
1m at 33.4 g/t Gold
- Assays pending from additional holes including from multiple
holes at Reedy Creek Target within the Providence Project
- Q1 2022 drilling focus will be at Providence, Beechworth, Golden Mountain and
Lauriston Projects
- Approximately $22 million cash
on hand
VANCOUVER, BC, Jan. 18, 2022 /CNW/ - Fosterville
South Exploration Ltd. ("Fosterville South") or (the "Company")
(TSXV: FSX) (OTCQX: FSXLF) (Germany: 4TU) is pleased to report that new
drilling at the Homeward Bound and Bon
Accord prospect at the Beechworth Gold Project in
Victoria, Australia has returned
strong gold grades. Additional assays are pending from
drilling at high priority gold targets at Reedy Creek.
New Gold Assays at Beechworth Gold Project
Homeward Bound Prospect
Fosterville South received strong gold assays beneath its
initial discovery diamond drill hole, HBDH001, that intersected
8.6m at 5.22 g/t Gold from
194.6m, including 3.6m at 10.72 g/t Gold from 196.8m at the Homeward Bound prospect located
at Hillsborough within the
Beechworth Gold Project.
A second diamond drill hole, HBDH002, intersected two separate
zones with strong gold mineralization of 3.15m of 3.38 g/t Gold from 269.5m and 4.4m of
2.51 g/t Gold from 256.6m along
with another three supporting gold mineralized zones totalling
29.7m within an overall envelope of
56.6m downhole length. A
detailed reverse circulation drilling program was instigated to
determine the extent of gold mineralization associated with the old
workings following the encouragement received from the initial
discovery diamond hole. In particular, reverse circulation
drill hole HBRC21 encountered 8m at 3.66 g/t Gold from 202m, including 3m
at 8.83 g/t Gold from 207m
and expanded the strike length of gold discoveries from the diamond
drill holes to the north. Other significant results were
1m at 8.58 g/t Gold from
105m in HBRC01, 1m at 11.20 g/t Gold from 134m and 1m at
10.95 g/t Gold from 150m in HBRC02
and 1m at 7.26g/t Gold from
50m in HBRC09. The main Homeward
Bound reef strikes 023 degrees and dips west at -75 degrees.
The diamond drill and reverse circulation drilling results to
date indicate wider zones of mineralization exist at depth
(HBDH001, HBDH002 and HBRC21) in the Homeward Bound prospect,
Beechworth Project. The completed drilling program targeted the
upper sections of the inferred zone of gold mineralisation based
upon the mine plans (HBRC05 to HBRC13) and to confirm some of the
historic drilling results carried out in 1992 (HBRC01, 02 & 03)
as well as continuing to explore the deeper parts of the main zone
of gold mineralization (HBRC21). The drilling established the
extent of the previous mining through encountering voids where the
high-grade gold zone had been extracted.
Bon Accord Prospect
At the nearby Bon Accord Prospect, approximately 180 metres west
from Homeward Bound, Fosterville South's reverse circulation drill
program resulted in a new gold discovery. BHVP30
intersected 1m at 20.9 g/t Gold from
59m and 8m at 4.84 g/t Gold from 64m, including 1m
at 33.4 g/t Gold from 68m. This
discovery is referred to as the Bon Accord North zone and is not
associated with any old workings. Reverse circulation
drilling also encountered zones of gold mineralization to the
northwest of BHVP30. BHVP14 intersected 10m at 1.68 g/t Gold from 30m and BHVP32 intersection 12m at 0.49 g/t Gold from 56m.
Fosterville South also carried out a diamond drill program at
Bon Accord. Diamond drill hole BADH001 was designed to test
for mineralization beneath the main shaft of the historic
Bon Accord workings, including the
Bon Accord Reef and Blind Reef. BADH001 interested
3.7m at 3.05 g/t Gold from
148.9m corresponding to the main
Bon Accord reef but no significant
mineralization was detected below this level. The main Bon Accord reef strikes 350 degrees and dips
west at -85 degrees. Historic tunnels connect the Bon Accord workings with the Homeward Bound
workings.
Continued drilling at the Homeward Bound and Bon Accord prospects will seek to expand gold
mineralization at depth and along strike beneath the old workings
associated with these various encouraging drill results.
Table 1: Hillsborough
(Homeward Bound and Bon Accord)
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
Au g/t
|
Hole Type
|
HOMEWARD
BOUND
|
HBDH002
|
484836
|
5971320
|
125
|
-72
|
213.0
|
216.0
|
3.0
|
1.9
|
1.00
|
0.4
|
Diamond
|
and
|
|
|
|
|
226.5
|
233.7
|
7.2
|
4.5
|
0.69
|
0.4
|
Diamond
|
and
|
|
|
|
|
236.0
|
248.0
|
12.0
|
7.6
|
0.78
|
0.3
|
Diamond
|
and
|
|
|
|
|
256.6
|
261.0
|
4.4
|
2.8
|
2.51
|
0.4
|
Diamond
|
and
|
|
|
|
|
269.5
|
272.65
|
3.2
|
2.0
|
3.38
|
0.4
|
Diamond
|
HBRC01
|
484906
|
5971301
|
85
|
-62
|
105
|
106
|
1.0
|
0.6
|
8.68
|
0.4
|
RC
|
HBRC02
|
484871
|
5971309
|
89
|
-60
|
134
|
136
|
2.0
|
1.3
|
5.91
|
0.4
|
RC
|
Including
|
|
|
|
|
134
|
135
|
1.0
|
0.6
|
11.20
|
1.0
|
RC
|
and
|
|
|
|
|
149
|
152
|
3.0
|
2.0
|
3.99
|
0.4
|
RC
|
Including
|
|
|
|
|
150
|
151
|
1.0
|
0.6
|
10.95
|
1.0
|
RC
|
HBRC03
|
484884
|
5911305
|
113
|
-60
|
128
|
129
|
1.0
|
0.7
|
3.32
|
0.4
|
RC
|
and
|
|
|
|
|
133
|
134
|
1.0
|
0.7
|
2.79
|
0.4
|
RC
|
HBRC09
|
484935
|
5971276
|
113
|
-60
|
46
|
52
|
6.0
|
4.2
|
2.57
|
0.4
|
RC
|
Including
|
|
|
|
|
50
|
51
|
1.0
|
0.7
|
7.26
|
1.0
|
RC
|
HBRC10
|
484933
|
5971274
|
113
|
-75
|
81
|
83
|
2.0
|
1.0
|
2.39
|
0.4
|
RC
|
HBRC21
|
484936
|
5971319
|
93
|
-63
|
6
|
11
|
5.0
|
3.2
|
3.0
|
0.4
|
RC
|
and
|
|
|
|
|
194
|
198
|
4.0
|
2.6
|
0.43
|
0.4
|
RC
|
and
|
|
|
|
|
202
|
210
|
8.0
|
5.1
|
3.66
|
0.4
|
RC
|
Including
|
|
|
|
|
207
|
210
|
3.0
|
1.9
|
8.83
|
1.0
|
RC
|
BON ACCORD &
OTHERS
|
BA09
|
484841
|
5971122
|
300
|
-65
|
65
|
70
|
5.0
|
1.2
|
3.0
|
0.4
|
RC
|
Including
|
|
|
|
|
67
|
68
|
1.0
|
0.2
|
12.3
|
1.0
|
RC
|
and
|
|
|
|
|
68
|
90
|
4.0
|
1
|
0.99
|
0.4
|
RC
|
BADH001
|
484740
|
5971177
|
110
|
-70
|
113.1
|
114.8
|
1.7
|
0.7
|
1.76
|
0.4
|
Diamond
|
and
|
|
|
|
|
139.35
|
139.85
|
0.5
|
|
5.37
|
0.4
|
Diamond
|
and
|
|
|
|
|
148.9
|
152.6
|
3.7
|
1.6
|
3.05
|
0.4
|
Diamond
|
BE01A
|
476241
|
5970216
|
252
|
-75
|
85
|
88
|
3.0
|
ND
|
3.26
|
0.4
|
RC
|
and
|
|
|
|
|
85
|
86
|
1.0
|
ND
|
8.34
|
1.0
|
RC
|
BE03
|
476162
|
5970256
|
252
|
-55
|
52
|
56
|
4.0
|
ND
|
1.38
|
0.4
|
RC
|
BE04
|
476149
|
5970282
|
252
|
-55
|
53
|
54
|
1.0
|
ND
|
1.73
|
0.4
|
RC
|
BHVP14
|
484566
|
5971343
|
90
|
-60
|
8
|
14
|
6.0
|
ND
|
0.43
|
0.4
|
RC
|
and
|
|
|
|
|
30
|
40
|
10.0
|
ND
|
1.68
|
0.4
|
RC
|
BHVP19
|
484928
|
5971224
|
90
|
-80
|
67
|
75
|
8.0
|
3.3
|
0.87
|
0.4
|
RC
|
BHVP22
|
484894
|
5971654
|
90
|
-60
|
1
|
9
|
8.0
|
ND
|
0.72
|
0.4
|
RC
|
BHVP30
|
484804
|
5971253
|
270
|
-60
|
59
|
60
|
1.0
|
ND
|
20.9
|
0.4
|
RC
|
and
|
|
|
|
|
64
|
72
|
8.0
|
ND
|
4.84
|
0.4
|
RC
|
including
|
|
|
|
|
68
|
69
|
1.0
|
ND
|
33.4
|
1.0
|
RC
|
BHVP32
|
484614
|
5971358
|
270
|
-60
|
56
|
68
|
12.0
|
ND
|
0.49
|
0.4
|
RC
|
and
|
|
|
|
|
84
|
90
|
6.0
|
ND
|
0.41
|
0.4
|
RC
|
BHVP50
|
484721
|
5971235
|
80
|
-60
|
78
|
80
|
2.0
|
ND
|
1.7
|
0.4
|
RC
|
and
|
|
|
|
|
130
|
134
|
4.0
|
ND
|
1.05
|
0.4
|
RC
|
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.
Reverse circulation drill holes BA01 to BA08, BA10 to BA12, HBRC05
to 08, HBRC11 to 13 did not contain significant gold
mineralization. Planned holes HBRC04, HBRC14 to HBRC20 were not
carried out in this drilling campaign. For the BHVP scout drilling
program seventeen proposed holes were not completed due to access
difficulties, insufficient time or due to logging activities being
carried out by HVP. These proposed holes include holes
BHVP01,02,11-13,21,26-27,35,37-38,40,42,44-46,48. All other BHVP
holes were completed up to and including BHVP50 and only those with
significant assay results are shown in the above table. These
proposed holes will be revised along with new planned holes in the
next drilling campaign. Similarly for the Stanley State Forest
scout drilling program drillhole series BE was all conducted using
reverse circulation drilling. Seventeen hole (BE12, 14, 15, 19,
21-25, 27, 33-39) were not carried out for access or timing
reasons. Other holes from BE01 to BE40 were completed and the
significant assay intersections are reported in the above table.
Some assays remain pending from these various drillholes.
The Homeward Bound and Bon
Accord prospects are 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 at Hillsborough, as gold rich float rock specimen
samples nearby Homeward Bound prospect and will form part of a new
drilling program in the coming year when drill permits are
received.
Drilling Activities on Reedy Creek (Providence
Project)
Fosterville South is actively drilling at Reedy Creek
(Providence Project), which occurs within the epizonal district of
the Melbourne Zone. Assays are pending for two diamond drill
holes at the Prince of Wales Reef completed late last year. Both
drill holes intersected brecciated sediments with quartz veining
corresponding to the interpreted Prince of Wales reef zone.
Diamond and reverse circulation drilling will continue to focus
expanding mineralization at 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) at
Weineroider Ridge. Drilling will also pursue nearby gold
mineralization at Prince of Wales Reef, Thompson Reef, Bulmer's
Reef and other areas in close proximity to Weineroider Ridge. A key
drilling Work Plan has recently been approved which will allow
greater access to these key prospects and drilling equipment has
been mobilized to this prospect area. In the southeast of the
tenement drilling (2) permits have been approved for the Big Ben
prospect area, which occurs on the southeast extension of the Reedy
Creek anticline. Widespread anomalous soil geochemical anomaly
occurs in a fairly flat featureless plateau as well as at Bgi Ben
where a brecciated fault zone was worked in the late 1800s. Another
tenement known as Kinglake has been applied for to cover the
extensions to the Reedy Creek anticline, north and south of the Big
Ben prospect area.
Drilling to Commence at Golden Mountain and Lauriston Gold
Projects
Fosterville South will commence drilling at two key gold
projects, Golden Mountain and Lauriston
Gold, in the first quarter of 2022.
New drill permits were received for the Comet and Trojan
Prospect at the Lauriston Project and confirmation is being sought
from the Water Authority prior to commencing work here.
Previous drilling at Comet returned 10m at 2.09 g/t Au from CRC01 and 14m at
1.19 g/t Au from CRC04. Diamond drilling at Comet will be
used to confirm the structural controls on these wider zones of
gold mineralization. At Trojan, which is located in close
proximity to Comet, Fosterville South will carry the first modern
day drill program.
Fosterville South also plans to carry out reverse circulation
drilling at the Heyfield prospect at Golden Mountain.
Heyfield has signatures of Au-As-Sb and is an excellent target for
epizonal style mineralization in the Melbourne Zone.
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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