Fosterville South Reports Assays from First Core Drill Hole at Beechworth Gold Project With Hole HBDH001 Returning 8.6m at 5.22 g/t Gold including 3.6m at 10.72 g/t Gold
Fosterville South Reports Assays from First Core Drill Hole at Beechworth
Gold Project With Hole HBDH001 Returning 8.6m at 5.22 g/t Gold including
3.6m at 10.72 g/t Gold
Highlights:
8.6m
at 5.22 g/t Gold from
194.6m
, including
3.6m
at 10.72 g/t Gold from
196.8m
, in diamond drill hole HBDH001
Rock chip assays from numerous gold prospects yielding gold grades including 38.7 g/t Gold
Fosterville South now actively drilling at Reedy Creek (Providence Project), Enoch's Point (Walhalla Gold Belt Project) and Homeward Bound
(Beechworth Gold Project).
VANCOUVER, BC
,
Oct. 15, 2021
/CNW/ - Fosterville South Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV: FSX) (OTCQX: FSXLF) (
Germany
:
4TU) is pleased to report that initial diamond drilling at the Homeward Bound prospect within the Beechworth Gold Project in Victoria,
Australia
has returned
strong grade gold assays.
Initial Diamond Drill Results at Beechworth Gold Project
Fosterville South's initial diamond drill hole, HBDH001, intersected
8.6m
at 5.22 g/t Gold from
194.6m
, including
3.6m
at 10.72 g/t Gold from
196.8m
at the
Homeward Bound prospect located at
Hillsborough
within the Beechworth Gold Project.
Drill hole HBDH001 did not proceed below
203m
as it intersected old workings. As Fosterville South anticipated mineralization below this point, a second diamond
drill hole, HBDH002, commenced approximately
40m
below HBDH001. HBDH002 appears to have intersected two separate zones of intense silicification with
significant arsenopyrite, similar to the gold mineralisation present in HBDH001. Assay results for HBDH002 are 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 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.
Table 1: Drill Results and Intercepts:
Hole ID
East
North
Azimuth
(deg.)
Dip (deg.)
From (m)
To (m)
Downhole
Interval
(m)
Au g/t
Cut-off
grade
Au g/t
Hole Type
HBD001
484851
5971313
113
-70
194.6
203.2
8.6
5.22
0.4
Diamond
Includes
196.8
200.4
3.6
10.72
1.0
Diamond
The intercept cut-off grades are shown in the table and they use a maximum internal waste of
1m
. True width is estimated at
4.9m
for the longer intercept. The
assays are not capped. Coordinates are Australian projection MGA94 Zone 55.
Figure 1 Cross section of the drilling at Homeward Bound prospect, Beechworth (CNW Group/Fosterville South Exploration Ltd.)
Sampling Program at Beechworth Project
In preparation for drilling, Fosterville South carried out an extensive reconnaissance rock chip sampling program covering the entire Beechworth Gold Project. The
program was a follow up on anomalies identified in the extensive rock and soil sampling program announced on
June 29
, 2021. The samples targeted quartz
veining from outcrops, float and mine waste dumps on the Beechworth Gold Project.
Table 2: Summary of Key Rock Chip Sample Results:
Sample ID
East
North
Au g/t
Prospect at Beechworth
CR28017
476688
5969575
2.43
Snowball
CR28018
476671
5969592
7.61
Snowball
CR28029
476637
5971219
14.2
Sore Leg
CR28043
476196
5970177
38.67
Perseverance
CR28067
475232
5971110
3.76
Golden Bar
CR28082
484471
5971891
9.74
Prince of Wales
CR28083
484530
5971958
2.00
Brunton's
CR28087
484027
5972768
21.0
Markham
CR28093
478698
5976022
11.5
Wallaby
CR28098
478760
5975936
2.44
Marco Polo
CR28106
478925
5975675
2.60
Rechabite
CR28111
478139
5976447
2.15
Kerry Eagle
CR28114
478118
5976589
2.04
Kerry Eagle
CR28125
478586
5976363
25.6
Allot's
CR28304
476199
5970175
32.7
Perseverance
CR28323
476744
5969660
4.61
Snowball
CR28336
482462
5974864
20.1
Bangor
CR28338
482454
5974939
5.52
Bangor
CR28343
482883
5974571
19.0
Comasino
CR28345
482877
5974770
2.05
Comasino
CR28347
482857
5974415
8.39
Comasino
CR29272
482953
5974409
5
Pride
CR29277
482959
5974157
5.29
Pride
CR29278
482931
5974992
10.9
Pride
CR29280
482897
5974906
3.28
Comasino
CR29286
482681
5974158
13.9
Crawford & Folster
CR29293
478203
5976592
2.02
Kerry Eagle
CR29294
478168
5976548
5.58
Kerry Eagle
CR29295
478098
5976661
2.79
Kerry Eagle
CR29300
478475
5976268
11.5
Golden Hope
Drilling Activities on Three Gold Projects
Fosterville South is pleased to report that it is now concurrently carrying out drilling activities on three (3) gold projects: Reedy Creek (Providence Project),
Enoch's Point (Walhalla Gold Belt Project) and Homeward Bound (Beechworth Gold Project).
At Reedy Creek (Providence Project), Fosterville South has commenced diamond drilling at the United Reef and, thereafter, will commence 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.
Diamond drilling has commenced 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.
Reverse circulation drilling is ongoing at the Beechworth Gold Project, which has been initially focused on the Hillsborough Goldfield. Fosterville South recently
obtained a new permit to add an additional 40 drill pads and will continue to actively drill over prospective gold geochemically anomalous zones. The new permit
allows for scout drilling at various locations within the Stanley State Forest as a follow up to the soil and rock chip sampling at these various prospects.
Chief Operating Officer, Rex Motton, states,
"With multiple drill permits in hand and significant fieldwork completed to vector in on key drilling targets, drilling is
now ramping up on multiple high priority projects. Fosterville South is well financed and in a strong position to accelerate drilling and we look forward to
increasing assay data flow from this work on site. "
Figure 2 – 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 circular 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 ICP or 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,
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 15-OCT-21