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Fosterville South Discovers New Gold Zone from Surface at Golden Mountain Including RC Intercept Assaying 77m at 1.14 g/t Gold

Highlights:

  • Strong gold assays along strike of the East West granite contact zone at Golden Mountain that included:

VANCOUVER, BC, Sept. 22, 2022 /CNW/ - Fosterville South Exploration Ltd. ("Fosterville South") or (the "Company") (TSXV: FSX) (OTCQX: FSXLF) (Germany: 4TU) is pleased to report that new diamond and reverse circulation drilling at the Golden Mountain prospect within the Tallangallook Gold Project in Victoria, Australia has returned strong gold grades over considerable downhole lengths. Additional assays are pending from a review of previous diamond drilling where these drillholes drilled through the East West zone prior to the recognition of the zone's extent. Soil sampling along the corridor has revealed a 1km strike length of anomalous gold in soil associated with this previously untested zone.

New Gold Assays at Golden Mountain Prospect Within the Tallangallook Gold Project

Fosterville South received strong gold assay intercepts, from its nine-hole drill program of 1519 meters in total, including an intercept an intercept from surface grading 77m at 1.14 g/t Gold from 2m, including 35m at 1.85 g/t Gold from 3m at the Golden Mountain prospect located within the Tallangallook Gold Project. Five of the drill holes intersected the E-W zone while the other four holes drilled other targets. Two of the latter holes (22GMRC05 & 22GMRC10) failed to reach drill target due to ground conditions.

A reverse circulation drilling program was instigated on parts of the EW Zone to determine the extent and grade of gold mineralization within the zone, following encouraging results from grid-based soil sampling as well as review of previous drilling and the geological controls on the mineralisation in this area. The gold in soil anomaly is approximately 1000m in strike extent. The gold mineralisation discovered by previous drilling was found to be associated with a porphyritic, miarolitic and xenolithic granite or monzogranite. Further petrographic studies are underway to discriminate the various granitic rock types and those rocks that have associated alteration and gold mineralisation.

Further to this review and following the reverse circulation drilling results being received, it was found that previous diamond holes GMDH52 and GMDH53 had drilled through a potentially mineralised granite in their upper parts. Sampling of GMDH53 confirmed the mineralization with 38.7m at 0.79 g/t Gold from 10.7m (see photo) and since then GMDH52 has been sampled and submitted for assay. While some intersections are preferentially held within the granite other gold intersections are within the contact metamorphosed (hornfels) rocks nearby suggesting that there are other structural controls to the mineralisation. The granite contact is also very nonplanar, and parts of the granite are sill-shaped and mineralised. Also, the NS Zone appears to offset the EW zone and cause a larger area of dilation and potential gold mineralisation. This EW Zone and NS Zone intersection is the apparent cause of the wider gold intercept from 22GMRC12 of the 77m at 1.14 g/t Gold from 2m.

Figure 1: GMDH53 27-32m interval example of mineralised granitic drill core (CNW Group/Fosterville South Exploration Ltd.)
Figure 1: GMDH53 27-32m interval example of mineralised granitic drill core (CNW Group/Fosterville South Exploration Ltd.)

The results of 22GMRC08 of 18m at 1.48 g/t Gold from 100m are also encouraging where deeper drilling has yielded improved grade within the contact metamorphosed (hornfels) sediments near the granite contact.

Table 1: Golden Mountain Drill Results and Intercepts:

Hole

X

Y

Azimuth

Dip

From

To

Length

Au ppm

Location

Type

22GMRC02

400265

5912092

105

-55

64

85

21.0

0.46

EW Zone

RC Splits

22GMRC02





93

104

11.0

0.52

EW Zone

RC Splits

22GMRC03

400198

5912040

90

-62

14

20

6.0

1.54

EW Zone

RC Splits

22GMRC03





37

44

7.0

0.57

EW Zone

RC Splits

22GMRC03





47

66

19.0

0.72

EW Zone

RC Splits

22GMRC05

400198

5912018

91

-65

180

193

13.0

0.37

Central west

RC Splits

22GMRC07

400220

5912076

90

-60

81

86

5.0

0.66

EW Zone

RC Splits

22GMRC07





92

107

15.0

0.45

EW Zone

RC Splits

22GMRC07





157

171

14.0

2.06

NS Zone

RC Splits

22GMRC07





177

180

3.0

2.19

NS Zone

RC Splits

22GMRC08

400184

5912047

86

-65

88

96

8.0

1.25

EW Zone

RC Splits

22GMRC08





100

118

18.0

1.48

EW Zone

RC Splits

22GMRC10

400225

5911980

80

-73

69

74

5.0

3.16

New area

RC Splits

22GMRC10





79

89

10.0

2.18

New area

RC Splits

22GMRC10





168

174

6.0

1.26

NS Zone

RC Splits

22GMRC12

400269

5912049

90

-55

2

79

77.0

1.14

EW Zone

RC Splits

  Including





3

38

35.0

1.85

EW Zone

RC Splits

22GMRC12





104

111

7.0

0.51

EW Zone

RC Splits

GMDH53

400163

5912027

88

-75

11

49

38.7

0.79

EW Zone

Diamond

The intercept cut-off grades are shown in the table and they use a maximum internal waste of 1m. True width are not known. The assays are not capped. Coordinates are Australian projection MGA94 Zone 55.  Planned holes 22GMRC01, 22GMRC06 & 22GMRC09 were not carried out in this drilling campaign.

Figure 2 – Longitudinal Section of the drilling at Golden Mountain prospect, Tallangallook (CNW Group/Fosterville South Exploration Ltd.)
Figure 2 – Longitudinal Section of the drilling at Golden Mountain prospect, Tallangallook (CNW Group/Fosterville South Exploration Ltd.)
Figure 3 – Fosterville South Overview Map (CNW Group/Fosterville South Exploration Ltd.)
Figure 3 – Fosterville South Overview Map (CNW Group/Fosterville South Exploration Ltd.)

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 Tallangallook, which are also located in the state of Victoria, Australia. Moormbool project has epizonal style gold mineralisation and Tallangallook 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 Tallangallook 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.

Fosterville South Exploration (CNW Group/Fosterville South Exploration Ltd.)
Fosterville South Exploration (CNW Group/Fosterville South Exploration Ltd.)
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SOURCE Fosterville South Exploration Ltd.

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