Fosterville South Exploration Ltd. has provided high-grade assays of up to 152 grams per tonne gold in rock chip samples at the Star of the Glen target on the Golden Mountain project, which is a target approximately four km southeast of where drilling is continuing at the main target area on the project (see attached table).
High-grade rock chip samples of up to 152 g/t Au at Star of the Glen
Drill application for at least 900 metres at Star of the Glen prepared and being submitted
Access is secured at Star of the Glen with a private landholder agreement in place
Drilling ongoing at main target area at Golden Mountain
In 2019, Fosterville South carried out an initial sampling program at Start of the Glen over 500m of strike with one result at 24.8 g/t Au from a waste dump. Now, follow up sampling has returned high grade assays of 152 g/t Au, 22.4 g/t Au and 15.2 g/t Au from laminated and brecciated quartz veined rocks. These samples also carried up to 0.6% Sb (antimony) confirming they are epizonal type mineralisation.
Landowner negotiations have been completed and an Access Agreement has been registered with the state government department Earth Resources & Regulations, thus allowing Fosterville South to apply for a drilling permit.
Fosterville South Chief Operating Officer, Rex Motton, states, “Star of the Glen is an unexplored high-grade gold prospect, which is only four kilometres south east of our main prospect at Golden Mountain. Fosterville South will incorporate this newly proposed drill program into its current exploration operations.”
Drilling the main target area at Golden Mountain is ongoing and new permits were recently received to drill from multiple newly approved drill pad locations to target expansion of the mineralised zones, which remain open along strike and at depth.
Table 1.0 Summary of Rock Chip Samples Sample Sample Type Description Au g/t UTM E UTM N Situation SGR15 rock Laminated ferruginous quartz 152.0 402,9425, 908,647 Trench mullock SGR02 rock Laminated ferruginous quartz 22.4 403,0065, 908,661 Shaft mullock SGR14 rock Brecciated ferruginous quartz 15.2 402,9235, 908,635 Trench mullock
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.
Fosterville South has approximately CAD $28.5 million in cash, is drilling at Golden Mountain and is targeting to be drilling at the Lauriston Project soon. Additionally, Fosterville South has set November 13 th as a Meeting Date to approve the spin out of the Avoca and Timor projects (the “Leviathan Gold” transaction) through which shareholders of Fosterville South will receive one share of Leviathan Gold for every share of Fosterville South owed as at an Effective Date (the Effective Date is estimated to be 5 business days after the Meeting Date).
Fosterville South currently has 12 different drill permits in progress spanning 5 separate projects, indicative of plans to accelerate and ramp up exploration drilling on multiple targets.
The technical content of this news release has been reviewed, verified and approved by Rex Motton, P. Geo., COO and Director of Fosterville South; a qualified person as defined by NI 43-101. Historical records were verified by reviewing State of Victoria Mining Surveyors and Registrar’s quarterly reports from 1860 to 1891 and annual reports issued thereafter.