Fosterville South reports Multiple High-Grade Gold Assays from Core Drilling Program at Golden Mountain and Applies for 5,120 metre Drill Permit at Lauriston Project

ID: 1560774
recent pressrelease next pressrelease

(businesspress24) - Fosterville South reports Multiple High-Grade Gold Assays from Core Drilling Program at Golden Mountain and Applies for 5,120 metre Drill Permit at Lauriston Project

This news release is not for distribution to U.S. newswire services for dissemination in the United States.

Vancouver, BC - September 15, 2020 - Fosterville South Exploration Ltd. (Fosterville South or the Company), (TSXV:FSX - WKN:A2P2JF - FWB:4TU) has intersected multiple intervals of high-grade gold in drill holes during the initial phase of core drilling at its Golden Mountain Project in Victoria, Australia.


· Drill hole GMDH 36 records 8.3 metres at 6.91 g/t Au from 58.5 m including 1.7 m at 30.72 g/t Au
· Drill hole GMDH 35 records 47 metres at 2.67 g/t Au from 68 m including 4 m at 11.8 g/t Au
· Additional assays expected soon including additional results from drill hole GMDH 36
· Application submitted for a 5,120 metre drill permit at Lauriston Project

Fosterville South Chief Operating Officer, Rex Motton, states, Every diamond core drillhole we have completed at Golden Mountain has intersected gold mineralisation and todays results, including more high grade gold as well as lengthy intercepts, continue to support our belief in the potential of this project. Drilling is ongoing and we expect more results imminently.

As well, we are very pleased to report that we have now completed access agreements with multiple private landowners to drill at high priority drill targets at our Lauriston Project. Lauriston is a 600 sq km land package and is immediately south of and adjacent to Kirkland Lake Golds Fosterville tenements. Based on this, we have applied with the Earth Resources & Regulations to commence a 5,120 metre drill program at Lauriston.

The Companys planned 5,120 metre reconnaissance percussion drill program at the Lauriston Project will focus on the high-grade epizonal and mesozonal prospects that have recorded historical high-grade gold production. Drilling will consist of 64 holes averaging 80m depth and targeting four (4) separate prospects all held on private property. Another drilling program is being designed for a further three (3) prospects within the Lauriston property with a similar level of drilling commitment.

The Company has also applied for a reconnaissance percussion drilling program of 1,450m for 17 holes at three (3) prospects on the Beechworth Project. A comprehensive soil sampling program is underway at Beechworth.

Fosterville South is fully funded to accelerate exploration including drilling, with a current cash balance of approximately CAD $24 million.

Golden Mountain Results

At Golden Mountain, the geological interpretation of the central mineralisation as a north-south striking near vertical fault zone (N-S zone) is confirmed, with east-west faults and intrusive granitic dyke swarms (E-W zone) adding further zones of mineralisation. The east-west striking granitic dyke swarm (E-W zone) is located on or near the Strathbogie granite contact, with mapping and geochemical sampling indicating this zone is about 1km in length. Within the central part of the N-S zone, a fault-controlled extension to the gold mineralisation in the south west (Southwest Fault) is now recognised, apart from the southern extension of the N-S zone as well. The intersection of the Southwest Fault with the main N-S zone causes a wide zone of fracturing and gold mineralisation. As part of this 3D structural interpretation process all drill core is using oriented core techniques.

Core Drill Results and Intercepts:

Table 1. (Core Drill Results and Intercepts - Golden Mountain)
HoleIDEast North AzimutDipFrom To InterAu End Estima
h val g/tof ted
Hol True
e Width

GMDH3340030591198267 -6035 41 6 3.3 138.2.9
9 4 6

and 44 65 21 1.5 10.5
GMDH3440031591192270 -6097 12023 3.1 200 11.7
5 0

Includes 114.01183.95 6.3

GMDH3540030591198270 -7068 11547 2.7 250 16.7
9 3

Includes 91 95 4 11.8
GMDH3640030591201200 -4758.5 66.8.3 6.9 280 Not po
2 7 8 ssible

Includes 58.5 60.1.7 30.7

The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercepts use a 3 g/t Au cut-off grade. The assays are not capped. All drill core is HQ in size.

Quality Assurance / Quality Control

All assays were subject to quality control measures appropriate for diamond core type drilling 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

Lauriston Gold Project

Fosterville South''s Lauriston Gold Project is a large land holding, within the same stratigraphic and structural setting as the Fosterville gold mine. The tenement has an extensive history of hard rock and alluvial gold production but limited modern exploration.

The Lauriston property is south of and adjoining Kirkland Lake''s Fosterville Gold Mine. The Fosterville Gold Mine reported a measured and indicated resource estimate of 14,800,000 tonnes at 4.4 g/t gold for 2,110,000 ounces of gold and an inferred resource estimate of 10,300,000 tonnes at 5.5 g/t gold for 1,830,000 ounces of gold. The project produced 619,366 ounces of gold in 2019. The mineralization at the Fosterville Mine is not necessarily indicative of mineralization on the Lauriston Project.

Lauriston has a similar geological and structural setting and is on the same regional trend as the Fosterville Gold Project and occurs along the western margin of the Selwyn Block. Bendigo style saddle and trough reefs occur within the property as well as subvertical shear zone style gold and quartz vein mineralization which occasionally have epizonal characteristics.

The Fosterville South property has metallogenic indications of Fosterville style epizonal gold deposits, but has not been explored for these types of deposits, particularly as they were not recognized as to their significance until recently.

Gold mineralization is hosted by Ordovician slates and sandstones in association with felsic dykes, either with quartz veins or with disseminated arsenopyrite - pyrite ± stibnite.

The Lauriston district contains several recognized goldfields, including the Taradale, Malmsbury, Lauriston and Blackwood East gold fields that have produced over 233,000 ounces at a grade of 20.7 g/t Au until around 1914. Some minor production also occurred during the depression of the 1930s.

Mine LocatiTotaTotal Mined GradeModern
on l Au depth (Au Exploration
Tonn maximumg/t)
es (m)

Russell''s Lauris44,933,403330 22.8 Sparse drilling
Reefs ton 23 on the

Energetic Lauris54,631,626114 17.7 No drilling
Reefs ton 67

United Tarada77,026,518113 10.5 Two drill holes
Kingdom le 06

Wyndham Lauris32,911,74788 10.9 No drilling
Reefs ton 27

Tommy DoddMalmsb18,06,968 84 11.8 Three drill
ury 99 holes
Table 1* Significant historical gold producing mines
* The production noted above was obtained from State of Victoria Mining Surveyors and Registrar''s quarterly reports from 1864 to 1891 and annual reports issued thereafter. All of the production occurred within the Lauriston Property.
About Fosterville South Exploration Ltd.

Fosterville South has two large, 100% owned, high-grade epizonal & mesozonal 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 recently acquired three 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.
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

Adam Ross, Investor Relations
Telephone: +1-604-229-9445
Toll Free: +1-833-923-3334
Email: info(at)

About this press release:
In Germany this press release is brought to you by - your German news platform for international commodity stocks. For more information visit

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 managements 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 Souths limited operating history, its proposed 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.

More information:

Keywords (optional):

Company information / Profile:

PressRelease by


PressContact / Agency:

published by: irw
print pressrelease  send to a friend  

Date: 09/15/2020 - 08:15
Language: English
News-ID 1560774
Character count: 6327
Firma: Fosterville South Exploration Ltd.
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: Wien


Number of hits: 285


Direct Link to this PressRelease:

We would appreciate a link in your News-, Press- or Partner-Site.

Comments on this PressRelease

All members: 9 438
Register today: 0
Register yesterday: 0
Members online: 0
Guests online: 57

Don't have an account yet? You can create one. As registered user you have some advantages like theme manager, comments configuration and post comments with your name.