04:06:26 EDT Sun 19 Sep 2021
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Fosterville South Exploration Ltd
Symbol FSX
Shares Issued 67,918,383
Close 2021-04-19 C$ 1.65
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Fosterville South restarts drilling at Golden Mountain

2021-04-19 08:16 ET - News Release

Mr. Rex Motton reports


Fosterville South Exploration Ltd. has recommenced diamond drilling at its Golden Mountain project in Victoria, Australia.


  • Drilling at Golden Mountain project;
  • Drilling at Moormbool project;
  • Drilling at Lauriston project;
  • Continuing fieldwork at multiple other projects in preparation for drilling.

Drilling at Golden Mountain had been paused through the heat of the summer fire season. The new drilling campaign will follow on the 2020 drill success to drill deeper and further delineate the size and structure of this robust system.

Results from the initial drilling at Golden Mountain in 2020 included multiple strong gold assays, such as drill hole GMDH26, which recorded 5.8 metres at 18.4 grams per tonne gold, including 4.6 m at 22.68 g/t gold, and drill hole GMDH28, which recorded 39.5 metres at 7.25 g/t gold, including 10.6 m at 17.1 g/t gold, and GMDH36, which recorded 28 metres at 10.2 g/t gold, including 13 metres at 17.5 g/t gold, and 11 m at 4.8 g/t gold and GMDH30, which recorded 27.6 metres at 6.7 g/t gold, including 8.0 metres at 11.9 g/t gold, and GMDH45, which recorded 55.1 metres at 3.06 g/t gold, including 15.9 metres at 6.93 g/t gold in the deepest hole drilled to date in the N-S zone (see Fosterville South news releases July 29, 2020, Sept. 3, 2020, Oct. 1, 2020, and Dec. 18, 2020, for full details on these drill holes including collar locations, quality assurance/quality control and true widths).

Fosterville South chief operating officer and director, Rex Motton, states: "We are excited to recommence drilling at Golden Mountain, where results from 2020 indicate the potential for a robust system with excellent grades and size. The restart of work at Golden Mountain is concurrent with continuing drilling at Lauriston and Moormbool and fieldwork at Providence (Reedy Creek target) and the Walhalla gold belt (Enoch's Point target)."

Corporate matters

The company also announces the resignation of James Hutton as director and chairman of the board due to health reasons of an immediate family member. Mr. Hutton will continue to support the company in an advisory capacity on an as-needed basis.

"Since co-founding Fosterville South, I have always firmly believed in the future of the company's projects. It is therefore with great regret that I have to resign from the company in order to fully support my family in our fight against brain cancer," said Mr. Hutton.

"James always was and remains a strong supporter of the company's potential. We appreciate his role in co-founding the company and his significant contributions since that time. We regret having to accept his resignation but wish him and his family all the best in this battle which they are facing with courage," said Bryan Slusarchuk, the company chief executive officer.

Fosterville South also announces the grant of incentive stock options for the purchase of a total of 3.6 million common shares to employees, technical staff, directors and consultants of the company, pursuant to the terms of the company's stock option plan, which are the first options issued since the company became a publicly trading issuer. The options are exercisable at $1.57 per share and expire five years from the date of grant.

About Fosterville South Exploration Ltd.

Fosterville South began with two 100-per-cent-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 mineralization called the Providence project and a large group of recently consolidated licence tenement applications called the Walhalla belt project, which contain a variety of epizonal and intrusion-related-style gold mineralization, all in the state of Victoria, Australia. The Fosterville South land package, assembled over a multiyear period, notably includes a 600 square 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 mineralization and Beechworth has mesozonal and intrusion relation gold mineralization.

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.

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