• Strong gold assay of 2m at 174.42 g/t Gold including 1m 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 

April 27, 2022.  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 2m at 174.42 g/t Gold from 23m including 1m 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 6m at 2.98 g/t Gold from 53m, including 2m at 7.58 g/t Gold; drillhole PWR02 returned 1m at 19.5 g/t Gold from 22.0m prior to intersecting a 9-meter (downhole width) stope; and reverse circulation hole PWR04 returned 3m at 4.81 g/t Au from 12m and 6m 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 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) 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:

The intercept cut-off grades are shown in the table, and they use a maximum internal waste of 2m. 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

Figure 2 – Fosterville South Overview Map

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.

For further information: Adam Ross, Investor Relations, Direct : (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]

• Lauriston is immediately south of and contiguous with Kirkland Lake Gold’s Fosterville Mine tenements.
• 600 km² project with excellent structural setting and significant historic high-grade gold production reported despite lack of modern exploration and drilling.
• Follows up on initial reconnaissance drilling and field work completed in 2021 to develop drill targets
• Three drill rigs are currently drilling at Reedy Creek within the Providence Project 

March 15, 2022.  Fosterville South Exploration Ltd. (“Fosterville South”) or (the “Company”) (TSXV:FSX) (OTCQX: FSXLF) (Germany: 4TU) is pleased to report that it has commenced a diamond drilling program at the Comet-New Trojan targets at Lauriston Gold Project, Victoria, Australia (“Lauriston”).  

Fosterville South plans to carry out an extensive diamond drilling at Lauriston, commencing at the Comet target to confirm the structural controls of the wide zones of gold mineralization that were discovered during initial reconnaissance work in 2021.

At the New Trojan target, which is located in close proximity to Comet, Fosterville South will conduct the first modern day drill program. 

The drilling has commenced at these high priority targets after various community consultations and getting all regulatory approvals in place.

Lauriston is an epizonal gold-antimony-arsenic mineralised project, which has the best potential to be the southern extension of the Fosterfield Goldfield Belt, outside of Kirkland Lake Gold’s tenements. The Redesdale, Whitelaw and Taradale Faults intersect Lauriston, although in some areas are covered by a very thing young basalt cover, leaving these particular areas on the property never explored.

Meanwhile, as drilling at Lauriston has just commenced, the Company has concurrently accelerated drilling at the Reedy Creek target within the Providence Project. Two of the three rigs at Reedy Creek are diamond rigs while the other is a reverse circulation rig.

Figure 1 – Fosterville South Overview Map

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.

For further information: Adam Ross, Investor Relations, Direct : (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]

• Strong gold assays below and on strike to the initial discovery hole at Homeward Bound including;
• 8m at 3.36 g/t Gold including 3m at 8.83 g/t Gold in reverse circulation drill hole HBRC21, and 
• 4.38m at 2.51 g/t Gold and 3.15m at 3.38 g/t Gold in diamond drill hold HBDH002
• Gold discovery hole at Bon Accord from reverse circulation drilling hole BHVP30 of 8m at 4.84 g/t Gold including 1m at 33.4 g/t Gold
• Assays pending from additional holes including from multiple holes at Reedy Creek Target within the Providence Project 
• Q1 2022 drilling focus will be at Providence, Beechworth, Golden Mountain and Lauriston Projects
• Approximately $22 million cash on hand

January 18, 2022.  Fosterville South Exploration Ltd. (“Fosterville South”) or (the “Company”) (TSXV:FSX) (OTCQX: FSXLF) (Germany: 4TU) is pleased to report that new drilling at the Homeward Bound and Bon Accord prospect at the Beechworth Gold Project in Victoria, Australia has returned strong gold grades.  Additional assays are pending from drilling at high priority gold targets at Reedy Creek.

New Gold Assays at Beechworth Gold Project

Homeward Bound Prospect

Fosterville South received strong gold assays beneath its initial discovery diamond drill hole, HBDH001, that 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.

A second diamond drill hole, HBDH002, intersected two separate zones with strong gold mineralization of 3.15m of 3.38 g/t Gold from 269.5m and 4.4m of 2.51 g/t Gold from 256.6m along with another three supporting gold mineralized zones totalling 29.7m within an overall envelope of 56.6m downhole length.  A detailed reverse circulation drilling program was instigated to determine the extent of gold mineralization associated with the old workings following the encouragement received from the initial discovery diamond hole.  In particular, reverse circulation drill hole HBRC21 encountered 8m at 3.66 g/t Gold from 202m, including 3m at 8.83 g/t Gold from 207m and expanded the strike length of gold discoveries from the diamond drill holes to the north. Other significant results were 1m at 8.58 g/t Gold from 105m in HBRC01, 1m at 11.20 g/t Gold from 134m and 1m at 10.95 g/t Gold from 150m in HBRC02 and 1m at 7.26g/t Gold from 50m in HBRC09. The main Homeward Bound reef strikes 023 degrees and dips west at -75 degrees.

The diamond drill and reverse circulation drilling results to date indicate wider zones of mineralization exist at depth (HBDH001, HBDH002 and HBRC21) in the Homeward Bound prospect, Beechworth Project. The completed drilling program targeted the upper sections of the inferred zone of gold mineralisation based upon the mine plans (HBRC05 to HBRC13) and to confirm some of the historic drilling results carried out in 1992 (HBRC01, 02 & 03) as well as continuing to explore the deeper parts of the main zone of gold mineralization (HBRC21). The drilling established the extent of the previous mining through encountering voids where the high-grade gold zone had been extracted.

Bon Accord Prospect

At the nearby Bon Accord Prospect, approximately 180 metres west from Homeward Bound, Fosterville South’s reverse circulation drill program resulted in a new gold discovery.  BHVP30 intersected 1m at 20.9 g/t Gold from 59m and 8m at 4.84 g/t Gold from 64m, including 1m at 33.4 g/t Gold from 68m. This discovery is referred to as the Bon Accord North zone and is not associated with any old workings.  Reverse circulation drilling also encountered zones of gold mineralization to the northwest of BHVP30.  BHVP14 intersected 10m at 1.68 g/t Gold from 30m and BHVP32 intersection 12m at 0.49 g/t Gold from 56m.

Fosterville South also carried out a diamond drill program at Bon Accord.  Diamond drill hole BADH001 was designed to test for mineralization beneath the main shaft of the historic Bon Accord workings, including the Bon Accord Reef and Blind Reef.  BADH001 interested 3.7m at 3.05 g/t Gold from 148.9m corresponding to the main Bon Accord reef but no significant mineralization was detected below this level. The main Bon Accord reef strikes 350 degrees and dips west at -85 degrees. Historic tunnels connect the Bon Accord workings with the Homeward Bound workings.

Continued drilling at the Homeward Bound and Bon Accord prospects will seek to expand gold mineralization at depth and along strike beneath the old workings associated with these various encouraging drill results.

Table 1: Hillsborough (Homeward Bound and Bon Accord) Drill Results and Intercepts:

The intercept cut-off grades are shown in the table, and they use a maximum internal waste of 2m. 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 BA01 to BA08, BA10 to BA12, HBRC05 to 08, HBRC11 to 13 did not contain significant gold mineralization. Planned holes HBRC04, HBRC14 to HBRC20 were not carried out in this drilling campaign. For the BHVP scout drilling program seventeen proposed holes were not completed due to access difficulties, insufficient time or due to logging activities being carried out by HVP. These proposed holes include holes BHVP01,02,11-13,21,26-27,35,37-38,40,42,44-46,48. All other BHVP holes were completed up to and including BHVP50 and only those with significant assay results are shown in the above table. These proposed holes will be revised along with new planned holes in the next drilling campaign. Similarly for the Stanley State Forest scout drilling program drillhole series BE was all conducted using reverse circulation drilling. Seventeen hole (BE12, 14, 15, 19, 21-25, 27, 33-39) were not carried out for access or timing reasons. Other holes from BE01 to BE40 were completed and the significant assay intersections are reported in the above table. Some assays remain pending from these various drillholes.

The Homeward Bound and Bon Accord prospects are 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 gold mineralized zones are largely parallel striking NNW and include (from west to east) the Perseverance, Bon Accord and Homeward Bound faults. 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, although the Hillsborough area occurs within a contact metamorphic aureole of a nearby granitic intrusion. Intrusion related gold mineralization has been found at Hillsborough, as gold rich float rock specimen samples nearby Homeward Bound prospect and will form part of a new drilling program in the coming year when drill permits are received.

Figure 1 – Longitudinal Section of the drilling at Homeward Bound prospect, Beechworth

Figure 2 – Longitudinal Section of the drilling at Bon Accord prospect, Beechworth

Drilling Activities on Reedy Creek (Providence Project)

Fosterville South is actively drilling at Reedy Creek (Providence Project), which occurs within the epizonal district of the Melbourne Zone.  Assays are pending for two diamond drill holes at the Prince of Wales Reef completed late last year. Both drill holes intersected brecciated sediments with quartz veining corresponding to the interpreted Prince of Wales reef zone.

Diamond and reverse circulation drilling will continue to focus expanding mineralization at 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) at Weineroider Ridge.  Drilling will also pursue nearby gold mineralization at Prince of Wales Reef, Thompson Reef, Bulmer’s Reef and other areas in close proximity to Weineroider Ridge. A key drilling Work Plan has recently been approved which will allow greater access to these key prospects and drilling equipment has been mobilized to this prospect area. In the southeast of the tenement drilling (2) permits have been approved for the Big Ben prospect area, which occurs on the southeast extension of the Reedy Creek anticline. Widespread anomalous soil geochemical anomaly occurs in a fairly flat featureless plateau as well as at Bgi Ben where a brecciated fault zone was worked in the late 1800s. Another tenement known as Kinglake has been applied for to cover the extensions to the Reedy Creek anticline, north and south of the Big Ben prospect area.

Drilling to Commence at Golden Mountain and Lauriston Gold Projects

Fosterville South will commence drilling at two key gold projects, Golden Mountain and Lauriston Gold, in the first quarter of 2022.

New drill permits were received for the Comet and Trojan Prospect at the Lauriston Project and confirmation is being sought from the Water Authority prior to commencing work here.  Previous drilling at Comet returned 10m at 2.09 g/t Au from CRC01 and 14m at 1.19 g/t Au from CRC04.  Diamond drilling at Comet will be used to confirm the structural controls on these wider zones of gold mineralization.  At Trojan, which is located in close proximity to Comet, Fosterville South will carry the first modern day drill program.

Fosterville South also plans to carry out reverse circulation drilling at the Heyfield prospect at Golden Mountain.  Heyfield has signatures of Au-As-Sb and is an excellent target for epizonal style mineralization in the Melbourne Zone.

Figure 3 – Fosterville South Overview Map

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.

For further information: Adam Ross, Investor Relations, Direct : (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]

Highlights:

• two drill rigs now turning at the Beechworth Project
• diamond drilling also continues at Reedy Creek, Providence Project and at Enochs Point, Walhalla Gold Belt Project
• in total, four drill rigs are now turning with assays pending from multiple ongoing drill campaigns

Fosterville South’s initial diamond drill hole, HBDH001, on the Homeward Bound prospect interested 8.6m at 5.22 g/t Gold from, including 3.6m at 10.72 g/t Gold (see news release October 15, 2021).  Initial assay results at Reedy Creek include 11m at 31.34 g/t Gold including 4m at 80.05 g/t Gold (hole RWRI3) and 0.70m at 238.1 g/t Gold (hole RWD01) (see news releases dated August 9, 2021, and October 14, 2021). 

To date, 40 drill holes have been completed within the Beechworth Gold Project for a total of 3598 meters, most of which (22) have been scout drilling at various targets for which assays remain pending. The planned drill program for the two drill rigs amounts to a two phase 16 hole program for 3110 meters at the Homeward Bound prospect plus the ongoing scout drilling of a further 39 holes for 3510 meters, for a total of 6620 meters. 

Reverse circulation drilling at Homeward Bound will initially target shallower zones to 150m depth of potential gold mineralization along strike, including the hanging wall and footwall mineralization associated with the old gold workings. The program aims toward deeper drilling with both diamond and reverse circulation techniques based upon the mineralization vectors achieved in the shallower drilling. 

A reinterpretation of the previous drilling and the drilling carried out by Fosterville South indicates that wider zones of mineralization exist that were not previously mined. The previous diamond drilling from 1992 was highly selective in its assaying and has overlooked this broader scale mineralisation as evidenced by the initial results in HBDH01 which was terminated in old workings immediately adjacent to 8.6m @ 5.22 g/t gold from 192.6m downhole depth. The second diamond drill hole at Homeward Bound intersected significant widths of quartz and sulphide mineralization, with multiple assays pending.

Reconnaissance percussion drilling continues at various prospects found throughout the Beechworth Project targeting old workings and geochemical anomalous zones. This drilling campaign has also intersected various zones of quartz and sulphide mineralization, with further multiple assays 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 gold mineralized zones are largely parallel striking NNW and include (from west to east) the Perseverance, Bon Accord and Homeward Bound faults. 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, although the Hillsborough area occurs within a contact metamorphic aureole of a nearby granitic intrusion. Intrusion related gold mineralization has been found as rich float rock specimen samples nearby and will form part of a new drilling program in the coming year when permits are received.

Drilling Activities on Three Gold Projects

Fosterville South continues to actively drill on three (3) gold projects: Reedy Creek (Providence Project), Enoch’s Point (Walhalla Gold Belt Project) and Homeward Bound (Beechworth Gold Project). The Providence Project and the Walhalla Gold Belt both occur within the epizonal district of the Melbourne Zone.

At Reedy Creek (Providence Project), Fosterville South is carrying out 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.

Fosterville South is currently diamond drilling 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.

As noted above, diamond and reverse circulation drilling is ongoing at the Beechworth Gold Project, which has been initially focused on the Hillsborough Goldfield.

Figure 1 – Fosterville South Overview Map

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.

For further information: Adam Ross, Investor Relations, Direct : (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]

• 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).

October 15, 2021.  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:

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

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:

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

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.

For further information: Adam Ross, Investor Relations, Direct : (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]

• 0.7m at 238.1 g/t Gold from 68.70m and 0.80m at 22.5 g/t Gold from 40.80m in diamond drill hole RWD01
• Visible disseminated gold within quartz veins was present in both intercepts
• Assay results pending for diamond drill holes RWD02 and RWD03 with drilling ongoing at Reedy Creek.

October 14, 2021.  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 Reedy Creek goldfield within the Providence Project in Victoria, Australia has returned high-grade gold assays. 

Fosterville South is carrying out a diamond drill program to test the zones of gold mineralization recently discovered at Reedy Creek in August 2021.  The initial diamond drill hole has been drilled at a different azimuth to obliquely target the same region as the discovery hole, RWD01, and has intersected 0.7m at 238.1 g/t Gold from 68.70m and 0.80m at 22.5 g/t Gold from 40.80m.  The mineralization is of similar character to that found in discovery hole RWR13 (11m at 31.34 g/t Gold including 4m at 80.05 g/t Gold), albeit with a narrower width.  The gold mineralisation intersected in the drilling is present as a zone of significant quartz veining with fine grained disseminated gold, stibnite and pyrite. The strike and dip of the mineralised intercept is not yet known, and drilling and structural data analysis is ongoing. The lower quartz vein present in the drill hole is quite oblique to the core axis and the initial structural interpretation is that it has a subvertical dip with a true width of approximately 0.5m.

Final gold assays were also received from the initial reverse circular drill program carried out on the Reedy Creek Goldfield by Fosterville South with multiple holes intersecting gold mineralization (see Table 1.0 for details).

The Fosterville South drill program at Reedy Creek has been underway since July 2021 and commenced after the team negotiated and then signed 7 separate access agreements, while garnering strong community support for this exploration effort.  All this planned drilling is on private properties, which facilitates a streamlined drill program process once agreements are in place.

The Reedy Creek goldfield, which forms part of the Providence Project, occurs in the Melbourne zone and has a history of gold production from epizonal quartz veins, despite no drilling within the central goldfield apart from two vertical drill holes completed in the mid-1890s. While there has been no modern exploration at Reedy Creek, historical gold production reported at Reedy Creek is 43,489 tons for 39,223 ounces at 26.8 grams per tonne gold.

Drill Results and Intercepts:

* RWR13 was previously reported by the Company on August 9, 2021.  Reverse circulation drill holes RWR12, RWR14, RWR15, RWR16, RWR18, RWR19, RWR22 and RWR24 did not encounter significant mineralization.

The intercepts use a 0.5 g/t Au cut-off grade. True widths are not known. Additional drilling is required to determine true widths. The assays are not capped. Coordinates are Australian projection MGA94 zone 55.

Chief Operating Officer and Director, Rex Motton states, “We are excited that our first diamond drill hole intersected exceptionally high-grade gold at the Reedy Creek gold field, while also pleased that the final reverse circulation holes in the area of the discovery also intersected strong gold mineralization on various quartz veined structures. Drilling with the diamond drill rig now, versus the reverse circulation rig that made the discovery, will allow our technical team to start assessing the vein sets being encountered including the intersection of these various quartz vein sets, which are considered to cause the greater zones of high-grade gold mineralization, and where the most attractive future drill targets are. The results today shows that this system has the ability to produce exceptionally high gold grades and this is an excellent follow-on result from the initial discovery hole. More results are expected soon.” 

Figure 1 – Fosterville South Overview Map

Figure 2 – Drill Core from RWD01 from 66.7m to 70.1m

Figure 3 – Drill Core from RWD01 from 39.35m to 42.50m

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.

For further information: Adam Ross, Investor Relations, Direct : (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]

• Diamond (core) drill rig is drilling to follow up on discovery hole RWR13
• RWR13 returned high grade gold assays during reconnaissance reverse circulation drilling of a previously undrilled geochemical target
• Multiple additional targets within the Reedy Creek goldfield have also been identified and prioritized for additional near-term drilling

VANCOUVER, BC, Sept. 27, 2021 /CNW/ – Fosterville South Exploration Ltd. (“Fosterville South”) or (the “Company”) (TSXV: FSX) (OTCQX: FSXLF) (Germany: 4TU) is pleased to provide an update on its initial drilling at the Reedy Creek goldfield within the Providence project in Victoria, Australia, that returned high-grade gold assays during reconnaissance reverse circulation drilling of a previously undrilled geochemical anomaly located within one of two ridge targets recently identified by the company.

Fosterville South has now signed a drill contract with the operator of a diamond drill rig to commence core drilling in the vicinity of this RWR13 discovery hole. This drill rig was recently mobilized to site and has commenced drilling.

Fosterville South is conducting the first modern exploration of the Reedy Creek Goldfield, which included various geochemical sampling programs in preparation of drilling that has now commenced. The high grade assays, previously reported by Fosterville South, in drill hole RWR13 (11 metres at 31.34 grams per tonne gold including 4 metres at 80.05 g/t gold) are from an area of the goldfield that has been the subject of no historic drilling and no mining. The gold mineralization intersected in the drilling is present as a zone of significant quartz veining with fine grained disseminated stibnite and pyrite.

As described in Fosterville South News Release dated August 9, 2021, the 11-metre intercept uses a 0.5 g/t Au cut-off grade and carry a maximum two m of internal waste, while the higher-grade included intercept of four m uses a 40 g/t Au cut-off grade and no internal waste parameter. True widths are not known and the intersected mineralisation has no apparent outcrop. Additional drilling is required to determine true widths. The assays are not capped. Co-ordinates are Australian projection MGA94 zone 55.

The Fosterville South drill program at Reedy Creek commenced after the team negotiated and then signed seven separate access agreements, while garnering strong community support for this exploration effort. All this planned drilling is on private properties, which facilitates a streamlined drill program process once agreements are in place.

The Reedy Creek goldfield, which forms part of the Providence project, occurs in the Melbourne zone and has a history of gold production from epizonal quartz veins, despite no drilling within the central goldfield apart from two vertical drill holes completed in the mid-1890s. While there has been no modern exploration at Reedy Creek, historical gold production reported at Reedy Creek is 43,489 tons for 39,223 ounces at 26.8 grams per tonne gold.

Quality Assurance / Quality Control

All assays were subject to quality control measures appropriate for reconnaissance rock chip sampling 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.

11m at 31.34 g/t Gold including 4m at 80.05 g/t Gold in Drill Hole RWR13

this drilling program is the first modern exploration conducted in the Reedy Creek Goldfield, which is part of the Providence Project

the intercept was drilled into a significant geochemical anomaly within one of two ridge targets that are the focus of this initial drilling at Reedy Creek

August 9, 2021.  Fosterville South Exploration Ltd. (“Fosterville South”) or (the “Company”) (TSXV:FSX) (OTCQX: FSXLF) (Germany: 4TU) is pleased to report that initial drilling at the Reedy Creek goldfield within the Providence Project in Victoria, Australia has returned high-grade gold assays during reconnaissance reverse circulation drilling of a previously undrilled geochemical anomaly located within one of two ridge targets recently identified by the Company. 

Fosterville South is conducting the first modern exploration of the Reedy Creek Goldfield, which has included various geochemical sampling programs in preparation of drilling that has now commenced. These assays reported today in Drill Hole RWR13 (11m at 31.34 g/t Gold including 4m at 80.05 g/t Gold) are from an area of the goldfield that has been the subject of no historic drilling. The gold mineralisation intersected in the drilling is present as a zone of significant quartz veining with fine grained disseminated stibnite and pyrite. The strike and dip of the mineralised intercept is not yet known, and further drilling is planned in the coming weeks.

The Fosterville South drill program at Reedy Creek has been underway for the past three weeks and commenced after the team negotiated and then signed 7 separate access agreements, while garnering strong community support for this exploration effort.  All this planned drilling is on private properties, which facilitates a streamlined drill program process once agreements are in place.

The initial 25 drill-hole program will total approximately 2,250 metres and is initially focussed on two ridge targets with extensive geochemical anomalies established by Fosterville South fieldwork together with associated various historic workings. In preparation of drilling, a sampling program was completed, which returned multiple high-grade assay results (see Fosterville South News Release dated July 29, 2021 for details).

The Reedy Creek goldfield, which forms part of the Providence Project (see Figure 2), occurs in the Melbourne zone and has a history of gold production from epizonal quartz veins, despite no drilling within the central goldfield apart from two vertical drill holes completed in the mid-1890s. While there has been no modern exploration at Reedy Creek, historical gold production reported at Reedy Creek is 43,489 tons for 39,223 ounces at 26.8 grams per tonne gold.

Drill Results and Intercepts:

The 11m intercept uses a 0.5 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercept of 4m uses a 40 g/t Au cut-off grade and no internal waste parameter. True widths are not known. Additional drilling is required to determine true widths. The assays are not capped. Coordinates are Australian projection MGA94 zone 55.

Chief Operating Officer and Director, Rex Motton states, “To have a lengthy intercept of high-grade gold at the start of our first reconnaissance drill program at the Reedy Creek goldfield is very exciting for our seasoned technical team. As we see it, the Providence Project has excellent potential for various high-grade gold deposits.  Our results from drilling into recently developed geochemical anomalies at Reedy Creek is excellent early evidence of the potential of the Providence Project. We look forward to further follow up drilling of these geochemical targets as well as of old gold workings present within the project in the coming months.” 

Quality Assurance / Quality Control

All assays were subject to quality control measures appropriate for reconnaissance rock chip sampling 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.

For further information: Adam Ross, Investor Relations, Direct : (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]

The Reedy Creek goldfield occurs in the Melbourne Zone and has a history of gold production from epizonal quartz veins, despite no drilling within the central goldfield apart from two vertical drill holes completed in the mid 1890s. While there has been no modern exploration at Reedy Creek, historical gold production reported at Reedy Creek is 43,489 tons for 39,223 oz at 26.8 g/t Au.

The Fosterville South drill program at Reedy Creek has been underway for the past 15 days and commenced after the team negotiated and then signed 7 separate access agreements, while garnering strong community support for this exploration effort.  All of this planned drilling is on private properties, which facilitates a streamlined drill program process once agreements are in place, which have now been completed. 

The initial 25 drill-hole program will total approximately 2,250 metres and is initially focussed on two ridge targets with extensive geochemical anomalies established by Fosterville South fieldwork together with associated various historic workings. In preparation of drilling, a sampling program has also been completed, which returned multiple high grade assays from the laboratory this week, including 145 g/t Au, 112 g/t Au and 94 g/t Au (see Table 1.0 for details and observations regarding these various rock chip samples).

Fosterville South CEO and Director, Bryan Slusarchuk, states, “The acceleration and ramping up of concurrent drilling on multiple Fosterville South projects has been predicated by a lot of fieldwork, access agreement negotiations, obtaining of permits, signing of drill contracts and building up logistical support. With these preparations in place due to the hard work of the team in Victoria, Fosterville South is well positioned to grow the current drill program at various targets into an increasingly larger drill program. This bodes well as we seek to unlock value within this premier 4,000 square km land package of tenement and tenement applications that have been assembled over a multi-year period. We have a very strong cash position, a multitude of outstanding targets, excellent shareholders, and a technical team with a track record of geological success. This combination puts us in a great position to execute our business plan.” 

Table 1.0 – Significant Rock Chip Sample Results from Reedy Creek

Quality Assurance / Quality Control

All assays were subject to quality control measures appropriate for reconnaissance rock chip sampling 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 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 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.

For further information: Adam Ross, Investor Relations, Direct : (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]

Golden Mountain Project

Two reverse circulation holes confirmed significant mineralisation associated with the Cross Fault, located 100 metres west of the Golden Mountain deposit.  Gold intervals included 21GMRC006 that returned 20m at 1.53 g/t Au and 21GMRC001 that returned 2m at 7.05 g/t Au (see Table 1 below).

Another new zone of gold mineralisation has been discovered 200m south of Golden Mountain at a location named Vinegar Hill with drill intercepts including 6m @ 1.79 g/t Au from 25m from four drill holes (21GMRC02 to 21GMRC05).

Deeper diamond drilling at the Golden Mountain deposit resulted in continued long gold intervals including GMDH50 that returned 29.0m at 2.46 g/t Au and GMDH51 that returned 28.0m at 1.12 g/t Au (see Table 2 below). 

Rex Motton, Chief Operating Officer and Director, “Drilling at the Golden Mountain Project continues to intersect strong gold grades over lengthy intervals.  With the new gold discovery on the Cross Fault being in close proximity to the main Golden Mountain deposit, we see further evidence as to the size potential of this project and have much to follow up on in the next phase of drilling as Golden Mountain continues to grow.”

Lauriston Project

Drilling at the Comet, Energetic and Keath’s Reward targets resulted in multiple good gold intercepts at shallow depths and will serve to guide further drilling including deeper holes in the next phase.

Reverse circulation drilling at the Energetic target encountered a wide zone of supergene gold mineralization up to approximately 10m thick which remains open to the east and along strike to the north and south.  Gold intervals included EN007 that returned 13m at 1.02 g/t Au and EN0014 that returned 9m at 1.44 g/t Au (see Table 3 below).

Multiple intervals at the Comet target encountered strong gold grades including CRC01 that returned 10m at 2.09 g/t Au and CRC04 that returned 14m at 1.19 g/t Au (see Table 3 below).

A diamond drill program will be planned to follow up on the results at Comet, Energetic and Keith Rewards target.

Beechworth Gold Project

Fosterville South has commenced its drill program at the Beechworth Gold Project.  Initial drilling at the Bon Accord prospect covered 200m of strike length in 4 sections of two drill holes each. The eight drill holes amounted to a 492m. The most significant result is the deeper drill hole BA08 which intersected 11m at 0.52 g/t Au immediately prior to entering an old stope (see Table 4 below). 

Historic reports indicate that the old workings were mined to a depth of 120m by a central shaft. The mine has a recorded production of 7185 tons for 5378 ounces at 22.91 g/t Au. 

A follow up drill program is planned to drill beneath the old stopes and along strike to holes BA07 and BA08, in search of extensions to the former high-grade mineralisation. 

Moormbool Project

Fosterville South drilled a total of 29 holes totaling 1,452 m at the Gleeson Prospect located within the Moormbool Project.  The purpose of the drill program was to investigate the source of secondary gold mineralization by drilling angle holes through to the bedrock.  The results resulted in minor gold mineralization associated with the basement of an alluvial flood plain deposit (see Table 5 below). The source of this widespread shallow alluvial gold and arsenic mineralisation has not yet been established.

Drill Results and Intercepts:

Table 1.  (Drill Results and Intercepts – Golden Mountain)

The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. Horizontal mineralised widths are shown to indicate widths for subvertical mineralisation at various strike orientations. Additional drilling is required to determine true widths as hole cuts across zone at an oblique angle and the effects of post mineral faulting may occur.  The assays are not capped. 

Table 2.  (Drill Results and Intercepts – Vinegar Hill & Cross Fault)

Drill holes 21GMRC003 and 21GMRC005 did not encounter any gold mineralization.  The wider composite intercepts use a 0.5 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. True widths are not known.  The assays are not capped. 

Table 3.  (Drill Results and Intercepts – Lauriston)

The following drill holes did not encounter significant gold mineralization: EN0001, EN0005, EN0009, EN0011, EN0012, EN0015, KR01, KR02, TD0001, TD0002, TD0003, TD004, WT0001, WT0002, WT0003, WT0004, WT0005, WT0007, WT0008.  The NP series were not drilled sequentially. The wider composite intercepts use a 0.3 g/t Au cut-off grade and carry a maximum 2m of internal waste, while the higher-grade included intercepts use a 2 g/t Au cut-off grade and same internal waste parameter. True widths are not known.  The assays are not capped. 

Table 4.  (Drill Results and Intercepts – Beechworth Gold Project)

The following drill holes did not encounter significant gold mineralization: BA04, BA05, BA06.  The wider composite intercepts use a 0.25 g/t Au cut-off grade and carry a maximum 2m of internal waste. True widths are not known.  The assays are not capped. 

Table 5.  (Drill Results and Intercepts – Moormbool Project)

The following drill holes did not encounter significant gold mineralization: MBD002, MBD002, MBD004, MBD005, MBD007, MBD008, MBD009, MBD010, MBD011, MBD012, MBD014, MBD015, MBD016, MBD017, MBD018, MBD019, MBD021, MBD022, MBD023, MBD024 and MBD025.  The composite intercepts use a 0.1 g/t Au cut-off grade and carry a maximum 2m of internal waste. The assays are not capped. 

Quality Assurance / Quality Control

All assays were subject to quality control measures appropriate for diamond core 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 charge and 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 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.

For further information: Adam Ross, Investor Relations, Direct : (604) 229-9445, Toll Free: 1(833) 923-3334, Email: [email protected]