GPAC.V · 2022-04-27 12:00:00

Fosterville South Reports High Grade Intersection of 2m at 174.42 g/t Gold, including 1m at 348 g/t Gold During Drilling at Reedy Creek

Drill Results

Fosterville South Reports High Grade Intersection of 2m at 174.42 g/t Gold,

including 1m at 348 g/t Gold During Drilling at Reedy Creek

Highlights:

Strong gold assay of

at 174.42 g/t Gold including

at 348 g/t Gold in reverse circulation drill hole TRC02

High-grade results are shallow and from the most easterly holes drilled to date at Thompson Reef.

Assays pending from additional holes including from multiple holes at Reedy Creek Target within the Providence Project

VANCOUVER, BC

April 27, 2022

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

Germany

4TU) is pleased to report that the maiden percussion drilling program at Thompson Reef and Prince of Wales Reef within the Reedy Creek target of the

Providence Project in

Victoria, Australia

has returned strong gold grades. Additional assays are pending from drilling at high priority gold targets at Reedy Creek.

Fosterville South intersected high-grade Gold in its reverse circulation drill program at Thompson Reef that forms part of the Reedy Creek Target, Providence

Project (see Figure 1).

Reverse circulation drill hole

TRC02 encountered

at 174.42 g/t Gold from

23m

including

at 348 g/t Gold from

24m

. Four reverse circulation holes

(TRC01 to 04) were drilled over a strike length of 130 meters.

To the northwest of the high-grade discovery hole at Weineroider Ridge, also at Reedy Creek, the Prince of Wales Reef was reverse circulation drilled over a

strike length of

300m

in 6 holes. Drillhole PWR01 returned

at 2.98 g/t Gold from

53m

, including

at 7.58 g/t Gold; drillhole PWR02 returned

at 19.5 g/t

Gold from

22.0m

prior to intersecting a 9-meter (downhole width) stope; and reverse circulation hole PWR04 returned

at 4.81 g/t Au from

12m

and

at 1.51

g/t from

51m

. Drillhole PWR06 was abandoned in mineralisation due to drilling difficulties. The Prince of Wales Reef is a fault zone composed of brecciated

sediments which was historically mined up to 10 meters wide in shallow open cut operations. Drilling to date has shown parallel zones of mineralisation occur

within an overall package of up to 20 meters wide.

Diamond and reverse circulation drilling continue to focus expanding mineralization near the discovery hole RWR13

(

11m

at 31.34 g/t Gold including

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

) at Weineroider Ridge.

Fosterville South COO and Director, Rex Motton, states, "

Fosterville South continues to operate multiple drill rigs on different projects within the large 4,000 sq

km land package we have assembled over a multi-year period. After extensive fieldwork to identify priority targets, the reconnaissance drilling to date has

further assisted in prioritizing our target database. Assay results from several high priority areas are now pending.

The Reedy Creek goldfield, described in

today's news, is now yielding high grade intercepts at a number of prospects with more targets yet to be drilled. As an example, the Doyle's/Langridge prospect

was the largest high-grade producer and is slated for near term drilling. The entire field is looking very promising

Table 1: Reedy Creek (Thompson Reef and Prince of Wales) Drill Results and Intercepts:

Hole ID

East

North

Azimuth

(deg.)

Dip

(deg.)

From

(m)

Downhole

Interval

(m)

True

Width

(m)

Au g/t

Cut-

off

grade

Hole

Type

g/t

THOMPSON REEF

TRC02

335642

5872883

-60

1.5

174.42

0.5

Including

0.8

348.00

1.0

TRC04

335622

5872896

-60

0.90

0.5

TRD02

335486

5872943

-75

100.3

100.5

0.2

0.1

21.60

0.5

Diamond

PRINCE OF WALES REEF

PWR01

334812

5874137

90.0

-70.0

9.3

1.66

0.3

Including

1.5

7.58

1.0

PWR02

334838

5874041

90.0

-70.0

19.5

0.5

PWR04

334838

5874041

90.0

-90.0

1.2

4.81

0.5

And

3.5

1.98

0.5

PWR05

334882

5873883

-80

0.6

1.77

1.0

PWR06

334820

5874132

88.5

-52.8

1.56

0.5

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. Reverse circulation drill holes

TRC01, TRC03, PWR03 & PWR05 did not contain significant gold mineralization. Drillhole TRC01 failed to reach the mineralised zone and PWR06 was

abandoned in the mineralised zone due to drilling difficulties.

In addition to Reedy Creek, Providence Project, assays from drilling on multiple other prospects are currently pending and drilling is ongoing. Drilling at the

Doyle's-Langridge prospect, which forms part of the Reedy Creek Target, Providence Project, will begin as soon as possible now that all drill permits are

approved.

Figure 1 – Reedy Creek Target, Providence Project (CNW Group/Fosterville South Exploration Ltd.)

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 reverse circulation 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

Fosterville South Exploration Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/April2022/27/c8754.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 27-APR-22

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