GPAC.V · 2021-07-29 12:00:00

Fosterville South Announces New Discovery at Golden Mountain and Drilling Results at Lauriston and Beechworth Projects

Drill Results

Fosterville South Announces New Discovery at Golden Mountain and

Drilling Results at Lauriston and Beechworth Projects

VANCOUVER, BC

July 29, 2021

/CNW/ - Fosterville South Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV: FSX) (OTC: FSXLF) (

Germany

4TU) is pleased to report gold assay results from the ongoing drill programs at Golden Mountain, Lauriston and Beechworth Projects in

Victoria, Australia

Golden Mountain Project

Two reverse circulation holes confirmed significant mineralisation associated with the Cross Fault, located 100 metres west of the Golden Mountain deposit. Gold

intervals included 21GMRC006 that

returned

20m

at 1.53 g/t Au

and 21GMRC001 that returned

at 7.05 g/t Au

(see Table 1 below).

Another new zone of gold mineralisation has been discovered

200m

south of Golden Mountain at a location named Vinegar Hill with drill intercepts including

1.79 g/t Au

from

25m

from four drill holes (21GMRC02 to 21GMRC05).

Deeper diamond drilling at the Golden Mountain deposit resulted in continued long gold intervals including GMDH50 that returned

29.0m

at 2.46 g/t Au

and

GMDH51 that returned

28.0m

at 1.12 g/t Au

(see Table 2 below).

Rex Motton, Chief Operating Officer and Director, "Drilling at the Golden Mountain Project continues to intersect strong gold grades over lengthy intervals.

With the new gold discovery on the Cross Fault being in close proximity to the main Golden Mountain deposit, we see further evidence as to the size potential

of this project and have much to follow up on in the next phase of drilling as Golden Mountain continues to grow."

Lauriston Project

Drilling at the Comet, Energetic and Keath's Reward targets resulted in multiple good gold intercepts at shallow depths and will serve to guide further drilling

including deeper holes in the next phase.

Reverse circulation drilling at the Energetic target encountered a wide zone of supergene gold mineralization up to approximately

10m

thick which remains open to

the east and along strike to the north and south. Gold intervals included EN007 that returned

13m

at 1.02 g/t Au

and EN0014 that returned

at 1.44 g/t Au

(see Table 3 below).

Multiple intervals at the Comet target encountered strong gold grades including

CRC01

that returned

10m

at 2.09 g/t Au

and

CRC04

that returned

14m

at 1.19

g/t Au

(see Table 3 below).

A diamond drill program will be planned to follow up on the results at Comet, Energetic and Keith Rewards target.

Tallangalook Project EL006430 - Golden Mountain Drill Hole Plan & Mineralization (CNW Group/Fosterville South Exploration Ltd.)

Beechworth Gold Project

Fosterville South has commenced its drill program at the Beechworth Gold Project. Initial drilling at the

Bon Accord

prospect covered

200m

of strike length in 4

sections of two drill holes each. The eight drill holes amounted to a

492m

. The most significant result is the deeper drill hole BA08 which intersected

11m

at 0.52

g/t Au immediately prior to entering an old stope (see Table 4 below).

Historic reports indicate that the old workings were mined to a depth of

120m

by a central shaft. The mine has a recorded production of 7185 tons for 5378

ounces at 22.91 g/t Au.

A follow up drill program is planned to drill beneath the old stopes and along strike to holes BA07 and BA08, in search of extensions to the former high-grade

mineralisation.

Moormbool Project

Fosterville South drilled a total of 29 holes totaling

1,452 m

at the Gleeson Prospect located within the Moormbool Project. The purpose of the drill program was

to investigate the source of secondary gold mineralization by drilling angle holes through to the bedrock. The results resulted in minor gold mineralization

associated with the basement of an alluvial flood plain deposit (see Table 5 below). The source of this widespread shallow alluvial gold and arsenic mineralisation

has not yet been established.

Drill Results and Intercepts:

Table 1. (Drill Results and Intercepts – Golden Mountain)

HoleID

East

North

Azimuth

(deg.)

Dip (deg.)

From (m)

To (m)

Downhole

Interval (m)

Horiz.

Width (m)

Au g/t

Cut-off

Au g/t

GMDH50

400338

5911945

270

-68

204.0

209.0

5.0

1.9

1.40

0.5

GMDH50

212.0

241.0

29.0

10.9

2.46

0.5

Includes

224.0

239.0

15.0

5.6

3.89

2.0

GMDH51

400329.6

5911958

300

-68

202.0

205.0

3.0

1.1

2.20

0.5

GMDH51

215.0

243.0

28.0

10.5

1.12

0.5

GMDH51

246.0

252.7

6.7

2.5

1.16

0.5

GMDH52

400163

5912023

110

-75

89.0

90.0

1.0

0.3

25.20

2.0

GMDH52

222.6

225.9

3.3

0.8

2.12

0.5

GMDH52

311.0

320.5

9.5

2.5

0.59

0.5

GMDH52

344.5

349.0

4.5

1.2

0.68

0.5

GMDH52

352.3

355.3

3.0

0.8

2.14

0.5

GMDH52

352.3

355.3

3.0

0.8

2.14

0.5

The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a maximum

of internal waste, while the higher-grade included intercepts use a 2 g/t

Au cut-off grade and same internal waste parameter. Horizontal mineralised widths are shown to indicate widths for subvertical mineralisation at various strike

orientations. Additional drilling is required to determine true widths as hole cuts across zone at an oblique angle and the effects of post mineral faulting may

occur. The assays are not capped.

Table 2. (Drill Results and Intercepts – Vinegar Hill & Cross Fault)

Hole ID

East

North

Azim (deg)

Dip (deg)

From (m)

To (m)

Length (m)

Au g/t

Cutoff Aug g/t

21GMRC001

400177.69

5911882.06

180

-60

7.05

0.5

including

13.2

2.0

21GMRC002

400575.8

5911492.15

260

-60

1.79

0.5

21GMRC002

3.37

0.5

21GMRC004

400639.24

5911496.44

260

-50

2.51

0.5

21GMRC004

1.64

0.5

21GMRC006

400159.1

5911932.18

170

-60

0.9

0.5

21GMRC006

1.53

0.5

including

8.67

2.0

including

3.71

2.0

including

6.77

2.0

Drill holes 21GMRC003 and 21GMRC005 did not encounter any gold mineralization. The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a

maximum

of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. True widths are not

known. The assays are not capped.

Table 3. (Drill Results and Intercepts – Lauriston)

Prospect

Hole ID

East

North

Azim

(deg)

Dip

(deg)

From

(m)

Length

(m)

g/t

Au Cut

off

Comet

CRC01

263615

5850083

270

-60

2.09

0.3

including

5.96

Comet

CRC01

102

0.5

0.3

Comet

CRC02

263582

5850169

-60

0.54

0.3

Comet

CRC03

263677

5850296

270

-60

109

110

1.23

0.3

Comet

CRC04

263683

5850348

270

-60

1.12

0.3

Comet

CRC04

105

119

1.19

0.3

Energetic

EN0002

266924

5877361

258.3

-60.4

0.63

0.3

Energetic

EN0003

266841

5877254

86.4

-61.2

1.12

0.3

Energetic

EN0004

266916

5877269

260.1

-61.3

0.6

0.3

Energetic

EN0004

0.56

0.3

Energetic

EN0007

266852

5877434

75.7

-60.9

1.02

0.3

including

9.5

Energetic

EN0008

266840

5877600

77.4

-60.5

1.17

0.3

Energetic

EN0008

1.71

0.3

Energetic

EN0008

1.63

0.3

Energetic

EN0010

266860

5877508

-59

1.42

0.3

Energetic

EN0010

0.26

0.3

Energetic

EN0013

266906

5877452

257.3

-60.6

0.58

0.3

Energetic

EN0013

0.84

0.3

Energetic

EN0013

1.22

0.3

Energetic

EN0014

266901

5877354

263.1

-60

1.44

0.3

including

5.35

Energetic

EN0014

0.67

0.3

Energetic

EN0016

266894

5877350

78.2

-60.2

0.76

0.3

Energetic

END003

266836

5877368

83.2

-70.6

145.55

146.85

1.3

1.41

0.3

Keath's Reward

KR03

267354

5884022

65.3

-61.1

4.55

Napier

NP0019

267587

5877762

79.1

-60.2

4.66

0.3

including

8.35

Napier

NP0029

267600

5877935

77.9

-59.7

0.8

0.3

Tommy Dodd

TD0005

269664

5881697

-60.4

1.51

0.3

Tommy Dodd

TD0005

1.64

0.3

Tommy Dodd

TD0005

1.22

0.3

Wilcott's

WT0006

266433

5884218

274.5

-54.3

1.9

0.3

Federal North

WT0009

267095

5884303

162.3

-60.7

1.91

0.3

Federal North

WT0010

267093

5884304

187.7

-59.5

0.64

0.3

The following drill holes did not encounter significant gold mineralization: EN0001, EN0005, EN0009, EN0011, EN0012, EN0015, KR01, KR02, TD0001, TD0002,

TD0003, TD004, WT0001, WT0002, WT0003, WT0004, WT0005, WT0007, WT0008. The NP series were not drilled sequentially. The wider composite

intercepts use a 0.3 g/t Au cut-off grade and carry a maximum

of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and

same internal waste parameter. True widths are not known. The assays are not capped.

Table 4. (Drill Results and Intercepts – Beechworth Gold Project)

Hole ID

East

North

Azimuth (deg.)

Dip (deg.)

From (m)

To (m)

Downhole

Interval (m)

Au g/t

Cut-off Au g/t

BA01

484839

5971116

258

-50

0.66

0.25

BA02

484839

5971116

258

-60

0.25

BA03

484788

5971040

-55

0.52

0.25

BA07

484827

5971153

259

-55

1.56

0.25

and

0.45

0.25

BA08

484833

5971148

259

-65

0.52

0.25

The following drill holes did not encounter significant gold mineralization: BA04, BA05, BA06. The wider composite intercepts use a 0.25 g/t Au cut-off grade and

carry a maximum

of internal waste. True widths are not known. The assays are not capped.

Table 5. (Drill Results and Intercepts – Moormbool Project)

Hole ID

East

North

Azimuth

(deg.)

Dip (deg.)

From (m)

To (m)

Downhole

Interval (m)

Au g/t

Cut-off Au

g/t

MBD001

310078.9

5925557

176.5

-59.7

0.64

0.1

MBD006

310074.4

5925658

177.6

-60.4

0.27

0.1

MBD013

308649.2

5926481

40.1

-59.5

0.31

0.1

MBD020

310815.6

5925262

189.3

-59.6

0.28

0.1

MBD026

308683.7

5926525

221.4

-59.1

0.15

0.1

The following drill holes did not encounter significant gold mineralization: MBD002, MBD002, MBD004, MBD005, MBD007, MBD008, MBD009, MBD010,

MBD011, MBD012, MBD014, MBD015, MBD016, MBD017, MBD018, MBD019, MBD021, MBD022, MBD023, MBD024 and MBD025. The composite intercepts

use a 0.1 g/t Au cut-off grade and carry a maximum

of internal waste. The assays are not capped.

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.

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 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.

View original content to download multimedia:

https://www.prnewswire.com/news-releases/fosterville-south-announces-new-discovery-at-golden-mountain-and-drilling-results-at-lauriston-and-beechworth-projects-301344170.html

SOURCE

Fosterville South Exploration Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/July2021/29/c7033.html

%SEDAR: 00048753E

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 29-JUL-21

← Back to feed