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Fosterville South Exploration Ltd
Symbol FSX
Shares Issued 47,087,751
Close 2020-09-03 C$ 3.55
Market Cap C$ 167,161,516
Recent Sedar Documents

Fosterville drills 27.6 m of 6.7 g/t Au at Golden Mtn

2020-09-03 10:35 ET - News Release

Mr. Rex Motton reports

FOSTERVILLE SOUTH REPORTS MULTIPLE LONG INTERVALS OF GOLD MINERALISATION FROM GOLDEN MOUNTAIN DRILLING

Fosterville South Exploration Ltd. has intersected long intervals of excellent gold mineralization in multiple drill holes from continuing core drilling at its Golden Mountain project in Victoria, Australia.

Highlights:

  • Drill hole GMDH0030 records 27.6 metres at 6.7 grams per tonne gold, including 8.0 metres at 11.9 grams per tonne gold;
  • Drill hole GMDH0031 records 29.0 metres at 2.2 grams per tonne gold, including 6.0 metres at 5.3 grams per tonne gold;
  • Drill hole GMDH0032 records 60.8 metres at 2.5 grams per tonne gold, including 5.0 metres at 4.5 grams per tonne, including 3.7 metres at 4.9 grams per tonne gold and including 3.8 metres at 4.3 grams per tonne gold;
  • Appoints Victoria-based Liza Gazis to the board of directors.

These results confirm and expand the known mineralized footprint at Golden Mountain, which remains open at depth and open along strike, particularly as the company's interpretation of the previous drilling is proving to be very reliable. Every core drill hole completed by Fosterville South to date has intersected gold mineralization, and drilling is continuing. Two core drill rigs are in operation at Golden Mountain currently, and additional assays from recently drilled infill and expansion holes are expected imminently.

The plan, long section and cross-section of Golden Mountain show examples of the complex historic drill pattern, which has aided the company in developing a working model that is bearing excellent results. This now gives the company confidence to drill deeper at all three target areas.

Fosterville South chief operating officer Rex Motton stated: "Drilling to date at Golden Mountain has returned multiple holes with long intervals of excellent gold mineralization. Now, as we continue to expand the footprint, the potential for size, volume and continuity is becoming more and more apparent. We are moving toward further deeper drilling on both the E-W zone and the Main Central zone. More results from the ongoing confirmation, expansion and exploration drilling are expected in the coming days, and we look forward to keeping investors up to date as we advance on site."

Additionally, Fosterville South Exploration has appointed Ms. Gazis to the board of directors.

Ms. Gazis is a mining industry consultant with over 30 years of experience with specific expertise in GIS (geographic information system) and tenement management. Among other significant corporate assignments with organizations such as Pasminco, Gold Mines of Australia, Geological Survey of Victoria, BHP Petroleum and Victorian Mines Department, Ms. Gazis has had a long-standing involvement with the Fosterville mine since its start-up in 1989 to 1990.

Fosterville South chairman James Hutton stated, "Liza brings a wealth of knowledge and experience in Victoria to the board of Fosterville South, and we look forward to her contributions as a director, which we believe will be significant and impactful."

Ms. Gazis stated: "I am pleased to be joining the board of Fosterville South. These properties have outstanding exploration and development potential and, in my opinion, represent the best land package of gold exploration assets and historical mines assembled in Victoria during the last few decades. Fosterville South has a remarkable first-mover exploration advantage in Victoria, and I look forward to working with the team moving forward."

Drill results and intercepts

The longer composite intercepts use a 0.5-gram-per-tonne-gold cut-off grade and carry a maximum two metres of internal waste. For the higher-grade intercepts, a three-gram-per-tonne-gold cut-off grade is used, except for GMDH30, which uses an eight-gram-per-tonne-gold cut-off and still with a maximum two metres of internal waste. For the Golden Mountain central vertical mineralized zone, the true widths for GMD31 is approximately half of the downhole intervals presented in the table. 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. All assays were conducted by Onsite Laboratory Services Ltd. (ISO:9001), located in Bendigo, Victoria, using fire assay techniques with a 50-gram charge and AAS finish. The quality control results are consistent with the expected results from the samples submitted.

While Fosterville South continues drilling at Golden Mountain, the company is also preparing various areas at Lauriston for diamond drilling through data compilation, soil sampling and scout percussion drilling and is also compiling and modelling a large database of historical information from the Walhalla Belt project and is advancing the previously announced Spinco/Leviathan Gold transaction, through which every Fosterville South shareholder will receive one share of Leviathan Gold for every share of Fosterville South that they own at the time of a to-be-announced effective date, as previously defined in the company's disclosure.

About Fosterville South Exploration Ltd.

Fosterville South has two large, 100-per-cent-owned, high-grade epizonal and 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 package, assembled over a multiyear period, notably includes a 600-square-kilometre 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, PGeo, chief operating officer and a director of Fosterville South, a qualified person as defined by National Instrument 43-101. Historical records were verified by reviewing annual and quarterly reports from government records by the qualified person.

We seek Safe Harbor.

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