GPAC.V · 2022-08-05 12:00:00

Fosterville South Reports Assays from Drilling at Comet-New Trojan at Lauriston Project, Golden Mountain Project and Providence Project

Drill Results

Fosterville South Reports Assays from Drilling at Comet-New Trojan at

Lauriston Project, Golden Mountain Project and Providence Project

VANCOUVER, BC

Aug. 5, 2022

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

Germany

4TU) reports gold assay results from drilling at the Comet-New Trojan prospect at the Lauriston Project, Golden Mountain Project and Providence Project. Gold

assays received included

13.4m

of 2.08 g/t Gold from

288.1m

in diamond drill hole GMDH55 at Golden Mountain and

at 1.35 g/t Gold from

58m

in reverse

circulation hole

CRC15

at the Comet prospect (Lauriston Gold Project).

Assays at Comet-New Trojan on Lauriston Gold Project

Fosterville South received gold assays from its drill program of the New Trojan and Comet prospects at the Lauriston Project. The drill program at these

prospects was designed to test for shallow gold mineralization based upon soil geochemistry and sporadic minor old gold workings.

At the Comet prospect drilling covered a strike length of 300 meters. The results included reverse circulation hole

CRC09

that intersected

11m

at 0.96 g/t Gold

from

41m

and reverse circulation hole

CRC15

that intersected

at 1.35 g/t Gold from

58m

. Drill permits are pending for the northern part of this prospect. A

significant number of drill holes at the Comet prospect intersected gold mineralization (see Table 1).

At the New Trojan Prospect, which is 2.5 kilometers to the north of the Comet prospect, the drill program consisted of an initial ten reverse circulation holes to test

various shallow gold workings and anomalous soil geochemistry. Reverse circulation hole TR05 intersected

11m

at 0.79 g/t Gold from

27m

and reverse circulation

hole TR10 intersected

at 0.94 g/t Gold from

27m

. Similar to the Comet prospect, a significant portion of the drill holes intersected gold mineralization. A follow

up program of an additional four reverse circulation holes was completed to test mineralization at a deeper level and further south for which assays remain

pending. Overall, this program has covered a strike length of 700 meters, with the initial access restricted by the hilly terrain and weather conditions.

At the North New Trojan Prospect, which is 1.4 kilometers to the north of the New Trojan Prospect, the drill program consisted of an initial three reverse

circulation holes to test

200m

of strike length of anomalous soil geochemistry. Reverse circulation hole NNT03 intersected

at 2.04 g/t Gold from

60m

. Access

to the main section of the North New Trojan prospect for further drilling awaits the government drilling Work Plan approval, which also includes the strike interval

between here and New Trojan prospect to the south.

At all the prospects, the soil geochemistry and drill results indicate that the gold mineralization has a 'pinch and swell' nature along strike. The cause of this

phenomenon is yet to be established but it does suggest that there are individual gold shoots that are structurally controlled within the overall fault zones.

Fosterville South has drilled a total of three diamond drill holes totalling 748.6 meters and fourteen reverse circulation holes totalling 1248 metres at the Comet

prospect. At the New Trojan prospect, Fosterville South has drilled a total of fifteen reverse circulation holes totalling 1328 metres. At the North New Trojan

prospect three reverse circulation holes totalling 269 meters were drilled. Assays are pending for one hole for the Comet drill program and four holes at the New

Trojan drill program.

Assays at Golden Mountain Project

At the Golden Mountain Project, access has been granted for drilling from the eastern side further down the valley which allows for deeper drilling of the main

prospect. The current drill program is designed to test down dip extensions of mineralization from the previous GMDH45 that intersected

55.1m

at 3.1g/t from

210m

(see news release dated

December 18

, 2020). Previously unreported drilling from

July 2021

includes GMDH53 with a broad zone of low-grade gold

mineralization from 354.75 to 409 meters and including

12m

of 1.32 g/t Gold from

397m

. This drill intersection is north of and deeper than GMDH45. More

recently, diamond drill hole GMDH55 intersected

13.4m

of 2.08 g/t Gold from

288.1m

and diamond drill hole GMDH56 intersected

13m

at 1.03 g/t Gold from

221m

. Currently, Fosterville South has drilled a total of three diamond drill holes totalling 990.4 meters in this latest program. Assays are being reported for two

of the three diamond drill holes with complete assays pending for the third hole. Drilling is ongoing at Golden Mountain to test the potential for high-grade gold

mineralization at depth.

A program of deep RC drilling is scheduled for

August 2022

targeting the northern part of the main North-South zone as well as the granite contact area to explore

for extensions to known gold mineralization.

Assays at Providence Project

At the Big Ben mine site, 6 holes were drilled for 522 meters (BBM series), results included reverse circulation hole BBM04 intersected

21m

at 0.82 g/t Gold from

23m

and BBM05 intersected

15m

at 0.73 g/t Gold from

54m

. Drilling confirmed a gold mineralized steeply west dipping, weakly quartz veined, pyritic brecciated

siltstone-sandstone host rock. Additional shallow reverse circulation drilling will be required to continue to confirm stockwork epizonal gold mineralization which is

open in all directions. Further drilling is ongoing at Big Ben mine area. Assays are pending for four additional reverse circulation holes totalling

360m

Within the Big Ben Prospect Area, Fosterville South carried out 15 reverse circulation holes (BB series) for a total of 1266 meters. The scout drilling program was

designed to test for epizonal, and intrusion related gold mineralization associated with various soil geochemical anomalies and small-scale gold workings in the

area. Several holes returned elevated gold values over narrow widths.

Beechworth Gold Project Exploration

Permits for further drilling have been received for the

Hillsborough

prospects located within the Beechworth gold project. Two reverse circulation percussion drill

programs will be implemented during

August 2022

. One program is aimed at follow-up deep drilling of the Homeward Bound prospect where the 2021 drilling of

HBDH01 intersected

8.6m

of 5.2 g/t gold from

194.6m

and HBRC21 intersected

8.0m

of 3.8 g/t from

202m

(see news releases dated

15/10/2021

and

18/01/2022).

Table 1: Drill Results and Intercepts:

Hole ID

East

North

Azimuth

(deg.)

Dip

(deg.)

From

(m)

To (m)

Downhole

Interval

(m)

True

Width

(m)

Au g/t

Cut-off

grade

Hole Type

Au g/t

LAURISTON GOLD PROJECT

Comet Prospect

CDD01

263701

5850341

264.42

-58.5

No Significant Mineralization

Diamond

CDD02

263703

5850344

299.32

-50

168.8

170.9

2.1

ND*

0.3

Diamond

And

203.1

204.1

ND*

0.41

0.3

Diamond

and

249.6

250.6

ND*

2.32

0.3

Diamond

and

255.7

257.7

ND*

1.14

0.3

Diamond

and

262.2

263.3

1.1

ND*

1.69

0.3

Diamond

CDD03

263673

5850291

242.42

-60.1

7.1

9.1

ND*

1.69

0.3

Diamond

CRC05

263675

5850346

277.82

-54.7

ND*

0.6

0.3

CRC06

Not Drilled

CRC07

Not Drilled

CRC08

263582

5850079

88.92

-57.2

2.7

0.75

0.3

CRC09

263552

5850089

89.42

-57.8

9.7

0.96

0.3

CRC10

263572

5850124

85.02

-58.3

7.9

0.59

0.3

CRC11

263564

5850166

83.42

-66

2.4

0.71

0.3

CRC12

263579

5850210

76.72

-57.3

1.8

1.05

0.3

and

1.8

1.78

0.3

CRC13

263538

5850169

84.42

-52.7

2.8

1.32

0.3

CRC14

263520

5850093

83.42

-59

8.7

0.94

0.3

CRC15

263538

5850125

84.92

-53.1

8.3

1.35

0.3

CRC16

263543

5850225

81.82

-53.1

No Significant Mineralization

CRC17

Assays Pending

New Trojan Prospect

TR01

264040

5852711

86.02

-52.7

2.8

1.64

0.3

TR02

264032

5852529

86.32

-54.1

2.8

0.73

0.3

TR03

264033

5852595

88.32

-53.8

2.8

0.31

0.3

and

4.6

0.90

0.3

TR04

264036

5852639

89.02

-59.5

4.4

0.59

0.3

and

1.8

1.31

0.3

and

2.6

0.61

0.3

TR05

264061

5852670

85.02

-58.3

9.7

0.79

0.3

TR06

264037

5852663

77.22

-59.1

1.7

2.04

TR07

264169

5852777

279.02

-53

No Significant Mineralization

TR08

264151

5852823

274.12

-53.8

ND*

0.55

0.3

TR09

264080

5852669

81.02

-53.5

1.8

0.40

0.3

TR10

264143

5853116

90.32

-53.5

5.5

0.94

0.3

and

1.8

1.30

0.3

TR11

264064

5853003

86.72

-53.1

1.8

0.40

0.3

TR12

Not Drilled

TR13, 15, 18, 19

Assays Pending

NNT01

264156

5854484

87.02

-52

No Significant Mineralization

NNT02

264142

5854403

85.62

-53

No Significant Mineralization

NNT03

264109

5854304

85.52

-54

1.8

2.04

0.3

GOLDEN MOUNTAIN

GMDH53

400163

5912027

87.86

-75

330.15

332.75

2.6

0.7

0.57

0.5

Diamond

and

347.8

351

3.2

0.9

0.69

0.5

Diamond

and

354.75

371

16.25

4.5

0.64

0.3

Diamond

and

378

392.9

14.9

4.1

0.72

0.3

Diamond

and

397

409

3.3

1.32

0.3

Diamond

GMDH54

400174

5912006

189.86

-50

No Significant Mineralization

GMDH55

400408

5911969

266.76

-59.9

288.1

302.3

13.4

8.5

2.08

0.5

Diamond

GMDH56

400408

5911968

282.26

-58.5

221

234

7.6

1.03

0.3

Diamond

and

256

261

3.0

1.76

0.5

Diamond

PROVIDENCE

Big Ben Mine area

BBM01

350927

5858743

272.66

-51.7

No Significant Mineralization (failed to reach target zone)

BBM02

350921

5858775

269.96

-52.8

No Significant Mineralization (failed to reach target zone)

BBM03A

350882

5858805

87.76

-53.8

2.3

1.84

0.3

BBM04

350916

5858830

273.36

-54.1

13.3

0.82

0.3

BBM05

350932

5858860

266.56

-52.2

9.2

0.73

0.3

and

1.8

1.39

0.3

Big Ben Regional Prospects

BB01-BB05

No Significant Mineralization

BB06

350642

5858596

82.86

-52.2

2.82

0.3

BB07

No Significant Mineralization

BB08

350855

5859438

323.56

-54.4

1.11

0.3

BB09-BB12

No Significant Mineralization

BB13

350853

5857803

89.86

-65

0.70

0.3

and

0.98

0.3

and

0.92

0.3

* ND Not Determined

The intercept cut-off grades are shown in the table, and they use a maximum internal waste of

. True widths are shown for prospects that have sufficient

information otherwise not determined (ND). The assays are not capped. Coordinates are Australian projection MGA94 Zone 55.

Figure 1 – Fosterville South Overview Map (CNW Group/Fosterville South Exploration Ltd.)

Quality Assurance / Quality Control

All assays were subject to quality control measures appropriate for diamond core and reverse circulation 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 or 25g charge and AAS or ICP 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 mineralization 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

mineralization, 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 Agnico Eagle'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 mineralization and Beechworth has mesozonal and intrusion relation gold mineralization.

All of Fosterville South's properties 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.

View original content to download multimedia:

https://www.prnewswire.com/news-releases/fosterville-south-reports-assays-from-drilling-at-comet-new-trojan-at-lauriston-project-golden-mountain-project-and-providence-project-301600646.html

SOURCE

Fosterville South Exploration Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/August2022/05/c1627.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 09:00e 05-AUG-22

← Back to feed