Fosterville South Re-Starts Drilling at Golden Mountain Project and Ongoing Drilling at Lauriston and Moormbool Projects
Fosterville South Re-Starts Drilling at Golden Mountain Project and
Ongoing Drilling at Lauriston and Moormbool Projects
VANCOUVER, BC
,
April 19, 2021
/CNW/ - Fosterville South Exploration Ltd. ("
Fosterville South
") or (the "
Company
") (TSXV: FSX) (OTC: FSXLF) (
Germany
:
4TU) is pleased to announce that it has re-commenced diamond drilling at its Golden Mountain project in
Victoria, Australia
.
Highlights:
Drilling at Golden Mountain Project
Drilling at Moormbool Project
Drilling at Lauriston Project
Ongoing field work 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 g/t
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 GMDH 45, 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
,
September 3, 2020
,
October 1, 2020
and
December 18, 2020
for full
details on these drill holes including collar locations, QA/QC, and true widths).
Fosterville South Chief Operating Officer and Director, Rex Motton, states, "
We are excited to re-commence drilling at Golden Mountain, where results from
2020 indicate the potential for a robust system with excellent grades and size. The re-start of work at Golden Mountain is concurrent with continuing drilling at
Lauriston and Moormbool and field work at
Providence
(Reedy Creek target) and the Walhalla Gold Belt (Enoch's Point target)
."
Corporate Matters
The Company also announces the resignation of Mr.
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 3,600,000 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% 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.
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 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.
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SOURCE
Fosterville South Exploration Ltd.
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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 19-APR-21