Fosterville South Receives Permitting for 15 Additional Drill Pads at Golden Mountain
Fosterville South Receives Permitting for 15 Additional Drill Pads
at Golden Mountain
VANCOUVER, BC
,
Oct. 14, 2020
/CNW/ - Fosterville South Exploration Ltd. ("
FSX
" or the "
Company
") (TSXV: FSX) (OTC: FSXLF)
(
Germany
: 4TU) is pleased to announce that it has obtained the necessary government approvals to drill from an additional 15 drill pad
locations at its Golden Mountain gold project located in
Victoria, Australia
.
Highlights:
Multiple holes can be drilled from each of the newly approved drill pad locations within Exploration License EL006430
This newly issued permit will allow the company to extensively drill test for:
mineralisation south of the key east-west fault, within the main N-S zone, where multiple high-grade gold intercepts were
recently reported by Fosterville South in the southernmost hole drilled to date
western extensions of the mineralised east-west fault
central part & western extensions to the northern E-W granite contact zone
and the depth extensions of the main N-S zone
Fosterville South Chief Operating Officer and Director, Mr.
Rex Motton
states,
"As described in our recent
October 1, 2020
News Release,
we have intersected a zone of high-grade mineralisation, with visible gold in the drill core, at a location further south than previous high-
grade intersections and south of the key east-west fault. Assays were excellent from this hole which reported 28 metres at 10.2 g/t Au
(9.0m true width), including 13 metres at 17.5 g/t Au (4.2m true width) and 11m at 4.8 g/t Au (3.5m true width). The new permits received
will allow us to extensively test this area and other key areas to our understanding of the mineralisation, which remains open at depth and
open along strike."
The new permit was received under provisions of sub-section 44 (1) of the Mineral Resources (Sustainable Development) Act 1990, within
Exploration Licence EL006430. The drill pad locations are all on old access tracks and comply with the Low Impact Exploration category of
exploration permitting so that no earthworks are required. A recent onsite meeting with Parks Victoria was held to approve the final stage.
Figure 1 Location map of new drill sites (CNW Group/Fosterville South Exploration Ltd.)
Fosterville South is currently drilling at Golden Mountain and is targeting to start drilling soon at Lauriston. As recently provided in an update
(see Fosterville South News Release dated
October 13, 2020
), the spin out of the Avoca and Timor assets to Leviathan Gold is targeted for
completion in the near term. Fosterville South has approximately CAD
$28.3 million
in cash on hand with no debt and is well positioned to
accelerate on multiple projects.
About Fosterville South Exploration Ltd.
Fosterville South has two large, 100% owned, high-grade epizonal 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 packaged, 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
tenements. Additionally, Fosterville South has 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
, AusIMM (CP), COO and Director of
Fosterville South, a qualified person as defined by NI 43-101.
On behalf of the Company,
Bryan Slusarchuk
, Chief Executive 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, including with respect to the date of the Meeting and the expected date for mailing of Meeting materials. These statements reflect
management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. FSX 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, FSX does not undertake to publicly update or revise forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
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:
please visit the Company website www.fostervillesouth.com or contact: 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 14-OCT-20