Fosterville South Adds Second Drill Rig at Beechworth Gold Project and Now Has a Total of Four Rigs Turning
Fosterville South Adds Second Drill Rig at Beechworth Gold Project and
Now Has a Total of Four Rigs Turning
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.
Figure 1 – Fosterville South Overview Map (CNW Group/Fosterville South Exploration Ltd.)
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
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For further information:
Adam Ross, Investor Relations, Direct : (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]
CO: Fosterville South Exploration Ltd.
CNW 08:00e 05-NOV-21